CEO.CA Chairman's Briefing

Deposit

Measured

Indicated

Inferred

Total

Tonnes
(Mt)

Grade
(g/t
Au)

Ounces

(koz)

Tonnes
(Mt)

Grade
(g/t
Au)

Ounces

(koz)

Tonnes
(Mt)

Grade
(g/t
Au)

Ounces

(koz)

Tonnes
(Mt)

Grade
(g/t
Au)

Ounces

(koz)

Total

-

-

-

0.2

4.2

31

0.5

3.4

49

0.7

3.6

81

Notes:

1.

Mineral Resource estimated at 1.5g/t Au cut-off and reported within underground Stope Optimiser (SO). SO inputs include: Gold Price AUD$3,200/oz, Metallurgical Recovery = 92%; Royalties = 2.5%; Minimum mining width = 1.5m; Minimum stope length=5m, minimum stope height=5m.

2.

Numbers may not add up due to rounding

Deposit

Measured

Indicated

Inferred

Total

Tonnes
(Mt)

Grade
(g/t
Au)

Ounces

(koz)

Tonnes
(Mt)

Grade
(g/t
Au)

Ounces

(koz)

Tonnes
(Mt)

Grade
(g/t
Au)

Ounces

(koz)

Tonnes
(Mt)

Grade
(g/t
Au)

Ounces

(koz)

Total

-

-

-

0.9

2.8

80

1.3

2.4

102

2.2

2.5

182

Notes:

1.

Mineral Resource estimated at 1.5g/t Au cut-off and reported within underground Stope Optimiser (SO). SO inputs include: Gold Price AUD$3,200/oz, Metallurgical Recovery = 86%; Royalties = 2.5%; Minimum mining width = 2.5m; Minimum stope height=5m, Minimum stope length=5m

2.

Numbers may not add up due to rounding

CIK

Sub-Domain

MMA (1000)

Au g/t

UM1 (2000)

Au g/t

UM2 (3000)

Au g/t

OTM (4000)

Au g/t

HG

300

60

20

200

MG

20

10

5

10

LG

2

2

2

2

Section 1 Sampling Techniques and Data

K2 Underground Deposit

(Criteria in this section apply to all succeeding sections.)

Criteria

Commentary

Sampling
techniques

No new drilling has been completed by Catalyst since acquisition of the project in 2023.

Vango drilling:

•       RC drilling assays were from 1 m samples split on the cyclone for the ultramafics. 1 m splits are
         taken over entirety of each drill hole using a 1/8 riffle splitter.

•       Diamond drilling assays were from mostly half core and minor quarter core, NQ2 and HQ size core.
         This was considered to be sufficient material for a representative sample. Core samples were taken
         at 1 m intervals or at geological boundaries.

•       Drillholes were generally designed to intersect mineralisation orthogonal to strike and core was
         oriented. Cutting of core was along the orientation line, in order to be as close as possible to
         orthogonal to mineralised structures and representative.

Historical drilling:

•       Quality of historical sampling information is varied. Previous work has been dominated by
         Resolute, BMA, Homestake, Barrick Resources and Dampier Gold, all of which are considered to
         have used high quality methodology for the time.

•       RC samples were collected as 4 m composite spear samples. Mineralised zones were sampled at
         1 m intervals using a 1/8 riffle splitter.

•       Core samples were taken at 1m intervals or at geological boundaries from NQ2 and HQ Core.

•       Where sampling methods have not been recorded, results are consistent with, and of a similar
         quality, to results where methodology is known, including Vango methodology i.e. the Industry
         Standard approach above.

Drilling techniques

Vango drilling:

•         Reverse Circulation drilling was conducted utilizing a 5.75 inch face sampling bit.

•         Diamond drilling was conducted utilising NQ2 core. Core was orientated by spear methodology.

Historical drilling:

•         NQ/NQ2 and HQ Diamond drill-core, minor BQ diamond drill-core from underground K2.

•          Face Sampling, Reverse Circulation (RC) hammer.

•         Minor Aircore, RAB, and Blasthole drilling in oxide zones of some open pit resource areas.

Drill sample recovery

•         RC drilling was bagged on 1 m intervals and an estimate of sample recovery has been made on the
           size of each sample.

•         Recovery in diamond drilling based on measured core was returned for each 3 m.

•         No assessment of RC chip sample recoveries was undertaken on historical data however a
           comprehensive historical review of sampling procedures was undertaken which indicates that
           standard procedures where enacted to ensure minimal sample loss. Where limited information on
           the recoveries has been recorded, they have been consistent with those noted by recent drilling.

Logging

Vango drilling:

•         Reverse Circulation holes were logged on 1 m intervals.

•         Magnetic Susceptibility (KT 10) was recorded.

•         Diamond holes were:

o    logged in detail based on geological boundaries.

o    logged on 1 m intervals for geotechnical data.

o    photographed prior to cutting and sampling.

o    Geotechnically logged including RQD, recovery and FF

o    sampled for Metallurgical testwork from logged HQ diamond holes

Historical drilling:

o    Previous work included examining historical Geological logs (WAMEX) in both hard copy
      and digital files. Logging codes have varied, but careful reconstruction of the geological
      sections has shown good correlation with the broad lithological logging.

o    Historical procedures are generally similar to that used currently.

Sub-sampling
techniques and
sample
preparation

Vango drilling:

•         RC Drilling was sampled on 1 m samples using a cone splitter within the cyclone.

•         Half and quarter Diamond Drill Core, on selected intervals of between 0.8-1.25 m length. Core
           sampling was done using a diamond saw.

•         RC Drilling sampled on 1 m samples using a cone splitter within the cyclone.

•         In less prospective lithologies these 1 m samples were composited using a scoop over 4 m intervals.

•         Standards submitted every 20 samples of similar tenor to those expected in the sampling.

•         Blanks were inserted every 20 samples.

•         Field duplicate sampling was completed by passing the bulk reject sample from the plastic bag
          through a riffle splitter. In addition, ¼ core was routinely submitted. Duplicate sample intervals
          were designated by the geologist.

Historical Drilling:

•         RC – 1 m samples collected at the rig using a 1:8 riffle splitter. Each sample was riffle split each 1 m
           sample to collect approximately 2 kg samples in calico bags, with the remaining sample retained
           on site in plastic bags. Four metre composite samples were also collected with any samples
           assaying greater than 0.1 g/t Au being re-split to 1 m intervals.

•         Core sampled was halved using a diamond saw and sampled at 1 m intervals, or to geological
           contacts.

•         Field duplicate sampling was completed by passing the bulk reject sample from the plastic bag
           through a riffle splitter. In addition, ¼ core was routinely submitted. Duplicate sample intervals
           were designated by the geologist.

•         Sampling procedures for the Resolute drilling were not available.

Quality of assay
data and
laboratory tests

Vango drilling:

•         All samples were dried, crushed and pulverised then a 50g charge analysed at Intertek
          Laboratories using an Industry Standard Fire Assay method.

•         Standards submitted every 20 samples of grade-range/tenor similar to those expected in the
           sampling.

•         Blanks were inserted every 20 samples also.

•         Field duplicates also analysed.

•         Standards and Blanks were reported within acceptable accuracy and precision levels around the
           expected standard value

•         The results indicate the fire assay results from Intertek are of sufficient quality to be acceptable
           for use in resource estimation.

Historical Drilling:

•         Gold was analysed using fire assay with a 25-50g charge for Au within mineralised zones. Some
           Aqua regia data is included in the resources, generally in lower grade, oxide and transition, areas

•         Drilling programs carried out by HGAL have included ongoing QAQC procedures. These included
           the use of certified standards, blanks, check assay and duplicate sampling.

