Trident Maiden Ore Reserve Underpins New Low-Cost Development

Metric

Base case #

Spot case (A$3,400/oz)

Pre-production max. capital drawdown

A$m

19

15

AISC (life of mine)

A$/oz

1,578

1,592

Mine life (LOM)

yrs

5.5

5.5

Average annual UG production

koz

37

37

Average annual free cash flow

A$m

29

53

NPV7 (pre-tax)

A$m

100

198

IRR (pre-tax)

%

146
%

327
%

# Base case price assumptions aligned with Ore Reserve – A$2,700/oz for underground, A$3,200/oz for open pit.

Financial
figures shown pre-tax due to Trident being only one satellite deposit within Catalyst's broader portfolio.

_________________________

1 Refer to Catalyst Metals'
ASX announcement 19 July 2023 "Trident Scoping Study demonstrates Plutonic's potential"

#

Consultant

Discipline

1

Entech

Mine design and engineering

2

Peter O'Bryan and Associates Pty Ltd

Geotechnical

3

RPM

Environment and permitting

4

IMO, Metlab and Extreme Metallurgy

Metallurgical studies

5

MineBuild

Permitting and mine readiness studies

6

Cube Consulting

Geology/Resources

Base case #

Spot case (A$3,400/oz)

Pre-production cash drawdown

$Am

19

15

AISC (life of mine)

A$/oz

1,578

1,592

Life of mine (LOM)

yrs

5.5

5.5

Payback (after open pit ceases)

yrs

1.9

1.4

Inferred Resource in LOM

%

15
%

15
%

Inferred Resource in payback period

%

10
%

12
%

Average annual UG production

koz

37

37

Average annual free cash flow

$Am

29

53

NPV7 (pre-tax)

$Am

100

198

IRR (pre-tax)

%

146
%

327
%

# Base case price assumptions aligned with Ore Reserve.
A$2,700 for Underground and A$3,200 for Open Pit.

Financial figures shown pre-tax due to Trident being only one satellite deposit within Catalyst's broader portfolio.

Operating costs (Life of Mine)

Value ($ million)

Value ($/t ore)

Total Open Pit

15

102

Ore development

39

25

Stoping

71

46

Mine Services and Overheads

113

73

Surface Haulage

15

10

Grade Control

12

8

Processing

32

21

General and Administration

7

4

Total Underground

303

188

Capital (Life of Mine)

Value ($ million)

Value ($/t ore)

Infrastructure

16

11

Decline

11

7

Access, Ventilation, Escapeway

4

3

Mine Overheads

14

9

Tailings Sustaining

5

3

Total

51

33

Deposit

Measured

Indicated

Inferred

Total

Tonnes
(Mt)

Grade
(g/t Au)

Gold

(koz)

Tonnes
(Mt)

Grade
(g/t Au)

Gold

(koz)

Tonnes
(Mt)

Grade
(g/t Au)

Gold

(koz)

Tonnes
(Mt)

Grade
(g/t Au)

Gold

(koz)

Open Pit

-

-

-

0.4

1.6

16

-

-

-

0.4

1.6

16

Underground2

-

-

-

1.6

5.0

257

2.6

3.0

251

4.2

3.7

508

Total

-

-

-

2.0

4.2

273

2.6

3.0

251

4.6

3.5

524

Notes:

1.

Mineral Resource reported within Shape Optimiser (SO) shapes at 1.5g/t Au cut-off.
SO inputs include:
Mining Cost = AUD$101.33/t ore; Processing and Surface Haulage Costs = AUD$38.40/t ore; Site Administration Cost = AUD$5.58/t ore; Metallurgical Recovery = 83.5%; Royalties = 2.5%; Gold Price = AUD$2,800/oz, Minimum mining width = 2m

2.

Mineral Resources reported above 0.5 g/t Au within an open pit optimisation shell. Pit optimisation inputs include:
Wall Angles = Oxide 39°, Transitional 45°, Fresh 52°, Mining Cost (AUD$) = $5.5/t ore, Processing and Surface Haulage Costs (AUD$) = Oxide $48/t, Transitional $49/t, Fresh $51.4/t, Site Administration Cost = Included in mining and processing cost, Metallurgical Recovery = 95%, Royalties = 2.5%, Gold Price = AUD$3,200/oz

3.

Numbers may not add up due to rounding

______________________________

2 Refer to Catalyst Metals'
ASX announcement 8 December 2023 "Plutonic and Trident Resources and Reserves – Updated"

Deposit

Proved

Probable

Total

Tonnes
(Mt)

Grade
(g/t Au)

Gold

(koz)

Tonnes
(Mt)

Grade
(g/t Au)

Gold

(koz)

Tonnes
(Mt)

Grade
(g/t Au)

Gold

(koz)

Open Pit

-

-

-

0.1

1.4

6

0.1

1.4

6

Underground

-

-

-

1.2

4.7

182

1.2

4.7

182

Total

-

-

-

1.3

4.5

188

1.3

4.5

188

Notes:

1.

Underground Ore Reserves are estimated at a 2.0 g/t Au cut-off (modified and diluted grade);

2.

Underground stope optimisation assumptions take into account operating mining, processing/haulage and G&A costs, excluding capital.

3.

Underground stope optimisations apply a 3.0m minimum mining width with 1.5m of total dilution in flat lying <40 degree dipping areas, and 1.0 m of dilution in steeper >40 degree dipping areas.
Further dilution of 5% was applied to all paste filled stopes.
Mining recovery of 92.5% and 95% were applied in the flat lying and steeper dipping areas respectively.

4.

Open pit Ore Reserves have a cut-off grade ranging from 0.6 - 0.7 g/t (modified and diluted grade), with dilution of 17% - 21% and mining recovery of 93%.

5.

The Ore Reserves are estimated using a Metallurgical Recovery = 83.5%; Royalties = 2.5%; Gold Price = AUD$2,700/oz.

6.

