Plutonic and Trident Mineral Resource & Ore Reserve Update

Classification

Tonnes (Mt)

Grade (g/t Au)

Ounces (Koz)

Indicated

17.2

2.9

1,592

Inferred

0.74

2.6

62

Total

17.9

2.9

1,654

Notes:

1.

Mineral Resource estimated at 1.5g/t Au cut-off and reported within underground Shape Optimiser (SO). SO inputs include:
Incremental Stope Mining Cost = AUD$60/t; Processing Costs = AUD$31/t ore; Site Administration Cost = AUD$23/t ore; Metallurgical Recovery = 84%; Royalties = 2.5%; Gold Price = AUD$2,800/oz; Minimum mining width = 3m

2.

Numbers may not add up due to rounding

Classification

Tonnes (Mt)

Grade (g/t Au)

Ounces (Koz)

Probable

5.2

2.9

490

Total

5.2

2.9

490

Notes:

1.

Ore Reserve estimated at 2.0g/t Au cut-off;

2.

Reserves are a combination of detailed mine design and Stope Optimised shapes. SO inputs include: Incremental Stoping and Grade Control Cost = AUD$60/t; Processing Costs = AUD$31/t ore; Site Administration Cost = AUD$23/t ore; Metallurgical Recovery = 84%; Royalties = 2.5%; Gold Price = AUD$2,600/oz; Minimum mining width = 3m, with a 1m dilution halo applied to Hangingwall and Footwall.

3.

Mining modifying factors of 10% dilution is applied to the in-situ stope tonnes, and ore recovery of 95% is applied.

4.

Numbers may not add up due to rounding

Deposit

Measured

Indicated

Inferred

Total

Tonnes
(Mt)

Grade
(g/t
Au)

Ounces

(koz)

Tonnes

(Mt)

Grade
(g/t
Au)

Ounces

(koz)

Tonnes
(Mt)

Grade
(g/t
Au)

Ounces

(koz)

Tonnes
(Mt)

Grade
(g/t
Au)

Ounces

(koz)

Total

-

-

-

1.6

5.0

257

2.6

3.0

251

4.2

3.7

508

Notes:

1.

Mineral Resource reported within Shape Optimiser (SO) shapes at 2.0g/t Au cut-off.  SO inputs include:
Mining Cost = AUD$101.33/t ore; Processing and Surface Haulage Costs = AUD$38.40/t ore; Site Administration Cost = AUD$5.58/t ore; Metallurgical Recovery = 83.5%; Royalties = 2.5%; Gold Price = AUD$2,800/oz
Minimum mining width = 2m

2.

Numbers may not add up due to rounding

Criteria

Commentary

Sampling 
techniques

• Over its 33-year production history, the Plutonic deposit has been sampled using numerous
  drilling and sampling techniques byBillabong Gold Pty Ltd (Billabong - 100% owned Catalyst
  Metals Limited) and previous operators. Drilling and sampling techniques by previous operators is
  assumed to be to industry standard at that time
• For Mineral Resource estimation the Plutonic main underground area has been predominantly
  based on diamond drilling (DD) from surface and underground platforms and underground rock
  chip face samples (FS).  Reverse Circulation (RC) drilling makes up a small proportion of the data
  set and has been carried out at the Plutonic main deposit for delineation of open pit material
• For DD samples, downhole depth is recorded by the drillers on core blocks after every run. This is
  checked and compared to the measurements of the core by a geologist to honour geological
  boundaries (lithology, mineral assemblage, alteration etc).  Sample lengths typically vary between
  0.3m and 1.0m
• DD core is orientated using a Reflex ACT device and detailed structural measurements and
  logging is carried out. Exploration DD core is sawn in half along the orientation lines, with half the
  sample being submitted for assay and the remaining half being retained for reference. Grade
  control DD core is whole core sampled and sent for analysis
• RC samples were collected for each metre drilled and passed through a cyclone and riffle splitter
  to produce a two kg to four kg assay into calico bags
• FS samples are completed by the mine geologists. The sampling is taken by chipping the face into
  calico bags with definition by lithological boundaries. FS samples are taken perpendicular to the
  lode orientation in the face.  The face sample locations are marked up and measured from fixed
  survey points

Drilling 
techniques

• Diamond core diameters include BQ (36.4 mm), BTW (42 mm), LTK60 (43.9 mm), NQ (47.6 mm),
  NQ2 (50.7 mm)
• RC holes were drilled with face hammers and were sampled at one metre down hole intervals

Drill sample 
recovery

• DD recovery is not noted specifically, though core is locked in and meter marked carefully.
  Discrepancies to core blocks are brought up with the drill contractor. Occasionally core loss
  blocks are inserted. Overall drill core recovery is very good
• Billabong diamond drilling practice results in high core recovery due to the competent nature of
  the ground
• Chip sample recoveries are not relevant in this instance. No RC drilling has taken place for a
  number of years at Plutonic and impact on the resource would be minimal
• RC and DD by previous operators is assumed to be to industry standard at that time
• There is no known relationship between sample recovery and grade; diamond drill sample
  recovery is very high

Logging

• DD core, RC samples and FS chip samples have been logged by qualified geologists to a level of
  detail to support appropriate Mineral Resource estimation, mining studies and metallurgical
  studies
• Logging and face mapping is qualitative and quantitative. Visual estimates of sulphide (percentage)
  and alteration (intensity scale) are recorded. Core Logging and face mapping notes lithology,
  alteration, mineralisation and structures. Structural readings are taken at relevant structures and
  where the foliation is relatively consistent
• All DD core is digitally photographed and logged.  Faces are mapped and sampled when access
  permits

Sub-sampling 
techniques and
sample
preparation

• If the DD core was BQ, LTK48 orBTW it was sampled as full core and dispatched to the laboratory
  for analysis. Most LTK60 and NQ2 DD core is cut in half with anAlmonté diamond core saw; the
  top half of the core was sent to the laboratory for analysis and the other half was placed back in
  the core tray, transferred onto pallets, and moved to the core yard library. AllGC drilling, regardless
  of core size, is whole core sampled
• RC samples were collected for each metre drilled and passed through a cyclone and riffle splitter
  to produce a two kg to four kg assay into calico bags. Depending on the oxidation state of the rock,
  the sample weight varied between three and five kilograms. A duplicate sample was also collected
  and retained in a temporary sample storage facility for further check sampling.  The RC drilling and
  sampling were supervised at the drill site by a company sampler and geologist. The riffle splitter was
  cleaned using compressed air after every sample and the cyclone was cleaned every 40m, or
  more regularly at the geologists' discretion.  Wet or damp RC samples were allowed to dry before
  riffle splitting
• FS chip samples are taken by chipping the face into calico bags with definition by lithological
  boundaries
• Sample preparation procedures for DD and FS includes:
  • 1-4 hours drying at 150°C depending on moisture content;
  • Crush 85% < 3mm – Essa jaw crusher or rotary Boyd crusher;
  • Riffle split 50:50 to<1kg;
  • Pulverise ~700-750g to 90% passing 75μm in Labtechnics LM2;
  • Scoop 250-300g;
  • Scoop to subset to 40gm for fire assay
• Quality control procedures for DD and FS includes:
  • FS – blanks added to each face sample with ore zones;
  • DD –barren wash and blanks added after each ore interval;
  • Crusher duplicates taken at 1:40;
  • Pulp duplicates taken at 1:40
• Sample preparation protocols and sample sizes are considered appropriate for the style of
  mineralisation encountered and should provide representative results

