VERY HIGH GRADE GOLD INTERSECTIONS CONTINUE TO UPGRADE THE POTENTIAL OF BOYD S DAM/BOYD NORTH AT FOUR EAGLES GOLD PROJECT

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1 ASX ANNOUNCEMENT 28 APRIL 2017 VERY HIGH GRADE GOLD INTERSECTIONS CONTINUE TO UPGRADE THE POTENTIAL OF BOYD S DAM/BOYD NORTH AT FOUR EAGLES GOLD PROJECT Very high grade gold mineralisation ( g/t Au) intersected at Boyd s Dam Gold mineralisation confirmed over 1.8 kilometres at Boyd s Dam/Boyd North Visible gold in association with quartz and arsenopyrite recorded during drill rig sampling Hayanmi RC Drilling and Gravity Reconnaissance Air Core drilling in progress Bulk Leach confirmation assays still awaited Major new shareholder St Barbara Limited (SBM) site visit Catalyst Metals Limited (Catalyst or the Company) (ASX: CYL) advises that assays received from the Boyd s Dam and Boyd North Prospects at the Four Eagles Gold Project have shown the highest gold grades received to date. Within a six-metre intersection in FERC152 at Boyd s Dam that assayed 50.4g/t Au, a one-metre interval assayed 247g/t Au. Ten holes contained intersections greater than 20 gram metres and confirm that the structure has good gold grades throughout the 1.8 kilometre strike length. Catalyst s 2017 drilling programme is still in progress with two drill rigs currently working on the Tandarra Gold Project located about 15 kilometres to the south. The Four Eagles Gold Project drilling will resume after the completion of the Tandarra Gold Project drilling programme. This announcement only covers results that have been received for most of the RC Blade/Hammer programme at Boyd s Dam and also the Air Core programme at Boyd North and a northern section at Hayanmi. Assay results are still outstanding for RC Blade follow up drilling at Boyd North and for the major drilling programme at Hayanmi. Further announcements will be reported in the coming month as sufficient assay resultss are received from a project area to provide meaningful interpretation. Catalyst retains a 50% interest in the Four Eagles Gold Project whilst Gold Exploration Victoria Pty Ltd (GEV) (a subsidiary of Hancock Prospecting Pty Ltd) is earning up to a 50% interest from Providence Gold and Minerals Pty Ltd by spending $4.2 million on exploration. To date, GEV has already earned a 25% interest in the Four Eagles Gold Project by spending $2.1 million and should complete the remaining expenditure during The Four Eagles Gold Project and the Tandarra Gold Project are situated about 15 kilometres apart along the Whitelaw Fault Corridor which is considered to be a major structural control of gold mineralisation north of Bendigo. Catalyst manages the entire Whitelaw Gold Belt and has interests in eight Exploration Licences which extend for 75 kilometres along the Whitelaw and Tandarra Faults north of Bendigo in Victoria (Figure 1). 44 Kings Park Road, West Perth WA 6005 PO Box 778, Claremont WA 6910 Telephone: (61-8) Facsimile: (61-8) ABN