The open pit Ore Reserve does not qualify as a standalone Ore Reserve, and are reported as part of the total Trident Ore Reserve required for access to the underground.

7.

Numbers may not add up due to rounding.

Deposit

Ore Reserve

Production Target Life of Mine (LOM)

Tonnes (Mt)

Grade (g/t Au)

Ounces

(koz)

Tonnes (Mt)

Grade (g/t
Au)

Ounces

(koz)

Open Pit

0.1

1.4

6

0.1

1.4

6

Underground

1.2

4.7

182

1.5

4.3

212

Total

1.3

4.5

188

1.6

4.2

218

Note: Production Target is inclusive of Ore Reserve

Parameter / Input

Value

Comment

Gold price

A$3,200/oz

Equivalent to $ 102.9/gram

Private royalties

N/A

WA State Royalty

2.5 % NSR

Metallurgical recovery

93% ox / 93% tr /
90% fresh

Based on oxide state

Surface haulage

$10.8/ore t

Varied based on moisture content and haulage distance

Grade control

$5.0/ore t

Based on existing drilling density

Processing

$19.88/ore t

Oxide state varied

Direct Open Pit Mining

$14.5/bcm

Average cost for L&H, D&B and
Fixed Contractor

Technical Services

$6.4/ore t

Mining Engineering, Survey and
Mine Geology

Mobilisation / Demobilisation

$494k / $130k

Contractor

Stoping Parameter

10m level
spacing factor

15m level
spacing factor

Stoping cut-off grade (g/t Au)

2.0

2.0

Minimum mining width (m)

3.0

3.0

Vertical level interval (m)

10

15

Section length (m)

2.5

2.5

Minimum FW dip angle (°)

40

40

Parameter / Input

Value

Comment

Gold price

A$2,700/oz

Equivalent to $86/gram

Private royalties

N/A

WA State Royalty

2.5 % NSR

Metallurgical recovery

83.5% fresh

Surface haulage

$9.8/ore t

Grade control

$8.1 ore t

Based on infilling to a 7.5m density

Processing

$18.9/ ore t plus $3.5/ ore t

Processing plus tailings dam replacement

G&A

$1.39M / an

Paste Fill

$88.0+10.3/m3 of paste

Onsite dry tailings plant plus dry tailings reclaim costs

Direct Operating
Underground Mining

$152 / ore t

Operating costs for underground mining (excluding paste fill)

Parameter

Dilution (%)

Recovery (%)

Development ore headings

No additional unplanned dilution above
the ore drive profile

100

<40° dipping stopes
(10mV sub level)

1.0m HW + 0.5m FW PLUS 5% paste

92.5

>40° dipping stopes
(15mV sub level)

0.5m HW + 0.5m FW PLUS 5% paste

95

Equipment

Maximum quantity

Sandvik DD422i Twin-boom jumbo

2

Sandvik LH517 Loader

2

Sandvik TH663i Truck

2

Sandvik DL432i Drill

1

Charmec MC605 Charge Up

1

Normet MF50VC Fibrecrete Sprayer

1

Normet LF700 Agitator Truck

1

Sandvik 34R Raisebore

1

Cat 12H Grader

1

Volvo VL120 UG IT

1

Volvo VL90 Workshop IT

1

Cat D4 Dozer

1

Cat 740 Watercart

1

Toyota Landcruiser Light Vehicle

8

Met Sample ID

Hole ID

Selected Intervals (m)

Interval
(m)

Type/Origin

Total Comp
Mass (kg)

Test work

23TRI MET001

TRD0037

145-146, 154-155,
156-158

4

Half core

20.3

BBWi only

TRD0038

136-137, 138-140,
142-143

4

23TRI MET002

TRD0047

132-133, 134-135,
136-137, 138-139,
140-141, 142-143,
144-145

7

Half core

16.71

23TRI MET003

TRD0050

180-181, 187-189,
190-191, 193-195,
197-198

7

Half core

16.45

23TRI MET004

TRD0046

138-152

14

Half core in
2 buckets

35.35

BRWi only

23TRI MET006

TRD0042

189-199

10

Coarse crush
from ALS lab
in 1m
sample bags

18.6

Head Assay,
Gravity/Leach

23TRI MET007

TRD0047

148-157

9

Half Core
bagged in
1m calico
bags

23.23

23TRI MET008

TRD0048

148-162

14

34.82

23TRI MET009

TRD0041

169-187

18

41.55

Composite

Units

TRI MET006

TRI MET007

TRI MET008

TRI MET009

Leach Test

#

LT01

LT02

LT03

LT04

LT05

LT06

LT07

LT08

P80 Grind Size

μm

106

75

106

75

106

75

106

75

Assayed Head Grade

g/t

4.25

4.25

2.91

2.91

12.12

12.11

2.44

2.45

Calculated Head Grade

g/t

4.10

3.95

2.86

2.90

11.11

11.34

2.35

2.25

Gravity Recovery

%

4.7
%

4.8
%

1.8
%

1.8
%

4.0
%

3.9
%

3.3
%

3.4
%

24hr Au Ext'n

%

80.5
%

84.5
%

74.7
%

74.7
%

81.4
%

79.7
%

78.4
%

85.2
%

48hr Au Ext'n

%

84.7
%

85.4
%

77.5
%

80.8
%

86.4
%

86.9
%

84.3
%

86.1
%

Residue Grade

g/t

0.63

0.58

0.64

0.56

1.51

1.48

0.37

0.31

Cyanide Consumption

kg/t

0.25

0.25

0.15

0.19

0.09

0.13

0.20

0.25

Lime Consumption

kg/t

0.80

0.90

0.64

0.92

1.05

1.02

1.06

1.06

Description

Value ($ million)

Mobilisation, Establishment, Power Generation

8.8

Raisebore Shaft Sinking

0.1

Primary Fan

0.8

Primary and Secondary Pumping

0.6

Substations

0.8

Safety Plant and Equipment

0.4

Survey Equipment

0.3

Paste Plant and Underground Reticulation

3.9

Total

15.7

Description

Value ($ million)

