CATALYST METALS LIMITED — Interim / Quarterly Report 2017

Jul 30, 2017

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ASX: CYL

Quarterly Activities Report

Quarter ended 30 June 2017

SUMMARY

• Hayanmi Zone produces best gold intersections ever recorded at Four Eagles Gold Project

• 27m @ 22.3g/t Au and 22m @ 31.1g/t Au in FERC185

• 7m @ 26.1g/t Au in FERC183

• High grade gold mineralisation (11m @ 17.8g/t Au) at shallow depth on Tandarra Gold Project

• Potential new gold discovery on Eagle 1 at Four Eagles Gold Project (3m @ 4.8g/t Au)

• Catalyst secures Victorian Government TARGET co-funding on three projects for $912,000

• New Exploration Licence Application on Drummartin and Redesdale Faults gold potential

• Modelling of gold mineralisation continues at Tomorrow Zone of Tandarra Gold Project

• Prospectus lodged for share placement offer

INTRODUCTION

The June 2017 Quarter was one of the most successful in Catalyst Metals Limited’s ( Catalyst ) history with the best ever gold intersections recorded at the Four Eagles Gold project and thick high-grade gold mineralisation intersected at the Tandarra Gold Project. A potential new gold discovery was also made on the interpreted Eagle 1 Structure based on air core drilling of gravity geophysical targets. Drilling has indicated good potential for both shallow open pit gold deposits and high grade underground shoots within the Whitelaw Gold Belt and ongoing support from Catalyst shareholders and the Victorian Government will enable the exploration to be progressed in the next few years.

The drilling programmes have now been completed and interpretation and modelling of the data has commenced.

The Four Eagles Gold Project and the Tandarra Gold Project are situated about 15 kilometres apart along the Whitelaw Fault Corridor which is considered to be a major structural control of gold mineralisation north of Bendigo in Victoria. Catalyst manages the entire Whitelaw Gold Belt and has interests in eight Exploration Licences which extend for 75 kilometres along the Whitelaw and Tandarra Faults north of Bendigo (Figure 1).

WHITELAW GOLD BELT

RC Blade/Hammer and Air Core drilling continued throughout the June 2017 Quarter at both the Four Eagles Gold Project and the Tandarra Gold Project. The 2017 programme tested the four known gold prospects at Four Eagles (Boyd’s Dam, Boyd North, Hayanmi and Discovery) as well as other regional reconnaissance targets identified by gravity geophysics in 2016.

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An RC drilling programme was also carried out at the Tandarra Gold Project to test the shallow gold zones at the Tomorrow Zone where high-grade gold mineralisation was intersected.

Drill results received to date have further confirmed the gold potential in the Whitelaw Fault corridor which is still largely untested because the favourable Ordovician rocks are concealed by younger sediments deposited in the Murray Basin. Prospectors and miners who mined over 22 million ounces of high grade gold (15g/t Au) from the exposed areas of Bendigo in the 1800s were unable to find gold in the Catalyst areas because they had no method of locating the gold beneath these barren rocks.

The objective of Catalyst is to use modern geophysical and drilling techniques to discover high grade gold deposits that can be mined by open cut or underground methods. The discoveries at Four Eagles and Tandarra have confirmed the high prospectivity of the Whitelaw Fault Corridor.

FOUR EAGLES JOINT VENTURE (EL4525, EL5295, EL5508)

The Four Eagles Gold Project is a joint venture between Catalyst, Providence Gold and Minerals Pty Ltd ( Providence ) and Gold Exploration Victoria Pty Ltd ( GEV ) (a wholly owned subsidiary of Hancock Prospecting Pty Ltd). Catalyst is retaining its 50% interest whilst GEV has earned a 25% interest in the project and has made the decision to spend a further $2.1 million to earn the remaining 25% from Providence. The project is managed by Catalyst within the Four Eagles Joint Venture.

The Four Eagles Joint Venture covers an envelope of gold mineralisation about 6 kilometres long and 2.5 kilometres wide with gold occurring in at least three structural zones trending roughly north south (Eagle 2, Eagle 3 and Eagle 4 on Figures 2a and 2b). Three prospects have produced high grade gold intersections (Discovery, Hayanmi and Boyd’s Dam). Only a small portion of the total area has been tested by drilling and the 2017 programme also drill tested some of the targets interpreted from the 2016 gravity survey with good success.