2 RC BLADE/HAMMER DRILLING This programme involves the drilling of angled large diameter air core holes (RC Blade/Hammer) on the Hayanmi and Boyd s Dam gold structures to give a better understanding of the shapes of the gold mineralisation. Approximately 10,000 metres of drilling will test strike lengths of 1.2 kilometres on Hayanmi and about 900 metres on Boyd s Dam (Figures 2a and 2b) at a traverse spacing of about 50 metres. This announcement refers mostly to the programme at Boyd s Dam and Boyd North. Boyd s Dam Boyd North Prospects Drilling on the Boyd s Dam and Boyd North Prospects commenced in January 2017 and was designed to test a 900 metre long strike length at Boyd s Dam at a traverse spacing of about 50 metres using RC Blade/Hammer. This spacing should enable gold mineralised shapes to be interpreted. In addition to the RC Blade/Hammer programme, air core drilling was carried out at Boyd North where two previous intersections 600 metres apart contained significant gold intersections (3 154g/t Au in FE732 and g/t Au in FE728). The objective of the air core programme was to test the 800 metre long structure at a traverse spacing of about 150 metres. A total of 3,510 metres of RC Blade in 24 holes at Boyd s Dam and a further 23 holes (2,427 metres) at Boyd North are reported in this announcement. A further 13 holes on the northern end of the Hayanmi trend using the smaller diameter air core rig are also discussed. Most of the assays quoted are from 25 gram samples using aqua regia digest and AAS but where available, the bulk leach assay on a 2 kilogram sample are used. These two assay methods have tended to show good correlation in the past and indicate that the gold is finely distributed and much less nuggetty than present at Bendigo. Although data is still pending and cross sections still need to be completed, the following significant intersections have been recorded. They are shown in plan view on Figure 3 and diagrammatically on the longitudinal projection as Figure 4. A full list of drill results is set out in Table 1 and Table 2: g/t Au including g/t Au from 114 metres (FERC152) 9.5g/t Au including 100.0g/t Au from 59 metres (FERC158) 20.0g/t Au including 70.6g/t Au from 110 metres (FE776) 6.4g/t Au from 42 metres (FERC147) 9.3g/t Au from 83 metres (FERC153) 7.97g/t Au from 50 metres (FE782) 3.4g/t Au from 109 metres (FERC154) 2.9g/t Au from 81 metres (FERC155) g/t Au from 91 metres and Au from 112 metres(ferc149) 6.3g/t Au from 95 metres (FERC146) 4.4g/t Au from 98 metres (FE766) 2.4g/t Au from 84 metres (FERC161) 1.7g/t Au including Au from 100 metres (FERC157) Au from 90 metres (FE816) These results show strong gold mineralisation in the core section of Boyd s Dam and also confirm the high gold grades obtained at Boyd North with air core in The total length of the Boyd s Dam Boyd North structure is now about 1.8 kilometres long with sporadic high gold grades scattered over the entire length. Boyd North is still only tested at 150 metre intervals and will require RC hammer drilling to penetrate the common quartz veins that occur along the structure Mr Bruce Kay, Catalyst s Technical Director, stated, The drilling programme at Boyd s Dam and Boyd North has produced some of the best intersections yet recorded at Four Eagles. Spectacular grades of greater than 100 g/t Au in an area where cover depth is only 20 to 40 metres deep are very encouraging. 2

3 Hayanmi North Air Core Drilling Thirteen Air Core holes were drilled at the northern end of the Hayanmi Trend to test a 300 metre long section of the strike length (Figure 5). Most holes were drilled at a 60 degree angle to the west with one vertical hole (FE792). Gold mineralisation was present on most traverses with one hole west of the structure showing a significant gold intersection ( g/t Au in FE797). Significant drill intersections from the 2017 drill programme are highlighted on the Hayanmi Longitudinal Projection in Figure 6. Assays received from the three holes show the following intersections: 2.1 g/t Au from 79 metres (FE789) 4.6 g/t Au including 17.7g/t Au from 76 metres (FE797) 2.0m@ 3.1g/t Au from 118 metres (FE787) 4.9g/t Au from 107 metres (FE791) A complete interpretation will not be possible on the Hayanmi Structure until the RC Blade/Hammer programme is completed and all assays are received. This is unlikely to be before the end of May Full location data on the RC Blade/Hammer holes is shown on Table 1 and a Summary of Sampling Techniques and Reporting of Exploration Results according to the JORC Code 2012 Edition are tabulated in Appendix 1. Previous intersections shown on Figures 2a and 2b have been reported under the 2004 JORC Code. Maximum gold values in each hole are tabulated in Appendix 1. Location data is also included for the air core drill holes in Table 2a and 2b and a Summary of Sampling Techniques and Reporting of Exploration Results according to the JORC Code 2012 Edition are tabulated in Appendix 2. Maximum gold values in each hole are tabulated in Appendix 2. Regional Air Core Drilling Air core drilling is also in progress on the Discovery Zone and to test regional gravity geophysical targets at the Four Eagles Gold Project. This programme will not be completed until mid-may 2017 and very few assays are currently available. For further information contact: Steve Boston Bruce Kay Chairman Technical Director Telephone: Competent person s statement The information in this report that relates to exploration results is based on information compiled 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. Much of the historical information relating to the Four Eagles project was prepared and first disclosed under the JORC Code This information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was reported. 3