•         The various programs of QAQC carried out by HGAL have all produced results which support the
           sampling and assaying procedures used at the site.

•         Specific QAQC procedures for previous owners were unavailable.

Verification of
sampling and
assaying

•         Catalyst houses all drilling data in AcQuire software, the database was exported to MS Access
          and audited before resource estimation.  Data is visually checked in 3D software before estimation
          takes place.

Vango drilling:

•        Data was provided from the field as paper logs for geology, DGPS files for locations, and CSV files
         from the laboratory for assays, validated and stored in the Terra Search Explorer3 RDBMS system.

•        Historical drilling data has undergone extensive validation including cross referencing to Annual
         reporting and internal data sources.

•        Analytical results from previous workers have been audited and, where possible, verified with
         reference to historical reports. Vango infill drilling has largely confirmed the thickness and tenor of previous drilling.

•        Scissored/twinned (<10m) holes have confirmed mineralised zones at many prospects in the area

Location of data
points

•         Catalyst houses all drilling data in AcQuire software, the database was exported to MS Access and
          audited before resource estimation.  Data is visually checked in 3D software before estimation
           takes place. All collar co-ordinates and downhole surveys were checked against historical data.
          The RLs of the collar positions were checked against a current drone topography surface and
           underground voids DTMs.  Adjustments were made to erroneous data before estimation.

•         Downhole surveys are visually inspected in 3D software for anomalous changes in drill trace, (i.e.
          does the drill hole apparently bend inordinately).

Vango drilling:

•         DGPS has been used to locate all drillholes.

•         REFLEX Gyro Tool used for downhole surveys on all holes

Historic drilling:

•         Previous downhole survey data collected by REFLEX gyro tool and historically with Eastman
          cameras with follow-up down-hole surveys carried out by Surtron using gyroscopic survey
          equipment.

•         Where single shot cameras were used some magnetic units have affected the azimuth readings
          and these have not been used. Many holes have been surveyed using Gyro tools.

Data spacing and
distribution

•         Drill spacing of approximately 20 m (along strike) by 20 m (on section) was considered adequate to
          establish both geological and grade continuity.

•         Closer spaced RC grade control drilling 5x5m is located in the pit areas

•         Broader spaced drilling up to 80 x 80 m has also been modelled but with lower confidence. Some
          sections have closer spacing in high grade zones confirming the continuity and structural understanding.

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 have 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

•         Samples were bagged and labelled by company geologists or geological assistants and sealed in
           bulk bags with a security seal that remains unbroken when delivered to the lab.

•         No specific information has been obtained relating to historical sampling security.

Audits or reviews

•         Historical reviews of standards, blanks and duplicates indicate sampling and analysis has been
          completed with no issues discovered.

•         Historical reviews of the database for the Marymia 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

K2 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

•         K2 is located on the M52/183 granted tenement and is in good standing.

•         The tenements predate Native title interests but is covered by the Gingirana Native Title claim.

•         The tenements are 100% owned by Vango Mining Limited and subsidiary Dampier (Plutonic) Pty Ltd,
           who are being acquired by Catalyst Metals Ltd.

•         Gold production will be subject to a 2.5% government royalty.

Exploration done
by other parties

•         Extensive previous work by Resolute Mining, Homestake Gold, Battle Mountain Australia, Barrick
           Mining and Dampier Gold.

•         Previous metallurgical and resource work has been completed by Resolute Mining, Barrick Mining
           and Dampier Gold.

Geology

•         The K2 deposit is located at the north-eastern end of the Plutonic Well Greenstone Belt, which
          forms part of the Marymia Inlier. The Marymia Inlier is a granite-greenstone terrane situated
          between the Yilgarn and Pilbara Cratons in Western Australia. The Plutonic Well Greenstone Belt is
          a north-easterly trending belt approximately 50km long and 10km wide. It consists of
          predominantly mid to upper greenschist facies metamorphosed ultramafic volcanics, tholeiitic
          basalts, minor felsic volcanics and sediments. The local Geology of K2 is composed of a series of
          north-east, south-west trending mafics, ultramafics and metasedimentary lithologies
          metamorphosed to lower amphibolite facies.

•         Marymia mineralisation is structurally controlled, orogenic, mesothermal (amphibolite
          metamorphic facies) in style, associated with the late tectonic D3 high-angle thrusting event and
          open folding/flexing and dilation of earlier - including D1/D2 thrusts.

•         Gold Mineralisation within the K2 pit showed a strong association with lithological contacts and
          high grade zones at the contact between a high Fe and high-Mg amphibolite unit.

Drill hole
Information

Vango Work:

     •         Location of drillholes based on historical reports and data, originally located on surveyed sites,
               and DGPS.

     •         Northing and easting data generally within 0.1 m accuracy

     •         RL data +-0.2 m

     •         Down hole length =+- 0.1 m

Historical Work:

     •         The majority of drill holes used in the resource estimate have been accurately surveyed by
               qualified surveyors using DGPS. Down hole surveys have been conducted at regular intervals
               using industry- standard equipment.

     •         Where single shot cameras were used some magnetic units have affected the azimuth
               readings and these have not been used. Many holes have been surveyed using Gyro tools.

     •         All Diamond and Reverse Circulation (RC) holes have been included.

     •         Air Core and RAB drilling have been excluded from the resource calculations.

Data aggregation
methods

•       No exploration has been reported in this release, therefore there are no drill hole intercepts to
        report. This section is not relevant to this report on Mineral Resource and ore Reserves.

Relationship
between
mineralisation
widths and
intercept lengths

•       No exploration has been reported in this release, therefore there are no drill hole intercepts to
         report. This section is not relevant to this report on Mineral Resource and ore Reserves.

Diagrams

•       No exploration has been reported in this release, therefore there are no drill hole intercepts to
         report. This section is not relevant to this report on Mineral Resource and ore Reserves.

Balanced
reporting

•       No exploration has been reported in this release, therefore there are no drill hole intercepts to
         report. This section is not relevant to this report on Mineral Resource and ore Reserves.

Other substantive
exploration data

•       No exploration has been reported in this release, therefore there are no drill hole intercepts to
         report. This section is not relevant to this report on Mineral Resource and ore Reserves.

Further work

•       Further drilling is planned at K2.

Section 3 Estimation and Reporting of Mineral Resources

K2 Underground Deposit

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria

Commentary

Database
integrity

•         Catalyst houses all drilling data in AcQuire software, the database was exported to MS Access and
           audited before resource estimation.  Data is visually checked in 3D software before estimation
           takes place.

•         Various validation checks in GEOVIA Surpac™ and Seequent Leapfrog Geo™ 3D software and data
           queries in MS Access were undertaken such as overlapping samples, duplicate entries, missing
           data, sample length exceeding hole length, unusual assay values and a review of below detection
           limit samples. A visual examination of the data was also completed to check for erroneous
           downhole surveys and co-ordinates. All drillhole traces were checked against historical data.

•         The data validation process identified no major drill hole data issues that would materially affect
           the MRE outcomes.

•         Database checks included the following:

o    Checking for duplicate drill hole names and duplicate coordinates in the collar table.

o    Checking for missing drill holes in the collar, survey, assay and geology tables based on
      drill hole names.

o    Checking for survey inconsistencies including dips and azimuths <0˚, dips >90˚,
      azimuths >360˚ and negative depth values.

