CATALYST METALS LIMITED — Capital/Financing Update 2026

May 7, 2026

ASX Announcement

7 May 2026

catalyst

METALS LTD

Catalyst Metals' flagship asset is the 40km long Plutonic Gold Belt in Western Australia. This belt currently produces ~100koz pa at an AISC of ±A$2,300/oz from three mines at Plutonic, Plutonic East and Trident open pit.

Catalyst is currently bringing three new mines into production – Trident UG, Old Highway and Cinnamon. Each will be processed through the existing, underutilised and centrally located 2Mtpa CIL processing plant.

Exploration is targeting down dip extensions of each of these deposits.

With the development and exploration of these five deposits, Catalyst aims to increase Reserves and production from 1.5Moz to ±2Moz and ±100koz to ±200koz annually.

In so doing, Catalyst is aiming for Plutonic to have a 10 year mine life - a unique and rare proposition for an underground Western Australian gold mine.

Catalyst also controls a processing plant and +75km of strike length immediately north of the historic +22Moz Bendigo goldfield. Here, Catalyst has delineated a high-grade, greenfield resource at 26 g/t Au. Further discoveries along strike are expected.

Capital Structure

Shares o/s: 261m
Options: 0.5m
Rights: 12.2m
Cash & Bullion: A$277m
Debt: Nil

Reserve and Resource¹,²

MRE: 4.2Moz at 3.2g/t Au
ORE: 1.5Moz at 2.6g/t Au

Corporate Details

ASX: CYL
E:investors@catalystmetals.com.au
W:catalystmetals.com.au

Drilling at Trident continues to extend mineralisation

Potential for Trident Resource to continue to grow

• Trident is an underground deposit located 30km north-east of the underutilised Plutonic processing plant
• It is the largest of the five mines to be developed as part of Catalyst's plan to increase annual gold production at Plutonic from ±100koz to ±200koz
• Drilling at Trident has continued while exploration activities at the nearby Old Highway, Cinnamon and K2 deposits ramped up in an attempt to continue building out the Plutonic Belt's mine life
• Exploration at Trident has continued to be successful. The drilling that has occurred has targeted conversion of the Inferred Resourced and testing extensions of the known mineralisation

• Below are the results of recent drilling program targets:

• 7m at 40.5g/t Au

• 17m at 15.4g/t Au
• 9m at 22.1g/t Au
• 14m at 9.2g/t Au

• 21m at 5.1g/t Au

• 8m at 12.4g/t Au

• 7m at 14.4g/t Au
• 6m at 15.8g/t Au
• 7m at 11.7g/t Au

• 10m at 7.8g/t Au

• 6m at 12.2g/t Au

• 3m at 23.2g/t Au
• 10m at 6.8g/t Au
• 4m at 13.9g/t Au

• 11m at 5.5g/t Au

• Mining of a small open pit, from which the underground decline will be established, was recently completed

• The projects team has begun establishing the portal with the underground decline to commence once the portal is established
• Trident was the focus of a substantial drilling program during 2025. In August 2025, Catalyst provided an update of this program which included a doubling of Reserves to 397koz at 5.3g/t Au and a significant increase in Resources to 795koz at 5.0g/t
• With these attractive intercepts well outside the Trident Resource envelope, the visibility to a +10 year mine life at ±60koz per annum grows clearer
• Once the mine is established, a further drill program will be completed to fill out the tail end of this +10 year plan
• Exploration focus has turned to growing mine lives at other deposits such as Old Highway, K2 and more recently Cinnamon, in an effort for Catalyst to diversify into as many ore sources as possible – a strategy it believes is key to its longer term business plan

Catalyst Metals Limited (Catalyst or the Company) (ASX:CYL) is pleased to report drilling results at the Trident deposit, located on the Plutonic Gold Belt.

Results from the most recent drilling have been focussed on Resource infill drilling and extension drilling at the edges of the current Resource. Many of these intercepts lay outside of the Resource envelope, indicating the potential for Trident Resource to continue to grow.

