Black Cat Syndicate Limited provided an update on regional exploration activities and the Cu-Ag-Au potential at the 100% owned Paulsens Gold Operation. Paulsens Cu-Ag-Au Activities: Recent regional exploration activities have focused on a prospective 7.5km long Cu-Ag-Au section of the Paulsens Structural Corridor which hosts the Paulsens underground mine and the Belvedere, Eagles' Lair, Paulsens East and Tombstone prospects. Activities have included: Detailed photo geology interpretation based on a recent high-resolution (10cm pixel size) photogrammetry survey covering the full Paulsens tenement package.

Reprocessing and interpretation of historical geophysical datasets (e.g. aeromagnetics, radiometrics and gravity). Review of historical surface sampling and drill data to further refine areas of interest. Field reconnaissance and sampling, including spot validation of the photo geology interpretation work, verification of historical high-grade surface sampling locations and collection of new samples.

Development of a new regional geology model by integration of data into a comprehensive database that will support future drilling programs. This work has highlighted the prospectivity of Paulsens for quartz hosted Cu-Ag-Au mineralisation. Encouragingly, new vein swarms have been identified between Belvedere and Tombstone that are outlined by a broad area of anomalous Cu-Ag-Au mineralisation. Prioritisation of targets is underway with drilling planned for mid-2023.

Belvedere: Belvedere is located ~6km southeast of the processing facility and saw small-scale, pre-WWII underground gold production. Belvedere currently has a shallow, open pit Resource of 30koz @ 3.9g/t Au1, with mineralisation hosted in quartz veins within a dolerite intrusion. The Resource remains open at depth and along strike with only limited historical RC drilling to date.

Shallow drill results include: 4.0m @ 28.95g/t Au from 69m (PBERC0015). 9.0m @ 12.72g/t Au from 73m (PBERC0021). 8.0m @ 7.02g/t Au from 26m (BVRC016).

4.0m @ 16.83g/t Au from 12m (BVRC026). Additionally, shear hosted quartz veins with grades of up to 47.30g/t Au and 158.00g/t Ag outcrop at surface along a ~2.5km strike length from Belvedere to Eagles' Lair ("Belvedere Trend"). Several historical shafts have been identified during field reconnaissance with most of the strike length remaining undrilled.

This fault zone is also prospective for copper mineralisation, with historical surface samples returning up to 3.52% Cu. Belvedere presents as a significant opportunity to find "another Paulsens" with a ~2.5km long strike length, a high-grade open pit Resource from only limited shallow drilling and multi-metal potential. Drilling is planned at Belvedere in mid-2023.

Tombstone: Tombstone is a Cu-Ag-Au prospect located ~2km southeast of Belvedere and ~8km from the processing facility. Tombstone has been historically mined on a small scale, with several shafts and adits within the area. Outcropping copper oxide mineralisation has returned rock chip grades up to 12.5% Cu.

Despite the strong prospectivity, Tombstone has seen minimal modern exploration and only limited RC drilling. Eagles' Lair & Paulsens East: A ~6km trend of soil and rock chip Cu-Ag-Au anomalism has been identified between Eagles' Lair and Paulsens East ("Eagles' Lair Trend") that has not been systematically drilled. Significant historical rock chip results from outcropping veins include: 22.20g/t Au, 26.30g/t Ag and 1.19% Cu 77.40g/t Ag and 4.55% Cu 161.00g/t Ag and 29.20% Cu 29.70g/t Au.

Recent work indicates that mineralisation is hosted in NE-trending, steeply dipping quartz-oxide veins, with malachite observed in several veins. Additional work is ongoing to generate drill targets.