Ann: Coyote Axial Core Zone Extends at Depth, page-4

Gold everywhere at Coyote. Extended downdip and along strike. Remains open. Resource upgrade in Jan. This looks like the 1.4g/t stockpile ore could potentially pay for the restart on its own. Once this is up and running, mine life is clearly ongoing. Same as Paulsens. This program has been about adding ounces/mine life. I think the jury can rest imo.


Black Cat’s Managing Director, Gareth Solly, said: “The high-grade Coyote system gets better with every hole we drill. The
well-established vein hosted gold lodes continue to extend at depth and along strike. There has also been an exciting new
development with the intersection of a mineralised dolerite intrusion within the Axial Core Zone which opens-up multiple
new shear-hosted gold targets. More results are expected in December 2022 and work is ongoing to upgrade the highgrade Resource in January 2023.”


The kicker is grade -
Coyote Central UG 0.8Mt @ 10.4g/t Au for 267koz
- Bald Hill OP 1.2Mt @ 3.0g/t Au for 120koz
- Bald Hill UG 0.5Mt @ 4.9g/t Au for 84koz
- Stockpiles 0.4Mt @ 1.4 g/t Au for 17koz

Diamond and RC drilling has wrapped up for the 2022 field season with a total of 11,071m of RC and 6,200m of diamond
drilling completed. In a strong validation of the new geological model, all holes to date have returned anomalous gold
results. Furthermore, the three most recent holes continue to extend mineralisation down-dip and along strike to the east
from Kavanagh, illustrating the growth potential within the Axial Core Zone. Down-dip from Kavanagh, recent results have
extended Kavanagh by 75m.