CATALYST METALS LIMITED — Investor Presentation 2021

Jul 21, 2021

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Corporate Presentation

Bruce Robertson CEO

Bruce Kay Technical Director July 2021

Underground high grade gold producer and explorer in well endowed world class mineral provinces

Important Notices

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Nature of Document. This presentation has been prepared and issued by Catalyst Metals Limited (Company) to provide general information about the Company.. The information in this document is in summary form and should not be relied upon as a complete and accurate representation of any matters that a reader should consider in evaluating the Company. While management has taken every effort to ensure the accuracy of the material in this presentation, the Company and its advisers have not verified the accuracy or completeness of the material contained in this presentation.

Not an offer. This presentation and its contents are not an invitation, offer, solicitation or recommendation with respect to the purchase or sale of any securities in the Company in any jurisdiction and must not be distributed, transmitted, or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction. This presentation is not a prospectus or any other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law.

Not financial product advice. Neither the Company nor any of its related bodies corporate is licensed to provide financial product advice in respect of the Company's securities or any other financial products. You should not act and refrain from acting in reliance on this presentation. Nothing contained in this presentation constitutes investment, legal, tax or other advice. This presentation does not take into account the individual investment objectives, financial situation and particular needs of Company shareholders. Before making a decision to invest in the Company at any time, you should conduct, with the assistance of your broker or other financial or professional adviser, your own investigation in light of your particular investment needs, objectives and financial circumstances and perform your own analysis of the Company before making any investment decision.

Disclaimer. No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or proved correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisors and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any effort or omission therefrom. The Company will not update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

Estimates of Resources and Reserves. It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code). Investors outside Australia should note that while mineral resource estimates of Catalyst in this presentation comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101 Standards"); or (ii) Industry Guide 7, which governs disclosures of mineral reserves in registration statements filed with the US Securities and Exchange Commission (the "SEC"). Information contained in this presentation describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. In particular, Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC filings. You should not assume that quantities reported as “resources” will be converted to reserves under the JORC Code or any other reporting regime or that Catalyst will be able to extract them.

Future performance. This presentation contains forward-looking information about the Company and its operations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", “should”, "could", "estimates", “target”, “likely”, “plan”, "expects", "may", “intend”, "shall", "will", or "would". Forward-looking statements are subject to risk factors associated with the Company’s business, many of which are beyond the control of the Company. Any forward-looking statements are also based on assumptions and contingencies which are subject to change without notice and which may ultimately prove to be materially incorrect. Investors should consider the forward-looking statements contained in this presentation in light of those disclosures and not place undue reliance on such statements. The forward-looking statements in this presentation are not guarantees or predictions of future performance and may involve significant elements of subjective judgment, assumptions as to future events that may not be correct, known and unknown risks, uncertainties and other factors, many of which are outside the control of the Company. The forward-looking statements are based on information available to the Company as at the date of this presentation. Except as required by law or regulation (including the ASX Listing Rules), the Company undertakes no obligation to provide any additional or updated information or update any forward-looking statements, whether as a result of new information, future events or results or otherwise. Indications of, and guidance on, future earnings or financial position or performance are also forward-looking statements, and include disclosures in this presentation relating to the post equity raising capital structure. To the maximum extent permitted by law, the Company and its directors, officers, employees, advisers, agents and intermediaries and the Lead Manager disclaims any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions. Neither the Company, nor the Financial Advisers, makes any representation or warranty (express or implied) as to the fairness, accuracy, reliability, currency or completeness of any forward-looking statements contained in this presentation.

Slide 2

What is Catalyst?

