Ann: Exercise of Listed Options, page-3

Black Cat Syndicate Limited (“Black Cat” or “the Company” advises of the issue of 50,000 ordinary fully paid shares on the early exercise of listed options ($0.3375, expiring 14 November 2025). An Appendix 2A will be lodged with ASX following release of this announcement. The exercised options were listed and issued pursuant to a Prospectus dated 6 November 2023 and lodged with ASIC and ASX on that date.

Capital Structure
The current capital structure of the Company is as follows:
Capital Structure Fully Paid Ordinary Shares Options/ Performance Rights Total Fully Paid Ordinary Shares 687,673,039 - 687,673,039
Fully Paid Ordinary Shares (escrowed to 31 March 2026) 19,739,439 - 19,739,439
Listed Options @ $0.3375 expiring 14 Nov 2025 (ASX:BC8O) 15,933,811 15,933,811
Unlisted Options @ $0.83 expiring 8 Nov 2025 - 80,000 80,000
Unlisted Options @ $0.51 expiring 28 Jul 2026 - 518,000 518,000
Unlisted Options @ $0.55 expiring 21 Feb 2027 - 410,000 410,000
Unlisted Options @ $0.52 expiring 21 Mar 2027 - 300,000 300,000
Unlisted Options @ $0.50 expiring 31 Jul 2027 - 2,500,000 2,500,000
Unlisted Options @ $0.50 expiring 31 Aug 2027 - 2,000,000 2,000,000
Unlisted Options @ $0.32 expiring 8 Feb 2028 - 670,000 670,000
Unlisted Options @ $0.405 expiring 18 Apr 2028 - 300,000 300,000
Unlisted Options @ $0.655 expiring 30 Sep 2028 - 500,000 500,000
Unlisted Options @ $0.794 expiring 14 Oct 2028 - 500,000 500,000
Unlisted Options @ $0.886 expiring 20 Dec 2028 - 8,662,000 8,662,000
Unlisted Options @ $1.237 expiring 20 May 2029 3,110,000 3,110,000
Performance Rights expiring 30 Jun 2027 - 6,130,011 6,130,011
Performance Rights expiring 30 Jun 2028 - 407,664 407,664

Current Issued Capital 707,412,478 42,021,486 749,433,964