Catalyst Metals : High grade gold intersections in new areas at Henty mine

For personal use only

ASX Announcement

27 January 2022

HENTY SEES NEAR MINE HIGH GRADE GOLD

INTERSECTIONS IN NEW AREAS

• Henty's standout gold intersections for the quarter include:
• • 10.1m @ 12.8 g/t Au
  • 4.7m @ 19.2g/t Au
  • 10.4m @ 14.8g/t Au
  • 7.1m @ 13.0g/t Au
  • 1.95m @40.8g/t Au
• Drilling confirms mineralisation in new areas has potential to extend Resource near current underground workings
• Exploration program to increase Henty's mine life well under way with four drill rigs operating and another on way
• Overall, of 117 holes drilled, 42 intercepts reported greater than 20g/t Au metres

Catalyst Metals Limited (Catalyst or the Company) (ASX: CYL) is pleased to announce that it has continued its exploration success at the Henty Gold Mine in Tasmania. Results are reported here for the period between 1 October and 31 December 2021. These results are in addition to the previous quarter's high-grade results which were reported to the ASX on 8 November, 2021.

Underground diamond drilling continued with three rigs in operation and a fourth due to arrive in February (a further rig conducts surface exploration). Drilling was carried out in the upper part of the mine on Zone 96, Intermediate Zone and Zone 15 as well as on the Darwin Zones at the south end of the mine (Figures 1,2 and 3).

Many of the intersections are beyond the limits of the 2021 Resource model and have the potential to contribute to an increase in Resources and Reserves as well as a higher gold grade in future production profiles.

Drilling on the Intermediate Zone and Collar Zones is showing high grade mineralisation in a new area that can now be drilled from recently completed development drives. This area has the potential to extend southward where old surface drillholes have shown gold zones in the 7g/t to 14 g/t Au range

Mr Bruce Kay, Catalyst's Technical Director stated "The three new development drives have enabled underground drill access to an untested area (Collar Zone) south and down plunge of the Intermediate Zone for the first time ever and this is already generating economic intersections. Surface drilling will also target this area in the current quarter"

ASX:CYL	Unit 9, 331 - 335 Hay Street, Subiaco WA 6008	E [e-mail]
PO Box 416, Subiaco WA 6904	W catalystmetals.com.au	1
	T [phone]	ABN 54 118 912 495

only

Of the 117 holes drilled during the period, the majority contained gold mineralisation and 42 had intervals greater than 20 g/t Au metres.

High gold grades greater than 50 g/t Au metres were recorded in eleven holes. A further 31 intervals reported greater than 20 g/t Au metres. These intersections are shown on Figure 2 and 3 and included in Appendix 1.

With the arrival of the fourth underground drill rig in February, the drilling activity will increase considerably, enabling the testing of large areas along the Henty Fault above the previously mined areas.

For personal use

Zone 96

10.1m @ 12.8 g/t Au

4.7m @ 19.2g/t Au

10.4m @ 14.8g/t Au

6.2m @ 9.2g/t Au

2.95m @ 18.7g/t Au

6.75m @ 10.9g/t Au

3.9m @ 14.9g/t Au

2.3m @ 10.7g/t Au

5.0m @ 4.2g/t Au

3.1m @ 10.6g/t Au

3.6m @ 7.7g/t Au

4.0m @ 9.1g/t Au

5.15m @ 5.3g/t Au

6.1m @ 5.4g/t Au

1.8m @ 17.6g/t Au

7.25m @ 4.0g/t Au

4.35m @ 4.9g/t Au

0.8m @75.3g/t Au

4.8m @ 5.5g/t Au

2.55m @ 12.6g/t Au

1.1m @ 40.3g/t Au

7.7m @ 3.7g/t Au

2.5m @ 8.8g/t Au

2.6m @ 7.8g/t Au

5.0m @ 4.9g/t Au

4.8m @ 4.1g/t Au

3.5m @ 10.3g/t Au

3.0m @ 7.5g/t Au

4.0m @ 10.2g/t Au

Darwin	Intermediate Zone
12.85m @ 4.0g/t Au	2.6m @ 13.7g/t Au
7.1m @ 13.0g/t Au	0.8m @ 25.7g/t Au
1.95m @ 40.8g/t Au	5.2m @ 4.5g/t Au
2.7m @ 24.6g/t Au	2.1m @ 13.6g/t Au
3.0 m @ 11.1g/t Au
7.9m @ 2.7g/t Au
2.3m @ 12.7g/t Au
5.6m @ 3.9g/t Au
1.1m @ 19.9g/t Au

ASX:CYL

catalystmetals.com.au

2

For personal use only

Henty North Exploration Program

Surface drilling commenced in August to test potential for mineralised extensions in the Henty Mine corridor north of the mine. A total of 1,323m was drilled by the end of the Quarter in three holes. Two holes (CEH001, CEH002) drilled in the Henty Mine corridor targeted the projected extension of the Henty structural position and the third hole (CEH003) drilled a geochemical anomalous area west of the Henty Fault.

The current drilling has confirmed the presence of strong Henty style alteration 250m north of the Sill Zone in chemically receptive Zig Zag Hill epiclastics which host some of the mineralisation within the northern end of the mine. The drilling also revealed a previously unknown north-west oriented structural inflection in the Henty Fault associated with significant deformation over a 70m zone downhole. This is interpreted to represent an interfering cross-structure or structures. These holes are undergoing detailed structural analysis prior to sampling and assaying.

On the completion of this program, surface drilling will commence within the Henty Mine corridor targeting extrapolated mineralisation above the Henty Mine workings. Up to seven holes for 2,700m are planned testing targets located up-plunge of high-grade linear shoots of gold within the mineralised Henty Lodes.

Catalyst's CEO, John McKinstry added "The results from the quarter continue to demonstrate that Henty Mine has plenty more to give. Catalyst has owned Henty for one year, and our exponential knowledge growth is increasing confidence that new mineralised zones identified will become the next new mining frontiers."

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

For further information contact:
John McKinstry	Bruce Kay	James Champion de Crespigny
CEO	Technical Director	Director
T:[phone]	[phone]	[phone]

Competent person's statement

The information in this report that relates to exploration results is based on information compiled by Henty geological staff and reviewed 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.

JORC 2012 Mineral Resource

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.

ASX:CYL

catalystmetals.com.au

3

For personal use only

Figure 1: Henty longitudinal projection showing resource outlines and area of drilling

between October 2021 and December 2021

Figure 2: Henty long projection from enlargement in Figure 1 showing significant

intersections in drill holes completed between October 2021 and December 2021. Full

details of all holes in Appendix 1

ASX:CYL

catalystmetals.com.au

4

For personal use only

Figure 3: Henty long projection of Darwin South from enlargement in Figure 1 showing significant intersections in drill holes completed between October 2021 and December 2021. Full details of all holes in Appendix 1

ASX:CYL

catalystmetals.com.au

5