•         The drillhole database to May 2, 2024, comprised 22,991 Collar records, 55,757 Survey records,
           and 242,074 Assay records. The compiled database used for resource estimation comprised
           22,961 Collar records, 56,668 Survey records, and 243,715 Assay records.

Site visits

•       The Competent Person undertakes frequent site visits to the Plutonic Gold Operation and associated
         Marymia tenements.

Geological
interpretation

•        Regionally, the Plutonic Gold Belt lies in the Archaean Plutonic Well Greenstone Belt, an elongate NE
         trending belt within the Marymia Inlier. The Marymia Inlier is an Archaean basement remnant within
         the Proterozoic Capricorn Orogen and comprises two mineralised greenstone belts (Plutonic Well and
         Baumgarten greenstone belts), with surrounding granite and gneissic complexes.

•       The Marymia Greenstone Belt comprises two corridors of northeast – southwest trending
         mafic/ultramafic and sedimentary sequences separated by a conglomerate-dominated sedimentary
         sequence.

•       The K2 deposit lies along the northern flank of the Plutonic Well Greenstone Belt within the mining
         lease M52/183. The geology of the K2 area is dominated by north east- south west trending mafic-
         ultramafic and sedimentary package which has been metamorphosed to lower amphibolite facies and
         intensely deformed. Foliation and bedding are generally steeply dipping.

•        A total of 146492.7 m of drilling from 120 diamond and diamond tails, 1,297 RC holes, 754 Rotary Air
         blast (RAB) holes, 12 Air Core  (AC) and 3 holes of an unknown type were available for interpretation of
         the MRE and supported by a nominal drill density of 20 x 20m.

•       Gold mineralisation at K2 demonstrates a close association with lithological contacts, in particular the
        sheared contact between high iron and high magnesian amphibolite units.

•       A cut-off grade of 0.2 g/t Au was used to guide the geological continuity of the interpreted
        mineralisation lodes.

•       Catalyst considers confidence is moderate to high in the geological interpretation and continuity of the
         mineralisation domains.

Dimensions

•        K2 mineralised domains extend approximately 1,200 m along strike (9 domains total) and to 400m
         below surface (250mRL).

•        The domains strike north east-south west and are sub-vertical with an average thickness of 2 to 4 m.
         Mineralisation has been delineated at a nominal 0.2g/t cut-off.

Estimation and
modelling
techniques

•         All geological domains used in the MRE were constructed in Leapfrog software. Block modelling and
          grade interpolation were carried out using Surpac software. Statistical analysis was carried out using
          Supervisor software.

•         Block model constraints were created by applying the interpreted mineralised domain wireframes.
          Sub-celling in all domains was 1.25 m x 1.25 m x 1.25 m to accurately reflect the volumes of the
           interpreted wireframes.

•         All drillhole assay samples were uniquely flagged according to the mineralisation domains.  All
          drillholes are composited to 1m downhole using a best-fit methodology and 0.5 m minimum threshold
          on inclusions.  All RC and DD samples were composited to 1m downhole using a best-fit methodology
          and 0.5 m minimum threshold on inclusions. A small of residual composites were retained in the
          estimation.

•         K2 mineralisation is hosted in multiple sub-parallel and sub-vertical tabular lenses ranging in strike
          length from 150m up to nearly 1,200m in length. The vertical extent of individual lenses can range
          from around 100m to 400m vertically.  The true width of the lenses ranges from 1m to >10m.  The K2
          July 2024 MRE incorporates the estimation of nine individual mineralised lenses comprising:

K2 – Domains 1001-1005

K2 South East – Domains 2001-2004

•         The distribution of gold grades within the mineralised lenses is highly variable and is characterised by
          distinct cohesive regions of higher tenor gold grades, with clusters of individual values often reaching
          over thirty grams per tonne.  Whilst these higher-grade zones appear reasonably cohesive, they are
          manifested by a high-degree of short-scale variability, making difficult to manually interpret
          constraining domains.  These internal; high-grade regions are often surrounded by peripheral regions
          of lower grade mineralisation that is also highly variable.

•         Raw Coefficients of Variation (CoV) are typically in the order of 2 to 14, indicating moderate to high
           grade variability. 

•         The moderate to high grade variability and complex spatial continuity of high grades at K2 requires a
          pseudo non-linear approach to deal with these high grades during estimation.  A traditional approach
          of physical domaining, assay cutting, and linear estimation (IDW or OK) is considered inadequate in
          dealing with this complexity.

•         The estimation method applied to most of the domains combines Categorical Indicator Kriging (CIK) to
          define internal estimation sub-domains domains, together with applying distance limiting at chosen
          grade thresholds to restrict the influence of the high grade and extreme grade values during grade
          interpolation.

•        Prior to estimation, a reference surface for each estimation domain was exported from the Leapfrog.
         This is calculated as the best fit surface using the hangingwall and footwall surfaces. The reference
         surface is then imported into Surpac and a dip and dip-direction of each triangle facets is imported
         into the Surpac block model to provide information for dynamic search and variogram model
         orientation during interpolation.  Dynamic estimation is applied for estimating the CIK indicators and
         gold grades.

Categorical Indicator Kriging Workflow

•         Two Categorical Indicator values are determined for the CIK domains:

     •         A low-grade (LG) indicator of 0.2 g/t Au was assigned to differentiate between background
               'waste' and low-tenor mineralisation.

     •         A high-grade (HG) indicator of 1.4 g/t Au was assigned to define broad areas of consistent higher-
               tenor mineralisation.

•         Indicator variograms were modelled for the LG and HG thresholds for all mine areas.  The indicator
          variograms for both grade thresholds exhibited a moderate nugget effect of around 30%. The LG
          indicator demonstrated well-structured average continuity of up to 80m.  The HG indicator
          demonstrated less well-structured average continuity of around 20m.

•         The CIK indicators were estimated using Ordinary Kriging into a finely gridded block model with block
          dimensions of 1.25m x 1.25m x 1.25m.  The small block size for the indicator process is beneficial for
          creating categorical sub-domains at resolution which can be used to accurately back-flag composite
          data.

•         Three categorical sub-domains were generated: low-grade (LG), medium-grade (MG) and high-grade
           (HG) areas.  The HG sub-domain was based on an indicator probability threshold of 0.35 and the LG
          sub-domain was based on an indicator probability threshold of 0.65. The MG sub-domain is assigned
           to blocks that do not satisfy either the HG or LG sub-domain criteria.

•         The three categorical block model sub-domains (HG, MG and LG) were used to 'back-flag' the 1m
          composites from each mine area, thus creating a separate composite file for each sub-domain.

•         Assay top-cuts are applied to the sub-domain composite files on a domain-by-domain basis and
          typically in the following ranges:

HG = 15-75 g/t Au

MG = 5-10 g/t Au

LG = 0.5-3 g/t Au

•         The assay top-cuts were generally between the 97th to 99.9th percentile of the distribution and were
          aimed at globally limiting extreme values only. Top-cuts are not used as the primary tool to control
          metal risk.  The use of grade thresholds and distance limiting is considered a more objective and
          influential method in controlling metal risk, while better reflecting the actual localised occurrence of
          discontinuous high-grade gold mineralisation.

•         Grade variograms were initially attempted separately for the LG, MG and HG sub-domains, however,
          this resulted in poorly structured and incoherent variograms.  It was decided to use a variogram
          modelled on the combined grade data set. The combined grade variogram exhibited a moderate
          nugget effect of 35% with a maximum range of continuity of 45m. 