Infrastructure

16.5

Decline

10.9

Cap Access

1.8

Ventilation

1.5

Escapeway

0.2

Other

1.0

Fleet

3.5

Operators

8.0

Capital Mine Services

2.5

Capital Mine Overheads

1.8

Total

47.6

Description

Value ($/t ore)

Ore Drive

25.1

Stope

44.7

Operators

38.0

Operating Mine Services

12.1

Operating Mine Overheads

10.6

Surface Haulage

9.8

Grade Control

8.1

Total Operating

148.4

Base case

Spot case (A$3,400/oz)

NPV7 (Pre-tax)

A$m

100

198

IRR (Pre-tax)

%

146
%

327
%

Pre-production capital

A$m

19

15

AISC (life of mine)

A$/oz

1,578

1,592

Life of mine (LOM)

yrs

5.5

5.5

Payback period

yrs

1.9

1.4

Inferred Resource in LOM

%

15
%

15
%

Inferred Resource in payback period

%

10
%

12
%

Average annual production

koz

37

37

Average annual free cash flow

A$m

29

53

# Base case price assumptions aligned with Ore Reserve.
A$2,700 for Underground and A$3,200 for Open Pit.

Financial figures shown pre-tax due to Trident being only one satellite deposit within Catalyst's broader portfolio.

Section 1 Key Classification Criteria

Trident Deposit

(Criteria listed in the preceding section also apply to this section.)

Criteria

Commentary

Sampling techniques

.
Reverse Circulation drilling comprises 98% of the drill holes underpinning the MRE, the other 2% are diamond drillholes.

.
RC drilling assays are from 1
m samples split on the cyclone for the ultramafics. 1
m splits are taken over entirety of each drill hole using a 1/8 riffle splitter.

.
Diamond drilling assays are from mostly half core and minor quarter core, NQ2 and HQ size core. This was considered to be sufficient material for a representative sample. Core samples were taken at 1
m intervals or at geological boundaries.

.
Historical RC samples were collected as 4
m composite spear samples. Mineralised zones were sampled at 1
m intervals using a 1/8 riffle splitter.

Drilling techniques

.
Reverse Circulation drilling was conducted utilizing a 5.75 inch face sampling bit.

.
Diamond drilling was conducted utilising NQ2 core. Core was orientated by spear methodology.

Drill sample recovery

.
RC drilling was bagged on 1
m intervals and an estimate of sample recovery has been made on the size of each sample.

.
Recovery in diamond drilling based on measured core was returned for each 3
m.

.
No assessment of RC chip sample recoveries was undertaken on historical data however a comprehensive historical review of sampling procedures was undertaken which indicates that standard procedures where enacted to ensure minimal sample loss. Where limited information on the recoveries has been recorded, they have been consistent with those noted by recent drilling.

Logging

.
Reverse Circulation holes are logged on 1
m intervals.

.
Magnetic Susceptibility (KT 10) was recorded.

.
Diamond holes were:

logged in detail based on geological boundaries.

logged on 1 m intervals for geotechnical data.

photographed prior to cutting and sampling.

Geotechnically logged including RQD, recovery and FF

.
Historical drilling:

o
Previous work by Cube Consulting Ltd in 2023 included examining historical Geological logs (WAMEX) in both hard copy and digital files. Logging codes have varied, but careful reconstruction of the geological sections has shown good correlation with the broad lithological logging.

o
Historical procedures are generally similar to that used currently.

Sub-sampling techniques and sample preparation

.
RC Drilling was sampled on 1
m samples using a cone splitter within the cyclone.

.
Half and quarter Diamond Core - Diamond drilling, on selected intervals of between 0.8-1.25
m length.

.
Sampling using a diamond saw.

.
Standards submitted every 20 samples of similar tenor to those expected in the sampling.

.
Blanks were inserted every 20 samples.

.
RC Drilling sampled on 1
m samples using a cone splitter within the cyclone.

.
In less prospective lithologies these 1
m samples were composited using a scoop over 4
m intervals.

.
Historical Drilling:

o
RC – 1
m samples collected at the rig using a 1:8 riffle splitter. Each sample was riffle split each 1
m sample to collect approximately 2
kg samples in calico bags, with the remaining sample retained on site in plastic bags. Four metre composite samples were also collected with any samples assaying greater than 0.1
g/t Au being re-split to 1
m intervals.

o
Core sampled was halved using a diamond saw and sampled at 1
m intervals, or to geological contacts.

o
Field duplicate sampling was completed by passing the bulk reject sample from the plastic bag through a riffle splitter. In addition, 1⁄4 core was routinely submitted. Duplicate sample intervals were designated by the geologist.

o
Sampling procedures for the Resolute drilling were not available.

Quality of assay data and laboratory tests

.
Samples analysed at ALS Laboratories using a 50
g Fire Assay method.

.
Samples are dried, crushed and pulverised prior to analysis.

.
Standards submitted every 20 samples of tenor similar to those expected in the sampling.

.
Blanks were inserted every 20 samples.

.
Historical Drilling:

o
Gold was analysed at Amdel in Perth using fire assay with a 50
g charge for Au.

o
Drilling programs carried out at Trident by HGAL have included ongoing QAQC procedures. These included the use of certified standards, blanks, check assay and duplicate sampling.

o
The various programs of QAQC carried out by HGAL have all produced results which support the sampling and assaying procedures used at the site.

o
Specific QAQC procedures for previous owners were unavailable.

Verification of sampling and assaying

.
RC drilling is verified by the geologist first and then the database administrator before importing into the main database.

.
Historical checks done by Cube Consulting Ltd in 2023:

.
A comparison of the database as current with all data from the 2019 Annual Resource was conducted to ensure the data did not change. Any discrepancies were investigated and fixed.

.
Recent diamond drilling has twinned historical holes confirming assays and geological understanding.

.
Verification of assay and survey data was undertaken through the analysis of primary source data obtained through WAMEX.