Quality of assay 
data and
laboratory tests

• The Plutonic Gold Mine has been in operation since 1990 following discovery in 1988. QAQC
  procedures have changed throughout that period. The current underground Mineral Resources
  have been identified over a long period of time with a number of companies.  All high confidence
  Mineral Resources are based dominantly on underground DD and FS completed in the last 14 years
• In recent years, for DD and FS, gold concentration is determined by fire assay using the lead
  collection technique with a 40gm sample charge weight.  An AAS (Plutonic lab) or ICP (ALS and
  Bureau Veritas) finish
• A Pulverising and Leach (PAL) method was introduced to the Plutonic site laboratory in 2005. 
  Underground GC samples are initially assayed by PAL and where the result is greater than 0.5 g/t
  Au the sample is re-analysed by 40gm fire assay and the fire assay result is retained for grade
  estimation purposes.  It has been shown that the use of PAL assays is likely to have negligible
  influence on the Sept 2023 MRE
• Although PAL is not considered to be a total gold analysis, the larger sample size still produces a
  representative result.  Fire assay gold analysis is considered to be total gold
• Samples are dried, crushed and pulverised prior to analysis
• Certified Reference Material (CRM's) are submitted every 20 samples for DD and once per shift for
  FS (approx. 1 in 15 samples).  CRM's are of similar grade tenor to those expected in the sampling.
  The CRM insertion rate ensures that there are at least two CRM's per assay batch.  CRM's are
  selected based on their grade range and mineralogical properties with an emphasis on sulphide
  ores
• Blanks are inserted every 20 samples for DD and for FS they are inserted after any face that contains
  mineralisation
• Grind checks or sizing was carried out on a frequency of 1 in 40 on both pulp residues and crush
  residues prior to January 2020. Since January 2020, crush sizing analysis is conducted randomly.
  The data is collected throughout the shift with results calculated at the end of shift. Pulp residues
  are expected to have 90% passing ≤75μm. The crush residue is expected to have 80% passing ≤3
  mm. This data is monitored by the Laboratory Supervisor. Grind times can be lengthened
  accordingly
• Field, crush and pulp duplicates, occur at a frequency of 2.5%
• Current procedures dictate a process of validation and checking of laboratory results when data is
  returned by the laboratory as it is loaded into the acQuire database. A standard set of plots and
  checks are undertaken, and if results fall outside of the expected limits, then re-assaying is
  requested. Monthly QAQC reports are generated by the database administrator and documented
  from automated routines out of the database
• A comprehensive review of QAQC results was carried out for the CIM NI 43-101 report relating to
  the 2022 Mineral Resource and Reserve Estimate for the Plutonic Estimate (2022 MRE – Effective
  Date December 31, 2021)
• Conclusions from the 2022 MRE Qualified Person include:

• • Overall performance of the Plutonic site and external laboratory (ALS) are adequate for
    estimating and reporting Mineral Resources for the Plutonic underground operations
    despite some minor shortcomings in the site laboratory;
  • The accuracy of the laboratories is within 3% error;
  • The variance of the laboratories (precision) based on CRM's is acceptable for
    underground production purposes;
  • Both ALS and Plutonic laboratories performed well on precision and accuracy with ALS
    lab slightly better precision;
  • Coarse duplicates revealed relative errors at 20% for samples with Au >7 g/t and 30%
    relative errors for samples with Au between 3 and 7 g/t;
  • 50% of the errors of the coarse duplicates may have been caused by a coarse gold nugget
    effect. The remaining errors were likely caused by contamination, other laboratory
    procedure breaches and human error

At the Plutonic Laboratory there was:

• • some low-level contamination at crushing stage;
  • some minor procedural non-compliance at crushing, pulverising, and instrument
    assaying stage;
  • periodic increased assaying uncertainty may be caused by possible human errors;
  • the extent of the laboratory contamination is unknown given the random nature of the
    blank insertion;
  • upper limit for blanks of 0.2 g/t is too high to effectively detect contamination

At ALS Laboratory there was:

• • there was insignificant contamination at the lab during the period;
  • the laboratory has performed consistently well;
  • laboratory precision test on CRM's indicated a better performance than CRM manufacturer
• DD and FS data collected since the 2022 MRE consists almost entirely of additional grade control
  data and represents a relatively small proportion of the total dataset used for the JORC June 30,
  2023 Mineral Resource Estimate (Sept 2023 MRE)
• Conclusions from the Sept 2023 MRE Competent Person include:

• • Results indicate that the QAQC performance is sufficient for using the data for an
    underground Mineral Resource Estimate;
  • Element of risk in using PAL due to incomplete digestion;
  • Site laboratory performance (the majority of the samples) is poorer than off-site labs (ALS
    and Bureau Veritas) – contamination and percentage of CRM failure;
  • Site laboratory shows poorer performance at low levels of Au (0.4 - 0.8 g/t), but effect
    on underground Mineral Resources likely to be minimal;
  • Precision of CRMs for site laboratory poorer than manufacturer

Verification of 
sampling and
assaying

• DD and face logging is completed electronically onto laptops. Database protocols and rules
  are applied upon data entry
• Visual validation and check logging of face and drill data
• Drill data is stored in an AcQuire database, face data in an Acquire. All maintained full-time
  Database Administrator
• All face and drill data within site databases are regularly validated using both internal database
  systems and external validation tools
• Validation of pre-Billabong data is completed periodically
• There is no requirement for twinned holes in a production setting
• Conversion of lab non-numeric codes to numeric for estimation

Location of data 
points

• UG hole collar locations are picked up regularly by site surveyors
• Multi shot cameras are used for down-hole survey
• Development faces are spatially located using MineMapper and Vulcan 3D software
• Underground development voids are picked up regularly by site surveyors. Stopes voids are
  generally all surveyed by CMS (where practical and safe to do so)

Data spacing 
and distribution

• Plutonic underground Mineral Resources are primarily based on DD and FS data
• Given the high degree of grade variability and spatial complexity at the Plutonic underground mine
  (extremely high nugget effect and minimal short-scale spatial continuity), it is difficult to generate
  local scale grade estimates that would adequately satisfy a Measured Resource classification.For
  this reason, no Measured material has been included in the Sept 2023 MRE.Indicated Resources
  can be reasonably well-defined with DD spacing up to 30m × 30m.  Average data spacing for
  Indicated resources for the Sept 2023 MRE is approximately 20m× 20m.  Inferred resources are
  assigned to areas where DD spacing is generally greater than 30m × 30m
• Grade control DD spacing typically required for stope definition is between 8m × 8m to 10m ×10m.
  Close spaced FS are also used for stope definition
• The data spacing and distribution is sufficient to establish geological and/or grade continuity
  appropriate for the Mineral Resource and classifications to be applied, with known likelihood of
  local variability
• The drill core is logged and divided into sample intervals that have a minimum sample length of
  0.3m and a maximum sample length of 1.0m. Intervals should honour geological boundaries such
  as faults and lithological contacts. Most nominal sample lengths were at 1m intervals; sample
  compositing is not applied until the estimation stage
• Compositing of the data to 1m was used in the estimate
• No recent RC drilling has been undertaken