•         Grade thresholds for distance limiting were initially determined for each mine area from log-
          probability plots and visual inspection.  Final distance limits were subsequently optimised following a
          detailed backward-looking mill reconciliation using historic open pit mining during the period July
          1992 to December 1995 (964Kt).  The adjustment of grade distance limits was an iterative process
          until an acceptable reconciliation with the mill was achieved.   The final applied grade distance limits
          are follows:

0-10 g/t = No Limit

10-30 g/t = 20m

>30 g/t = 12.5m

•         Prior to grade estimation, sub-domain codes from the 1.25m resolution block model are imported into
          a 2.5m x 2.5m x 2.5m resolution model and the proportion of LG, MG and HG is calculated for each
          2.5m block.  Grade estimation for the LG, MG and HG domains was undertaken in Surpac software
          using Ordinary Kriging with grade threshold distance limiting.  Kriging Neighbourhood Analysis (KNA)
          was undertaken to assist with defining estimation parameters.  Search routines and variogram
          orientations are drawn from the pre-populated dynamic search information recorded in each block.

•         Final block grades at a 2.5m x 2.5m x 2.5m block resolution were calculated by weighting the
          estimated grades for each sub-domain by the relevant domain proportion. The parent estimation
          block size was 2.5m x 2.5m x 2.5m.  A minimum of 2 and maximum of 12 composites were used for
          each sub-domain estimate per block.  It is possible that up to 36 composites can be used to estimate a
          parent block where there is a proportion of all three sib-domains present.  Block discretisation was set
          at 3 E x 3 N x 3 RL points (per parent block). A standardised single pass search distance of 45m was
          used.  Octant restrictions were not used. Data spacing varied from <10m x 10m to >40m x 40m.

•         Model validation was completed to check that the grade estimates within the model were an
          appropriate reflection of the underlying composite sample data, and to confirm that the interpolation
          parameters were applied as intended. Checks of the estimated block grade with the corresponding
          composite dataset were completed using several approaches involving both numerical and spatial
          aspects as follows:

•         Semi-Local: Using swath plots in X, Y and Z directions comparing the estimates to the sample
          data.

•         Local: Visual inspection of the estimated block grades viewed in conjunction with the sample
          data.

Moisture

•       All estimations were carried out using a 'dry' basis.

Cut-off
parameters

•       K2 underground Mineral Resources are reported at a cut-off grade of 1.5 g/t Au. The cut-off grade has
         been derived from current mining and processing costs and metallurgical parameters.

•       Inputs into the cut-off grade calculation include:

          •         Average Mining Cost = AUD$86.93/t

          •         Processing and Other Costs = AUD$55/t ore

          •         Metallurgical Recovery = 92%

          •         Royalties = 2.5%

          •         Gold Price = AUD$3,200/oz

Mining factors or
assumptions

•       The K2 underground Mineral Resource estimate is reported within an underground Shape Optimiser
        (SO) evaluation from the undiluted and depleted resource model.  SO input parameters include a 1.5
        g/t Au cut-off, minimum mining width of 1.5m, minimum stope length of 5m, minimum stope height of
        5m and a gold price of AUD$3,200/oz.

•       The orientation of SO's is variable depending on the geometry of the mineralisation.

Metallurgical
factors or
assumptions

•       It is assumed the material will be trucked and processed at the Plutonic Gold Plant. Recovery factors
        are assigned based on lab test work.

•       No metallurgical assumptions have been built or applied to the resource model.

Environmental
factors or
assumptions

•       A conventional storage facility is used for the process plant tailings.

•       The small amount of waste rock is stored in a traditional waste rock landform 'waste dump'. Due to low
        sulphide content and the presence of carbonate alteration the potential for acid content is considered
        low.

Bulk density

•       Density has been assigned to the resource models using interpreted weathering surfaces determined
        from drill hole logging.

          •         Oxide =1.8

          •         Transitional=2.2

          •         Fresh=2.9

Classification

•       Factors considered when classifying the model include:

          •         The portions of the K2 MRE classified as Indicated have been flagged in areas of the model where
                    average drill hole spacing is typically 20m x 20m or closer. The drill spacing within the Indicated
                    portion of the resource is appropriate for defining the continuity and volume of the mineralised
                    domains, at a nominal 20 m drill spacing on 20 m sections.

          •         The portions of the MRE classified as Inferred typically represent minor lodes or portions of larger
                    domains where geological continuity is present but not consistently confirmed by 20 m x 20 m
                    drilling.

          •         Further considerations of resource classification include; data type and quality (drilling type,
                    drilling orientations, down hole surveys, sampling and assaying methods); geological confidence
                    and geostatistical considerations.

          •         A final reportable classification is generated post creation of a Stope Optimiser (SO) outcome
                    used for RPEEE. Each SO is assigned a classification based on majority reporting by tonnes of the
                    raw classification scheme.

•       The Mineral Resource estimate appropriately reflects the view of the Competent Person.

Audits or reviews

•       The geological interpretation, estimation parameters and validation of the resource model was peer
         reviewed by Catalyst staff.

•       No external reviews of the resource estimate had been carried out at the time of writing.

Discussion of
relative
accuracy/
confidence

•       The relative accuracy of the Mineral Resource estimate is reflected in the reporting of the Mineral
         Resource as per the guidelines of the 2012 JORC Code.

•       The statement relates to the global estimates of tonnes and grade.

Section 1 Sampling Techniques and Data

Plutonic East Deposit

(Criteria in this section apply to all succeeding sections.)

Criteria

Commentary

Sampling
techniques

•         The Plutonic deposit has been sampled using numerous drilling and sampling techniques by
          Billabong Gold Pty Ltd (Billabong - 100% owned Catalyst Metals Limited) and previous operators.
          Drilling and sampling techniques by previous operators is assumed to be to industry standard at
          that time.

•         The drilling database underpinning the Mineral Resource Estimation (MRE) for Plutonic East is
           based on diamond drilling (DD) from surface and underground platforms, underground rock chip
           face samples (FS) and Reverse Circulation (RC) drilling.

•         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
          0.3m and 1.0m. 

•         DD core is orientated using a Reflex ACT device and detailed structural measurements and logging
           is carried out. Exploration DD core is sawn in half along the orientation lines, with half the sample
          being submitted for assay and the remaining half being retained for reference.  Grade control DD
          core is whole core sampled and sent for analysis.

•         RC samples were collected for each metre drilled and passed through a cyclone and riffle splitter
          to produce a two kg to four kg assay into calico bags.

•         FS samples are completed by the mine geologists. The sampling is taken by chipping the face into
          calico bags with definition by lithological boundaries.  FS samples are taken perpendicular to the
          lode orientation in the face.  The face sample locations are marked up and measured from fixed
          survey points.

Drilling techniques

•         Diamond core diameters include BQ (36.4 mm), BTW (42 mm), LTK60 (43.9 mm), NQ (47.6 mm),
          NQ2 (50.7 mm).

•         RC holes were drilled with face hammers and were sampled at one metre down hole intervals.

Drill sample
recovery

•         DD recovery is not noted specifically, though core is though the core is jig sawed back together
          and meter marked carefully. Discrepancies to core blocks are brought up with the drill contractor.
          Occasionally core loss blocks are inserted. Overall drill core recovery is very good.

•         Billabong diamond drilling practice results in high core recovery due to the competent nature of
          the ground.

•         Chip sample recoveries are not relevant in this instance. 

•         RC and DD by previous operators is assumed to be to industry standard at that time.

•         There is no known relationship between sample recovery and grade; diamond drill sample
          recovery is very high.

Logging

•         DD core, RC samples and FS chip samples have been logged by qualified geologists to a level of
          detail to support appropriate Mineral Resource estimation, mining studies and metallurgical
          studies.