4 Figure 1: Whitelaw Gold Belt Tenement Holdings showing major Catalyst managed projects 4

5 Figure 2a: Four Eagles Gold Project showing areas of RC Blade/Hammer and Air Core Drilling in current programme (excludes 2017 drill collar locations) 5

6 Figure 2b: Four Eagles Gold Project showing pre-2017 intersections for Figure 2a 6

7 Figure 3: Plan View of Boyd s Dam Boyd North showing 2017 Drillholes and intersections 7

8 Figure 4: Longitudinal Projection of Boyd s Dam-Boyd North highlighting 2017 drill intersections (in blue) 8

9 Figure 5: Hayanmi Prospect plan view showing gold trends and recent air core drill holes 9

10 Figure 6: Longitudinal Projection of Hayanmi Prospect showing areas of RC drilling proposed for Drill intersections from recent Air Core drilling are highlighted in blue. 10

11 APPENDIX 1: RC BLADE/HAMMER DRILLING Table 1 RC Drill Hole Collars Hole ID East North RL Depth Grid Collar (MGA) (MGA (AHD) (m) Azimuth Declination FERC FERC FERC FERC FERC FERC FERC FERC FERC FERC FERC FERC FERC FERC FERC FERC FERC FERC FERC FERC FERC FERC FERC FERC Table 1 Drill Assay Results RC Blade/Hammer Hole ID From To Interval Au (ppm) FERC FERC Including FERC

12 Hole ID From To Interval Au (ppm) FERC FERC FERC including FERC FERC FERC FERC Including FERC FERC FERC

13 Hole ID From To Interval Au (ppm) Including FERC FERC Including and FERC Including and FERC Including Including

14 Hole ID From To Interval Au (ppm) FERC FERC FERC Including and FERC Including FERC FERC FERC

15 Hole ID From To Interval Au (ppm) JORC 2012 Edition, Table 1 Checklist RC Blade/Hammer RC Sampling Techniques and Data Criteria Explanation Sampling techniques Samples collected at cyclone at one-metre intervals with no subsampling. Cover sequence samples collected in buckets and arranged as piles on the ground; basement material samples collected in individual numbered plastic bags; chip trays collected by hand from piles and bags (uncomposited) Assay laboratory samples selected using Jones riffle splitter into calico sample bags to a mass of >2kg (if sufficient sample is available) and<3kg. Cover sequence is understood to be unmineralised and thus not sampled for laboratory submission. Drilling techniques Holes are initiated using 120mm air core blade drilling. This method provides reverse-circulation face sampling of sufficiently soft material. On bit-refusal, a four-inch diameter RC hammer with 110mm button bit is utilised to progress the hole to design depth or where groundwater inflows compromise sample quality. All drilling utilises three-metre reverse circulation drill rods and handled in six-metre lengths where rig format allows; truckmounted drill rig; 400psi 900cfm compressor and booster; plus auxiliary compressor where dictated by water in-flows. Sufficient drillhole casing is used to stabilise the foundation of the drill rig. Drill sample recovery Holes were terminated where sample quality was compromised by groundwater inflow Sample water content assessed by rig geologist as being dry/wet Sample bags collected at the rig were weighed prior to sample splitting. Sample weight was used to assess the splitting requirements (number of riffle tiers required) to deliver a subsample to the desired mass constraint (>2kg and <3kg). Calico bag masses recorded by laboratory contractor Geological control maintained at the drill site at all times, to ensure drilling and sampling was to standard. 15

