Black Cat Syndicate Limited - 2022 Drilling Recommences with Two Rigs at Kal East

Black Cat Syndicate Limited ('Black Cat' or 'the Company') is pleased to announce an update on activities within the Kal East Gold Project ('Kal East').

KEY ACTIVITY

RC drilling has recommenced at Kal East with two rigs operating.

RC drilling at the Fingals Mining Centre is targeting extensions to the current Resource of 4.0Mt @ 2.2g/t Au for 275koz. Drilling will systematically test the multiple shallow targets surrounding the Fingals Fortune deposit that were identified during November 2021.

RC drilling is continuing at the Jones Find deposit, finishing a program that commenced in December 2021. Jones Find has a current Resource of 0.8Mt @ 1.3g/t Au for 33koz and is located only 1.5km to the east of the planned Kal East processing facility. The current program is aimed at growing Resources to the south of the current Resource.

Resource increases and upgrades are currently underway at the Majestic underground and at Jones Find open pit. Finalisation of Ore Reserves will follow in the March 2022 quarter.

Black Cat's Managing Director, Gareth Solly, said: 'Drilling has recommenced with two RC rigs operating at Kal East, focussed on extending current Resources at Jones Find and Fingals Fortune. Resource upgrades are also underway at the Majestic underground and the planned open pit at Jones Find. In addition, discovery drilling is planned around our main mining centres as we follow up on numerous encouraging results from 2021. The team will be concluding studies for maiden Ore Reserves in the March 2022 quarter.'

PLANNED DRILLING

Black Cat completed >93,000m in 2021. Drilling comprised a mix of discovery, Resource growth, Resource definition and grade control across Kal East. Most assays have now been returned and results will be announced in the coming weeks as they are processed and interpreted.

Drilling activity during January 2022 will focus on the Fingals and Majestic Mining Centres, particularly: Initial shallow targets immediately around Fingals Fortune including the recent success at Fingals

South and Fingals East

To the south of Jones Find with the intention of expanding Resources and potential Ore Reserves

Contact:

Gareth Solly

Tel: [phone]

Email: [e-mail]

Black Cat's Kal East Gold Project comprises 800km2 of highly prospective tenements to the east of the world class mining centre of Kalgoorlie, WA. Kal East contains a combined JORC 2012 Mineral Resource of 17.7Mt @ 2.2 g/t Au for 1,238,000 oz which is mainly located in the Myhree, Majestic, Fingals and Trojan Mining Centres. Black Cat plans to construct a central processing facility near the Majestic Mining Centre, 50kms east of Kalgoorlie. This location is well suited for a processing facility and sits within a short haulage distance of the bulk of Black Cat's Resources. The processing facility will be a traditional carbon-in-leach gold plant which is ideally suited to Black Cat's Resources as well as to third party free milling ores located around Kalgoorlie. Black Cat is well advanced on securing key, long lead time items. High quality Outokumpu ball mills and associated infrastructure have already been purchased and relocated. After servicing in Kalgoorlie, the mills will be relocated to the Majestic Mining Centre. Other key components have also been identified for procurement and Black Cat intends to secure all items needed to allow for production to commence in the second half of 2022. Black Cat's extensive ground position contains a pipeline of projects spanning from exploration targets on new greenstone belts, Resource extensions around historic workings and study work for the definition of maiden Ore Reserves. Black Cat is actively growing and upgrading the current Resources with ongoing drilling programs underway and delivering results.

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