•         Logging and face mapping is qualitative and quantitative. Visual estimates of sulphide (percentage)
          and alteration (intensity scale) are recorded. Core Logging and face mapping notes lithology,
          alteration, mineralisation and structures. Structural readings are taken at relevant structures and
          where the foliation is relatively consistent.

•         All DD core is digitally photographed and logged.  Faces are mapped and sampled when access
          permits.

Sub-sampling
techniques and
sample
preparation

•         If the DD core was BQ, LTK48 or BTW it was sampled as full core and dispatched to the laboratory
          for analysis. Most LTK60 and NQ2 DD core is cut in half with an Almonté diamond core saw; the top
          half of the core was sent to the laboratory for analysis and the other half was placed back in the
           core tray, transferred onto pallets, and moved to the core yard library. All GC drilling, regardless of
          core size, is whole core sampled.

•         RC samples were collected for each metre drilled and passed through a cyclone and riffle splitter to
          produce a two kg to four kg assay into calico bags. Depending on the oxidation state of the rock,
          the sample weight varied between three and five kilograms. A duplicate sample was also collected
          and retained in a temporary sample storage facility for further check sampling.  The RC drilling and
          sampling were supervised at the drill site by a company sampler and geologist. The riffle splitter
          was cleaned using compressed air after every sample and the cyclone was cleaned every 40 m, or
          more regularly at the geologists' discretion.  Wet or damp RC samples were allowed to dry before
           riffle splitting.

•         FS chip samples are taken by chipping the face into calico bags with definition by lithological
          boundaries.

•         Sample preparation procedures for DD and FS includes:

          o    1-4 hours drying at 150°C depending on moisture content;

          o    Crush 85% < 3mm – Essa jaw crusher or rotary Boyd crusher;

          o    Riffle split 50:50 to<1kg;

          o    Pulverise ~700-750g to 90% passing 75μm in Labtechnics LM2;

          o    Scoop 250-300g;

          o    Scoop to subset to 40gm for fire assay.

•         Quality control procedures for DD and FS includes:

          o    FS – blanks added to each face sample with ore zones;

          o    DD –barren wash and blanks added after each ore interval;

          o    Crusher duplicates taken at 1:40;

          o    Pulp duplicates taken at 1:40.

•         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

•         The Plutonic Gold Mine has been in operation since 1990 following discovery in 1988. QAQC
          procedures have changed throughout that period.  The current underground Mineral Resources
           have been identified over a long period of time with a number of companies.  All high confidence
          Mineral Resources are based dominantly on underground DD and FS completed in the last 14 years. 

•         In recent years, for DD, and FS, gold concentration is determined by fire assay using the lead
          collection technique with a 40gm sample charge weight.  An AAS (Plutonic lab) or ICP (ALS and
          Bureau Veritas) finish.

•         A Pulverising and Leach (PAL) method was introduced to the Plutonic site laboratory in 2005. 
          Underground GC samples are initially assayed by PAL and where the result is greater than 0.5 g/t
          Au the sample is re-analysed by 40gm fire assay and the fire assay result is retained for grade
          estimation purposes.  It has been shown that the use of PAL assays is likely to have negligible
          influence on the MRE.

•         Although PAL is not considered to be a total gold analysis, the larger sample size still produces a
          representative result.  Fire assay gold analysis is considered to be total gold.

•         Samples are dried, crushed and pulverised prior to analysis.

•         Certified Reference Material (CRM's) are submitted every 20 samples for DD and once per shift for
          FS (approx. 1 in 15 samples).  CRM's are of similar grade tenor to those expected in the sampling.
          The CRM insertion rate ensures that there are at least two CRM's per assay batch.  CRM's are
          selected based on their grade range and mineralogical properties with an emphasis on sulphide
          ores          .

•         Blanks are inserted every 20 samples for DD and for FS they are inserted after any face that contains
          mineralisation.

•         Grind checks or sizing was carried out on a frequency of 1 in 40 on both pulp residues and crush
          residues prior to January 2020. Since January 2020, crush sizing analysis is conducted randomly. The
          data is collected throughout the shift with results calculated at the end of shift. Pulp residues are
          expected to have 90% passing ≤75μm. The crush residue is expected to have 80% passing ≤3 mm.
          This data is monitored by the Laboratory Supervisor. Grind times can be lengthened accordingly.

•         Field, crush and pulp duplicates, occur at a frequency of 2.5%.

•         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 acQuire database. A standard set of plots and
          checks are undertaken, and if results fall outside of the expected limits, then re-assaying is
          requested. Monthly QAQC reports are generated by the database administrator and documented
          from automated routines out of the database.

•         A comprehensive review of the QAQC results was undertaken for both the 2022 and 2023 MRE
          updates of the Plutonic Underground by Superior Gold and Cube Consulting respectively.

•         Conclusions from the 2022 review include:

o    Overall performance of the Plutonic site and external laboratory (ALS) are adequate for
     estimating and reporting Mineral Resources for the Plutonic underground operations
     despite some minor shortcomings in the site laboratory;

o    The accuracy of the laboratories is within 3% error;

o    The variance of the laboratories (precision) based on CRM's is acceptable for
       underground production purposes;

o    Both ALS and Plutonic laboratories performed well on precision and accuracy with ALS
       lab slightly better precision;

o    Coarse duplicates revealed relative errors at 20% for samples with Au >7 g/t and 30%
       relative errors for samples with Au between 3 and 7 g/t;

o    50% of the errors of the coarse duplicates may have been caused by a coarse gold nugget
       effect.  The remaining errors were likely caused by contamination, other laboratory
       procedure breaches and human error.

At the Plutonic Laboratory there was:

o    some low-level contamination at crushing stage;

o    some minor procedural non-compliance at crushing, pulverising, and instrument assaying
      stage;

o    periodic increased assaying uncertainty may be caused by possible human errors;

o    the extent of the laboratory contamination is unknown given the random nature of the
      blank insertion;

o    upper limit for blanks of 0.2 g/t is too high to effectively detect contamination.

At ALS Laboratory there was:

o    there was insignificant contamination at the lab during the period;

o    the laboratory has performed consistently well;

o    laboratory precision test on CRM's indicated a better performance than CRM
      manufacturer.

•         Conclusions from the 2023 MRE Competent Person include:

o    Results indicate that the QAQC performance is sufficient for using the data for an
      underground Mineral Resource Estimate;

o    Element of risk in using PAL due to incomplete digestion;

o    Site laboratory performance (the majority of the samples) is poorer than off-site labs (ALS
      and Bureau Veritas) – contamination and percentage of CRM failure;

o    Site laboratory shows poorer performance at low levels of Au (0.4 - 0.8 g/t), but effect on
      underground Mineral Resources likely to be minimal;

o    Precision of CRMs for site laboratory poorer than manufacturer.

•         No review of the QAQC results at Plutonic East were undertaken by CYL during this MRE.

Verification of
sampling and
assaying

•         DD, RC and face logging is completed electronically on laptops. Database protocols and rules are
          applied upon data entry.

•         Visual validation and check logging of face and drill data.

•         Drill and face sample data is stored in an AcQuire database. All maintained full-time Database
          Administrator.

•         All face and drill data within site databases are regularly validated using both internal database
          systems and external validation tools.

•         Validation of pre-Billabong data is completed periodically.

•         There is no requirement for twinned holes in a production setting.

•         Conversion of lab non-numeric codes to numeric for estimation.

Location of data
points

•         UG hole collar locations are picked up regularly by site surveyors.

