Black Cat Syndicate : Majestic System Continues to Expand

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ASX ANNOUNCEMENT

18 January 2022

Majestic System Continues to Expand

Black Cat Syndicate Limited ("Black Cat" or "the Company") is pleased to announce drilling results from the Kal East Gold Project ("Kal East").

HIGHLIGHTS

• Final infill and extensional diamond drilling results at Majestic have been returned. In line with earlier assays, the final holes show strong mineralisation intervals at depth, including:
  o 0.41m @ 108.00 g/t Au from 401.15m (21IMDD006) - Infill
  o 0.98m @ 33.70 g/t Au from 374.6m & 0.82m @ 83.50 g/t Au from 391.8m (21IMDD015) - Infill
  o 0.97m @ 17.79 g/t Au from 348.23m (21IMDD021) - Infill
  o 0.94m @ 16.07 g/t Au from 328.71m, 1.01m @ 24.60 g/t Au from 332.3m and 1m @ 12.23 g/t Au from 371.53m (21IMDD010) - Extensional
  o 3m @ 6.89 g/t Au from 278.75m, 0.5m @ 20.30 g/t Au from 299.39m and 0.42m @ 34.70 g/t Au from 333.94m (21IMDD023) - Extensional
  o 1.08m @ 28.17 g/t Au from 360.51m (21IMDD025) - Extensional
• In addition, RC drilling continues to confirm high-grade mineralised zones within the Majestic footwall that were previously sparsely drilled. Results include:
  o 2m @ 4.96 g/t Au from 239m and 1m @ 11.00g/t Au from 243m (21IMRC034)
  o 1m @ 22.70 g/t Au from 36m (21IMRC038)
  o 4m @ 2.60 g/t Au from 68m (21IMRC046)
• Two RC drill rigs are currently drilling around the Fingals Mining Centre and at Jones Find. This drilling is targeting increases to and upgrades of shallow open pit Resources that will be used to calculate maiden Ore Reserves.

Figure 1: Majestic and Imperial historical open pits adjacent to the Kal East Gold Project proposed mill site

Black Cat's Managing Director, Gareth Solly, said: "The infill and extensional results from Majestic further confirm the potential of the planned underground mine. Identification of mineralised footwall zones are expected to further enhance mine economics. Additional extensional drilling of Majestic will be undertaken from underground positions after the commencement of mining.

Maiden Ore Reserves are planned for completion in the March 2022 quarter. Drilling with two RC rigs is ongoing."

BLACK CAT SYNDICATE LIMITED (ASX:BC8)	DIRECTORS		CORPORATE STRUCTURE
Level 3, 52 Kings Park Road, West Perth WA 6005	Paul Chapman	Non-Executive Chairman	Ordinary shares on issue: 140.8M
PO Box 184, West Perth WA 6872	Gareth Solly	Managing Director	Market capitalisation: A$85M
T: [phone] | E: [e-mail]	Philip Crutchfield Non-Executive Director	(Share price A$0.605)
W: www.blackcatsyndicate.com.au	Les Davis	Non-Executive Director	Cash (30 Sep 2021): A$10.3M
ABN 63 620 896 282	Tony Polglase	Non-Executive Director

Majestic System Continues to Expand

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Infill and Extensional Drilling at Majestic Mining Centre (M25/350) 100%

The Majestic Mining Centre produced ~1.4Mt @ 2.5 g/t Au for 113,000 oz from three open pits between 2016 and 2018. The area contains a stripped profile and most historical drilling is considered too shallow to effectively test for new discoveries. The Majestic Mining Centre consists of multiple lodes/deposits with a current combined Resource of 7.3Mt @ 2.0 g/t Au for 472,000 oz which remain open along strike and at depth. Furthermore, additional mineralised structures have been intersected in numerous locations at <2.0 g/t Au and these areas remain of interest in a high-grade nuggety system (Figure 2).

Start-up operations at Kal East are planned to include an underground mine at Majestic in conjunction with an open pit at Myhree. An extensive drilling campaign at Majestic commenced in May 2021. This drilling was designed to test shallower footwall structures in addition to infill and extend the underground Resource of 1.1Mt

• 5.2 g/t Au for 184,000 oz and to estimate a maiden underground Ore Reserve. Diamond drilling continued until October 2021.