RC BLADE/HAMMER DRILLING

This programme involved the drilling of angled large diameter air core holes (RC Blade/Hammer) on the Hayanmi and Boyd’s Dam gold structures to give a better understanding of the shapes of the gold mineralisation (Figures 2a and 2b).

Boyd’s Dam – Boyd North Prospects

Drilling on the Boyd’s Dam and Boyd North Prospects commenced in January 2017 and was designed to test a 900 metre long strike length at Boyd’s Dam at a traverse spacing of about 50 metres using RC Blade/Hammer. RC Blade/Hammer drilling was also carried out at Boyd North to test areas highlighted in the earlier Air Core drilling programme. Drilling has now confirmed strong gold mineralisation at Boyd’s Dam. Further RC drilling will be required at Boyd North where the traverse spacing is still 150 metres. The Boyd’s Dam drilling can now be used to interpret the shape of the gold mineralisation and potentially assist in predicting the plunge components of the gold zones.

Most of the assays quoted in the initial announcement on 27 April 2017 were from 25 gram samples using aqua regia digest and AAS but now all bulk leach assays on 2 kilogram samples are available and are used in this report. The bulk leach assays are considered more reliable and have generally increased the tenor of the intersections. Significant intersections are shown in plan view on Figure 3 and diagrammatically on the longitudinal projection as Figure 4 and are listed below. A full list of new drill assay results was set out in Table 1 of Appendix 1 of an ASX Announcement made on 20 June 2017:

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• 6.0 m @ 50.4g/t Au including 1.0 m @ 247g/t Au from 114 metres (FERC152)

• 19.0m @ 10.5g/t Au including 1.0m @ 100.0g/t Au from 59 metres (FERC158)

• 4.0m @ 20.0g/t Au including 1.0m @ 70.6g/t Au from 110 metres (FE776)

• 9.0m @ 10.2g/t Au from 42 metres (FERC147)

• 1.0m @ 28.8g/t Au from 83 metres (FERC153)

• 5.0m @ 7.97g/t Au from 50 metres (FE782)

• 9.0m @ 8.2g/t Au from 37 metres (FERC164)

• 12.0m @ 2.7g/t Au from 107 metres and 1.0m @ 20.9g/t Au from 86 metres (FERC154)

• 13.0m @ 3.6g/t Au from 81 metres (FERC155)

• 1.0 m @ 25.5g/t Au from 91 metres and 1.0m @ 32.3g/t Au from 112 metres (FERC149)

• 2.0m @ 7.9g/t Au from 95 metres (FERC146)

• 1.0m @23.6g/t Au from 115 metres (FERC145)

• 6.0m @ 3.7g/t Au from 98 metres (FE766)

• 4.0m @ 7.1g/t Au from 95 metres and 2.0m @ 17.6g/t Au from 157 metres (FERC161)

• 15.0m @ 2.2g/t Au from 94 metres (FERC172)

• 5.0m @ 3.4g/t Au from 82 metres (FERC166)

These results show strong gold mineralisation in the core section of Boyd’s Dam and also confirm the high gold grades obtained at Boyd North with air core drilling in 2016. The total length of the Boyd’s Dam-Boyd North structure is now about 1.8 kilometres long with sporadic high gold grades scattered over the entire length. Boyd North is still only tested at 150 metre intervals and will require RC hammer drilling to penetrate the common quartz veins that occur along the structure

Hayanmi Prospect

Thirteen RC holes were drilled over a 400 metre strike length of the Hayanmi Trend to test the gold mineralisation down to a vertical depth of about 100 metres. The objective of the programme was to test the Hayanmi structure at a traverse spacing of about 50 metres in order to interpret the shape of the gold mineralisation. Preliminary 25 gram aqua regia AAS assays were reported for 9 holes in a previous announcement and four more holes were reported in Appendix 1 in the ASX Announcement on 11 July 2017. Two of these holes contain excellent intersections with broad zones of greater than 20g/t Au and a maximum value of 382g/t Au. Significant intersections are listed below and are shown in longitudinal projection on Figure 5 and plan view on Figure 6:

• 27.0m @ 22.3g/t Au including 5.0m @ 108g/t Au from 76 metres (FERC185)

• 22.0m @ 31.1g/t Au from 116 metres including 8.0m @ 79g/t Au from 130 metres (FERC185)

• 7.0m @ 26.1g/t Au from 77 metres including 4.0m @ 44.8g/t Au from 79 metres (FERC183)

• 5.0m @ 5.8g/t Au from 61 metres (FERC174)

• 3.0m @ 12.6g/t Au from 60 metres (FERC175)

• 4.0m@ 3.0g/t Au from 85 metres (FERC177)

• 9.0m @ 1.5g/t Au from 65 metres (FERC 179)

• 1.0m @ 10.0g/t Au from 92 metres (FERC180)

• 1.0m @ 7.3g/t Au from 93 metres (FERC181)

A complete interpretation of this segment of the Hayanmi Zone will be possible when all bulk leach assays have been received.