ASX:CYL

Note 1: MRE includes indicated Resources of 29Mt at 2.9g/t for 2.7Moz and Inferred Resources of 9Mt at 2.7g/t for 0.8Moz. ORE includes probable Reserves of 10.6Mt at 3.0g/t for 1.0Moz. Note 2: Refer to ASX announcement 14 October 2025 "Annual Report to shareholders.

---

catalyst

Catalyst's Managing Director & CEO, James Champion de Crespigny, commented:

"The drilling programs at Trident have delivered a Resource base which will underwrite a 10 year mine plan at ±60koz per annum. In time, we expect continued drilling will convert this Resource base into Reserves.

Catalyst's business plan is to have multiple ore sources to feed the Plutonic processing plant for the reason that by doing so, Plutonic becomes a more stable, long term, lower cost operating centre able to provide sustained exposure to gold.

To achieve this, and to build out inventory from multiple different sources, drilling at other prospects like Cinnamon, Old Highway and K2 become very important. Accordingly, these projects are consuming exploration resources now that Trident has such an established mine life. Once Trident is up and running, we will return and fill in the drilling at depth to further extend its life."

Figure 1: Trident long section showing drilling intercepts outside of current Resource

Drilling Update

During 2025, Trident was the focus of a substantial drilling program with two broad objectives, firstly infill drilling targeting conversion of Inferred resource to Indicated, and secondly, drilling outside of the current Resource envelope to identify new mineralisation and grow the Inferred Resource.

In August 2025, Catalyst provided an update to this drilling program which included a doubling of the indicated resource to 527koz Au, a 43% uplift in grade to 5.3g/t Au and a significant increase in the footprint of the Trident mineralisation.

Drilling in the second half of CY2025 continued, albeit at a slower pace to the first half. This was a result of drilling activities increasing at Cinnamon, Old Highway and more recently K2.

Catalyst's understanding of the structural settings and geological controls of the Trident orebody has improved considerably over the past 12 months. A greenfield reconnaissance program is planned during 2026 to target regional analogues to the Trident deposit, thereby building the pipeline of future ore sources across the belt.

ASX:CYL

---

catalyst
METALS LTD

Trident Gold Project

Trident is an underground gold deposit located 30km north-east of the underutilised Plutonic processing plant. Mining of a small open pit at Trident commenced in July 2025 and has recently been completed. An underground portal will now be established at the base of this open pit.

Trident underground comprises a probable Reserve of 2.5Mt at 5.0g/t Au for 397koz of gold and a Resource of 4.7Mt at 5.3g/t Au for 795koz Au (including indicated of 2.6Mt at 6.4g/t Au for 527koz Au)⁵.

Trident is currently the second largest deposit on the Plutonic Gold Belt. The underground mine is expected to operate at a run rate of around 60koz per annum and will form the second base load ore source feeding the Plutonic processing plant.

Catalyst's 10-year production plan

In September 2025, Catalyst released a 10-year production plan showing growth in gold production at the Plutonic Gold Belt from ±100koz pa to ±200koz pa (refer to Figure 2). This production is planned to be sourced from five underground mines - Plutonic Main, Plutonic East, Trident, K2 and Old Highway.

The drilling being undertaken at Trident is designed to convert Resources to Reserves and exploration targets to Resources. Trident, K2 and Old Highway underground mines are three higher-grade ore sources to be brought on-line. Higher grade ore sources will lift the overall blended grade to be processed at the Plutonic processing plant. This in turn is expected to lower unit costs (refer to Figure 2).

The nearby Cinnamon deposit is not included in this production plan however due to recent exploration results, Catalyst is having to reconsider this position and how it might be included.

Figure 2: Catalyst's 10-year production target³,⁴

ASX:CYL

---

catalyst
METALS LTD

This announcement has been approved for release by the Board of Directors of Catalyst Metals Limited.

Investors and Media:

Craig Dingley
Catalyst Metals
T: +61 (8) 6324 0900
investors@catalystmetals.com.au

Competent Person's Statement

The information in this announcement that relates to exploration results is based on information compiled by Mr Andrew Finch, BSc, a Competent Person who is a current Member of Australian Institute of Geoscientists (MAIG 3827). Mr Finch, Head of Exploration and Geology, at Catalyst Metals Ltd has sufficient experience relevant to the style of mineralisation and deposit type under consideration and to the activities 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. Mr Finch consents to the inclusion in the report of matters based on his information in the form and context in which it appears.

