Page 1

ASX ANNOUNCEMENT 29 JANUARY 2021 Black Cat Syndicate Activities Report for the Quarter Ended 31 December 2020 The Board of Black Cat Syndicate Limited ( " Black Cat " or " the Company " ) is pleased to report on activities at the Kal East Gold Project ( " Kal East " ) during the quarter ended 31 December 2020 . HIGHLIGHTS Operations • • 27 % increase in JORC 2012 Resources ( " Resources " ) to 12.3Mt @ 2.3 g / t Au for 905,000oz . 52 % increase in highly prospective ground holding to 756km² . 179 holes ( 19,065m ) of RC drilling and 19 holes ( 2,393.2m ) of diamond drilling completed including maiden drilling at Rowe's Find and Jones Find . Results were released on 30 October 2020 , 12 November 2020 , 7 December 2020 and 18 December 2020 and contributed to a 77 % increase in the Fingals Fortune Resource . Initial Scoping Study released in November 2020 ( " November 2020 Study " ) highlighting a strong case for development as drilling continues to grow Resources . This initial Study was only a starting point with only 40 % ( 357,000oz ) of current Resources considered in the Study , leaving 548,000oz in Resources still to be assessed in future Studies . Results Activities during the quarter were focussed on high priority mining areas and included infill and extensional work around the Myhree , Fingals Fortune and Imperial / Majestic deposits , as well as maiden drilling at Rowe's Find and Jones Find . Best results included : ○ Corporate • 13m @ 4.98 g / t Au from 30m ( 20JFRC016 ) - Jones Find extensional ; 13m @ 2.38 g / t Au from 26m ( 20JFRC013 ) - Jones Find extensional ; 3.68m @ 9.35 g / t Au from 196.94m ( 20MYDD005 ) - Myhree extensional ; 3.34m @ 9.74 g / t Au from 186.83m ( 20MYDD006 ) - Myhree extensional ; 2.21m @ 24.53 g / t Au from 369.34m ( 20IMDD002 ) - Majestic extensional ; 1.13m @ 30.23 g / t Au from 259.68m ( 20IMDD003 ) - Majestic extensional ; 7m @ 9.12 g / t Au from 18m ( 20FIRC105 ) - Fingals Fortune infill ; 2m @ 19.20 g / t Au from 46m ( 20FIRC102 ) - Fingals Fortune extensional ; 7m @ 5.74 g / t Au from 83m ( 20RFRC011 ) – Rowe's Find extensional ; and - 17m @ 3.17 g / t Au from 9m ( 20RFRC016 ) – Rowe's Find infill . - Completion of acquisition of the Trojan , Slate Dam and Clinker Hill Projects . Cash of ~ $ 6.0M to grow Resources and Reserves and complete processing facility design . March 2021 Quarter Planned Activities • > 25,000m of drilling . • Resources targeted to reach 1 million ounces with maiden Ore Reserves released . • Commitment to long lead - time items being the 1.4MW ball mill , the mill motor and variable speed drive . Expected approvals for the Myhree Stage 2 open pit , Majestic underground and processing facility construction . BLACK CAT SYNDICATE LIMITED ( ASX : BC8 ) Suite 8 , 16 Nicholson Road , Subiaco WA 6008 PO Box 572 , Floreat WA 6014 T : +61 458 007 713 | E : admin@blackcatsyndicate.com.au W : www.blackcatsyndicate.com.au ABN 63 620 896 282 DIRECTORS Paul Chapman Gareth Solly Les Davis Alex Hewlett Tony Polglase Non - Executive Chairman Managing Director Non - Executive Director Non - Executive Director Non - Executive Director CORPORATE STRUCTURE Ordinary shares on issue : 110.3M Market capitalisation : A $ 85M ( Share price A $ 0.77 ) Cash ( 31 Dec 2020 ) : A $ 6.0M