•         Multi shot cameras are used for down-hole survey.

•         Development faces are spatially located using MineMapper and Vulcan 3D software.

•         Underground development voids are picked up regularly by site surveyors. Stopes voids are
          generally all surveyed by CMS (where practical and safe to do so).

Data spacing and
distribution

•         Plutonic East underground Mineral Resources are primarily based on DD, RC and FS data.

•         Given the high degree of grade variability and spatial complexity at Plutonic East (extremely high
          nugget effect and minimal short-scale spatial continuity), it is difficult to generate local scale grade
          estimates that would adequately satisfy a Measured Resource classification.  For this reason, no
          Measured material has been included in the June 2024 MRE.  Indicated Resources can be reasonably
          well-defined with DD spacing up to 20m × 20m.  Average data spacing for Indicated resources for
           the MRE is within 10m x 10m.  Inferred resources are assigned to areas where DD spacing is
          generally greater than 20m × 20m.

•         Grade control DD spacing typically required for stope definition is between 8m × 8m to 10m ×10m. 
          Close spaced FS are also used for stope definition.

•         The data spacing and distribution is sufficient to establish geological and/or grade continuity
          appropriate for the Mineral Resource and classifications to be applied, with known likelihood of
          local variability.

•         The drill core is logged and divided into sample intervals that have a minimum sample length of
          0.3m and a maximum sample length of 1.0m. Intervals should honour geological boundaries such
          as faults and lithological contacts. Most nominal sample lengths were at 1m intervals; sample
           compositing is not applied until the estimation stage.

•         Compositing of the data to 1m was used in the estimate.

•         No recent RC drilling has been undertaken

Orientation of data
in relation to
geological
structure

•         Drilling is orientated as close to perpendicular to mineralisation where possible. However,
          orientation to lode may be compromised by access to suitable drill platforms. Drillholes are
          extended to Mine Mafic boundary where required and practicable.

•         Face sampling is orientated perpendicular to lode orientation.

•         The variable drill orientation relative to mineralisation is not thought to make a material difference
          in the resource estimation.

Sample security

•          All cut drill core is kept in an unfenced core farm adjacent to the core cutting and processing shed.
          This is not regarded as a security risk due to the remote location of the mine with no community
           development near the mine. All core is photographed and records kept electronically.

•         Geologists are responsible for marking the sample intervals and placement of Blanks and Standards
          within the sampling stream for both faces and core. The Project Geologist and Senior Geologist
          complete quality control checks on the face data daily.

•         Field Staff are primarily responsible for the collection of samples from the face as chips, as well as
          the cutting and sampling of core. Also generating the sample numbers for core submission, creating
          a sample submission sheet for core and faces, randomly selecting and recording the standards to
           be sent to the laboratory and the transportation of the samples to the laboratory.

•         Once a hole has been sampled, the sample calculation and check geology documents are handed
           to the Database Administrator (DBA) who converts the digital copy of the sample calculation to a
          .csv file which is then imported into the AcQuire database.

•         Upon receiving the digital file for the assay data, the DBAs import the file into the master AcQuire
          database. This data is not accessible for assessment until it has been validated as complete and
          correct by the QAQC Geologist and DBA. Face data is received in the same format and is entered
          into the AcQuire database.

•         Pulp rejects from assayed samples are kept in wooden boxes on top of the waste dump. These are
          visited frequently as samples are taken for research and other purposes.

•         Drill logs are kept in hard copy and electronically and are available for checking and due-diligence.

Audits or reviews

•         A review by Jacqui Coombes (Coombes, 2009) concluded that it was reasonable to combine the
          drillhole and face sampling data for the Plutonic deposit – report sighted.

•         A previous review by Roscoe Postle and Associates (RPA) in 2012 concluded that the data
          verification systems were adequate for Mineral Resource estimation.

•         Previous estimation process review by Optiro (2015) identified that reduced manning levels were
          having an impact on the quantity and quality of the data being generated in 2015, however, overall,
          the data collection systems which support the Mineral Resource estimation process were found to be
          best practice – report unsighted.

•         In 2022, SnowdenOptiro completed a technical review of the 2022 Plutonic Underground Mineral
          Resource Estimate prior to a public release. This report indicated some concerns about smearing of
          high grades into low grade areas, the assignment of Measured and Indicated resources in areas of
          low data density and the lack of a reconciliation analysis against the estimate.

•         No external audits or reviews have been undertaken on the June 2024 Mineral Resource Estimate.

Section 2 Reporting of Exploration Results

Plutonic East Deposit

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

Criteria

Commentary

Mineral
tenement and
land tenure
status

•         The Plutonic Gold Mine group includes 30 granted exploration and mining tenements (24 mining
          leases, 2 exploration licences, and 4 prospecting licences) (as such term is defined in the (Western
          Australian) Mining Act 1978 (the "Mining Act"))

•         All rents to Department of Mines, Industry Regulation and Safety ("DMIRS") have been paid and
          made within one month after the anniversary commencement date of the tenement as allowed
          under the Mining Act.

•         All tenement Shire rates have either been paid or will be paid within the required timeframes.

•         All compliance reporting including Form 5 Reports, have been lodged within the timeframes allowed
          under the Mining Act 1978 as amended.

•         All Geological Reports have been lodged.

•         There are no other unexpected encumbrances registered or recorded against the tenements.

•         There are no Forfeiture proceedings against any tenements.

Exploration done

by other parties

•         1969-1976 – International Nickel Company (Inco) conducted nickel exploration using geochemistry,
          geophysics, costeaning, RAB and RC drilling.

•         1987 – Great Central Mines (GCM) identified an arsenic and gold anomaly by geochemical sampling
          in the Plutonic tenements.

•         1987-1993 – Battle Mountain Australia (BMA) undertook regional mapping, Bulk Leach Extractable
           Gold (BLEG) soil sampling, and RAB drilling.  The Triple P, Pelican, Albatross and Flamingo deposits
           were discovered in 1992.  Further RAB, AC, RC and DD programs were conducted to define these
           deposits.

•         1988-1994 - Resolute Resources Ltd (75%) and Titan Resources NL (25%) commenced exploration on
          the Marymia tenements.  Gold mineralisation was discovered in the Keillor Shear Zone following
          regional exploration soil, stream sediment and rock chip sampling and geological mapping.  Several
          phases of follow-up RAB, AC, RC and DD drilling was carried out.  K1 deposit was discovered in 1989. 
          Prospect scale geophysical surveys including magnetics and gradient array IP were undertaken
          between 1989 and 1994.

•         1990 – GCM carried follow up grid-based mapping, soil and lag geochemical surveys which led to the
          discovery of the Plutonic deposit.

•         1990 – GCM discovered satellite deposits at Area4 and Channel.  Both were mined by open pit
          between 1999 and 2001.

•         1990-1995 – Plutonic Resources exploration division carried out exploration on the Freshwater
           tenements and discovered a total of 1 underground and 30 surface prospects. Follow up resource
          definition drilling resulted in conversion of these prospects to 10 open pits and one underground
          mine, including Area 4 open pit, Plutonic East underground deposit, Salmon, Trout and Perch.

•         1999-2004 - Homestake Gold of Australia undertook a detailed aeromagnetic and radiometric survey
          over the entire lease area. Additional IP and moving loop geophysical surveys were undertaken
          between 2000 and 2004 across several prospects. The largest of which was across the K1-K2 project
          area in 2004. 

•         2004 - the Plutonic Development department undertook a large soil sampling programme over the
          northwestern end of the Marymia tenements, in conjunction with the IP survey. These surveys
          identified a number of targets that were followed up with some additional surface geochemical
           sampling.