JORC 2012 Mineral Resources, Ore Reserves

The information in this announcement that relates to a Catalyst estimates of ore reserves and mineral resources are extracted from ASX announcements referenced and available on the Company website www.catalystmetals.com.au and the ASX website (ASX code: CYL).

Catalyst confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcement.

Catalyst confirms that all material assumptions underpinning the production target, or the forecast financial information derived from a production target, in the initial announcement continue to apply and have not materially changed.

ASX:CYL

---

catalyst
METALS LTD

Figure 3: Trident underground deposit showing recent drilling results

---

catalyst

METALS LTD

Figure 4: Plutonic Gold Belt showing location of Trident relative to the Plutonic processing facility

catalyst

Appendix 1: TRIDENT DRILLHOLE DATA

SIGNIFICANT INTERCEPTS ABOVE 10 GRAM METRES

Project	Hole Id	Easting	Northing	RL	Dip (°)	Azimuth (°)	End of Hole (m)	From (m)	To (m)	Downhole Length (m)	Au (g/t)	Gram metres (g*m)
Trident	TRD0081	764914.3	7214113.8	596.0	-62.0	149.8	417.6					NSI
Trident	TRD0132	765523.6	7214300.2	598.5	-70.4	159.6	435.9	267.2	272.0	4.9	6.0	29.0
Trident	TRD0132	765523.6	7214300.2	598.5	-70.4	159.6	435.9	309.4	310.6	1.2	27.3	32.8
Trident	TRD0154	765929.0	7214662.0	602.0	-65.6	150.1	460.9					NSI
Trident	TRD0156	766129.0	7214780.0	606.0	-65.3	148.4	444.8					NSI
Trident	TRD0158	766269.0	7214816.0	608.0	-65.0	109.8	406.0					NSI
Trident	TRD0159b	765219.8	7214163.7	598.9	-69.5	154.0	384.4	331.1	343.4	12.3	1.6	19.4
Trident	TRD0159b	765219.8	7214163.7	598.9	-69.5	154.0	384.4	348.0	359.0	11.0	1.1	12.4
Trident	TRD0164	765224.0	7214165.0	598.0	-55.0	156.0	384.7					NSI
Trident	TRD0169	765023.0	7214082.0	597.0	-55.4	139.2	396.7					NSI
Trident	TRD0173	764632.9	7213999.8	597.1	-65.4	150.4	396.6					NSI
Trident	TRD0174	764536.0	7213962.0	595.0	-64.8	150.4	405.5					NSI
Trident	TRD0175	764488.0	7213834.0	595.0	-65.2	150.2	351.5					NSI
Trident	TRD0176	764334.7	7213894.0	593.5	-65.7	150.6	411.6					NSI
Trident	TRD0177	764205.5	7213893.8	592.6	-60.2	152.3	390.5					NSI
Trident	TRD0183	765321.0	7214029.0	599.0	-64.3	145.1	384.8	272.5	274.4	1.9	6.9	13.2
