Paulsens West Drilling - Validates Seismic Interpretation

• Two diamond drill holes and a further wedge hole (3,805m) completed at Paulsens West
• Drilling intersected quartz-carbonate veining within a broad zone of shearing consistent with 3D seismic interpretation
• Assays returned no significant gold results, but drilling confirmed key elements of a Paulsens-style system

Black Cat Syndicate Limited ('Black Cat' or 'the Company') has completed two diamond drill holes and a further wedge hole (3,805m) at the 100% owned Paulsens Gold Operation ('Paulsens'). The drilling at Paulsens West, located ~600m southwest of the current mine and ~800m below surface, has validated the 3D seismic interpretation. All holes intersected a broad shear zone containing quartz-carbonate veins up to 2m wide along its upper margin, comparable to the Paulsens Main Zone. Two holes also intersected sulphide-altered, veined gabbro at the position predicted by the seismic model. While no significant gold results were returned, the drilling has confirmed key geological features of a Paulsens-style system, providing a solid basis for follow-up drilling to test potential high-grade zones. Additional drilling is being designed to test the structural corridor shallower up plunge and to investigate along-strike for gold veining within the structure.

Additional drilling is being designed to test the structural corridor shallower up plunge and to investigate along-strike for gold veining within the Paulsens West structure.