Orientation of 
data in relation
to geological
structure

• Drilling is orientated as close to perpendicular to mineralisation where possible. However,
  orientation to lode may be compromised by access to suitable drill platforms. Drillholes are
  extended to Mine Mafic boundary where required and practicable
• Face sampling is orientated perpendicular to lode orientation
• The variable drill orientation relative to mineralisation is not thought to make a material difference
  in the resource estimation

Sample security

• All cut drill core is kept in an unfenced core farm adjacent to the core cutting and processing shed.
  This is not regarded as a security risk due to the remote location of the mine with no community
  development near the mine. All core is photographed and records kept electronically
• Geologists are responsible for marking the sample intervals and placement of Blanks and Standards
  within the sampling stream for both faces and core. The Project Geologist and Senior Geologist
  complete quality control checks on the face data daily
• Field Staff are primarily responsible for the collection of samples from the face as chips, as well as the cutting and sampling of core. Also generating the sample numbers for core submission, creating a sample submission sheet for core and faces, randomly selecting and recording the standards to be sent to the laboratory and the transportation of the samples to the laboratory
• Once a hole has been sampled, the sample calculation and check geology documents are handed to the Database Administrator (DBA) who converts the digital copy of the sample calculation to a .csv file which is then imported into the AcQuire database
• Upon receiving the digital file for the assay data, the DBAs import the file into the master AcQuire database. This data is not accessible for assessment until it has been validated as complete and correct by the QAQC Geologist and DBA. Face data is received in the same format and is entered into the AcQuire database
• Pulp rejects from assayed samples are kept in wooden boxes on top of the waste dump. These are visited frequently as samples are taken for research and other purposes
• Drill logs are kept in hard copy and electronically and are available for checking and due-diligence

Audits or reviews

• A review by Jacqui Coombes (Coombes, 2009) concluded that it was reasonable to combine the drillhole and face sampling data for the Plutonic deposit – report sighted
• A previous review by Roscoe Postle and Associates (RPA) in 2012 concluded that the data verification systems were adequate for Mineral Resource estimation
• Previous estimation process review by Optiro (2015) identified that reduced manning levels were having an impact on the quantity and quality of the data being generated in 2015, however, overall, the data collection systems which support the Mineral Resource estimation process were found to be best practice – report unsighted
• In 2022, SnowdenOptiro completed a technical review of the 2022 Mineral Resource Estimate prior to a public release. This report indicated some concerns about smearing of high grades into low grade areas, the assignment of Measured and Indicated resources in areas of low data density and the lack of a reconciliation analysis against the estimate
• No external audits or reviews have been undertaken on the Sept 2023 Mineral Resource Estimate

Criteria

Commentary

Mineral 
tenement and
land tenure
status

• The Plutonic Gold Mine group includes 30 granted exploration and mining tenements (24 mining leases, 2 exploration licences, and 4 prospecting licences) (as such term is defined in the (Western Australian) Mining Act 1978 (the "Mining Act"))
• All rents to Department of Mines, Industry Regulation and Safety ("DMIRS") have been paid and made within one month after the anniversary commencement date of the tenement as allowed under the Mining Act.
• All tenement Shire rates have either been paid or will be paid within the required timeframes.
• All compliance reporting including Form 5 Reports, have been lodged within the timeframes allowed under the Mining Act 1978 as amended.
• All Geological Reports have been lodged.
• There are no other unexpected encumbrances registered or recorded against the tenements.
• There are no Forfeiture proceedings against any tenements.

Exploration done 
by other parties

• 1969-1976 – International Nickel Company (Inco) conducted nickel exploration using geochemistry, geophysics, costeaning, RAB and RC drilling.
• 1987 – Great Central Mines (GCM) identified an arsenic and gold anomaly by geochemical sampling in the Plutonic tenements.
• 1987-1993 – Battle Mountain Australia (BMA) undertook regional mapping, Bulk Leach Extractable Gold (BLEG) soil sampling, and RAB drilling. The Triple P, Pelican, Albatross and Flamingo deposits were discovered in 1992. Further RAB, AC, RC and DD programs were conducted to define these deposits.
• 1988-1994 - Resolute Resources Ltd (75%) and Titan Resources NL (25%) commenced exploration on the Marymia tenements. Gold mineralisation was discovered in the Keillor Shear Zone following regional exploration soil, stream sediment and rock chip sampling and geological mapping. Several phases of follow-up RAB, AC, RC and DD drilling was carried out. K1 deposit was discovered in 1989. Prospect scale geophysical surveys including magnetics and gradient array IP were undertaken between 1989 and 1994.
• 1990 – GCM carried follow up grid-based mapping, soil and lag geochemical surveys which led to the discovery of the Plutonic deposit.
• 1990 – GCM discovered satellite deposits at Area4 and Channel. Both were mined by open pit between 1999 and 2001.
• 1990-1995 – Plutonic Resources exploration division carried out exploration on the Freshwater tenements and discovered a total of 1 underground and 30 surface prospects. Follow up resource definition drilling resulted in conversion of these prospects to 10 open pits and one underground mine, including Area 4 open pit, Plutonic East underground deposit, Salmon, Trout and Perch.
• 1999-2004 - Homestake Gold of Australia undertook a detailed aeromagnetic and radiometric survey over the entire lease area. Additional IP and moving loop geophysical surveys were undertaken between 2000 and 2004 across several prospects. The largest of which was across the K1-K2 project area in 2004.
• 2004 - the Plutonic Development department undertook a large soil sampling programme over the northwestern end of the Marymia tenements, in conjunction with the IP survey. These surveys identified a number of targets that were followed up with some additional surface geochemical sampling.
• 2001-2007 - exploration and resource definition drilling by RAB, RC and diamond core drilling was undertaken by the Plutonic Development department across numerous prospects outside of the Plutonic Mine area. Many of these drilled prospects were proven up to become small satellite open pit mines such as Triple P B-Zone, Albatross, Flamingo, Kookaburra, Ibis, Piranha, to name a few.
• 2009-2012 - RC and diamond core drilling concentrated on extensions to the known Plutonic deposit. Outside of this area two 2D seismic lines were shot in conjunction with Curtin University and diamond core drill was undertaken at Plutonic West and Cod prospects.

Geology

• The gold deposits at Plutonic are hosted by an Archaean greenstone sequence and occur mainly as a multiple lode system with variable dip (horizontal to vertical) hosted almost exclusively by a mafic amphibolite sequence that is referred to as the 'Mine Mafic'.
• Mineralisation regularly occurs as shallowly dipping, layer parallel lodes, although steep lodes and minor quartz-vein hosted deposits also occur. Mineralisation at Plutonic is characterized by a series of moderately-dipping to very flat-lying, stacked replacement-style lodes, individually up to five metres wide, that are hosted within ductile shear zones, oriented slightly oblique to stratigraphy.

Drill hole 
Information

• No exploration has been reported in this release, therefore there are no drill hole intercepts to report. This section is not relevant to this report on Mineral Resource and ore Reserves.