Trident	TRD0185	765170.0	7214057.0	598.0	-65.9	148.5	366.8					NSI
Trident	TRD0187	765114.0	7214082.0	597.0	-67.7	132.5	386.4	335.0	342.0	7.0	11.7	82.2
							Includes	335	337	2	34.8	69.6
Trident	TRD0188	765279.5	7214193.4	599.5	-65.6	151.7	384.4					NSI
Trident	TRD0191B	766038.4	7214940.3	604.6	-60.7	144.9	550.9					NSI
Trident	TRD0193	765854.1	7215242.9	603.4	-65.0	150.0	742.2					NSI
Trident	TRD0194	766228.3	7214609.5	605.4	-65.2	149.7	294.8					NSI
Trident	TRD0195	766188.0	7214682.0	606.0	-65.4	153.2	340.9					NSI
Trident	TRD0196	765233.9	7214072.1	598.6	-56.3	163.7	376.4					NSI
Trident	TRD0197	765114.0	7214082.0	597.0	-70.5	149.9	359.6	326.0	336.0	10.0	3.4	33.7
							Includes	332	333	1	16.4	16.4
Trident	TRD0198	765464.5	7214138.9	599.6	-54.8	157.1	377.7	275.0	278.0	3.0	5.3	15.8
Trident	TRD0200A	765443.7	7214124.4	599.6	-71.4	178.9	308.4					NSI
Trident	TRD0201	765235.8	7214068.5	598.5	-54.6	149.5	336.4					NSI
Trident	TRD0202	765235.0	7214070.6	598.4	-57.9	175.1	348.4					NSI
Trident	TRD0203	765224.1	7214160.9	598.4	-68.3	179.0	400.0	333.0	345.0	12.0	1.3	15.6
Trident	TRD0203	765224.1	7214160.9	598.4	-68.3	179.0	400.0	353.0	361.0	8.0	6.3	50.2
Trident	TRD0204	765122.1	7214073.3	597.5	-57.4	156.8	360.4					NSI
Trident	TRD0205	764857.6	7213890.0	595.8	-64.7	150.7	316.2	208.0	220.9	12.9	3.1	39.6
Trident	TRD0206	764762.2	7213878.7	595.8	-64.8	152.5	330.9					NSI
Trident	TRD0207	764667.5	7213852.0	595.7	-65.4	150.3	350.2					NSI
Trident	TRD0208	764560.4	7213838.6	596.2	-66.1	152.4	380.0					NSI
Trident	TRD0209	764822.2	7214069.5	595.5	-62.0	156.5	393.5	284.5	288.0	3.5	3.6	12.6
Trident	TRD0211	765389.9	7213977.0	599.8	-55.8	154.1	276.4					NSI
Trident	TRD0213	765504.1	7214042.5	600.4	-64.0	151.6	285.4	234.0	243.0	9.0	1.5	13.6
Trident	TRD0215	765508.3	7214037.7	600.4	-64.8	135.2	306.4	236.0	252.0	16.0	2.8	44.2
Trident	TRD0222	764969.6	7214442.8	596.5	-60.0	151.0	581.7	513.0	523.0	10.0	2.8	28.3
Trident	TRD0226	764960.6	7214302.1	596.4	-60.3	151.1	489.9					NSI
Trident	TRD0228	765140.8	7214084.3	597.4	-68.0	158.3	368.0	319.2	323.3	4.1	4.4	18.2
Trident	TRD0229	765151.5	7214097.5	597.6	-61.2	149.6	379.1	327.3	330.6	3.3	18.1	59.9
							Includes	327.8	329.6	1.73	23.2	40.176
Trident	TRD0230	765139.2	7214146.7	597.3	-64.9	148.1	418.5	333.0	339.0	6.0	1.8	10.8