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Mr Bruce Kay, Catalyst’s Technical Director, stated, “This year, the drilling programmes at Four Eagles have produced the best results yet with very high-grade gold intersections at both Boyd’s Dam and Hayanmi. This provides encouragement for both open pit and underground high-grade potential at Four Eagles.

Gram/Tonne*Metre intervals of greater than 600 g/tm in greenfields exploration are rare and these results probably rank in the top twenty gold intervals worldwide this year”.

Full location data on the RC Blade/Hammer holes were shown on Table 1 and a Summary of Sampling Techniques and Reporting of Exploration Results according to the JORC Code 2012 Edition were tabulated in Appendix 1 of the ASX Announcement on 11 July 2017. Maximum gold values in each hole were tabulated in Appendix 1 of the same announcement. Previous intersections shown on Figures 2a, 2b, 5 and 6 have been reported under the 2004 JORC Code.

Some of the previous intersections recorded at Hayanmi are listed below:

• 41.0m @ 3.87g/t Au from 76 metres including 6.0m @ 16.3g/t Au from 76 metres (FE696)

• 13.0m @ 2.6g/t Au including 5.0m @ 5.76g/t Au from 135 metres Au (FE700)

• 3.0m @ 5.96g/t Au from 75 metres (FE471)

• 3.0m @ 14.7g/t Au from 87 metres (FE591)

• 9.0m @ 7.9g/t Au from 87 metres (FE608)

• 1.5m @ 12.9g/t Au from 53 metres (FE626)

• 10.0m @ 3.7g/t Au including 2.0m @ 14.3g/t Au from 61 metres (FERC043)

• 4.0m @ 4.0g/t Au including 1.0m @ 14.3g/t Au from 65 metres (FERC042)

• 4.0m @ 3.8g/t Au including 1.0m @ 12.0g/t Au from 116 metres (FERC041)

• 1.0m @ 9.4g/t Au from 111 metres and 2.0m @ 3.4g/t Au from 123 metres (FERC055)

• 5.0m @ 2.6g/t Au from 73 metres including 1.0m @ 8.5g/t Au (FERC061)

• 6.0m @ 2.8g/t Au from 106 metres including 1.0m @ 9.6g/t Au (FERC059)

• 3.0m @ 11.2g/t Au including 1.0 m @ 32.5g/t Au from 127 metres (FERC034)

• 1.0m @ 103.0g/t Au from 149 metres (FERC088)

• 16.0m @ 1.26g/t Au from 94 metres including 1.0m @ 9.54g/t Au from 109 metres(FE085)

• 5.0m @ 2.71g/t Au from 100 metres (FERC027)

• 2.0m @ 19.2g/t Au from 93 metres (FERC044)

• 6.0m @ 2.7g/t Au from 97 metres (FERC050)

• 9.0m @ 5.7g/t Au from 108 metres (FE717)

• 3.0m @ 13.4g/t Au from 99 metres (FE718)

• 18.0m @ 1.2g/t Au from 60 metres and 3.0m @ 9.2g/t Au from 147 metres (FE719)

REGIONAL AIR CORE DRILLING

Air core drilling was completed in May 2017 with 8,899 metres of drilling completed at Boyd North, Hayanmi North, and Discovery Zones as well as reconnaissance drilling on five of the eight gravity geophysical targets.

Gravity Targets

A geophysical gravity survey in 2016 highlighted eight gravity targets for drill testing in 2017. Based on accessibility, five of these targets were tested with air core drilling during the March to May 2017 period and two of the targets have shown gold mineralisation (Figures 2a & 7)

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Recent assay results from the testing of gravity target 3 has produced a very significant gold intersection of 3.0 metres @ 4.8g/t Au from 123 metres depth in drill hole FE847. This zone is in a totally new area with no previous drilling but may lie on the interpreted Eagle 1 Trend which had weak gold intersections about 2.5 kilometres to the north. On gravity Target 4, six (6) kilometres to the north, low grade gold mineralisation was also intersected in drill hole FE845 which contained 3.0m @ 0.46g/t Au from 96 metres and 3.0m @ 0.61g/t Au from 114 metres.