16 RC Sampling Techniques and Data Criteria Explanation Logging Chip samples geologically logged at 1m intervals for lithology, alteration, quartz veining and to a standard acceptable for subsequent interpretation for use in interpretation. Logging aspects are qualitative with exception of quartz vein content which is estimated semi-quantitatively All logged intervals represent entire one-metre sample segregation intervals Sub-sampling techniques and sample preparation Quality of assay data and laboratory tests Verification of sampling and assaying Lab submission samples collected as described any mass reduction required for assay purposes performed by laboratory contractor; consisting of drying and riffle-splitting. Samples dispatched to ALS Pty Ltd (Adelaide); samples dried and pulverised in entirety, with 25g aliquot split for analysis (laboratory repeat splits historically demonstrate acceptable reproducibility and hence accuracy for this mineralisation) Gold assay determined by ICPMS via aqua regia digestion (ALS code Au-OG43). Experience has shown this method to be applicable for fine grained gold population of the mineralisation due to the completion of digestion. There is a technical constraint in that coarse-grained gold may not completely enter solution resulting in conservative assay. Laboratory and client certified reference materials (up to four x CRMs plus blanks) generally demonstrate on-par or biased-low assays. Data management procedures are under development. Data management has been performed by an experienced individual and not by several individuals. There has been no verification of significant intersections by independent nor alternative company personnel. Drillhole sampling and geological data documented on paper logs in preparation for database entry. There have been no adjustments to data as supplied and certified by the commercial assay laboratory. Location of data points All drillhole location coordinates were measured using differential GPS to MGA94 and AHD estimated from terrain model created from publicly-available land survey data Collar locations to within an estimated precision of 1m. All drillholes were downhole surveyed. When available, nonmagnetic drill rods were implemented to allow azimuth surveys down-the-hole. Drilling orientation established prior to collaring with clinometer and compass. 16

17 RC Sampling Techniques and Data Criteria Explanation Data spacing and distribution RC holes drilled on sections located between existing RC and air core traverses providing 50-metre spacing along the strike of mineralisation. The sections consist of holes spaced at a nominal 25m in orientations that provide the best geometry for interpretation This spacing is designed to be of a sufficient density to ultimately be included in the estimation of a mineral resource. For the purpose of reporting, assays have been aggregated to reflect continuously sampled zones of significant anomalism for gold. Orientation of data in relation to geological structure Drillhole sections were aligned approximately normal to the strike of mineralisation. Holes were generally inclined 60 degrees to the east to provide cross-strike investigation within holes and to establish continuity of sub-vertical mineralisation between holes. A number of west-azimuth holes were drilled to test for tensional vein arrays, and vertical holes to investigate the near-hinge environment at depth. Sample security All samples were controlled by the responsible geologist, and stored in secured facility prior to despatch to laboratory. Samples were transported by a specialist contractor with chain-ofcustody protocols. Sample number receipt information from laboratory crossreferenced and rationalised against sample number dispatch information. Audits or reviews No processes or data used in developing the release of exploration results have been subject to audit or review by non-company personnel or contractors so as to reduce costs and timelines for reporting. Catalyst Metals Limited currently reserve this process for release of JORC-compliant Mineral Resource and Ore Reserve estimates. Reporting of Exploration Results Criteria Mineral tenement and land tenure status Explanation The Four Eagles Project is within EL4525 in the vicinity of Mitiamo Victoria, 50% owned by Catalyst Metals Ltd., 25% owned by Providence Gold and Minerals, and 25% owned by Gold Exploration Victoria EL4525 is currently operable under a retention licence application lodged in December 2016 Exploration activities were confined to free-hold farm land As of 2015, activities are funded with Gold Exploration Victoria Ltd (GEV) through a farm-in agreement. 17