catalyst

Project	Hole Id	Easting	Northing	RL	Dip (°)	Azimuth (°)	End of Hole (m)	From (m)	To (m)	Downhole Length (m)	Au (g/t)	Gram metres (g*m)
Trident	TRD0230	765139.2	7214146.7	597.3	-64.9	148.1	418.5	345.0	349.2	4.2	6.5	27.5
							Includes	345	346.1	1.1	22.7	24.97
Trident	TRD0230	765139.2	7214146.7	597.3	-64.9	148.1	418.5	360.9	367.0	6.1	15.8	97.1
							Includes	360.9	361.8	0.95	75.3	71.535
							Includes	364	364.5	0.5	20.7	10.35
Trident	TRD0231	765107.9	7214212.6	596.8	-65.3	149.9	438.9					NSI
Trident	TRD0232	765169.4	7214099.9	597.8	-67.1	150.1	383.0	326.5	337.1	10.6	5.0	53.0
							Includes	330.6	331	0.4	24.1	9.64
							Includes	334	335	1	17.2	17.2
Trident	TRD0233	765294.9	7214041.7	598.9	-64.1	136.9	321.6	266.9	273.0	6.1	1.7	10.7
Trident	TRD0234	765443.2	7214069.1	599.9	-65.8	151.2	306.4					NSI
Trident	TRD0235A	765512.5	7214101.4	601.1	-71.6	179.5	310.0					NSI
Trident	TRD0236	765062.8	7214145.0	597.6	-64.8	142.2	419.8	364.6	373.0	8.4	3.9	32.5
Trident	TRD0237	765321.7	7214006.3	599.6	-65.6	151.7	294.4					NSI
Trident	TRD0238	765299.6	7214043.1	598.9	-69.7	153.3	333.9					NSI
Trident	TRD0239	765081.0	7213884.1	596.9	-65.3	151.2	273.3	191.0	197.0	6.0	2.6	15.8
Trident	TRD0239	765081.0	7213884.1	596.9	-65.3	151.2	273.3	211.0	215.0	4.0	4.6	18.3
Trident	TRD0242A	764999.4	7213885.7	596.3	0.0	0.0	288.4					NSI
Trident	TRD0243	765011.6	7213927.8	596.5	-63.3	156.1	294.8	236.0	240.0	4.0	3.7	14.7
Trident	TRD0244A	765030.4	7213945.6	596.8	-66.0	151.2	297.8	241.0	250.0	9.0	1.7	15.3
Trident	TRD0247	765108.4	7214179.3	597.3	-65.9	148.7	428.0	375.0	381.0	6.0	5.3	31.8
							Includes	379.6	379.9	0.3	18.1	5.43
Trident	TRD0248	765189.4	7214115.1	598.7	-77.0	137.0	393.2	348.5	355.0	6.5	3.9	25.1
							Includes	352	352.5	0.5	15.3	7.65
Trident	TRD0249	765187.4	7214111.3	598.7	-72.4	129.4	390.0	345.5	354.2	8.7	2.6	22.9
Trident	TRD0250A	765110.6	7214025.1	597.4	-61.0	147.0	344.0	279.5	281.4	1.9	7.3	13.8
Trident	TRD0251	765086.2	7214066.9	598.1	-64.8	147.3	370.5					NSI
Trident	TRD0252	765234.4	7213966.0	598.6	-64.3	151.6	299.0					NSI
Trident	TRD0253	765261.1	7213978.3	598.7	-65.2	150.8	220.3					NSI
Trident	TRD0253W1	765261.1	7213978.3	598.7	-65.2	150.8	300.3					NSI
Trident	TRD0254	765493.3	7214121.5	600.3	-65.3	150.4	320.0	261.0	265.4	4.4	13.9	61.0
							Includes	263.2	264	0.8	44.9	35.92
Trident	TRD0256	765170.6	7214014.6	598.0	-58.9	157.3	324.6					NSI
Trident	TRD0257	765129.2	7213990.1	597.6	-59.7	149.5	315.0					NSI
Trident	TRD0258	765087.0	7213965.6	597.3	-60.0	150.3	321.9	257.0	263.0	6.0	2.6	15.5
Trident	TRD0259A	765026.3	7213978.0	596.7	-59.9	146.6	320.8					NSI
Trident	TRD0261	764671.0	7214042.6	595.6	-64.9	150.7	399.8	294.0	302.2	8.2	12.4	101.4
							Includes	296	297	1	54.46	54.46
							Includes	301	301.8	0.8	34.97	27.976
Trident	TRD0262	764632.6	7214041.6	594.8	-64.1	155.2	390.9					NSI
Trident	TRD0263	764724.2	7214098.3	595.2	-64.5	146.8	397.0	308.0	319.0	11.0	2.0	22.4
Trident	TRD0265	764633.3	7214086.3	594.7	-65.0	150.6	406.9	320.0	327.0	7.0	2.9	20.2
							Includes	324	325	1	16.15	16.15
Trident	TRD0266	764586.4	7214080.4	594.6	-64.6	149.3	435.9					NSI
Trident	TRD0267	764769.0	7214160.2	595.0	-65.5	157.5	465.6	365.0	375.0	10.0	3.0	30.2
Trident	TRD0267	764769.0	7214160.2	595.0	-65.5	157.5	465.6	389.0	402.0	13.0	2.3	29.4
Trident	TRD0270	764601.2	7214130.0	594.7	-64.3	149.8	440.7					NSI
Trident	TRD0272	764684.2	7214185.1	595.2	-66.1	155.7	454.0	424.0	430.9	6.9	14.4	99.9
							Includes	429	430	1	80.7	80.7
Trident	TRD0274A	765142.2	7214326.4	597.1	-61.7	157.4	480.6					NSI
Trident	TRD0275	765093.7	7214256.6	597.2	-68.2	144.9	462.5	406.0	422.5	16.5	3.3	53.6
							Includes	419.6	420	0.4	15.85	6.34