Data 
aggregation
methods

• No exploration has been reported in this release, therefore there are no drill hole intercepts to report. This section is not relevant to this report on Mineral Resource and ore Reserves.

Relationship 
between mineralisation
widths and intercept lengths

• No exploration has been reported in this release, therefore there are no drill hole intercepts to report. This section is not relevant to this report on Mineral Resource and ore Reserves.

Diagrams

• No exploration has been reported in this release, therefore there are no drill hole intercepts to report. This section is not relevant to this report on Mineral Resource and ore Reserves.

Balanced reporting

• No exploration has been reported in this release, therefore there are no drill hole intercepts to report. This section is not relevant to this report on Mineral Resource and ore Reserves.

Other 
substantive exploration data

• No exploration has been reported in this release, therefore there are no drill hole intercepts to report. This section is not relevant to this report on Mineral Resource and ore Reserves.

Further work

• Underground grade control and extensional drilling programs are underway, and will continue in line with mine development and production requirements.

Criteria

Commentary

Database integrity

• The Plutonic Mineral Resource database is regularly validated by Billabong staff using data validation modules of Vulcan, Leapfrog and AcQuire software programs to identify any inconsistencies or logical errors in the data. Mine staff also visually check the drill hole data on-screen on a regular basis.
• Surface and underground drill hole and face data is validated to produce a digital database free of detected errors. This is undertaken by passing data through embedded macros and queries of the drill hole database software by table (collar, assay, lithology, survey, and grout).
• Crosschecks are also undertaken to ensure that each drill hole has data from collar, assays, lithology, survey, and grout files. By undertaking the above procedures, all drill hole and face data is rigorously checked, verified, and corrected where necessary to ensure limited failures.

Surface and underground drill hole and face data is validated to produce a digital database free of detected errors. This is undertaken by passing data through embedded macros and queries of the drill hole database software by table (collar, assay, lithology, survey, and grout). 

Crosschecks are also undertaken to ensure that each drill hole has data from collar, assays, lithology, survey, and grout files. By undertaking the above procedures, all drill hole and face data is rigorously checked, verified, and corrected where necessary to ensure limited failures.

 Site visits

• The Competent Persons have not undertaken a site visit at the time of this release. A site visit is planned in the near future.

Geological interpretation

• The confidence in the geological interpretation is high with all the information and over 30 years of open pit and underground operation used in the generation of the models.
• All available geological data was used in the interpretation, including drilling and mapping (~29,000 drillholes and ~120,000 faces).
• The modelling approach takes advantage of many thousands of structural measurements from orientated diamond holes and underground development faces to build structural trend surfaces, and uses these trend surfaces to determine the mineralisation trend in domaining and grade estimation.
• Mineralisation regularly occurs as shallowly dipping, layer parallel lodes, although steep lodes and minor quartz-vein hosted deposits also occur. Plutonic style mineralisation is characterised by a significant population of high to extreme gold grades that demonstrate very poor spatial continuity (only a few meters at best). These high-grade populations tend to occur in 'clusters' or cohesive zones on a large scale, however, the actual spatial continuity is very poor at a local scale, making it difficult to define robust zones of continuity without introducing significant bias.

Dimensions

• Mineralisation extents:
• Strike length = 3,200m (North – South)
• Width = 2,200m (East-West)
• Depth = Surface to 400mRL (~1,100m below surface)
• The Plutonic mine is sub-divided into eight mine areas corresponding to historical resource zones:
• Timor
• Pacific
• A134
• Cortez
• Baltic
• Caribbean
• Indian
• Caspian

Estimation and modelling techniques

• Plutonic gold mineralisation is almost entirely hosted within the Mine Mafic Unit (MMA) and characterised by a significant population of high to extreme gold grades that demonstrate very poor spatial continuity (only a few meters at best). Raw Coefficients of Variation (CoV) are typically in the order of 15-30, indicating extreme statistical variability.
• The extreme grade variability and lack of spatial continuity of high grades requires a non-linear approach to deal with these high grades during estimation. A traditional approach of physical domaining, assay cutting, and linear estimation (IDW or OK) is considered inadequate in dealing with this complexity.
• The estimation method developed for the Sept 2023 MRE combines Categorical Indicator Kriging (CIK) to define broad estimation domains, together with applying distance limiting at chosen grade thresholds to restrict the influence of the high grade and extreme grade values during grade interpolation.
• Prior to estimation, a closely spaced set of structural surfaces are developed in LeapFrog reflecting the primary controls on mineralisation within the MMA. A dip and dip-direction of each triangle facets is imported into the Surpac block model to provide information for dynamic search and variogram model orientation during interpolation. Dynamic estimation is applied for estimating the CIK indicators and gold grades.
• All DD and FS data was composited to 1m downhole and data within dolerite dykes or vein zones were removed. Composited data was split into the eight mine areas.
• Two Categorical Indicator values are determined for each mine area:
• A low-grade (LG) indicator to differentiate between background 'waste' and low-tenor mineralisation – around 0.5 g/t Au.
• A high-grade (HG) indicator to define broad areas of consistent higher-tenor mineralisation – typically between 1.1 g/t and 1.7 g/t Au.
• Indicator variograms were modelled for the LG and HG thresholds for all mine areas. The indicator variograms for both grade thresholds exhibited a moderate nugget effect and demonstrated well-structured continuity up to 30m. The CIK indicators were estimated using Ordinary Kriging into a finely gridded block model with block dimensions of 1.25m x 1.25m x 1.25m. The small block size for the indicator process is beneficial for creating categorical sub-domains at resolution which can be used to accurately back-flag composite data.
• Three categorical sub-domains were generated for low-grade (LG), medium-grade (MG) and high-grade (HG) areas. The HG sub-domain was based on an indicator probability threshold of 0.35 and the LG sub-domain was based on an indicator probability threshold of 0.65. The MG sub-domain is assigned to blocks that do not satisfy either the HG or LG sub-domain criteria.
• It is well-known that Plutonic mineralisation is characterised by a significant population of high to extreme gold grades that demonstrate very poor spatial continuity (only a few meters at best). All mine areas exhibit the presence of a high-grade population beginning at around 7-10 g/t Au. This high-grade population typically occurs around the 95-98th percentile of the distribution within the host Mine Mafic Unit (MMA). A further 'extreme' grade population is often evident at between 30-100 g/t Au depending on the mine area. This 'extreme' grade population is typically above the 99th percentile of the distribution. Whilst the 7-10 g/t Au population tends to occur in 'clusters' or cohesive zones on a large scale, the actual spatial continuity is very poor at a local scale, making it difficult to define robust zones of continuity without introducing significant continuity bias. Previous attempts to create hard domains of continuity at a 10 g/t Au cut-off often resulted in overstating the volume, grade, and continuity of these zones. The 'extreme' grade population noted above, often appears very clear on a log-probability plot, however, there is almost no cohesive spatial continuity of these grades.
• The three categorical block model sub-domains (HG, MG and LG) were used to 'back-flag' the 1m composites from each mine area, thus creating a separate composite file for each sub-domain.
• Standardised assay top-cuts are applied to the composite files as follows:
• HG = 300 g/t Au
• MG = 40 g/t Au
• LG = 20 g/t Au
• The assay top-cuts were generally above the 99.9th percentile of the distribution and were aimed at globally limiting extreme values only. Top-cuts are not used as the primary tool to control metal risk. The use of grade thresholds and distance limiting is considered a more objective and influential method in controlling metal risk, while better reflecting the actual localised occurrence of discontinuous high-grade gold mineralisation.
• Grade variograms were modelled for the LG, MG and HG sub-domains for all mine areas. The HG grade variograms exhibited a very high nugget effect (75-82%) with maximum ranges of only a few meters (2.9-3.9m). Grade variography undertaken on the HG domain confirms the extremely variable nature of Plutonic mineralisation. As expected, grade variography on the MG and LG domains resulted in lower nuggets effects and longer ranges. Given the similarities between the spatial characteristics between all mine areas, it was decided to use an average gold grade variogram for each domain across all mine areas.
• Grade thresholds for distance limiting were determined for each mine area from log-probability plots. Initial distance limits were determined by undertaking indicator variography at each grade threshold value. Indicator variography was restricted to areas of high data density and similar orientation to maximise clarity of continuity. The grade thresholds and distance limits are shown in the table below:
• Prior to grade estimation, sub-domain codes from the 1.25m resolution block model are imported into a 2.5m x 2.5m x 2.5m resolution model and the proportion of LG, MG and HG is calculated for each 2.5m block.
• Grade estimation for the LG, MG and HG domains was undertaken in Surpac software using Ordinary Kriging with grade threshold distance limiting.  Initial grade thresholds and distance limits were applied using the parameters defined in the table above.  Search routines and variogram orientations are drawn from the pre-populated dynamic search information recorded in each block.
• Final block grades at a 2.5m block resolution were calculated by weighting the estimated grades for each sub-domain by the relevant domain proportion.
• The parent estimation block size was 2.5m x 2.5m x 2.5m.  A minimum of 3 and maximum of 12 (1 m composite) samples per block were used.  Block discretisation was set at 3 E x 3 N x 3 RL points (per parent block).
• A standardised search ellipse of 25m x 25m x 6.25m was used.  Octant restrictions were not used.
• Data spacing varied from 3m x 3m to >40m x 40m.
• The entire Plutonic model was estimated based on the 'Initial' Distance 1 limits as shown in the table above.  A backward-looking mill reconciliation was carried out using mine CMS stope voids for the period Jan to August 2023 (550Kt). The initial distance limits resulted in a 15% under-call compared to the mill reconciliation for the period.  The Distance 1 limits were therefore modified and the model was re-run.  The final grade threshold and distance limits shown in the table below resulted in the final Sept 2023 MRE being within 4.1% (above) of mill reconciliation. Given there is always a small amount of additional operational metal loss between in-situ CMS model reports and actual production, the actual reconciliation between the Sept 2023 MRE and Mill is likely to be slightly better than within 4.1%.
• No deleterious elements were estimated or assumed.
• No selective mining units were assumed in the resource estimate.
• Only gold grade was estimated.
• The model was validated by comparing statistics of the estimated blocks against the composited sample data; visual examination of the of the block grades versus assay data in section; swath plots; and reconciliation against previous production.