•         2001-2007 - exploration and resource definition drilling by RAB, RC and diamond core drilling was
          undertaken by the Plutonic Development department across numerous prospects outside of the
          Plutonic Mine area. Many of these drilled prospects were proven up to become small satellite open
          pit mines such as Triple P B-Zone, Albatross, Flamingo, Kookaburra, Ibis, Piranha, to name a few. 

2009-2012 - RC and diamond core drilling concentrated on extensions to the known Plutonic
deposit. Outside of this area two 2D seismic lines were shot in conjunction with Curtin University
and diamond core drill was undertaken at Plutonic West and Cod prospects.

Geology

•         The gold deposits at Plutonic are hosted by an Archaean greenstone sequence and occur mainly as a
          multiple lode system with variable dip (horizontal to vertical) hosted almost exclusively by a mafic
          amphibolite sequence that is referred to as the 'Mine Mafic'.

•         Mineralisation regularly occurs as shallowly dipping, layer parallel lodes, although steep lodes and
          minor quartz-vein hosted deposits also occur. Mineralisation at Plutonic is characterized by a series
          of moderately-dipping to very flat-lying, stacked replacement-style lodes, individually up to five
          metres wide, that are hosted within ductile shear zones, oriented slightly oblique to stratigraphy. 

Drill hole
Information

•       No exploration results are being reported as part of this MRE update.

Data aggregation
methods

•       No exploration results are being reported as part of this MRE update.

Relationship
between
mineralisation
widths and
intercept lengths

•       No exploration results are being reported as part of this MRE update.

Diagrams

•       No exploration results are being reported as part of this MRE update.

Balanced
reporting

•       No exploration results are being reported as part of this MRE update.

Other substantive
exploration data

•       No additional exploration data is included in this release.

Further work

•       Grade control and extensional drilling programs are underway, and will continue in line with mine
        development and production requirements.

Section 3 Estimation and Reporting of Mineral Resources

Plutonic East Deposit

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria

Commentary

Database
integrity

•       The Plutonic East MRE database is regularly validated by Catalyst staff using data validation modules of
         Vulcan, Leapfrog and AcQuire software programs to identify any inconsistencies or logical errors in the
         data. Mine staff also visually check the drill hole data on-screen on a regular basis.

•       Surface and underground drill hole and face data is validated to produce a digital database free of
        detected errors. This is undertaken by passing data through embedded macros and queries of the drill
        hole database software by table (collar, assay, lithology, survey, and grout).

•       Crosschecks are also undertaken to ensure that each drill hole has data from collar, assays, lithology,
         survey, and grout files. By undertaking the above procedures, all drill hole and face data is rigorously
         checked, verified, and corrected where necessary to ensure limited failures.

•       Surface and underground drill hole and face data is validated to produce a digital database free of
         detected errors. This is undertaken by passing data through embedded macros and queries of the drill
         hole database software by table (collar, assay, lithology, survey, and grout). 

•       Crosschecks are also undertaken to ensure that each drill hole has data from collar, assays, lithology,
         survey, and grout files. By undertaking the above procedures, all drill hole and face data is rigorously
         checked, verified, and corrected where necessary to ensure limited failures.

•       The Plutonic East database bounded by an area of >=7000 and <=11,500  East and  >=9500 and
         <=12,500 North available on May 17 2024 comprised 14,140 Collar records, 31,594 Survey records,
         429,876 Assay records and 102,549 Lithology records. The compiled database used for resource
          estimation comprised 12,738 Collar records, 38,970 Survey records, 412,318 Assay records and 95,403
          Lithology records.

Site visits

•       The Competent Person undertakes frequent site visits to the Plutonic Gold Operation and associated
         Marymia tenements.

Geological
interpretation

•         The confidence in the geological interpretation is high with all the information and over 30 years of
          open pit and underground operation used in the generation of the models.

•         All available geological data was used in the interpretation, including drilling face sampling and
          mapping.

•         The modelling approach takes advantage of many thousands of structural measurements from
          orientated diamond holes and underground development faces to build structural trend surfaces, and
          uses these trend surfaces to determine the mineralisation trend in domaining and grade estimation.

   Mineralisation regularly occurs as shallowly dipping, layer parallel lodes, although steep lodes and
   minor quartz-vein hosted deposits also occur. Plutonic style mineralisation is characterised by a
   significant population of high to extreme gold grades that demonstrate very poor spatial continuity
   (only a few meters at best).  These high-grade populations tend to occur in 'clusters' or cohesive zones
   on a large scale, however, the actual spatial continuity is very poor at a local scale, making it difficult
   to define robust zones of continuity without introducing significant bias.

Dimensions

•       Mineralisation extends over a strike length (East – West) of approximately 1400 m and down-dip up to
        600 m. Mineralisation currently extends to a depth of approximately 400 m below surface.

Estimation and
modelling
techniques

•       Gold mineralisation at Plutonic East exhibits very similar style and spatial behaviour to that observed at
         the Plutonic mine located approximately 4km to the west.  Indeed, the bulk of Plutonic East
         mineralisation is hosted in the same Mine Mafic (MMA) unit that hosts almost the entire Plutonic
         deposit.

•       Approximately 94% of economic gold mineralisation at Plutonic East is hosted within the Mine Mafic
        Unit (MMA).  Plutonic East mineralisation is characterised by a significant population of high to
        extreme gold grades that demonstrate very poor spatial continuity (only a few meters at best).  Raw
         Coefficients of Variation (CoV) are typically in the order of 8 to 27, indicating extreme statistical variability.

•       The estimation approach adopted for Plutonic East was identical to that used for the November 2023
         Plutonic MRE.  Four primary domains were separately estimated for Plutonic East:

Mine Mafic Unit (MMA-1000)

Upper Ultramafic Unit (UM1 – 2000)

Lower Ultramafic Unit (UM2 – 3000)

Overthrust Mafic Unit (OTM – 4000)

•       Given the similarities to the nearby Plutonic mine, most of the estimation parameters were applied as
         the average of parameters used for the November 2023 Plutonic MRE.

•       The estimation method developed for the MRE combines Categorical Indicator Kriging (CIK) to define
         broad estimation domains, together with applying distance limiting at chosen grade thresholds to
         restrict the influence of the high grade and extreme grade values during grade interpolation.

•       Prior to estimation, a closely spaced set of structural surfaces are developed in LeapFrog reflecting the
         primary controls on mineralisation within the primary lithological units.  A dip and dip-direction of each
         triangle facets is imported into the Surpac block model to provide information for dynamic search and
         variogram model orientation during grade interpolation.  Dynamic estimation is applied for estimating
         the CIK indicators and gold grades.

•       All DD and FS data are composited to 1m downhole and data within dolerite dykes or vein zones are
         removed.  Composited data was split into the eight mine areas.

          •      Two Categorical Indicator values are determined for each mine area:

          •      A low-grade (LG) indicator to differentiate between background 'waste' and low-tenor mineralisation – 0.5 g/t Au.

•        A high-grade (HG) indicator to define broad areas of higher-tenor mineralisation – 1.4 g/t Au.

•       Indicator variograms were modelled for the LG and HG thresholds for all mine areas.  The indicator
        variograms for both grade thresholds exhibited a moderate nugget effect and demonstrated well-
        structured continuity up to 30m.  The CIK indicators were estimated using Ordinary Kriging into a finely
        gridded block model with block dimensions of 1.25m x 1.25m x 1.25m.  The small block size for the
        indicator process is beneficial for creating categorical sub-domains at resolution which can be used to
        accurately back-flag composite data.