18 Reporting of Exploration Results Criteria Explanation Exploration done by other None in the area drilled parties Geology Gold-arsenic bearing narrow veins in Ordovician sandstone in the vicinity of a regional-scale anticline. Deposit assessed as being northern extension of Bendigo Goldfield, with potential for post-mineralisation influence/redistribution by proximal granitic intrusion. Potential for some supergene gold enrichment in paleoweathering profile. Drill hole Information All information material to the understanding of the exploration results of all last-phase drill holes are tabulated: Appendix 1, Table 1: Collar location coordinates, downhole depths, azimuths, declinations Appendix 1, Table 2: Downhole intervals of significance, gold grade of intervals Data aggregation methods Data aggregation using downhole length-weighting No top-cutting applied to assay data Zones of significance identified as those with assays in excess of 0.4ppm Au and internal dilution of two consecutive assays or less. Reported zones are continuous, with no sample or assay gaps. Relationship between mineralisation widths and intercept lengths The strike of mineralisation is demonstrated to be generally northsouth and sub-parallel with grid. The dip of mineralisation is expected to be both east-dipping and west-dipping as was the case in the Bendigo Goldfield. Drillholes were oriented to provide effective geometry in the context of the eastern limb of an anticline. The dip of mineralisation has not been definitively proven, and the true width of mineralisation has not been resolved. As such, significant mineralised intersections have been reported as downhole intervals. Diagrams Figure 3 shows the plan of recent drillhole collars including previous drillholes. Balanced reporting Figure 3 shows all new drilling inclusive of holes which did not encounter significant mineralisation Other substantive exploration data No other exploration results that have not previously been reported, are material to this report. The assay results for RC drillholes recently completed in the adjacent Hayanmi prospect are pending. Further work The RC program designed for Hayanmi in 2017 is in progress, and is planned for completion in May. 18

19 APPENDIX 2: AIR CORE DRILLING Table 2 Air Core Drill Hole Collars Hole ID East North RL Depth Grid Collar (MGA) (MGA (AHD) (m) Azimuth Declination FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE FE

20 Table 2a Drill Assay Results Air Core Four Eagles EL4525 Hole ID From To Interval Au (ppm) FE FE Including Including Including FE FE FE FE Including FE FE FE FE FE FE Including and FE FE FE FE FE FE Including and FE FE FE FE FE FE

21 Hole ID From To Interval Au (ppm) FE Including FE FE Including FE FE Including FE FE FE FE FE FE Including FE

22 JORC 2012 Edition, Table 2 Checklist: Air Core Drilling Air Core Sampling Techniques and Data Criteria Sampling techniques Drilling techniques Drill sample recovery Logging Sub-sampling techniques and sample preparation Explanation Samples collected at cyclone at one-metre intervals Cover sequence samples collected in buckets and arranged as piles on the ground; basement material samples collected in individual numbered plastic bags; chip trays collected by hand from piles and bags (uncomposited) Assay laboratory samples collected by hand from bags (no routine cover sequence sampling) into calico sample bags to a mass of <3kg (composited to three-metre intervals corresponding with drill rods). Cover sequence is understood to be unmineralised and thus not sampled for assay laboratory submission. Three-inch diameter air core blade drill bit; three-metre reverse circulation drill rods; truck-mounted drill rig; 300psi 700cfm compressor. All holes uncased Penetration into basement to depth of bit refusal (often against quartz). Sample water content assessed by rig geologist as being dry/ wet Calico bag masses recorded by laboratory contractor Geological control maintained at the drill site at all times, to ensure drilling and sampling standards maintained. Chip samples geologically logged at one-metre intervals for lithology, alteration, quartz veining and to a standard acceptable for subsequent interpretation and RC drillhole planning. Logging aspects are qualitative with exception of quartz vein content which is estimated semi-quantitatively All logged intervals represent entire one-metre sample segregation intervals Samples selected (composited) by hand-grab at drill site when materials were dry or wet; duplicate samples taken approximately every 30 samples (one per drillhole). Samples dispatched to ALS Pty Ltd (Adelaide); samples dried and pulverised in entirety, with 25g aliquot split for analysis (laboratory repeat splits historically demonstrate acceptable reproducibility and hence accuracy for this mineralisation) Analysis of duplicate samples collected at the drill site provided acceptable confidence that sampling was appropriate for the level for the intended (non-resource estimation) use of the assay data. Where zones of significant gold mineralisation have been identified by initial sample assay, corresponding one-metre sample bags were recovered from storage and split for laboratory analysis. The analysis used employs a four-hour bottle-roll BLEG process which is considered the definitive assay for each one-metre interval; due to the nominal 2kg aliquot mass. 22