Area

Threshold 1
(Au/gt)

Initial
Distance 1
(m)

Final
Distance 1 
(m)

Threshold 2
(Au/gt) 

Final
Distance 2 
(m)

A134

5

7

10

100

4

Baltic

10

8

10

100

5

Caribbean

7

7.5

10

90

6

Caspian

7

7

10

50

5

Cortez

8

7

10

40

4

Indian

7

4.5

10

50

4

Pacific

10

11

10

30

8.7

Timor

10

9

10

100

6.25

Criteria

Commentary

Moisture

• All estimations were carried out on a 'dry' basis.

Cut-off parameters

• Plutonic underground Mineral Resources are reported at a cut-off grade of 1.5 g/t Au. The cut-off grade has been derived from current mining and processing costs and metallurgical parameters.
• Inputs into the cut-off grade calculation include:

Incremental Stoping and Grade Control Cost = AUD$60/t

Processing Costs = AUD$31/t ore

Site Administration Cost = AUD$23/t ore

Metallurgical Recovery = 84%

Royalties = 2.5%

Gold Price = AUD$2,800/oz

Mining factors or assumptions

• The Plutonic underground Mineral Resource estimate is reported within an underground  Shape Optimiser (SO) evaluation from the undiluted and depleted resource model.  SO input parameters include a 1.5 g/t Au cut-off, minimum mining width of 3m, minimum stope length of 5m, stope height of 15m and a gold price of AUD$2,800/oz.
• The orientation of SO's is variable depending on the geometry of the mineralisation.

Metallurgical factors or assumptions

• It is assumed the material will be processed at the Plutonic Gold Plant. Recovery factors are assigned based on-going experience.
• No metallurgical modifying factors or assumptions have been built or applied to the resource model.

Environmental factors or assumptions

• The Plutonic underground operation is a going concern and as such previous practices have proven to be effective and practical.
• A conventional storage facility is used for the process plant tailings.
• The small amount of waste rock is stored in a traditional waste rock landform 'waste dump'. Due to low sulphide content and the presence of carbonate alteration the potential for acid drainage formation is considered to be low.

Bulk density

• Bulk density is determined from drill core using a weight in air/weight in water method.  Currently there is a database of over 3,800 bulk density measurements which have been taken from mineralised and unmineralised intervals, with an ongoing sampling program in place.
• Samples of between 0.5 and 2.0kg are weighed in air and weighed in water. The following equation is used to derive bulk density Bulk Density = 𝑊𝑑 / (𝑊𝑑−𝑊𝑤).
• Bulk density was directly assigned by oxidation type and rock type:

MMA/Mafic/Ultramafic/Dolerite

Fresh = 2.9 t/m³

Transitional = 2.2 t/m³

Oxide = 1.8 t/m³

Fresh Quartz = 2.5 t/m³

Transported/Laterite = 2.1 t/m³

Pit Backfill and Surface Dumps = 1.8 t/m³

Classification

• Factors considered when classifying the model include:
  • The portions of the 2023 MRE classified as Indicated are typically based on drill spacing less than or equal to 30 m x 30m. This drill spacing is appropriate for defining the continuity and volume of the mineralised domains and estimating robust global Mineral Resources. Approximately 85% of the Indicated portion of the Sept 2023 MRE has been drilled at closer then 30m x 30m and 70% of the Indicated portion has been drilled at better than 24m x 24m.
  • The portions of the Sept 2023 MRE classified as Inferred typically represent peripheral areas of the deposit where geological continuity is present but not consistently confirmed by 30 m x 30 m drilling or closer. 
  • Further considerations of resource classification include; data type and quality, geological understanding, amount of historical development and stoping, and historical and recent production reconciliation performance.
  • The Mineral Resource classification appropriately reflects the view of the Competent Person.

Audits or reviews

• The geological interpretation, estimation parameters and validation of the resource model was peer reviewed by Catalyst staff.
• No external reviews of the resource estimate had been carried out at the time of writing.