Mr Bruce Kay, Catalyst’s Technical Director, stated, “Although these assays need to be verified by bulk leaching of the one-metre sample intervals, it is very encouraging to see gold mineralisation in a new area of the licence. The intersection is about the same distance from the Whitelaw Fault as the Bendigo Goldfield (approximately 4 kilometres) and opens up a completely new structure for drill testing. It also provides support for the gravity geophysical method as a means of targeting gold structures”

Further air core drilling will be required on these targets after the winter rains in 2017.

Discovery Zone

Air Core drilling was undertaken on the Discovery Zone for the first time in several years and has extended the high grade zone by 400 metres to the north with an intersection of 3.0 metres @ 9.6g/t Au in drill hole FE811 and visible gold recorded in FE842 . This zone contained some of the highest grade intersections at the Four Eagles Gold Project but the exploration programme has focussed on Boyd’s Dam and Hayanmi where the basement depth is shallower. Limited drilling was carried out at the northern end of the Discovery Zone where air core hole FE663 contained 3.0 metres @ 59g/t Au . The Discovery Zone appears to have several parallel lines of gold mineralisation and more drilling is required to understand the gold distribution evidenced in the following intersections:

• 4.0m @ 9.6g/t Au (FE811)

• 3.7m @ 4.7g/t Au including 0.8 m @ 17.5g/t Au (FEDD001)

• 0.4m @ 8.4g/t Au and 0.75m @ 15.3g/t Au (FEDD007)

• 0.4m @ 152g/t Au (FEDD008)

• 6.0m @ 82.7g/t Au (FE328)

• 1.5m @ 1.81g/t Au (FE326)

• 3.0m @ 9.71g/t Au (FE380)

• 3.0m @ 1.4g/t Au (FE840)

• 3.0m @59.0g/t Au and 3.0m @ 7.0g/t Au (FE663)

Gold in the Discovery Zone is usually related to massive or stringer quartz zones and is a high grade underground exploration target.

TANDARRA GOLD PROJECT (EL4897) (CATALYST EARNING 51% FROM NAVARRE MINERALS LIMITED)

The Tandarra Project is comprised of Exploration Licence 4897, which is owned by Navarre Minerals Limited ( Navarre ). Under a farm-in arrangement with Navarre, Catalyst is earning a 51% equity interest in Exploration Licence 4897 by spending $3 million on exploration over a four-year period. In September 2016, Catalyst satisfied an initial two-year expenditure commitment by spending a minimum of $800,000 on the Tandarra Gold Project (Figure 8).

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RC BLADE DRILLING: TOMORROW ZONE

In April 2017, a 3,819 metre RC Blade drilling program commenced at the Tomorrow Gold Prospect to provide detailed grade information on the shallow, high-grade gold occurring within the top 60 metres of depth over a strike length of about 450 metres (Figures 9a, 9b, 10 and 11).

The programme of 64 angled, large diameter RC Blade drill holes were designed to test the continuity of the gold mineralisation that could be amenable to open pit mining. The drill traverse spacing was approximately 25 metres north-south and will enable mineralised shapes to be estimated with confidence in an area where the un-mineralised cover is relatively shallow (18 to 30 metres).

Each drill hole was sampled on one-metre intervals with sample splitting prior to dispatch to the laboratory. Initial assays are reported in this announcement.

The drilling programme has confirmed high grade mineralisation over thick widths down to a vertical depth of about 60 metres and should enhance the grade in a portion of the shallow gold mineralisation. After modelling, it should be possible to determine the plunge of the shallow mineralisation thus providing drill targets at deeper levels. Best intersections (Assay in g/t Au X metre length > 15 gram metres) from the 2017 drill programme are shown as follows and diagrammatically on the longitudinal projection and cross section on Figures 10 and 11:

Tomorrow Prospect

2017 Intersections:

• 6.0m @ 5.5g/t Au from 34 metres (RCT155)

• 8.0m @ 5.2g/t Au from 42 metres (RCT156)

• 12.0m @ 1.3g/t Au from 67 metres (RCT169)