Location of data points

.
Downhole surveys are visually inspected for anomalous changes in drill trace, (i.e does the drill hole apparently bend inordinately).

.
All drill collars have been accurately located by a licensed surveyor using DGPS. Recent downhole survey data collected by Westdrill using an Axis Mining Technology Champ North Seeking Gyro tool.

.
Previous downhole survey data collected by REFLEX gyro tool and historically with Eastman cameras with follow-up down-hole surveys carried out by Surtron using gyroscopic survey equipment.

Data spacing and distribution

.
Drill spacing of approximately 20
m (along strike) by 20
m (on section) was considered adequate to establish both geological and grade continuity.

.
Broader spaced drilling has also been modelled but with lower confidence. Some sections have closer spacing in high grade zones confirming the continuity and structural understanding.

Orientation of data in relation to geological structure

.
The orientation of a majority of the drilling is approximately perpendicular to the strike and dip of the mineralisation and is unlikely to have introduced any sampling bias.

.
Certain holes have drilled parallel to key structures, but density of drilling and drilling on other orientations has allowed detailed geological modelling of these structures and hence any sampling bias in a single hole has been removed.

Sample security

.
Samples were bagged and labelled by company geologists or geological assistants and sealed in bulk bags with a security seal that remains unbroken when delivered to the lab.

.
No specific information has been obtained relating to historical sampling security.

Audits or reviews

.
A review of standards, blanks and duplicates indicate sampling and analysis has been completed with no issues discovered.

.
Historical reviews of the database for the Trident area have been examined previously and a proportion of holes were compared to original data sources and found to be consistent wherever checked.

Section 2 Reporting of Exploration Results

Trident Deposit

(Criteria listed in the preceding section also apply to this section.)

Criteria

Commentary

Mineral tenement and land tenure status

.
Located in the Marymia - Plutonic Greenstone Belt ~218
km northeast of Meekatharra in the Midwest mining district in WA

.
M52/217 – granted tenement in good standing.

.
The tenement predates Native title interests, but is covered by the Gingirana Native Title claim.

.
The tenement is 100% owned by Vango Mining Limited and subsidiary Dampier (Plutonic) Pty Ltd.

.
Gold production will be subject to a 2.5% government royalty.

Exploration done by other parties

.
Comprehensive drilling of the deposit was first undertaken by Resolute Limited from 1995 to 1998 completing approximately 263 RC and 37 DD holes.

.
From 1999 Homestake and then later Barrick Gold (2002) completed numerous drilling campaigns at Trident.

.
Dampier Gold completed RC and DD programs at Trident from 2012 until 2014 when Vango Mining took over the project completing 6 Diamond holes for 946 metres plus three RC holes for 747 metres.

.
Catalyst consolidated the belt in 2023 following the successful acquisition of Vango Mining and the merger with Superior Gold Inc. this was followed by Diamond drilling, completed in 2023.

.
In 2024 a RC program was completed which has been included in this MRE.

Geology

.
Gold mineralisation at Trident West is orogenic, hosted within a sheared contact zone in ultramafic rocks. High grade 'shoots' of mineralisation are associated with flexures in the mineralised host shear zones between steeply dipping structures.

Drill hole Information

Catalyst drilling

.
Location of drillholes based on historical reports and data, originally located on surveyed sites, and DGPS.

.
Northing and easting data generally within 0.1
m accuracy

.
RL data +-0.2
m

.
Down hole length =+- 0.1 m

Vango Drilling

.
Location of drillholes based on historical reports and data, originally located on surveyed sites, and DGPS.

.
Northing and easting data generally within 0.1
m accuracy

.
RL data +-0.2
m

.
Down hole length =+- 0.1 m

Historical Drilling

.
The majority of drill holes used in the resource estimate have been accurately surveyed by qualified surveyors using DGPS. Down hole surveys have been conducted at regular intervals using industry- standard equipment.

.
Where single shot cameras were used some magnetic units have affected the azimuth readings and these have not been used. Many holes have been surveyed using Gyro tools.

.
Approximately 100 holes have only planned collar coordinates or nominal down hole surveys.

Data aggregation methods

.
No exploration results are being reported as part of this MRE update.

Relationship between mineralisation widths and intercept lengths

.
Widths of mineralisation have been reported as downhole intervals and not as calculated horizontal widths, due to the complexity of the geometry of mineralisation.

Diagrams

.
No significant discovery is being reported. Plan and long section maps, and sections relevant to the Mineral Resources are included in the body of this Report.

Balanced reporting

.
No exploration results are being reported as part of this MRE update.

Other substantive exploration data

.
No additional exploration data is included in this release.

Further work

.
No new work is currently planned.

Section 3 Estimation and Reporting of Mineral Resources

Trident Deposit

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria

Commentary

Database integrity

.
The Catalyst drillhole database is managed by a third party consultant EarthSQL in AcQuire software.

.
Trident data was exported to MS Access and audited before estimation.

.
Various validation checks in GEOVIA SurpacTM and Seequent Leapfrog GeoTM
3D software and data queries in MS
Access were undertaken such as overlapping samples, duplicate entries, missing data, sample length exceeding hole length, unusual assay values and a review of below detection limit samples. A visual examination of the data was also completed to check for erroneous downhole surveys.

.
The data validation process identified no major drill hole data issues that would materially affect the MRE outcomes.

.
Database checks included the following:

o
Checking for duplicate drill hole names and duplicate coordinates in the collar table.

o
Checking for missing drill holes in the collar, survey, assay and geology tables based on drill hole names.

o
Checking for survey inconsistencies including dips and azimuths <0 ̊, dips >90 ̊, azimuths >360 ̊ and negative depth values.

.
Drill core photography was used to confirm the weathering profile in 4 holes. Core photography was not provided for holes that did not intersect mineralisation.

.
The 2024 MRE update includes 57 new reverse circulation drill holes.