•       Three categorical sub-domains were generated for low-grade (LG), medium-grade (MG) and high-grade
        (HG) areas.  The HG sub-domain was based on an indicator probability threshold of 0.35 and the LG
        sub-domain was based on an indicator probability threshold of 0.65. The MG sub-domain is assigned to
        blocks that do not satisfy either the HG or LG sub-domain criteria.

•       The three categorical block model sub-domains (HG, MG and LG) were used to 'back-flag' the 1m
         composites from each mine area, thus creating a separate composite file for each sub-domain.

•       Standardised assay top-cuts are applied to the composite files for each domain area as follows:

•       The assay top-cuts were generally above the 99th percentile of the distribution and were aimed at
        globally limiting extreme values only. Top-cuts are not used as the primary tool to control metal risk. 
        The use of grade thresholds and distance limiting is considered a more objective and influential method
        in controlling metal risk, while better reflecting the actual localised occurrence of discontinuous high-
        grade gold mineralisation.

•       Given the similar spatial characteristics of mineralisation between Plutonic East and the Plutonic Mine,
        it was decided to use average grade variogram values modelled for the LG, MG and HG sub-domains for
        all mine areas from the Plutonic November 2023 MRE.

•       The HG grade variograms exhibited a very high nugget effect (average 79%) with maximum ranges of
         only a few meters (average 3.4m).  Grade variography undertaken on the HG domain confirms the
         extremely variable nature of Plutonic and Plutonic East mineralisation. Grade variography on the MG
         and LG domains resulted in lower nuggets effects and longer ranges. 

•       Grade thresholds for distance limiting were also applied using averages from the Plutonic November
         2023 MRE.  Grade thresholds and distance limits from the Plutonic November 2023 MRE were
         optimised following a detailed backward-looking mill reconciliation using mine stope voids for the
         period January 2023 to August 2023 (550Kt).

•       The final applied grade distance limits for Plutonic East are follows:

0-8 g/t = No Limit

8-70 g/t = 10m

>70 g/t = 5.5m

•       Prior to grade estimation, sub-domain codes from the 1.25m resolution block model are imported into
        a 2.5m x 2.5m x 2.5m resolution model and the proportion of LG, MG and HG is calculated for each
        2.5m block.  Grade estimation for the LG, MG and HG domains was undertaken in Surpac software
        using Ordinary Kriging with grade threshold distance limiting.  Kriging Neighbourhood Analysis (KNA)
        was undertaken to assist with defining estimation parameters.  Search routines and variogram
        orientations are drawn from the pre-populated dynamic search information recorded in each block.

•       Final block grades at a 2.5m block resolution were calculated by weighting the estimated grades for
         each sub-domain by the relevant domain proportion. 

•       The parent estimation block size was 2.5m x 2.5m x 2.5m.  A minimum of 3 and maximum of 12 (1 m
        composite) samples per block were used.  It is possible that up to 36 composites can be used to
        estimate a parent block where there is a proportion of all three sib-domains present.  Block
        discretisation was set at 3 E x 3 N x 3 RL points (per parent block).

•       A standardised search ellipse of 25m x 25m x 6.25m was used.  Octant restrictions were not used.

•       Typical data spacing varied from 3m x 3m to >40m x 40m.

•       The model was validated by comparing statistics of the estimated blocks against the composited
         sample data; visual examination of the of the block grades versus assay data in section; swath plots;
         and reconciliation against previous production.

Moisture

•       All estimations were carried out using a 'dry' basis.

Cut-off
parameters

•       Plutonic East Mineral Resources are reported at a cut-off grade of 1.5 g/t Au. The cut-off grade has
        been derived from current mining and processing costs and metallurgical parameters.

•       Inputs into the cut-off grade calculation include:

          •         Average Mining Cost = AUD$85.20/t

          •         Processing and Other Costs = AUD$40/t ore

          •         Metallurgical Recovery = 86%

          •         Royalties = 2.5%

          •         Gold Price = AUD$3,200/oz

Mining factors or
assumptions

•       The Plutonic East Mineral Resource estimate is reported within an underground  Shape Optimiser (SO)
         evaluation from the undiluted and depleted resource model.  SO input parameters include a 1.5 g/t Au
         cut-off, minimum mining width of 2.5m, minimum stope length of 5m, minimum stope height of 5m
         and a gold price of AUD$3,200/oz.

•       The orientation of SO's is variable depending on the geometry of the mineralisation.

Metallurgical
factors or
assumptions

•       It is assumed the material will be processed at the Plutonic Gold Plant. Recovery factors are assigned
        based on-going experience.

•       No metallurgical modifying factors or assumptions have been built or applied to the resource model.

Environmental
factors or
assumptions

•       The Plutonic underground operation is a going concern and as such previous practices have proven to
         be effective and practical.

•       A conventional storage facility is used for the process plant tailings.

•       The small amount of waste rock is stored in a traditional waste rock landform 'waste dump'. Due to low
         sulphide content and the presence of carbonate alteration the potential for acid drainage formation is
         considered to be low.

Bulk density

•       Bulk density is determined from drill core using a weight in air/weight in water method.  Currently
        there is a database of over 3,800 bulk density measurements which have been taken from mineralised
        and unmineralised intervals, with an ongoing sampling program in place.

•       Samples of between 0.5 and 2.0kg are weighed in air and weighed in water. The following equation is
        used to derive bulk density Bulk Density = 𝑊𝑑 / (𝑊𝑑−𝑊𝑤).

•       Bulk density was directly assigned by oxidation type and rock type:

MMA/Mafic/Ultramafic/Dolerite

Fresh = 2.9 t/m³

Transitional = 2.2 t/m³

Oxide = 1.8 t/m³

Pit Backfill and Surface Dumps = 1.8 t/m³

Classification

•       Factors considered when classifying the model include:

          •         Due to the high degree of grade variability and short-scale continuity of mineralisation, the
                    portions of the MRE classified as Indicated are typically based on data spacing (DD and FS) less
                    than or equal to 15m x 15 m and located within close proximity to underground development.
                    This drill spacing is appropriate for defining the continuity and volume of the mineralised
                    domains and estimating robust global Mineral Resources. 

          •         The portions of the MRE classified as Inferred typically represent peripheral areas of the deposit
                    where geological continuity is present but not consistently confirmed by 15 m x 15 m drilling or
                    closer.

          •         A final reportable classification is generated post creation of a Stope Optimiser (SO) outcome
                    used for RPEEE. Each SO is assigned a classification based on majority reporting by tonnes of the
                    raw classification scheme.

•       The Mineral Resource classification appropriately reflects the view of the Competent Person.

Audits or reviews

•       The geological interpretation, estimation parameters and validation of the resource model was peer
         reviewed by Catalyst staff.

•       No external reviews of the resource estimate had been carried out at the time of writing.

Discussion of
relative
accuracy/
confidence

•       The relative accuracy of the Mineral Resource estimate is reflected in the reporting of the Mineral
         Resource as per the guidelines of the 2012 JORC Code.

•       The statement relates to the global estimates of tonnes and grade.

•       The estimation method adopted for the June 2024 MRE is believed to be appropriate for dealing with
         the high-degree of grade variability at Plutonic East.

•       The estimated uncertainty for an Indicated Mineral Resource is typically +/- 20% over an annual
         production period.

•       In most cases it is considered that only development/face sampling in conjunction with <10m x 10m
        drill spacing is sufficient to attain enough confidence for stoping.