• 3.0m @ 5.0g/t Au from 31 metres (RCT170)

• 11.0m @17.8g/t Au from 47 metres (RCT172)

• 17.0m @ 6.6g/t Au from 30 metres (RCT173)

• 7.0m @ 8.9g/t Au from 67 metres (RCT174)

• 21.0m @ 6.9g/t Au including 1.0m @ 98.4g/t Au from 27 metres (RCT177)

• 9.0m @ 2.1g/t Au from 44 metres (RCT178)

• 7.0m @ 7.0g/t Au from 22 metres (RCT184)

• 6.0m @ 2.6g/t Au from 40 metres (RCT187)

• 6.0m @ 2.5g/t Au from 37 metres (RCT194)

• 3.0m @ 8.4g/t Au from 57 metres (RCT197)

These results will be reviewed in conjunction with previous intersections recorded in the Tomorrow Zone from past drilling with the objective of delineating shapes for future resource estimation. Some of the previous results are listed below:

Pre-2017 Intersections:

• 10.0m @ 17.8g/t Au from 37 metres (ACT015)

• 1.3m @ 18.2g/t Au from 20 metres and 1.7m @ 5.7g/t Au from 36 metres (DDT001)

• 3.0m @ 8.8g/t Au from 46 metres (ACT172)

• 7.0m @ 5.5g/t Au from 50 metres (RCT006)

• 2.0m @ 18.4g/t Au from 44 metres (RCT050)

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• 15.0m @ 1.44g/t Au from 22 metres (RCT051)

• 5.0m @ 3.7g/t Au from 41 metres (RCT062)

• 4.0m @ 9.2g/t Au from 18 metres (RCT063)

• 23.0m @ 1.0g/t Au from 58 metres (RCT096)

• 5.0m @ 15.6g/t Au from 106 metres including 1.0m @ 69.7g/t Au (RCT107)

• 10.0m @ 6.1g/t Au from 74 metres and 23m @ 2.3g/t Au from 90 metres (RCT111)

• 2.0m @ 14.3g/t Au from 54 metres (RCT132)

• 4.0m @ 11.3g/t Au from 54 metres (RCT104)

• 2.0m @ 14.3g/t Au from 79 metres (RCT115)

• 7.0m @ 2.8g/t Au from 73 metres (RCT119)

• 14.0m @ 1.5g/t Au from 29 metres and 6.0m @ 5.2g/t Au from 51 metres (RCT136)

• 1.0m @ 13.0g/t Au from 62 metres (RCT124)

• 1.0m @ 30.2g/t Au from 82 metres (RCT126)

• 3.0m @ 5.8g/t Au from 64 metres (RCT131)

A complete interpretation of this segment of the Tomorrow Zone will be possible when all bulk leach assays have been received. The mineralised zone appears to be an envelope containing intense quartz veinlets and alteration rather than a planar structure. These envelopes appear to have a gentle plunge to the south east.

Full location data on the RC Blade/Hammer holes was shown on Table 1 and a Summary of Sampling Techniques and Reporting of Exploration Results according to the JORC Code 2012 Edition were tabulated in Appendix 1 in the ASX Announcement of 25 July 2017. Maximum gold values in each hole were tabulated in Appendix 1 of the same announcement. Previous intersections shown on Figures 9a and 9b have been reported under the 2004 JORC Code

DRUMMARTIN EXPLORATION LICENCE APPLICATION (EL006507)

Catalyst has recently lodged an Exploration Licence application over a large area of approximately 660 square kilometres to cover parts of two regional fault structures east of and parallel to the Whitelaw Gold Belt where Catalyst manages gold discoveries at the Four Eagles Gold Project and Tandarra Gold Project. The location of this ELA006507 is shown on Figure 1 and covers the projected position of two major regional fault structures interpreted from gravity geophysical data (Drummartin and Redesdale Faults). Catalyst believes that these fault systems may have similar gold potential to the Whitelaw Gold Belt and have received little previous exploration. Subject to EL grant, the exploration on this licence will aim to test about 60 kilometres of strike length along these structures.

CASTLEMAINE JOINT VENTURE: RAYDARRA (EL5266)

No fieldwork was undertaken on EL5266 during the June 2017 Quarter other than normal maintenance and data review. No further drilling is planned for 2017 but there may be residual potential at the southern end of the licence.

