• Ongoing underground diamond drilling at Paulsens continues to target both Resource growth and optimisation of production areas
• Recent extensional and infill drilling in the upper Main Zone has returned significant results outside the current Resource
• A total of 36 holes are awaiting results which are expected this quarter, and drilling is ongoing

Black Cat Syndicate Limited ('Black Cat' or 'the Company') is pleased to provide an update on drilling activities at the 100% owned Paulsens Gold Operation ('Paulsens'). Ongoing underground diamond drilling at Paulsens continues to target both Resource growth and optimisation of production areas, with over 28,000 metres drilled since restart. Recent extensional and infill drilling in the upper Main Zone has returned significant results outside the current Resource, including 2.90m @ 22.83g/t Au, 3.19m @ 12.87g/t Au, 2.25m @ 12.60g/t Au, and 1.00m @ 34.42g/t Au. A total of 36 holes are awaiting results which are expected this quarter, and drilling is ongoing. Previous drilling has targeted extensions to the Gabbro Veins and Hangingwall Zone in the lower part of the mine, with all assays now received and Resource modelling underway. Drilling will continue to focus on the Main Hangingwall Zones in the upper part of the mine. The recent results are consistent with previously reported high-grade intersections from the Main Zone, Gabbro Veins and Hangingwall Zone. Jumbo development drives are underway on various levels to enable future production from these areas.

Ongoing underground diamond drilling at Paulsens will continue to target both Resource growth and optimisation of production areas.