9

10

catalyst
METALS LTD

13

Section 1 Sampling Techniques and Data

Trident Deposit

(Criteria in this section apply to all succeeding sections)

Criteria	Commentary
Sampling techniques	• This release relates to results from drilling samples at the Trident Deposit.
• A total of 230 holes for 81,088m for which assays have been received form the basis of this Exploration Results announcement.
• Most holes were drilled using a combination of RC pre-collars to an average depth of 200m, followed by DD tails to a maximum depth of 742.2m. Average DD tail length of ~ 170m.
• 34 holes were drilled RC only for an average depth of 240m totalling 8,156m.
• Reverse Circulation (RC pre-collars) through the overlying granite cover rocks were sampled using 3m composited samples from the original 1m samples from the rig mounted cyclone. Pre-collars located within the Resource footprint were not sampled through the barren granite cover rocks.
• DD tails were sampled using NQ2 half core through the ultramafic host rocks at 1 m intervals or to geological boundaries
• For DD samples, downhole depth is recorded by the drillers on core blocks after every run. This is checked and compared to the measurements of the core by a geologist to honour geological boundaries (lithology, mineral assemblage, alteration etc). Sample lengths typically vary between 0.2m and 1.0m.
Drilling techniques	• Reverse Circulation drilling was conducted utilizing a 5.75 inch face sampling bit.
• Diamond drilling utilised NQ core with a diameter of 47.6 mm.
Drill sample recovery	• All holes were logged on site by an experienced geologist.
• The core is jig-sawed back together and metre marked carefully. Discrepancies to core blocks are brought up with the drill contractor. Occasionally core loss blocks are inserted.
• Core recovery for the diamond drilling is based on the measured core returned for each 3 m run.
• Overall drill core recovery is very good, with an average recovery of 99% through the mineralised zones.
• RC drilling was bagged on 1 m intervals and an estimate of sample recovery was made on the size of each sample.
• There is no known relationship between sample recovery and grade at Trident.
Logging	• All RC pre-collars were logged on 1 m intervals.
• DD samples have been logged by qualified geologists to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
• Logging is both qualitative and quantitative.
• Logging records include: depth from, depth to, lithology, texture, colour, alteration style, alteration intensity, alteration mineralogy, sulphide (percentage and type), quartz (percentage), veining, and general comments.
• Orientated core structural measurements are taken at relevant structures and where the foliation is relatively consistent.
• All DD core is digitally photographed.
Sub-sampling techniques and sample preparation	• Reverse Circulation (RC pre-collars) through the overlying granite cover rocks were sampled using 3m composited samples from the original 1m riffle split samples from the rig mounted cyclone.
• Half cut diamond core was sampled on 1m intervals or to geological contacts, with sample lengths varying between 0.15 m to 1.6 m.
• Whole core sampling for Resource drilling has been instigated to resolve any possible biasing issues with 1/2 core grab samples in broken/sheared zones which cannot be cut.
• All RC composited samples were dispatched to the ALS laboratory in Perth for gold fire assay analysis.
• NQ core samples have been sent to several labs: the majority to ALS (Au-AA26), some to SGS (GO_FAP50V10) and several holes to Plutonic onsite lab (PAL_DIBK).
• Sample preparation procedures for RC samples includes:
• 1-4 hours drying at 150°C depending on moisture content
• Riffle splitting to obtain between 1.2 to 3kg.
• Pulverising to a particle size of 85% passing 75μm.