Previously reported results from this drilling1 included:

• 2m @ 8.68 g/t Au from 130m (21IMRC029)
• 8m @ 5.81 g/t Au from 68m (21IMDD002) (pre-collar)
• 1.57m @ 8.93 g/t Au from 287.15m (21IMDD001)
• 4.31m @ 5.51g/t Au from 354.03m (21IMDD003)
• 3.53m @ 5.18 g/t Au from 396.69m (21IMDD005)
• 1.38m @ 6.90 g/t Au from 314.36m and 3.12m @ 5.89 g/t Au from 331.86m (21IMDD008) Encouraging RC holes targeting the sparsely tested upper footwall zone of Majestic include:
• 2m @ 4.96 g/t Au from 239m and 1m @ 11 g/t Au from 243m (21IMRC034)
• 1m @ 22.70 g/t Au from 36m (21IMRC038)
• 4m @ 2.60 g/t Au from 68m (21IMRC046)

All diamond tails have now been returned, with promising results (Figure 1). Infill results include:

• 0.41m @ 108.00 g/t Au from 401.15m (21IMDD006)
• 0.98m @ 33.70 g/t Au from 374.6m and 0.82m @ 83.50 g/t Au from 391.8m (21IMDD015)
• 1.84m @ 5.61 g/t Au from 289.32m (21IMDD018)
• 0.97m @ 17.79 g/t Au from 348.23m (21IMDD021)

Extensional results include:

• 0.94m @ 16.07 g/t Au from 328.71m, 1.01m @ 24.60 g/t Au from 332.3m and 1m @ 12.23 g/t Au from 371.53m (21IMDD010)
• 3m @ 6.89 g/t Au from 278.75m, 0.5m @ 20.30 g/t Au from 299.39m and 0.42m @ 34.70 g/t Au from 333.94m (21IMDD023)
• 1.08m @ 28.17 g/t Au from 360.51m (21IMDD025)

First pass exploration holes were also drilled north and along strike from Imperial in an area that historically has only been tested by shallow RAB drilling (Figure 3). These holes were spaced at 100m by 100m and confirmed the presence of anomalous gold for at least 500m along strike. These results are encouraging as they confirm that the system remains open and further drilling along strike from Imperial is warranted. First pass results included:

• 1m @ 6.61 g/t Au from 94m (21IMRC051)
• 1m @ 3.51 g/t Au from 42m (21IMRC056)
• 1m @ 3.68 g/t Au from 110m (21IMRC063)

An updated Resource for Majestic underground is currently being estimated which will allow updated mine planning and a maiden Ore Reserve to be completed.

1 Refer ASX announcements 14 July 2021, 16 & 28 September 2021

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Majestic System Continues to Expand

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Figure 2: Long section showing Majestic and Imperial. Existing open pits (brown) with conceptual underground (grey) and mineralised structure (pink)

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Majestic System Continues to Expand

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Figure 3: Plan of the Majestic Mining Centre with current Resources, planned processing plant location and target areas. Newly drilled

holes north of Imperial are shown.

DRILLING & ASSAYS

Black Cat completed >93,000m in 2021. Drilling comprised a mix of discovery, Resource growth, Resource definition and grade control across Kal East. The assay backlog is steadily reducing and remaining 2021 drill results will be announced in the coming weeks.

Chart 1: Black Cat's 2021 drilling with progress on drill metres and assay results showing a recent reduction in assay backlogs

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Majestic System Continues to Expand

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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 East
• To the south of Jones Find with the intention of expanding Resources and potential Ore Reserves
• Discovery drilling in other areas around the Kal East mining centres

RECENT AND PLANNED ACTIVITIES

Upcoming activities include:

Planned Activities	Jan 22	Feb 22	Mar 22	Apr 22	May 22	Jun 22

Ongoing RC drilling

Updated Resources and Ore Reserves

Tailings storage facility & Works approval

Study & Ore Reserves

Grid power study

"Issued for Construction" drawings for processing facility

Fingals mining approval

Quarterly report

RIU Explorers, Fremantle WA

Half Year Financial Statements

For further information, please contact: Gareth Solly

Managing Director [phone] [e-mail]

This announcement has been approved for release by the Board of Black Cat Syndicate Limited.

COMPETENT PERSON'S STATEMENT

The information in this announcement that relates to geology, exploration results and planning was compiled by Mr. Iain Levy, who is a Member of the AIG and an employee, shareholder and option holder of the Company. Mr. Levy has sufficient experience which 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'. Mr. Levy consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the form and context in which the Competent Person's findings are presented have not been materially modified from the original reports.

Where the Company refers to the Mineral Resources in this report (referencing previous releases made to the ASX), it confirms that it is not aware of any new information or data that materially affects the information included in that announcement and all material assumptions and technical parameters underpinning the Mineral Resource estimate with that announcement continue to apply and have not materially changed.

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