Discussion of relative accuracy/ confidence

• The relative accuracy of the Mineral Resource estimate is reflected in the reporting of the Mineral Resource as per the guidelines of the 2012 JORC Code.
• The statement relates to the global estimates of tonnes and grade.
• The estimation method adopted for the Sept 2023 MRE is believed to be appropriate for dealing with the high-degree of grade variability at Plutonic.
• The estimated uncertainty for an Indicated Mineral Resource is typically +/- 20% over an annual production period.
• In most cases it is considered that only development/face sampling in conjunction with <10m x 10m drill spacing is sufficient to attain enough confidence for stoping.

Criteria

Commentary

Mineral Resource estimate for conversion to Ore Reserves

• The Mineral Resource Estimate (MRE) used for the plutonic Ore Reserve is the estimate described in section 3.
• The Measured and Indicated Mineral Resource are reported inclusive of Ore Reserve. The Ore Reserves are a subset of the MRE, and are spatially contained within the MRE

Site visits

The Competent person is a full-time employee who has visited the site on a regular basis for the past 12 months, and has detailed knowledge of the mining methods, costs, schedule and other material parameters relating to the Ore Reserves estimate.

Study status

• The Ore Reserves have been determined based on the current operational practises of the Plutonic operating underground mine. Plutonic has been in production as an underground operation since 1995.
• The Ore Reserves were estimated using Deswik software (V2023.1) and reported against the updated MRE block model. Modifying factors were applied, and optimised Stope shapes were generated. All physicals were economically evaluated on a stope by stope basis and the total Ore Reserve was evaluated to assess its economic viability.
• Previous operational performance has demonstrated that the current mining methods are technically achievable and is economically viable. The modifying factors used in the Ore Reserves calculations are based on historically achieved mining dilution and recovery factors. The current mine plan ethos and mining method used currently will continue for future mining.
• The conversion from Resource to Reserve estimate is 30%. It is expected with further detailed mine planning and infill drilling that Resource will be converted into Reserves.

Cut-off parameters

• The cut-off grade applied to the Ore Reserve estimate is defined as the $A value per tonne of ore after consideration of all costs (mining, processing, general and administration), metallurgical recoveries, sustaining capital, transport costs and royalties.
• Stope designs are based on a cut-off grade of 2.0g/t and then assessed within the mining schedule scenario, to determine value for the business. Stope design grades are subject to review as a part of the ongoing optimisation of the integrated operational plan.
• Development material was considered in the Ore Reserve estimate if the material could cover the cost of haulage and processing (1.4g/t)
• Inputs into the cut-off grade calculation include:
• Incremental Stoping and Grade Control Cost = AUD$60/t
• Processing Costs = AUD$31/t ore
• Site Administration Cost = AUD$23/t ore
• Metallurgical Recovery = 84% (average across all mining units of which are detailed in Metallurgical section)
• Royalties = 2.5%
• Gold Price = AUD$2,600/oz

• Mining factors or assumptions

• The Ore Reserves estimate is reported within an underground Shape Optimiser (SO) evaluation from the depleted resource model.  SO input parameters include a 2.0 g/t Au cut-off, minimum mining width of 3m (with a 1.0m dilution halo applied on both hanging wall and footwall of each stope shape), minimum stope length of 5m, stope height of 15m and a gold price of AUD$2,600/oz.
• The orientation of SO's is variable depending on the geometry of the mineralisation.
• The Ore Reserves estimate is based on long-hole open stoping with no fill, the mining method currently applied at Plutonic Operation. If a stope can be filled with waste rock, it will be filled, however it is not a geotechnical requirement for mining.
• Development, stopes/SO Shapes and schedule have been prepared for the entirety of the Ore Reserve estimate.
• Plutonic has been in operation for 28 years, whereby various mining methods have been used in the past (room and pillar, LHOS with paste fill/ rock fill or no fill) The historic voids have been incorporated into the MRE and coded to ensure the method of fill determines proximity of stope shape generation.
• Unclassified and inferred material have not been included within the Ore Reserves, however if the material is mined as a consequence to mining an Ore Reserve estimated stope, then material had a zero grade assigned and was therefore treated as waste.
• The Modifying factors are validated via a routine reconciliation process, whereby on completion of each stope, the stope is compared to the estimate from mining planning and Ore Reserve estimate.
• Dilution of 10% is applied to the in-situ stope ore tonnes and the ore recovery of 95% is applied. Development had no dilution applied and 100% mining recovery assumed.
• Recovery and cost estimates are based on actual site operating data and engineering estimates.

Metallurgical factors or assumptions

The Plutonic Gold Mine has been in operation since 1990. The original process plant ("PP1") consisted of an open circuit jaw crusher, coarse ore stockpile, semi-autogenous grinding ("SAG") mill and ball mills, two leach tanks, and six carbon adsorption tanks. A three-stage hard rock crushing circuit was incorporated in 1994 which included a fine ore bin and an additional ball mill. A second process plant ("PP2") was added in 1996 utilising the original PP1 jaw crusher and coarse ore stockpile and adding SAG and ball mills, two additional leach tanks and six additional carbon adsorption tanks. A 16 MW gas power station was added in 1997 and upgraded with new sets in 2014 and 2020 respectively.

PP1 was designed for the treatment of primary ore while PP2 was designed to process oxide ore. At the end of June 2004, oxide ore sources were exhausted and the crushing and milling components of PP2 were shutdown. However, the leach and carbon adsorption circuit of PP2 was run in parallel with the PP1 leach/adsorption circuit. In April 2008 the PP2 leach and carbon adsorption circuit was emptied, cleaned, and placed into care and maintenance as part of a strategy to reduce the site power load and power consumption due to power restrictions caused by the June 2008 gas supply crisis. The four tanks in the PP2 leach and carbon adsorption circuit that were re-commissioned in June 2010 were shut down in 2012.

The primary sections of the processing plant that are currently in use are:

• Crushing and conveying
• Ore reclaim and grinding
• Leaching and carbon adsorption
• Carbon stripping, electro winning, refining and carbon regeneration
• Tailings thickening
• Tailings deposition and storage
• Reagent mixing and handling
• Plant services

Plant performance for the past five years indicates reasonable performance, with recoveries ranging from 76% to 90%, and an average recovery in 2023 of 85%. Metallurgical recoveries used to generate the Mineral Reserves were based on site production data and detailed metallurgical testing to an appropriate standard. A summary of the metallurgical recoveries used to determine the cut-off grades is shown in Table 2

Mining Area

Met. Recovery

A134

88.80 %

Baltic

94.00 %

Caspian

81.90 %

Cortez

88.80 %

Indian

83.10 %

Pacific

79.30 %

Plutonic East

84.20 %

Timor

93.50 %

Criteria

Commentary

Environmental

Infrastructure

The Plutonic Gold Mine is a well-established mine which has services and infrastructure consistent with an isolated area operating mine.

The existing site infrastructure is capable of supporting the mine plans as historically the site has successfully operated at production rates significantly higher than those envisaged

Costs

• Capital and operating costs are derived from forward looking estimates based on current contracts and historic averages achieved.
• Allowances have been made for State royalties (2.5%) payable on net revenue.

Revenue factors

The Ore Reserves estimation utilises the current operational costs with an estimated Gold Price of $A2,600/oz.

Market assessment

Gold metal is a freely and widely traded commodity with a transparent mechanism for setting prices and for sale of gold produced.

Catalyst has not conducted any studies or analyses such as commodity price projections, product valuations, market entry strategies, or product specification requirements.