Gold explorer and producer

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 An explorer in great gold provinces with great people

• A gold producer providing cash flow

• A potential gold mine developer in Victoria

Cash at 31 March 2021 >$30 million

Slide 3

Corporate Vision

Growing gold production through ongoing exploration success and greenfield and brownfield developments

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Henty Mining Operation – Within mineral province that has produced >8Moz

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Victorian Exploration – Within mineral province that has produced >32Moz

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To be a mid-sized, high grade and low cost underground gold producer with future growth coming from exploration within two well endowed world class mineral provinces

Slide 4

…… and by the way

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60 of these already

Revenue of $27 million

Slide 5

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Victorian Exploration Summary

Victoria : World Class Gold Province

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• Catalyst has dominant position

• Bendigo / Fosterville: 31 Moz gold discovered to date1

• Fosterville 2021 guidance is c. 400koz Au @ cost of US$250/oz2

• One of the best untested gold provinces in the world

• DPI Gold Undercover Report 2 (2007) estimates 32 Moz Au under cover

1. Based past production (22mozs (Bendigo), 3mozs (Fosterville) & current resources & reserves 5.44mozs (KLG ASX 31 Dec 2020)

2. Kirkland Lake Guidance 18 May 2021 (BofA Global Metals Conference)

Slide 7

Victorian Exploration Strategy

High grade advanced exploration projects and substantial greenfields upside potential

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• $22M budgeted for Victoria FY22 (includes JV contributions)

• Four Eagles JV – Boyds Dam Project – In Parallel:

• Ongoing exploration drilling

• Technical studies to define Project Description for referral to the Minister for EES

• Environmental studies to contribute towards EES

• Tandarra

• Diamond and RC drilling on Macnaughtans and Tomorrow Zones to expand mineralisation

• Regional Exploration

• Geochemistry and geophysics

• Regional Air Core drilling

Key objectives are to access and explore underground at Boyd’s Dam and to expand Tandarra mineralization at depth

Slide 8

Outstanding Exploration From 2020/2021

Drilling delivered outstanding high grade results in 2020 with major drilling campaign in 2021 in progress

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BOYD NORTH

9m @ 22.7g/t Au 3m @ 154g/t Au 4m @ 20g/t Au

BOYD’S DAM

16m @ 15.4g/t Au 18m @ 9.3g/t Au 8m @ 212.3g/t Au 25m @ 23.0g/t Au 7m @ 8.8g/t Au 3m @ 19.3g/t Au 7m @ 7.7g/t Au 8m @ 4.9g/t Au 1m @ 32.0g/t Au 1.4m @ 117g/t Au

TANDARRA

17m @ 7.1g/t Au 10m @ 17.9g/t Au 5m @ 17.0g/t Au

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EAGLE 5

1m @ 43.5g/t Au

CUNNEENS

3m @ 21.4g/t Au

HAYANMI

20m @ 21.4g/t Au 22m @ 36.5g/t Au 6m @ 21.5g/t Au

PICKLES

6m @ 82.7g/t Au 3m @ 9.6g/t Au

GOLDEN CAMEL

9.0m @ 5.0g/t Au 13.0m @ 4.0g/t Au

TOOLLEEN

6.0m @ 9.7g/t Au (incl. 2.0m @ 27.7g/at Au)

Slide 9

Boyd’s Dam- Boyd North Trend

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Slide 10

Boyd’s Dam – Potential Development Concept

Starter pit with inpit portal – underground is the likely future

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• Small open pit and underground exploration and mining

• Treatment could be through gold plant in Victoria or ship concentrate

• Initial cash flow could fund development

• Moving to Environmental Effects Study (EES)

Slide 11

Tandarra Project

Diamond and RC drilling to expand underground potential in FY 22

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• Visible gold in first Macnaughtan DD hole (2.45m @ 54.8g/t Au)

• High grade on new Lawry Zone

• Macnaughtan Prospect 1.2 kms long

• Diamond drilling at Tomorrow

zone

Slide 12

Tandarra Project

Promising results at depth

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Potential for open cut and underground exploitation

Slide 13

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Henty Summary

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Henty Gold Mine - Strategy

High grade underground operation

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 To have industry leading safety performance for an underground miner