OTHER WHITELAW BELT TENEMENTS: 100% CATALYST (EL5521, EL5533, EL5509)

There was no field activity on these Exploration Licences other than the assessment of 2016 drilling results in preparation for future air core drilling programmes. This drilling is likely to be commenced after the wet season in 2017 and will test a shallow basement area (<25 metres deep) on EL5521 (Macorna Bore) north of Pyramid Hill where anomalous arsenic geochemistry suggests that the Whitelaw Tandarra Fault Gold Corridor could be in proximity (Figure 11). A TARGET grant from the Victorian EcoDev has been received for this licence and will be initiated in 2018 involving a gravity survey and further air core drilling.

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A review has been completed on the Sebastian Licence EL5533 and a programme of air core drilling is planned for later in 2017 on the NNW extension of the Bendigo and Sebastian mine trends (Figure 12). Discussions with landowners will be required before commencement of this programme.

TARGET MINERALS EXPLORATION INITIATIVE GRANTS PROGRAMME (ROUND 2)

In January 2017, Catalyst submitted four applications to the Victorian Department of Economic Development Jobs, Transport and Resources ( EcoDev ) for joint exploration funding of the Company’s projects in the Whitelaw Gold Belt. These applications were lodged under Stage 2 of the Victorian Government’s TARGET initiative which is designed to promote exploration in Victoria. Catalyst has received acceptance (subject to execution of grant agreements) for three of these applications and will receive matching funding of up to $910,850 during the 2017/18 year.

Exploration is proposed on the following three projects:

Macorna Bore EL5521 (TARGET funding of $312,200)

This project will undertake a gravity survey followed up by Air Core drilling on EL5521 and adjacent areas on EL5508. As shown on Figure 12, this area lies on the interpreted northern extension of the Whitelaw Tandarra Fault corridor which may also be prospective for gold mineralisation. Drilling in 2016 showed shallow basement with anomalous arsenic values in air core drilling and this is often an indicator of proximity to gold mineralisation.

Hayanmi and Boyd’s Dam (EL4525) deeper diamond drilling (TARGET funding of $373,950)

The objective of this programme will be to test the Hayanmi and Boyd’s Dam structures at a vertical depth of 200 to 300 metres. Based on comparative studies at Bendigo and Fosterville, rich gold lodes are often present in gently plunging shoots or separate parallel shoots beneath the shallow gold mineralisation intersected near surface. This diamond drilling programme will be planned after a complete interpretation of all results from the current RC and Air Core programmes. The area to be tested would lie beneath the current shallow drilling panels shown on Figures 4 and 5.

Tandarra (EL4897) Dingee Zone Programme (TARGET funding of $224,700)

This programme will aim to trial Deep Ground Penetrating Radar (DGPR), a geophysical method that may be useful in identifying anticlinal structures and mineralised zones in the basement rocks. It may also be useful in mapping the basement topography beneath the Murray Basin sediments. Subject to the results of the DGPR survey, air core drilling will be used to test any targets on the Dingee Zone (Figure 8).

Full location data and previous intersections for the RC Blade/Hammer and Air Core drill holes at the Four Eagles Gold Project and Tandarra Gold Project and the Summary of Sampling Techniques and Reporting of Exploration Results according to the JORC Code 2012 Edition have been included in previous ASX Announcements on 19 May 2017, 20 June 2017, 11 July 2017 and 26 July 2017.

CORPORATE

A prospectus was lodged in May 2017 with the Australian Securities and Investments Commission ( ASIC ) for a proposed capital raising of up to $1.5 million through the issue of 3 million ordinary fully paid shares at an issue price of 50 cents per share. An interim issue of 1,284,167 ordinary fully paid shares was made pursuant to the prospectus offer in June 2017 to raise an initial amount of $642,083 under the offer. A final issue of 1,715,833 ordinary fully paid shares was made pursuant to the prospectus offer post the end of the quarter which raised a final amount of $857,917 – resulting in the successful early closure of the capital raising.

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The Company’s capital raising was managed electronically by Raisemetrex Pty Ltd’s newly developed Electronic Issue Management Platform (EIMP).

Any enquiries should be directed to:

Bruce Kay Steve Boston Technical Director Chairman Telephone: +61 400 613 180 +61 409 574 515

Investor relations

The Company would encourage both shareholders and the public to become registered users of Raisemetrex, as it will enable the Company to more effectively and efficiently communicate electronically with you into the future (see raisemetrex.com.au).

