CATALYST METALS LIMITED — Capital/Financing Update 2021

Mar 31, 2021

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ASX ANNOUNCEMENT

1 APRIL 2021

PURCHASE OF FREEHOLD LAND AT FOUR EAGLES GOLD PROJECT

• Catalyst and GEV finalise purchase of freehold land covering Boyd’s Dam Gold Zone

• Freehold ownership provides sufficient area (263 Ha/650 acres) for any potential future gold operation

• Diamond drilling continues on Boyd’s Dam to test gold structures down to 400 metres depth

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Catalyst Metals Limited ( Catalyst or the Company ) (ASX: CYL ) on behalf of the Four Eagles Joint Venture is pleased to advise that it has finalised the purchase of a 263 Hectare (650 acre) block of freehold property that covers the Boyd’s Dam gold zone as well as potential gold zones to the east on Eagle 5 and Eagle 6. Diamond drilling at Boyd’s Dam is continuing with the objective of defining gold mineralisation down to a depth of 400 metres. This program is already showing the presence of deeper visible gold intercepts as announced to the ASX on 9 March 2021 and shown on figure 3.

The advantage of owning the freehold land is that it enables Catalyst to carryout drilling throughout the year, subject to weather events, and also provides security of land title over any future gold project development at Four Eagles. The vendors will still maintain the agricultural condition of that portion of the property that is not being used for exploration drilling and will continue to grow crops under a lease back arrangement at no cost to the vendors. This relationship will maintain the close cooperation developed between Catalyst and the landowners.

FOUR EAGLES JOINT VENTURE (RL006422, EL5508, EL5295, EL006859) (CATALYST 50%)

The Four Eagles Gold Project is situated along the Whitelaw Gold Corridor which is considered to be a major structural control of gold mineralisation north of Bendigo. Catalyst manages the entire Whitelaw Gold Belt and has interests in thirteen Exploration Licences and two Retention Licences which extend for 75 kilometres along the Whitelaw and Tandarra Faults north of Bendigo in Victoria and in other areas north of the Fosterville and Inglewood gold fields (Figure 1).

Catalyst holds a 50% interest in the Four Eagles Gold Project with the other 50% held by Gold Exploration Victoria Pty Ltd ( GEV ) (a wholly owned subsidiary of Hancock Prospecting Pty Ltd). Exploration is jointly funded by Catalyst and GEV (Figure 1).

Retention Licence (RL) 006422 flanked by the remaining ELs comprises the Four Eagles Gold Project and covers an envelope of gold mineralisation about 6 kilometres long and 2.5 kilometres wide including three prospects which have produced high grade gold mineralisation (Hayanmi, Boyd’s Dam, and Pickles). This mineralisation footprint may now be much larger with the intersection of high-grade gold mineralisation at Cunneens to the south-west and Eagle 5 to the east (Figure 2).

FREEHOLD LAND PURCHASE

Catalyst and GEV have purchased a 263 Hectare (650 acre) land package from the landowners of the property that covers the Boyd’s Dam gold zone as well as the potential parallel zones to the east (Eagle 5 and Eagle 6) and will provide the Company with more flexibility for both exploration and potential development.

44 Kings Park Road, West Perth WA 6005 PO Box 778, Claremont WA 6910 Telephone: (61-8) 6263 4423 Facsimile: (61-8) 9284 5426 www.catalystmetals.com.au ABN 54 118 912 495

The purchase has been undertaken by Four Eagles JV Property Pty Ltd which is owned 50:50 by Kite Gold Pty Ltd, a wholly owned subsidiary of Catalyst, and GEV. Funding of the land acquisition (Figure 2) has been provided 50:50 between the joint venture partners, with Catalyst’s share being financed from existing cash resources. The vendors will be permitted, at zero cost, to continue conducting agricultural activities on the purchased area, other than areas required for drilling. This arrangement will maintain the land in good agricultural condition. The cost of the transaction to Catalyst is between $750,000 and $800,000 including transaction costs and stamp duty.

The joint venture partners are very appreciative of the acceptance and interest of the Boyd’s Dam landowners who have agreed to sell as well as the broader Mitiamo district community who have hosted the exploration activities over the past ten years.

Mr Bruce Kay, Technical Director of Catalyst Metals stated, “Our objective has always been to build a strong relationship with the communities in which we operate and ultimately build a new business that can contribute along with farming to the economic and social development of the Mitiamo district”.

Authorised for release by the Board of Catalyst Metals Limited.

For further information contact:

Steve Boston Bruce Robertson Bruce Kay Chairman CEO Technical Director T: +61 409 574 515 +61 410 560 108 +61 400 613 180

Competent person’s statement

The information in this report that relates to exploration results is based on information compiled by Mr Bruce Kay, a Competent Person, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Kay is a nonexecutive director of the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr Kay consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Much of the historical information relating to the Four Eagles project was prepared and first disclosed under the JORC Code 2004. This information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was reported.

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Figure 1: Catalyst-managed tenements in Central Victoria showing location of the Four Eagles Gold Project

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Figure 2: Four Eagles Gold project showing location of prospect locations, gold trends, 2020-21 drilling program locations, and area of freehold land purchased.

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Figure 3: Longitudinal Projection of Boyd’s Dam–Boyd North showing 2021 diamond and RC drill holes and significant intercepts

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