.
The Trident database to May 17 2024 comprised 839 Collar records, 7,180 Survey records, 45,295 Assay records and 27,065 Lithology records. The compiled database used for resource estimation comprised 636 Collar records, 6,959 Survey records, 44,704 Assay records and 26,907 Lithology records.

Site visits

.
The Competent Person undertakes frequent site visits to the Plutonic Gold Operation and associated Marymia tenements.

Geological interpretation

.
Current drilling of 57 reverse Circulation holes (2024) in addition to the 579 historic holes has allowed a detailed geological interpretation of the system.

.
Mineralisation in the Plutonic Belt regularly occurs as shallowly dipping, layer parallel lodes, although steep lodes and minor quartz-vein-hosted deposits also occur. Regionally within the greenstone belt, mineralised host rocks vary from amphibolites to ultramafics and banded iron formation (BIF). Lateritic and supergene enrichment are common throughout the Belt and has been mined locally. Biotite, arsenopyrite, and lesser pyrite/pyrrhotite are common minerals generally accepted to be associated with gold mineralisation.

.
Drilling density at Trident West is <20m x 20m and, although re-distribution of gold mineralization has occurred in the oxide zone of the deposit, the confidence in the geological interpretation in terms of grade distribution and volume is high, with a low to moderate degree of uncertainty regarding variability of orientation.

.
Mineralisation domains were interpreted primarily on geological logging and downhole geological contacts, based on lithology, grade distribution, major faults and geometry.

.
Interpretation of the mineralisation types was initially undertaken in Seequent Leapfrog GeoTM software using all available drill holes. Intercepts correlating to gold mineralisation and underpinned by strike continuity were independently identified and manually selected within Seequent Leapfrog Geo TM prior to creation of an implicit intrusion model.

.
Existing mineralisation wireframes, pit design and site-based observations were used to evaluate geological, structural and mineralisation continuity.

.
A total of 103,221 m of drilling from 145 diamond and diamond tails, 449 RC drill holes and 42 aircore holes were available for interpretation of the MRE. This includes 57 Reverse circulation drill holes completed by Catalyst in 2024.

.
Catalyst considers confidence is moderate to high in the geological interpretation and continuity of the mineralisation domains.

.
The geological model is comprised of one distinct domain (1001) with two smaller domains (1002 and 1003) stacked above it. The zones shallowly dip to the northwest with a thickness of 1-10
m. Mineralisation has been delineated at a nominal 0.3g/t cut-off.

Dimensions

.
Mineralisation extends over a strike length (East – West) of approximately 250
m and down-dip up to 200
m. Mineralisation currently extends to a depth of approximately 100
m below surface.

Estimation and modelling techniques

.
Interpretations used all available drill hole data domain intercepts were flagged and implicitly modelled in Seequent Leapfrog GeoTM software.

.
The domain intercepts were then imported into the MS Access database and prepared for compositing in Surpac.

Domain 1001

.
Trident West gold mineralisation is characterised by several small, spatially concentrated populations of high gold grades (>10 g/t Au) that demonstrate limited spatial continuity (less than 10m).
Raw Coefficients of Variation (CoV) are typically in the order of 2-3, indicating moderate to high variability.

.
The moderate to high grade variability and lack of spatial continuity of high grades requires a non-linear approach to deal with these high grades during estimation.
A traditional approach of physical domaining, assay cutting, and linear estimation (IDW or OK) is considered inadequate in dealing with this complexity.

.
The estimation method combines Categorical Indicator Kriging (CIK) to define broad estimation domains, together with applying distance limiting at chosen grade thresholds to restrict the influence of the high-grade values during grade interpolation.

.
Prior to estimation, a reference surface for Domain 1001 was exported from Leapfrog. This is calculated as the best fit surface using the hanging wall and footwall surfaces.

.
The reference surface is imported into Surpac and a dip and dip-direction value of each triangle facets is imported into the Surpac block model to provide information for dynamic search and variogram model orientation during interpolation.
Dynamic estimation is applied for estimating the CIK indicators and gold grades.

.
All DD and RC data was composited to 1m downhole.

.
Two Categorical Indicator values are determined for the Domain 1001:

.
A low-grade (LG) indicator of 0.2 g/t Au was assigned to differentiate between background 'waste' and low-tenor mineralisation.

.
A high-grade (HG) indicator of 0.8 g/t Au was assigned to define broad areas of consistent higher-tenor mineralisation.

.
A single Indicator variogram was modelled using an indicator value of 0.5 g/t Au, representing the approximate mid-point between the LG and HG indicator values. The indicator variogram exhibited a moderate nugget effect and demonstrated well-structured continuity up to 25m.
The CIK indicators were estimated using Ordinary Kriging into a finely gridded block model with block dimensions of 1.25m x 1.25m x 1.25m.
The small block size for the indicator process is beneficial for creating categorical sub-domains at resolution which can be used to accurately back-flag composite data.

.
Three categorical sub-domains were generated: low-grade (LG), medium-grade (MG) and high-grade (HG) areas.
The HG sub-domain was based on an indicator probability threshold of 0.35 and the LG sub-domain was based on an indicator probability threshold of 0.65. The MG sub-domain is assigned to blocks that do not satisfy either the HG or LG sub-domain criteria.

.
The Trident West mineralisation exhibits a high-grade population beginning at around 8-10 g/t Au.
This high-grade population occurs around the 98-99th percentile of the distribution. The 8-10 g/t Au population tends to occur in 'clusters' or relatively cohesive zones restricted to a local scale.

.
The three categorical block model sub-domains (HG, MG and LG) were used to 'back-flag' the 1m composites, thus creating a separate composite file for each sub-domain.

.
Assay top-cuts were applied to the composite files as follows:

HG = 20 g/t Au

MG = 4 g/t Au

LG = 0.5 g/t Au

.
The assay top-cuts were generally above the 99.9th percentile of the distribution and were aimed at globally limiting extreme values only. Top-cuts are not used as the primary tool to control metal risk.
The use of grade thresholds and distance limiting is considered a more objective and influential method in controlling metal risk, while better reflecting the actual localised occurrence of discontinuous high-grade gold mineralisation.

