Ann: Near-mine, High-Grade Gold up to 102.37 g/t Au - Paulsens, page-2

The Board of Black Cat Syndicate Limited (“Black Cat” or “the Company” is pleased to release additional results from
previous drilling at Paulsens Gold Operation (“Paulsens”.
HIGHLIGHTS
• Black Cat is undertaking an extensive geological review as part of its objective to find another Paulsens (+1Moz).
This review includes new interpretations of the Paulsens orebody and incorporating all drilling intercepts into
revised Resource models. Structural and 3D seismic reviews are also underway.
• The review has identified previously unreleased diamond core assay results from drilling undertaken in 2020.
• Significant, near mine, high-grade results from outside of the current reported Resource highlight strong potential
to extend the current underground Resource (89,000oz @ 5.8 g/t Au):
o 1.42m @ 102.37 g/t Au from 19.34m (PDU4518)
o 6.19m @ 15.86 g/t Au from 23.72m (PDU4550)
o 0.94m @ 58.10 g/t Au from 19.50m (PDU4544)
o 1.33m @ 26.07 g/t Au from 22.02m (PDU4542)
o 1.26m @ 25.36 g/t Au from 14.60m (PDU4491)
o 0.88m @ 36.77 g/t Au from 7.62m (PDU4501)
• Furthermore, thick, high-grade infill results emphasise the robust nature of the current Resource:
o 5.72m @ 35.32 g/t Au from 36.78m (PDU4536)
o 5.99m @ 25.23 g/t Au from 16.88m (PDU4537)
o 3.00m @ 42.68 g/t Au from 1.00m (PDU4518)
o 4.20m @ 25.61 g/t Au from 4.00m (PDU4539)
o 8.05m @ 11.09 g/t Au from 59.96m (PDU4555)
o 2.00m @ 30.30 g/t Au from 13.00m (PDU4524)
• Paulsens is a dewatered, ventilated and well maintained high-grade underground mine which produced more than
900,000oz @ 7.3 g/t Au until being placed on care and maintenance in 2017.
• Black Cat will embark on its objective to find another high-grade Paulsens-style orebody with the commencement
of extensional and discovery drilling in September 2022