Corporate summary (at 30 June 2017)
ASX trading code:	CYL
Quoted shares:	59,413,952
Quoted options:	2,572,403 (CYLO)
Unquoted options:	1,100,000
Cash balance at end of quarter:	$2.5 million
Postal address:	PO Box 778
	Claremont, Western Australia 6910
Telephone:	(+61 8) 6263 4423
Facsimile:	(+61 8) 9284 5426
E-mail:	admin@catalystmetals.com.au
Web-site:	www.catalystmetals.com.au

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Tenement directory
Project	Tenement number	Beneficial interest
Victoria
Four Eagles	EL4525	50%
Four Eagles	RL006422 (application)	50%
Four Eagles	EL5295	50%
Pyramid	EL5508	50%
Raydarra East	EL5509	100%
Tandarra	EL4897	51% (earning in via farm-in agreement)
Sebastian	EL5533	100%
Raydarra	EL5266	51% (earning in via farm-in agreement)
Macorna Bore	EL5521	100%
Drummartin	ELA006507 (application)	100%
Application was made for a new exploration licence (EL6507) during the quarter. No other interests in
mining tenements or farm-in or farm-out agreements were acquired or disposed of during the quarter.

JORC Reporting of Historic Navarre Exploration Results

Although Catalyst was not involved in previous exploration at the Tandarra Gold Project, it has elected to update the information to comply with the JORC 2012 Code. The results had been publicly reported by Leviathan Resources Pty Ltd (ASX code LVR) (December 2004 to January 2007), Perseverance Corporation Limited (ASX code PSV) (January 2008 to March 2011) and Navarre Minerals Limited (ASX code NML) (March 2011 to September 2015) in numerous announcements during the stated periods under the JORC 2004 Code. Catalyst has limited knowledge on how the data was collected but has had to make assumptions based on the available historic data generated by these companies.

Full location data on the Tandarra drill holes and a Summary of Sampling Techniques and Reporting of Exploration Results according to the JORC Code 2012 Edition were included in the Company’s ASX announcement dated 1 September 2014.

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 non-executive 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.

Information relating to the Tandarra project was first disclosed by previous tenement holders under the JORC Code 2004. This information has been subsequently reported by the Company in accordance with the JORC Code 2012, refer to announcement dated 1 September 2014 and the quarterly activities report dated 31 July 2014.

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Figure 1: Whitelaw Gold Belt Tenement Holdings showing location of the Tandarra and Four Eagles Gold Projects and other Catalyst managed projects

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Figure 2a: Four Eagles Gold Project showing areas of RC Blade/Hammer and Air Core Drilling in 2017 Recent gravity target intersections are also shown

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Figure 2b: Four Eagles Gold Project showing significant intersections for Figure 3a

Catalyst Metals Limited – Quarterly Activities Report 30 June 2017

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Figure 3: Plan View of Boyd’s Dam – Boyd North showing 2017 Drillholes and intersections

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Figure 4: Longitudinal Projection of Boyd’s Dam- Boyd North highlighting 2017 drill intersections (in blue)

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Figure 5: Longitudinal Projection of Hayanmi Prospect showing areas of RC drilling in 2017. Recent drill intersections from this announcement are highlighted in yellow.

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Figure 6: Hayanmi Prospect plan view showing gold trends and recent RC drill holes Drill intersections shown on Figure 2b

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Figure 7: Gravity Geophysical Targets at Four Eagles Gold Project showing known mineralised structures (in red) and interpreted structures (in yellow). Anomalous gold mineralisation has been intersected on Gravity Targets 3 and 4.

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Figure 8: Tandarra Gold Project showing area of RC Blade drilling at the Tomorrow Zone in 2017

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Figure 9a: Tomorrow and Macnaughtans Gold Trends showing area of recent drilling. Significant intersections are tabulated on Figure 9b.

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Figure 9b: Table of significant intersections shown on Figure 9a

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Figure 10: Longitudinal projection of Tomorrow Gold zone showing panel drilled in 2017 and recent intersections (blue highlight)

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Figure 11: Tomorrow Zone cross section at 5,972,750N

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Figure 12: Plan view of Macorna Bore Project (EL5521and EL5508) showing projected Whitelaw Fault Corridor and arsenic geochemistry.