.
Grade variograms were initially attempted separately for the LG, MG and HG sub-domains, however, this resulted in poorly structured and incoherent variograms.
It was decided to use a variogram modelled on the combined grade data. The combined grade variogram exhibited a low to moderate nugget effect (19%) with a maximum range of 25m.

.
Grade thresholds for distance limiting were determined from log-probability plots.
A distance limit of 7.5m was applied to composite grades greater than or equal 8 g/t Au. Grades equal to or above 8 g/t Au are ignored in estimation when the true distance of the composite is further than 7.5m away from the block being estimated.
The distance restriction of 7.5m was determined by spatial visual analysis.

.
Prior to grade estimation, sub-domain codes from the 1.25m resolution block model are imported into a Y=5m x X=5m x 2.5m resolution model and the proportion of LG, MG and HG is calculated for each 5m x 5m x 2.5m block.

.
The choice of a 5m x 5m x 2.5m block size reflects the likely mining selectivity achievable for a small to moderate scale open pit mining scenario.

.
Grade estimation for the LG, MG and HG sub-domains was undertaken in Surpac software using Ordinary Kriging with grade threshold distance limiting.
Search routines and variogram orientations are drawn from the pre-populated dynamic search information recorded in each block.

.
Final block grades at a 5m x 5m x 2.5m block resolution were calculated by weighting the estimated grades for each sub-domain by the relevant domain proportion.

.
The parent estimation block size was 5m x 5m x 2.5m.
A minimum of 2 and maximum of 12 (1 m composite) samples were used for each sub-domain estimate per block. Block discretisation was set at 3 E x 3 N x 3 RL points (per parent block).

.
A standardised search ellipse of 50m x 50m x 22.5m was used.
Octant restrictions were not used.

.
Data spacing varied from <10m x 10m to 40m x 20m.

Domain 1002 and 1003

.
Domains 1002 and 1003 were both small low-grade domains and gold grade was estimated using Ordinary Kriging in Surpac Software. It was considered that a more robust geological model with smoother and more continuous mineralised lodes will reduce the effects of higher CV.

.
Variograms were generated using composited drill data in Snowden Supervisor v8 software.

.
The ellipsoid search parameters were based on the variogram ranges, with the search ellipse dimensions similar to the variogram range, with anisotropies retained. Hard boundaries were used for the estimate.

.
To enable the use of dynamic variograms and search orientations during the estimation of gold, the reference surfaces for each domain were exported from the Leapfrog project. This is calculated as the best fit surface using the hanging wall and footwall surfaces.

.
A minimum of 2 and maximum of 12 (1 m composite) samples per block were used with no limit of samples per drillhole. The minimums and maximums were established through independent KNA on each major domain. Block discretisation was set at 3 E x 3 N x 3 RL points (per parent block).

.
Octant restrictions were not used, and estimates were into parent blocks, not sub-blocks.

.
Block sizes were selected based on drill spacing and the thickness of the mineralised veins.

.
Drill spacing was approximately 20m by 20m or closer.

.
Block dimensions were 5m x 5m x 2.5m (XYZ). Sub-celling in all domains was 1.25
m x 1.25
m x 1.25
m to accurately reflect the volumes of the interpreted wireframes.

.
The choice of a 5m x 5m x 2.5m block size reflects the likely mining selectivity achievable for a small to moderate scale open pit mining scenario.

.
Top cuts of 1.5g/t were applied to the data in both domains to control the effects of outlier high grade Au values that were considered not representative. The effect of the top cuts was reviewed with respect to the resulting Mean and CV values.

.
No deleterious elements were estimated or assumed.

.
Only gold grade was estimated.

.
The model was validated by comparing statistics of the estimated blocks against the composited sample data; visual examination of the of the block grades versus assay data in section and swath plots.

Moisture

.
All estimations were carried out using a 'dry' basis.

Cut-off parameters

.
Trident West 2024 Mineral Resources are reported at a cut-off grade of 0.5 g/t Au within an open pit optimisation shell. The cut-off grade has been derived from current DFS open pit mining and processing costs and parameters.

.
Inputs into the pit optimisation and cut-off grade calculation include:

Wall Angles = Oxide 39°, Transitional 45°, Fresh 52°

Mining Cost (AUD$) = $5.5/t ore

Processing and Surface Haulage Costs (AUD$) = Oxide $48/t, Transitional $49/t, Fresh $51.4/t

Site Administration Cost = Included in mining and processing cost

Metallurgical Recovery = 95%

Royalties = 2.5%

.
Gold Price = AUD$3,200/oz

Mining factors or assumptions

.
The Trident West 2024 Mineral Resource estimate is reported within an open pit optimisation shell using a gold price of AUD$3,200/oz.

.
Mining selectivity is assumed to be on 2.5m vertical benches with a 5m x 5m Selective Mining Unit (SMU).

Metallurgical factors or assumptions

.
It is assumed the material will be trucked and processed at the Plutonic Gold Plant. Recovery factors are assigned based on lab test work.

.
No metallurgical assumptions have been built or applied to the resource model.

Environmental factors or assumptions

.
A conventional storage facility is used for the process plant tailings.

.
The small amount of waste rock is stored in a traditional waste rock landform 'waste dump'. Due to low sulphide content and the presence of carbonate alteration the potential for acid content is considered low.

Bulk density

.
Density has been assigned to the resource models using interpreted weathering surfaces determined from drill hole logging. Bulk density values were determined by Cube in 2023 by statistically comparing data from 200 samples based on rock type and oxidation.

.
Oxide =1.8

.
Transitional=2.4

.
Fresh=2.9

Classification

.
Factors considered when classifying the model include:

.
The portions of the Trident West 2024 MRE classified as Indicated have been flagged in areas of the model where average drill hole spacing is 20m x 20m or closer. The drill spacing within the Indicated portion of the resource is appropriate for defining the continuity and volume of the mineralised domains, at a nominal 20 m drill spacing on 20 m sections.

