• Ongoing underground diamond drilling at Paulsens continues to target both Resource growth and optimisation of production areas
• Extensional drilling in the upper Main Zone has returned significant results outside the current Resource
• Drilling is ongoing with planning also in place to add a second rig to accelerate extensional drilling

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. Extensional drilling in the upper Main Zone has returned significant results outside the current Resource, including 5.06m @ 14.33g/t Au, 3.64m @ 11.94g/t Au, 5.36m @ 7.25g/t Au and 2.37m @ 15.66g/t Au. Previous drilling has also targeted extensions to the Gabbro Veins and Hangingwall Zone in the lower part of the mine with Resource modelling underway. Drilling in the near term will continue to focus on the Hangingwall Zones in the upper part of the mine. The Company plans to add a second rig to accelerate extensional drilling alongside production optimisation activity. These results demonstrate the potential for ongoing growth at Paulsens as drilling continues, reaffirming the Company's confidence in the near-mine opportunity and the long-term potential of this high-grade, historically prolific gold system.

Paulsens underground drilling will be ongoing throughout 2026 with planning in place to add a second rig to accelerate extensional drilling alongside production optimisation activity.