Criteria	Commentary
	• Sample preparation procedures for DD by Plutonic onsite lab (PAL_DIBK) includes:
o 1-4 hours drying at 150°C depending on moisture content
o Entire core sample is crushed to a particle size of 85% passing 3.2mm.
o Riffle splitting to obtain between 300 to 600gm.
	• Sample preparation procedures for DD by Fire Assay method includes:
o 1-4 hours drying at 150°C depending on moisture content
o Entire core sample is crushed to 10mm
o 3kg riffle split for pulverisation
o Pulverise to 90% passing 75μm
o Scoop 250-300gm
• Sample preparation protocols and sample sizes are considered appropriate for the style of mineralisation encountered and should provide representative results.
Quality of assay data and laboratory tests	• Samples analysed at ALS Laboratories using a 50 g Fire Assay method (Au-AA26).
• Samples analysed at SGS Laboratories using a 50 g Fire Assay method (GO_FAP50V10).
• Fire assay gold analysis is considered to be total gold.
• Samples analysed at Plutonic onsite lab using PAL method (PAL_DIBK). The Pulverising and Leach (PAL) method is not considered to be a total gold analysis, however the larger sample size still produces a representative result.
• Samples were dried, crushed and pulverised prior to analysis.
• Certified Reference Material (CRM’s) were submitted every 20 samples. CRM’s are of similar grade tenor to those expected grades in the sampling and were selected based on their grade range and mineralogical properties with an emphasis on sulphide ores.
• Blanks are inserted every 20 samples for RC and DD.
• Field duplicates were inserted every 20 samples for the RC drilling only.
• Crush sizing analysis is conducted randomly by the Laboratory as part of their QC process. Pulp residues are expected to have 90% passing ≤75μm. This data is monitored by the Laboratory Supervisor. Grind times can be lengthened accordingly.
• Current procedures dictate a process of validation and checking of laboratory results when data is returned by the laboratory as it is loaded into the independently managed Quest database. A standard set of plots and checks are undertaken, and if results fall outside of the expected limits, then re-assaying is requested. QAQC reports are generated by the database administrator and documented from automated routines out of the database.
Verification of sampling and assaying	• RC and diamond drilling data was verified by the geologist first and then the Database Administrator before importing into the main Quest database (proprietary database system).
• RC and DD logging is completed electronically on laptops. Database protocols and rules are applied upon data entry.
• All drill data within site databases are regularly validated using both internal database systems and external validation tools.
Location of data points	• All drill collars have been accurately located using DGPS.
• Downhole survey data is collected using an Axis Mining Technology Champ North Seeking Gyro tool. Surveys are undertaken on 30m intervals as the tool is removed from the holes once the hole is completed.
• Downhole surveys are visually inspected for anomalous changes in drill trace, (i.e does the drill hole apparently bend inordinately).
Data spacing and distribution	• The current drill spacing for drilling completed to date within the Inferred portion of the MRE is nominally 30 - 40m spaced intercepts. Additional RC/DD infill drilling is currently in progress to convert parts of the Inferred MRE to the Indicated category.
• The drill spacing for the broader drilling outside of the current MRE is wide, ranging from 50m to 200m and should be considered exploratory in nature.
• The purpose of the step out drilling program using nominal 100 m to 200 m spaced holes is to test for extensions to the mineralised zones and to define the extents of the mineralised system.
• Sample compositing has only been used in the RC pre-collars through the granite cover rocks.

15

Criteria	Commentary
Orientation of data in relation to geological structure	• The orientation of a majority of the drilling is approximately perpendicular to the strike and dip of the mineralisation and is unlikely to have introduced any sampling bias.
• Certain holes may have been drilled parallel to key structures, but density of drilling and drilling on other orientations has allowed detailed geological modelling of these structures and hence any sampling bias in a single hole has been removed.
Sample security	• The chain of custody is managed by Catalyst employees and contractors.
• Geologists are responsible for marking the sample intervals and placement of Blanks and CRM’s within the sampling stream. The Project Geologist and Senior Geologist complete quality control checks on the resource drilling data daily.
• Field Staff are primarily responsible for sampling of core, generating the sample numbers for core submission, creating a sample submission sheet, selecting and recording the CRM’s to be sent to the laboratory and the transportation of the samples to the laboratory. Samples are tracked during shipping.
• Once a hole has been sampled, the sample intervals and checked geology documents are uploaded into the Quest database system managed by EarthSQL.
• The independent Database Administrator (DBA) merges the validated drilling data with the certified laboratory assay files where validation routines for QAQC are completed before database exports and reports are issued.
• Catalyst samples were stored on site and delivered to the SGS & ALS assay laboratories in Perth by a Contracted Transport Company. Consignment notes were used place to track the samples. Operator sample security is assumed to be consistent and adequate.
Audits or reviews	• No audit or reviews of sampling techniques have been undertaken however the data is managed by company geologist who has internal checks/protocols in place for all QA/QC.
• Historical reviews of the database for the Trident area have been examined previously and a proportion of holes were compared to original data sources and found to be consistent wherever checked.