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Figure 13 Plan view of Sebastian Project (EL5533) showing projected gold trend north of Sebastian Mine

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity

Catalyst Metals Limited

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ABN

54 118 912 495

Quarter ended (“current quarter”)

30 June 2017

Consolidated statement of cash flows 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Research and development refunds 1.8 Other: ASX Annual Listing Fees R&D Refund Advisory Fees 1.9 Net cash from/(used in) operating activities

Current quarter $A’000 Year to date (12 months) $A’000 - - (1,061) (1,925) - - - - (49) (190) (93) (377) - - 6 13 - - - - - 106 - - (32) (12)

(1,197) (2,417)

2.	Cash flows from investing activities
2.1	Payments to acquire:
	(a) property, plant and equipment	-	-
	(b) tenements (see item 10)	-	-
	(c) investments	-	-
	(d) other non-current assets	-	-

• See chapter 19 for defined terms 1 September 2016

Page 1

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows 2.2 Proceeds from the disposal of: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from/(used in) investing activities	Current quarter $A’000 Year to date (12 months) $A’000 - - - - - - - - - - - - - -
	- -

3. Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 Transaction costs related to issues of shares, convertible notes or options 3.5 Proceeds from borrowings – prospectus application funds 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other: Farm-in advance from GEV for future exploration activities 3.10 Net cash from/(used in) financing activities 4. Net increase/(decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from/(used in) operating activities (item 1.9 above) 4.3 Net cash from/(used in) investing activities (item 2.6 above) 4.4 Net cash from/(used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period1	642 2,142 - - - 14 (63) (63) 12 12 - - - - - - 861 1,381
	1,452 3,486
	2,274 1,460 (1,197) (2,417) - - 1,452 3,486 - -
	2,529 2,529

¹ Includes $173,218 held on trust on behalf of Gold Exploration Victoria Pty Ltd (GEV) to meet future exploration commitments at the Four Eagles Joint Venture.

• See chapter 19 for defined terms 1 September 2016

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

5.	Reconciliation of cash and cash equivalents	Current	Previous
	at the end of the quarter (as shown in the consolidated statement of	quarter	quarter
	cash flows) to the related items in the accounts	$A’000	$A’000
5.1	Bank balances	2	83
5.2	Call deposits	2,354	2,054
5.3	Bank overdrafts	-	-
5.4	Other: Four Eagles Joint Venture exploration funds held on trust	173	137
5.5	Cash and cash equivalents at end of quarter (should equal
	item 4.6 above)	2,529	2,274

6.	Payments to directors of the entity and their associates	Current quarter
		$A'000
6.1	Aggregate amount of payments to these parties included in item 1.2	49
6.2	Aggregate amount of cash flow from loans to these parties included in
	item 2.3	-

• 6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2

Payments to directors for directors’ fees for the June 2017 quarter.

7.	Payments to related entities of the entity and their associates	Current quarter
		$A'000
7.1	Aggregate amount of payments to these parties included in item 1.2	-
7.2	Aggregate amount of cash flow from loans to these parties included in
	item 2.3	-

• 7.3 Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2

Not applicable

• See chapter 19 for defined terms 1 September 2016

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

8.	Financing facilities available	Total facility	Amount
	Add notes as necessary for an understanding of the position	amount at	drawn at
		quarter end	quarter end
		$A’000	$A’000
8.1	Loan facilities	-	-
8.2	Credit standby arrangements	-	-
8.3	Other (please specify)	-	-

• 8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.

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9.	Estimated cash outflows for next quarter	$A’000
9.1	Exploration and evaluation	400
9.2	Development	-
9.3	Production	-
9.4	Staff costs	50
9.5	Administration and corporate costs	100
9.6	Other (provide details if material)	-
9.7	Total estimated cash outflows	550

10.	Changes in tenements	Tenement reference	Nature of	Interest at	Interest at
	(items 2.1(b) and 2.2(b) above)	and location	interest	beginning	end of
				of quarter	quarter
10.1	Interests in mining tenements
	and petroleum tenements
	lapsed, relinquished or reduced
10.2	Interests in mining tenements	EL6507	100%	0%	0%
	and petroleum tenements	Application
	acquired or increased

• See chapter 19 for defined terms 1 September 2016

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Sign here:

Sign here: ....................................... Date: 31 July 2017 Print name: Frank Campagna Company Secretary

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in and provisions of AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows, apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. See chapter 19 for defined terms 1 September 2016

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