Economic

• The Plutonic operation is economically robust and generates positive NPV and IRR using the afore mentioned costs, revenue factors and discount rate of 10%.
• The economic analysis is presented in real terms

Social

• Demonstrated strong environmental and social performance, there are no identified threats that place the companies social licence to operate at risk.

Other

• None noted

Classification

• The Ore Reserves classification reflects the Competent Person's view of the deposit. Only Probable reserves have been declared and are based on Indicated Resources following consideration of modifying factors.
• No probable Ore Reserves are derived from Measured Resources.

Audits or reviews

• No review has been conducted on the Ore Reserves.

Discussion of relative accuracy/ confidence

• In the opinion of the Competent person, the Ore Reserve estimate is underpinned with over 28 years of operating experience feeding into an appropriate design, schedule and cost estimate to a feasibility study level or greater.

Criteria

Commentary

Sampling techniques

• Diamond drilling assays are from mostly half core and minor quarter core, NQ2 and HQ size core. This was considered to be sufficient material for a representative sample. Core samples were taken at 1 m intervals or at geological boundaries.
• RC drilling assays are from 1 m samples split on the cyclone for the ultramafics. 4 m composites from these 1 m splits are taken in the cover sequence. Historical RC samples were collected as 4 m composite spear samples. Mineralised zones were sampled at 1 m intervals using a 1/8 riffle splitter.

Drilling techniques

• Reverse Circulation drilling was conducted utilizing 5.75 inch face sampling bit.
• Diamond drilling was conducted utilising NQ2 core. Core was orientated by spear methodology.

Drill sample recovery

• Recovery in diamond drilling based on measured core returned for each 3 m.
• RC drilling was bagged on 1 m intervals and an estimate of sample recovery has been made on the size of each sample.
• No assessment of RC chip sample recoveries was undertaken on historical data however a comprehensive historical review of sampling procedures was undertaken which indicates that standard procedures where enacted to ensure minimal sample loss. Where limited information on the recoveries has been recorded, they have been consistent with those noted by recent drilling.

Logging

• Reverse Circulation holes are being logged on 1 m intervals.
• Diamond holes are logged in detail based on geological boundaries.
• Diamond holes are logged on 1 m intervals for geotechnical data.
• Diamond core was photographed prior to cutting and sampling.
• Geotechnical logging including RQD, recovery and FF completed on diamond holes.
• Magnetic Susceptibility (KT 10) recorded.
• Historical Work:
  • Historical Geological logs have been examined (WAMEX) in both hard copy and digital files. Logging codes have varied, but careful reconstruction of the geological sections has shown good correlation with the broad lithological logging.
  • Historical procedures are generally similar to that used currently.

Sub-sampling techniques and sample preparation

• Half and quarter Diamond Core - Diamond drilling, on selected intervals of between 0.8-1.25 m length.
• Sampling using a diamond saw.
• Standards submitted every 20 samples of tenor similar to those expected in the sampling.
• Blanks were inserted every 20 samples.
• RC Drilling sampled on 1 m samples using a cone splitter within the cyclone.
• In less prospective lithologies these 1 m samples were composited using a scoop over 4 m intervals.
• Historical Work:
  • RC – 1 m samples collected at the rig using a 1:8 riffle splitter. Each sample was riffle split each 1 m sample to collect approximately 2 kg samples in calico bags, with the remaining sample retained on site in plastic bags. Four metre composite samples were also collected with any samples assaying greater than 0.1 g/t Au being re-split to 1 m intervals.
  • Core sampled was halved using a diamond saw and sampled at 1 m intervals, or to geological contacts.
  • Field duplicate sampling was completed by passing the bulk reject sample from the plastic bag through a riffle splitter. In addition, ¼ core was routinely submitted. Duplicate sample intervals were designated by the geologist.
  • Sampling procedures for the Resolute drilling were not available.

Quality of assay data and laboratory tests

• Samples analysed at Intertek Laboratories using a 50 g Fire Assay method.
• Samples are dried, crushed and pulverised prior to analysis.
• Standards submitted every 20 samples of tenor similar to those expected in the sampling.
• Blanks were inserted every 20 samples.
• Historical Work:
  • Gold was analysed at Amdel in Perth using fire assay with a 50 g charge for Au.
  • Drilling programs carried out at Trident by HGAL have included ongoing QAQC procedures. These included the use of certified standards, blanks, check assay and duplicate sampling.
  • The various programs of QAQC carried out by HGAL have all produced results which support the sampling and assaying procedures used at the site.
  • Specific QAQC procedures for previous owners were unavailable.

Verification of sampling and assaying

• RC and diamond drilling are verified by the geologist first and then the database administrator before importing into the main database.
• A comparison of the database as current with all data from the 2019 Annual Resource was conducted to ensure the data did not change. Any discrepancies were investigated and fixed.
• Recent diamond drilling has twinned historical holes confirming assays and geological understanding.
• Verification of assay and survey data was undertaken through the analysis of primary source data obtained through WAMEX.

Location of data points

• Downhole surveys are visually inspected for anomalous changes in drill trace, (i.e. does the drill hole bend 90 degrees).
• Data is fixed in main database when discovered.
• A database check was conducted on all new data from original source by spot checking, collars and downhole surveys.
• All drill collars have been accurately located by a licensed surveyor using DGPS. Recent downhole survey data collected by Westdrill using an Axis Mining Technology Champ North Seeking Gyro tool.
• Previous downhole survey data collected by REFLEX gyro tool and historically with Eastman cameras with follow-up down-hole surveys carried out by Surtron using gyroscopic survey equipment.

Data spacing and distribution

• Drill spacing of approximately 20 m (along strike) by 20 m (on section) was considered adequate to establish both geological and grade continuity.
• Broader spaced drilling has also been modelled but with lower confidence. Some sections have closer spacing in high grade zones confirming the continuity and structural understanding.

Orientation of data in relation to geological structure

• The orientation of a majority of the drilling is approximately perpendicular to the strike and dip of the mineralisation and is unlikely to have introduced any sampling bias.
• Certain holes have drilled parallel to key structures, but density of drilling and drilling on other orientations has allowed detailed geological modelling of these structures and hence any sampling bias in a single hole has been removed.

Sample security

• Samples were bagged and labelled by company geologists or geological assistants and sealed in bulka bags with a security seal that remains unbroken when delivered to the lab.
• No specific information has been obtained relating to historical sampling security.

Audits or reviews

• A review of standards, blanks and duplicates indicate sampling and analysis has been completed with no issues discovered.
• Databases for the Trident area were examined and a proportion of holes were compared to original data sources and found to be consistent wherever checked.

Criteria

Commentary

Mineral tenement and land tenure status

• Located in the Marymia - Plutonic Greenstone Belt ~218 km northeast of Meekatharra in the Midwest mining district in WA
• M52/217 – granted tenement in good standing.
• The tenement predates Native title interests, but is covered by the Gingirana Native Title claim.
• The tenement is 100% owned by Vango Mining Limited and subsidiary Dampier Plutonic Pty Ltd.
• Gold production will be subject to a 2.5% government royalty.