.
The portions of the Trident West 2024 MRE classified as Inferred represent minor areas where geological continuity is present but not consistently confirmed by 20 m x 20 m drilling.

.
Further considerations of resource classification include; data type and quality (drilling type, drilling orientations, down hole surveys, sampling and assaying methods); geological mapping and understanding; statistical performance including number of samples, slope regression and kriging efficiency.

.
The Mineral Resource estimate appropriately reflects the view of the Competent Person.

Audits or reviews

.
The geological interpretation, estimation parameters and validation of the resource model was peer reviewed by Catalyst staff.

.
No external reviews of the resource estimate had been carried out at the time of writing.

Discussion of relative accuracy/ confidence

.
The relative accuracy of the Mineral Resource estimate is reflected in the reporting of the Mineral Resource as per the guidelines of the 2012 JORC Code.

.
The statement relates to the global estimates of tonnes and grade.

Section 4 Estimation and Reporting of Ore Reserves

Trident Reserve

(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.)

Criteria

Commentary

Mineral Resource estimate for conversion to Ore Reserves

.
The Mineral Resource Estimate (MRE) used for the Trident open pit and underground Ore Reserve is described in Section 3.

.
Only the Indicated portion of the Mineral Resources are reported, and they are inclusive of the Ore Reserve. The Ore Reserves are a subset of the MRE and are spatially contained within the MRE.

Site visits

The Competent person has been to both the Trident and Plutonic mine sites in December 2022.

Study status

Underground

.
The underground Ore Reserve has been generated from a Feasibility Study. The study has had both internal Catalyst personnel and external consultants formulate the mine plan with appropriate geotechnical, hydrological, equipment, metallurgical and mining method information. Costs have been derived from Catalyst's existing Plutonic Underground Mine, and where tailored processes, mining methods or equipment has been proposed for Trident, appropriate level of investigation has occurred. Environmental, social, and other factors have been considered with several permits and licenses in application.

.
Material modifying factors are based on the proposed underground mining methods and geotechnical assessment, in addition to industry standards and current performance at Catalyst's Plutonic mine which employs similar mining methods.

Open Pit

.
The open pit Ore Reserve has been generated from Prefeasibility level of assessment, appropriate for the size and scale of proposed operation. The study has had both internal Catalyst personnel and external consultants formulate the mine plan with appropriate geotechnical, hydrological, equipment, metallurgical and mining method information. Costs have been derived from external consultant databases, which reflect recent open pit Western Australian contractor costs and ancillaries.

.
Practical and equipment specific dig blocks were created in several of the proposed open pit benches to adequately estimate material modifying factors.

.
Both underground and open pit studies demonstrate that the mine plan is technically achievable and economically viable taking into consideration the current known material modifying factors.

Cut-off parameters

.
The cut-off grade applied to the Ore Reserve estimate is defined as the g/t gold grade at which the revenue generated breaks even on a $A value per tonne of ore after consideration of all costs (mining, processing, general and administration), metallurgical recoveries, sustaining capital, transport costs and royalties.

Underground

.
Individual stope designs are based on a break-even cut-off grade of 2.0
g/t and then mining areas are analysed globally to ensure they are economically viable to account for total mining access, extraction, processing, and all other relevant costs.

Open Pit

.
Cut off grades were estimated for the various oxide states to address the associated cost profiles and characteristics. On this basis material was classified on a break-even cut-off grade of 0.6-0.7
g/t

Mining factors or assumptions

Underground

.
The Ore Reserves estimate is based on long-hole stoping with paste fill mining methodology. The modifying factors are based on the geotechnical inputs and assumed mining methods.

.
The Ore Reserves estimate is generated by designing stope shapes using Datamine's Mineable-Shape-Optimiser (MSO).
A development layout was then designed to align with the stope shapes and scheduled in Deswik scheduling software.

.
MSO input parameters include a 2.0 g/t Au cut-off, minimum mining width of 3.0
m, 1.0 m hanging wall dilution and 0.5 m footwall dilution in the flatter lying areas of the orebody (~<40 degrees), and 0.5 m hanging wall dilution and 0.5 m footwall dilution in steeper dipping areas (~>40 degrees),
of the orebody. Additional dilution of 5% was applied to all paste filled stopes. Development had no dilution applied and 100% mining recovery assumed.

.
Mining recovery of 92.5% was applied in flatter lying stopes, and 95% mining recovery in steeper dipping stopes.
These mining recovery factors allow for bogging losses typically realised in longhole stoping.

.
A minimum footwall dip angle of 40 degrees was utilised.

.
Any Unclassified or Inferred Mineral Resources captured within the mine plan have a zero grade assigned and the material treated as waste.

.
Trident mining method specific infrastructure includes the provision of a paste fill plant for backfilling stope voids and a surface batch plant for cement supply.

.
Other key infrastructure that is required for the underground mining operation includes power generation and reticulation, primary ventilation infrastructure, office buildings, maintenance workshops, explosive magazines, water reticulation and storage, ore stockpiles and waste dumps, evaporation ponds, and other facilities.

Open Pit

.
The Ore Reserves estimate is based on conventional open pit mining, utilising a standard 120t excavator and associated 90t trucking fleet.

.
Several representative benches within the pit design (and above the cutoff grade) had dig block polygons created which informed the overall modifying factors applied to the entire open pit. Dig block boundaries describe the practical volumes required to extract the Ore, with minimum mining (bucket) width considerations as well as a 0.5m expanded outer skin.

.
Dilution values used in the Ore Reserve (at 0g/t) were 17% within oxide material, 19% within transitional layers and 21% at the fresh rock horizon.

.
Mining ore loss values were applied uniformly across all oxide states at 7%.

.
Any Unclassified or Inferred Mineral Resources captured within the mine plan have a zero grade assigned and the material treated as waste.