Section 2 Reporting of Exploration Results

Trident Deposit

(Criteria listed in the preceding section also apply to this section)

Criteria	Commentary
Mineral tenement and Land tenure status	• Located in the Marymia - Plutonic Greenstone Belt ~218 km northeast of Meekatharra in the Midwest mining district in WA
• Trident is located in M52/217 – a granted tenement in good standing.
• The tenement predates Native title interests, but is covered by the Gingirana Native Title claim.
• The tenement is 100% owned by Vango Mining Limited and subsidiary Dampier (Plutonic) Pty Ltd.
• Gold production will be subject to a 2.5% government royalty.
Exploration done by other parties	• Comprehensive drilling of the deposit was first undertaken by Resolute Limited from 1995 to 1998 completing approximately 263 RC and 37 DD holes.
• From 1999 Homestake and then later Barrick Gold (2002) completed numerous drilling campaigns at Trident.
• Dampier Gold completed RC and DD programs at Trident from 2012 until 2014 when Vango Mining took over the project completing 6 Diamond holes for 946 metres plus three RC holes for 747 metres.
• Catalyst consolidated the belt in 2023 following the successful acquisition of Vango Mining and the merger with Superior Gold Inc. this was followed by Diamond drilling, completed in 2023.
Geology	• Gold mineralisation at Trident is orogenic, hosted within a sheared contact zone in ultramafic rocks. Shallow plunging high grade ‘shoots’ of mineralisation are associated with flexures in the mineralised host shear zones combined with steeply dipping intersecting structures.
• The mineralisation consists of multiple stacked zones, with the main mineralised domain extending along a northeast/southwest strike for 1100m. The system dips at 30’ degrees towards 330’ and extends down dip for at least 1000m and remains open at depth. Mineralised zones can vary in width from 0.6m up to 15m with an average thickness of 4.5m.

Criteria	Commentary
	• The higher grade zones are focussed along north-south structures and multiple north-east trending shoots and at the interaction points of these two dominant trends.
• The orientation of mineralisation can be variable particularly where cross-cutting structures are intersected. These inflexion points are likely dilation zones which can host thicker and higher grade mineralisation intersection.
• An overthrust granite package forms the barren hanging wall to mineralisation hosted within the sheared ultramafic host rock package.
• The mineralised zones are characterised by biotite-phlogopite alteration with a sulphide assemblage of pyrite-pyrrhotite-chalcopyrite-arsenopyrite.
Drill hole Information	• A table of drill hole data pertaining to this release is attached.
Data aggregation methods	• Reported drill results are uncut and reported above a nominal 10 gram-metre intercept.
• All relevant intervals to the reported mineralised intercept are length weighted to determine the average grade for the reported intercept.
• All significant intersections are reported with a lower cut-off grade of 0.5 g/t Au including a maximum of 3m of internal dilution. Where individual intervals are below this cut off and have a gold grade of less than 10 gram-metres they are reported as being a Not Significant Intercept (NSI).
• No metal equivalents are reported.
Relationship between mineralisation widths and intercept lengths	• Drilling is orientated as close to perpendicular to mineralisation where possible.
• Downhole intercept lengths are reported for this phase of drilling.
Diagrams	• Appropriate diagrams are included in the report as plans, cross sections and isometric views.
Balanced reporting	• All holes being reported are included in the tables.
• Diagrams show the location and tenor of both high and low grade samples.
Other substantive exploration data	• No additional exploration data is included in this release.
Further work	• Resource definition, infill and extensional drilling programs are underway, and will continue in line with mine development requirements.

17

Ls LTD

Figure 5: Trident plan view with representative cross section location

Figure 6: Trident cross section