Wildcat Resources : Exploration Update

ASX Announcement

8 December 2020

EXPLORATION UPDATE

Highlights

• Preliminary gold assays received from the 6-hole drilling programme at Mt Adrah Gold Project
• Preliminary assays confirm potential for high-grade gold mineralisation outside of the Hobbs Pipe intrusion
• Aeromagnetics survey completed and modelling is underway for the Bolt Cutter Gold Project in the Pilbara, WA

Wildcat Resources Limited (ASX: WC8) ("Wildcat" or "Company") is pleased to announce an exploration update for its two gold projects, the Mt Adrah Gold Project in the Lachlan Fold of NSW and the Bolt Cutter Gold Project in application in the Mallina Province of WA.

Mt Adrah Gold Project - NSW

The Company completed Phase 1 and 2 of exploration earlier in the year which entailed mapping, soil sampling and remodelling of historical IP targets. The project is considered highly prospective and systematic exploration since the 1980's has been limited.

The maiden drill programme of 6 holes was designed to test a number of targets in close proximity to the Hobbs Pipe. The objective was to test near-surfaceup-dip extensions to a number of high-grade historic drill intercepts, as well as test three of the ten IP targets identified by the Company, and one historic surface geochemical anomaly. The results will give the geological team a better understanding of the system and what to focus on next.

The drill programme commenced in August 2020 where 6 diamond drill holes were completed for 1,881 metres. Samples were sent to the SGS Lab in West Wyalong for preliminary fire assay for initial screening of potential gold mineralisation. It is noted that anecdotal reports from previous project managers outlined the nuggety nature of gold in the some of the veins outside the Hobbs Pipe deposit, suggesting screen fire assays should be completed to obtain a more accurate determination of the sample gold grades.

The results for the preliminary fire assays have been received, with better results including:

• 11.35m 0.59 g/t Au from 43.4m (FRNDD013), and
• 4.15m @ 3.16 g/t Au from 137m (FRNDD013) including 0.85m at 9.7g/t1

The Company sent off 39 samples as a pilot programme to establish the sensitivity (if any) of the mineralisation to the screen fire assay method on 24 November 2020. As

1 Refer to Appendix 1 for full table of results

ASX Announcement

8 December 2020

the results detailed in this announcement are only partial results, the market will be updated once final assay results are received.

Mt Adrah Gold Exploration Drilling Results

Results are reported for the six (6) holes completed by Wildcat Resources. Drill-hole locations are presented in Table 1. Drill-hole intercepts are presented in Table 2.

Three holes, FRNDD014, FRNDD007 and FRNDD013 tested the White Deer target at 80 - 130m spacings along strike and between 130 - 200m below surface, which is approximately 300m up-dip from the historic drilling intersections. The recently drilled holes intersected quartz vein-style mineralisation associated with minor disseminated arsenopyrite and pyrite. Assay results from FRNDD013 are the most encouraging with the best mineralised intercepts being:

• 11.35m 0.59 g/t Au from 43.4m (FRNDD013), and
• 4.15m @ 3.16 g/t Au from 137m (FRNDD013) including 0.85m at 9.7g/t2

Hole FRNDD015 was drilled to test an IP target about 250m north of Hobbs Pipe where it coincided with a surface arsenic anomaly. The target was tested at a vertical depth of about 200m. Minor vein-related mineralisation was intersected.

FRNDD017 was drilled to test for mineralisation possibly adjacent to Hobbs Pipe deposit, but within the surrounding hornfelsic metasediments rather than the intrusive that hosts the deposit. The hole tested the area about 80m north of the deposit, and covers to about 130m below surface. Weak disseminated pyrite and arsenopyrite was intersected around the location of the modelled IP anomaly with very narrow, low- grade gold mineralisation. The best mineralised intercept was 2.25m @ 1.75 g/t Au from 224.5m3 in the zone of the interpreted IP anomaly.

FRNDD016 was drilled to test a geological target about 200m southeast of Hobbs Pipe, where monzodiorite, the same intrusive unit that host Hobbs Pipe, had been recorded in shallow drill-holes together with low-grade gold mineralisation. FRNDD016 intersected dolerites intruding and hornfelsing the metasediments rather than the monzodiorite shown on historic plans. Low-grade gold mineralisation was intersected predominantly hosted by the altered metasediments, and associated with veining and related alteration zones. The best mineralised intercept from FRNDD016 is 1.4m @ 1.19 g/t Au from 41.2m4associated with quartz veining.

1. Refer to Appendix 1 for full table of results
2. Refer to Appendix 1 for full table of results
3. Refer to Appendix 1 for full table of results

ASX Announcement

8 December 2020

Figure 1 - Plan view of maiden drill programme at Mt Adrah Gold Project - Lachlan Fold NSW

Bolt Cutter Project - Mallina Province - Pilbara WA

In October the Company completed the acquisition of high-resolution airborne magnetic data over E45/5613 (under application). A Cessna was flown across the tenement completing 2,075 line km at 100m spacings. Magnetic data for tenement E45/5623 was already available and subsequently acquired by the Company from a consulting firm. A leading industry geophysicist is currently processing and modelling the data in order to provide potential targets for follow-up exploration.

The Mallina Basin is a large and highly prospective gold province that remains largely under-explored. The exploration maturity of the Mallina Basin is lower than many other gold regions in WA, and recent exploration successes there may indicate that there is significant untested potential of the region.

ASX Announcement

8 December 2020

Figure 2 - Bolt Cutter Project in the Mallina Province - Pilbara WA

The recent discovery of the Hemi gold deposit by De Grey Mining Ltd (ASX:DEG) has uncovered a major new gold system in the Mallina Gold Province. Previous exploration primarily focussed on targeting structurally controlled gold mineralisation, though Hemi demonstrates that the Towerana gold deposit is not the only intrusion-hosted system in the belt. Gold occurrences in the region are commonly sediment- or intrusion hosted and associated with anticlinal axes, particularly where they intersect major fault or shear structures. The highly prospective Berghaus Shear trends in a north-easterly direction and looks to have provided fluids for the formation of the Hemi Deposit. In addition to the Berghaus Shear, anticlinal axis trends in a parallel orientation with multiple splays off the Berghaus Shear intersecting the anticlinal axis provide areas of interest. Similar settings may be replicated in the Wildcat tenement package. Given the recent significant exploration success by De Grey, the region could be viewed as having the potential to become a World Class Province.

The Company continues to manage the grant process of applications E45/5623, E45/5613 and E45/5612 whilst at the same time preparing for its maiden exploration programmes as soon as the tenure is granted. It also advises that it was first in time lodging the applications and this right is not subject to a ballot. In accordance with section 29(4)a of the NTA the DMIRS advised the company that the "notification day" was on 2 October 2020 for E45/5612 & 5613 and 16 October for E45/5623.