Metallurgical factors or assumptions

.
The Ore Reserve will be treated at the established Plutonic processing facility. The facility is a conventional crushing, gravity circuit, grind, and CIL (carbon in leach) plant and is appropriate for the extraction of gold from free milling mineralisation.

.
The original Plutonic process plant ("PP1") consisted of an open circuit jaw crusher, coarse ore stockpile, semi-autogenous grinding ("SAG") mill and ball mills, two leach tanks, and six carbon adsorption tanks. A three-stage hard rock crushing circuit was incorporated in 1994 which included a fine ore bin and an additional ball mill. A 16 MW gas power station was added in 1997 and upgraded with new sets in 2014 and 2020 respectively.

.
Plant performance for the past five years indicates reasonable performance, with recoveries ranging from 76% to 90%, and an average recovery in 2023 of 85%. Metallurgical recoveries used to generate the Mineral Reserves were based on site production data and detailed metallurgical testing to an appropriate standard. A summary of the metallurgical recoveries used to determine the cut-off grades is shown in Table 2.

Underground

.
Catalyst has undertaken DFS-level testwork.
The aim of the program was to define the performance of the Trident Underground ore through the established Plutonic 1.8 Mtpa gravity/CIL plant.

.
The test work indicated that implementing an average 83.5% metallurgical recovery is both prudent and auditable.
The recovery is reflective of the current Plutonic processing plant's capacity, grind sizing of 75 μm.

.
Concentrations of silver is low.
Concentrations of deleterious elements have been noted as low across different ore types including fresh, transitional and weathered ore.

Open Pit

.
Prefeasibility level testwork has been completed on the open pit metallurgical characteristics. A 42kg composite sample was assessed at various grind and leach times.

.
Cyanide leach tests were conducted at three grind sizes, producing the following results over 24 hours: 150 micron: 95.5% gold recovery, 106 micron: 97.9% gold recovery and 7 micron: 97.7% gold recovery.

Environmental

.
The Trident deposit is situated on a previously disturbed area. Historical mining operations of Marwest and Mareast open pits as well as the abandoned 1997 portal excavation have all resulted is extensive clearance. Catalyst's proposed development footprint for both open pit and underground mining has been designed as far as practical within existing disturbance envelopes.

.
Baseline environmental studies have been completed across the tenement package, with several permits / licenses currently in application and the Mining Proposal for the underground mine in its final stages of DEMIRS assessment. It is expected Catalyst will submit the Mining Proposal for the open pit in Q3CY24.
the Competent Person is not aware of any reason that the Mining Proposal will not be successful

.
The project has been designed to comply with environment regulations. A site compliance register that includes all statutory and reporting obligations will be developed as the project progresses to operations.

Infrastructure

.
Processing plant and tailings storage facilities are located at Plutonic and will be utilised for the processing of Trident ore and deposition of resulting tailings.

.
Camp, accommodation, and air strip facilities are also located at Plutonic and will be utilised by the Trident workforce.

.
Power for the Trident mine will be supplied from diesel gensets and life-of-mine requirements were modelled within the Feasibility Study

.
Mine water will be supplied from the Mareast pit and life-of-mine requirements were modelled within the Feasibility Study

Costs

Underground

.
Capital and operating costs underlying assumptions are to a Feasibility level.

.
Where available and appropriate, costs have been derived from Plutonic's recent actual costs for underground mining.
Components of the underground mining methodologies employed at Plutonic are similar to those proposed at Trident and deemed suitable as a source for cost estimation.

.
Where Trident is utilising different mining techniques and methodologies, costs have been built up from recent supplier and manufacturer quotations.

Open Pit

.
Capital and operating costs underlying assumptions are to a Prefeasibility level.

.
Direct mining costs (load and haul, drill and blast) are derived from an external consultant Q4CY23 Request for Quotation (RFQ) process, which reflect recent open pit Western Australian contractor costs and ancillaries.

.
Processing and general and administrative costs, salaries, and camp and accommodation costs are based on recent actuals from the Plutonic mining operation.

.
Allowances have been made for State royalties (2.5%) payable on net revenue.

.
Surface haulage rates have been applied based on contractor quotations.

Revenue factors

.
For the underground Ore Reserve a A$2,700/oz sale price was used to assess economic viability.

.
The open pit Ore Reserve, which is the initial component of the overall Trident Project, has been assessed at a sale price of A$3,200/oz.

Market assessment

.
Gold metal is a freely and widely traded commodity with a transparent mechanism for setting prices and for sale of gold produced.

.
Catalyst has not conducted any studies or analyses such as commodity price projections, product valuations, market entry strategies, or product specification requirements.

Economic

.
The Trident operation generates positive NPV using the afore mentioned costs, revenue factors and discount rate of 7%.

.
Sensitivity analysis was conducted on gold price, total costs, metallurgical recovery, mined grade and mined tonnes and still generated a positive NPV.

.
The Trident NPV is most sensitive to gold price and metallurgical recovery.

Social

.
The Trident orebody is located on M52/217 and access is through the adjacent M52/218 from the haul road.
Catalyst has good relationships with neighbouring stakeholders, including engagement with the local pastoralists and the traditional owners.

.
Granted mining leases cover all the proposed mining and processing assets.

Other

.
Contracts are in place at Plutonic for critical supplies. Trident is expected to leverage off Plutonic's supply chain and procurement.

.
No other matters, other than disclosed in this Table 1 are considered material to the estimateion and reporting of this Ore Reserve.

Classification

.
The Ore Reserves classification reflects the Competent Person's view of the deposit. Only Probable reserves have been declared and are based on Indicated Resources following consideration of modifying factors.

.
No Probable Ore Reserves are derived from Measured Resources.

Audits or reviews

.
No review has been conducted on the Ore Reserves.

Discussion of relative accuracy/ confidence

.
The accuracy of the estimates within this Ore Reserve is mostly determined by the order of accuracy associated with the Mineral Resource estimate, the geotechnical inputs and the costs used collectively in the respective levels of technical studies described previously in this section.