23 Air Core Sampling Techniques and Data Criteria Quality of assay data and laboratory tests Verification of sampling and assaying Location of data points Data spacing and distribution Explanation Gold assay determined by ICPMS via aqua regia digestion (ALS code Au-TL43). Experience has shown this method to be applicable for fine grained gold population of the mineralisation due to the completion of digestion. There is a technical constraint in that coarse-grained gold may not completely enter solution resulting in conservative assay. All samples returning a >10ppm value were re-assayed using an ore-grade analytical process which provides precision up to a value of 100ppm. Data management procedures are under development. Data management has been performed by an experienced individual and not by several individuals. There has been no verification of significant intersections by independent nor alternative company personnel. There has been substantial RC drillhole twinning during 2015 and 2016 to verify the reliability of the air core drilling method at Four Eagles. Drillhole sampling and geological data documented on paper logs in preparation for database entry. There have been no adjustments to data as supplied and certified by the commercial assay laboratory. All drillhole location coordinates were measured using differential GPS to MGA94 and AHD estimated from terrain model created from publicly-available land survey data Collar locations to within an estimated precision of 1m. All drillholes were downhole surveyed. When available, nonmagnetic drill rods were implemented to allow azimuth surveys down-the-hole. Drilling orientation established prior to collaring with clinometer and compass. Holes drilled on traverses located between existing traverses providing 100m - 150m spacing along the strike of mineralisation at Boyd North, and 50m spacing along the strike of mineralisation at Hayanmi. Traverses consist of holes spaced on undrilled or previously-drilled lines to provide a resultant spacing of 30m on both Boyd North and Hayanmi Mineralisation. This spacing is not of sufficient density to allow the estimation of a mineral resource. One-metre samples were composited to three-metre samples for the purpose of submission to the laboratory. For the purpose of reporting, assays have been aggregated to reflect continuously sampled zones of significant anomalism for gold. 23

24 Air Core Sampling Techniques and Data Criteria Orientation of data in relation to geological structure Sample security Audits or reviews Further work Explanation Drillhole traverses were aligned normal to the strike of mineralisation. Holes on Boyd North mineralisation were generally vertical and on occasion inclined 60 degrees to the east to provide cross-strike investigation within holes and to establish continuity of sub-vertical mineralisation between holes. To this end, holes at Hayanmi were inclined 60 degrees to the west, with the exception of one vertical hole. All samples were controlled by the responsible geologist, and stored in secured facility prior to despatch to laboratory. Samples were transported directly to laboratory by a commercial transportation contractor with chain-of-custody protocols in place. Sample number receipt information from laboratory crossreferenced and rationalised against sample number dispatch information. No processes or data used in developing the release of exploration results have been subject to audit or review by non-company personnel or contractors so as to reduce costs and timelines for reporting. Catalyst Metals Limited currently reserve this process for release of Mineral Resource and Ore Reserve estimates. The air core program designed for Discovery and district-scale gravity geophysics targets in 2017 is in progress, and is planned for completion in May. 24