 Increase gold grade and production at lower cash cost per ounce

• Exploration (in-mine and surface) to increase resources for

5 year production plan

 Henty to provide sufficient free cash flow to grow the Company

Objective to produce >50,000ozs/yr on a sustainable basis over time

Slide 15

Henty Gold Mine – Early Performance

High grade underground operation

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• Strong June Quarter production of 6,327 ozs at cash cost of $1,516

• Revenue of $16M in Quarter

• On track for 25,000 ounces in calendar 2021

• Positive cash flow funding exploration

• Strong exploration results

Increased gold grade will lower cash cost per ounce

Slide 16

Henty Gold Mine

High grade underground operation

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 JORC Resource 334,000 ounces @

• 4.3g/t

• Past production 1.4mozs @8.9g/t Au

• First 12 yrs > 1 mozs @ 12.2g/t Au

• Cheap hydro power (3-6c/Kwh), 80% renewables

• 300,000 tpa CIL plant

• Extensive tenements (25kms) along prospective Henty Fault

Slide 17

Henty Gold Mine – Production Targets

High grade underground operation

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• Planned: 25,000 ozs for calendar year 2021, increasing in FY22

• Objective 30-40,000 ozs FY23 : Resource update planned September 2021

• Mining back to historic high grade areas

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Slide 18

Henty Exploration – Underground

Significant near mine exploration potential

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• 46,000 m underground drilling FY22 ($7.0M)

• Target +100,000 ozs new inventory into mine in next two years

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Slide 19

Strong Recent Exploration Success in-mine

Recent high- grade results should increase resource and production grade

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0.8m @365g/t Au. 3.0m @34.5g/t Au 3.2m @22.9g/t Au 3.5m @19.7g/t Au 0.9m @90.1g/t Au 2.9m @36.4g/t Au

2.7m @221g/t Au. 7.8m @33.8g/t Au 2.6m @36.7g/t Au 4.0m @103g/t Au. 2.6m @36.7g/t Au 5.9m @16.8g/t Au

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 $9.5M exploration budget

 50,000 metres of drilling

• Focus on high grade targets

 High grade intercepts up to 600g/t Au

Slide 20

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Henty Surface Exploration – North of Mine

Very little exploration in last 10 years – revised geological model – untested targets

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• $2.5M surface exploration budget funded from cash flow

• Database compilation in progress

• 25 kms strike on Henty Fault mostly untested

• Anomalous gold and bismuth in surface samples along trend - untested

• Surface diamond drilling commencing in September Quarter 2021

• Soil sampling south of the mine along the Henty trend.

Slide 21

Catalyst well positioned 2022

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• Catalyst was first mover in Victorian Gold since 2011: has the best ground with high gold grades

• 2021/22 largest exploration program yet for CYL in Victorian Gold: Focus on Boyd’s Dam

• Victorian Government NCVG Tender due 2021

• Gold production, cash flow and exploration upside at Henty Gold Mine

• Well funded with >$30 million in cash: strong share register

Slide 22

Catalyst History 2010-2021

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Slide 23

Competent Persons Statement

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The information in this report that relates to exploration results from the Victorian Gold and Henty Projects 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.

The Henty Resource Estimation in this report was prepared by Christopher Adams of CSA Global Pty Ltd, a competent person as defined by the 2012 JORC Edition, who has five years experience which is relevant to the style of mineralisation and type of deposit described in the report and to the activity for which he is accepting responsibility.is a Member or Fellow of the of the Australasian Institute of Mining and Metallurgy or the Australasian Institute of Geoscientists or a recognised Professional organisation (“RPO”) included in a list promulgated by ASX from time to time. ive 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 Adams consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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 announcements

Slide 24

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Corporate Presentation

Bruce Robertson CEO

Bruce Kay Technical Director July 2021

Underground high grade gold producer and explorer in well endowed world class mineral provinces