Exploration done by other parties

• Comprehensive drilling of the deposit was first undertaken by Resolute Limited from 1995 to 1998 completing approximately 263 RC and 37 DD holes.
• From 1999 Homestake and then later Barrick Gold (2002) completed numerous drilling campaigns at Trident.
• Dampier Gold completed RC and DD programs at Trident from 2012 until 2014 when Vango Mining took over the project completing 6 DDholes for 946 metres plus three RC holes for 747 metres.
• Catalyst consolidated the belt in 2023 following the successful acquisition of Vango Mining and the merger with Superior Gold Inc. 
• Catalyst has undertaken in 2023 a comprehensive infill and extensional DD program which has been included in this MRE update.

Geology

• Gold mineralisation at Trident Extended is orogenic, hosted within a sheared contact zone in ultramafic rocks. High grade 'shoots' of mineralisation are associated with flexures in the mineralised host shear zones between steeply dipping structures.

Drill hole Information

Vango Work

• Location of drillholes based on historical reports and data, originally located on surveyed sites, and DGPS.
• Northing and easting data generally within 0.1 m accuracy
• RL data +-0.2 m
• Down hole length =+- 0.1 m

Historical Work

• The majority of drill holes used in the resource estimate have been accurately surveyed by qualified surveyors using DGPS. Down hole surveys have been conducted at regular intervals using industry- standard equipment.
• Where single shot cameras were used some magnetic units have affected the azimuth readings and these have not been used. Many holes have been surveyed using Gyro tools.
• Approximately 100 holes have only planned collar coordinates or nominal down hole surveys.

Data aggregation methods

• No exploration has been reported in this release, therefore there are no drill hole intercepts to report. This section is not relevant to this report on Mineral Resource and ore Reserves.

Relationship between mineralisation
widths and intercept lengths

• No exploration has been reported in this release, therefore there are no drill hole intercepts to report. This section is not relevant to this report on Mineral Resource and ore Reserves.

Diagrams

• No exploration has been reported in this release, therefore there are no drill hole intercepts to report. This section is not relevant to this report on Mineral Resource and ore Reserves.

Balanced reporting

• No exploration has been reported in this release, therefore there are no drill hole intercepts to report. This section is not relevant to this report on Mineral Resource and ore Reserves.

Other substantive exploration data

• No exploration has been reported in this release, therefore there are no drill hole intercepts to report. This section is not relevant to this report on Mineral Resource and ore Reserves.

Further work

• No new work is currently planned.

Criteria

Commentary

Database integrity

• Current work has been plotted and examined in Leapfrog and Surpac in detail along with the existing extensive database.
• Any potential discrepancies have been examined and corrected where necessary.
• All data has been loaded into the Explorer3 RDBMS and has undergone validation procedures.
• Some data within the existing database has been adjusted based on review with the original source data from historical reporting.
• Previous data was sourced from databases previously reviewed by Runge in 2010.
• Structural and geotechnical data was collected from hard copy reports in several instances to enhance the geological and geotechnical database.

Site visits

• The competent person has not undertaken a site visit at the time of this release.

Geological interpretation

• Current work has included the drilling of 27 Diamond holes (2023) within the area.
• This data in addition to the previous database of over 600 holes has allowed detailed geological interpretation of the system.
• Detailed geological logging was completed on the diamond drillholes and used to interpret previous logging.
• RQD and magnetic susceptibility data was also used to define structures and geological units in conjunction with the geological logging.
• Structural logging from this program and previous diamond logging was used to inform the geological model.
• Biotite alteration was a common companion to gold mineralisation and shows a strong correlation.
• There is high confidence in the geological model which shows two distinct zones a shallow northwest dipping structure of 2- 10 m thickness parallel to thrusting, and a steep, wider folded zone adjacent to steep controlling faults within the deposit.
• Cross-faulting does appear to displace the mineralisation causing some breaks in continuity. The location of these structures is of moderate confidence.

Dimensions

• Mineralisation extends over a strike length (East – West) of approximately 1,100 m and down-dip up to 520 m. Mineralisation currently extends to a depth of approximately 350 m below surface.

Estimation and modelling techniques

• Gold grade was estimated using ordinary kriging in Surpac Software. It was considered that a more robust geological model with smoother and more continuous mineralised lodes will reduce the effects of higher CV.
• Variograms were generated using composited drill data in Snowden Supervisor v8 software.
• The ellipsoid search parameters were based on the variogram ranges, with the search ellipse dimensions similar to the variogram range, with anisotropies retained. Hard boundaries were used for the estimate.
• To enable the use of dynamic variograms and search orientations during the estimation of gold, the reference surfaces for each domain were exported from the Leapfrog project. This is calculated as the best fit surface using the hanging wall and footwall surfaces.
• A minimum of 8 and maximum of 16 (1 m composite) samples per block were used with a maximum of 5 samples per drillhole. The minimums and maximums were established through independent KNA on each major domain. Block discretisation was set at 5 E x 5 N x 3 RL points (per parent block).
• Octant restrictions were not used, and estimates were into parent blocks, not sub-blocks.
• No deleterious elements were estimated or assumed.
• Block sizes were selected based on drill spacing and the thickness of the mineralised veins.
• Drill spacing varied from 20 by 20 metres up to 80 by 80 metres. Block sizes varied depending on lode orientation and drillhole spacing. In the flatter areas with closer spaced drilling, block dimensions were 10 x 10 x 5 metres (XYZ) and increased to 40 x 40 x 20 metres (XYZ) in the wider spaced drilling. For the vertical domains block dimensions were 10 x 5 x 10 metres (XYZ). Sub-celling in all domains was 1.25 m x 1.25 m x 1.25 m to accurately reflect the volumes of the interpreted wireframes.
• No selective mining units were assumed in the resource estimate.
• Only Au grade was estimated.
• Top cuts and distance limiting were applied to the data to control the effects of outlier high grade Au values that were considered not representative. The effect of the top cuts was reviewed with respect to the resulting Mean and CV values.
• The model was validated by comparing statistics of the estimated blocks against the composited sample data; visual examination of the of the block grades versus assay data in section; swath plots; and reconciliation against previous production.

Moisture

• All estimations were carried out using a 'dry' basis.

Cut-off parameters

• Trident Mineral Resources are reported at a cut-off grade of 2.0 g/t Au. The cut-off grade has been derived from current DFS mining and processing costs and parameters.
• Inputs into the cut-off grade calculation include:
  • Mining Cost = AUD$101.33/t ore
  • Processing and Surface Haulage Costs = AUD$38.40/t ore
  • Site Administration Cost = AUD$5.58/t ore
  • Metallurgical Recovery = 83.5%
  • Royalties = 2.5%
• Gold Price = AUD$2,800/oz

Mining factors or assumptions

• The Trident Mineral Resource estimate is reported within an underground Shape Optimiser (SO) evaluation from the undiluted model.  SO input parameters include a 2.0 g/t Au cut-off, minimum mining width of 2m, minimum stope length of 2.5m, minimum stope height of 5m and a gold price of AUD$2,800/oz.
• The orientation of SO's is variable depending on the geometry of the mineralisation.

Metallurgical factors or assumptions

• It is assumed the material will be trucked and processed at the Plutonic Gold Plant. Recovery factors are assigned based on lab test work, and on-going experience.
• No metallurgical assumptions have been built or applied to the resource model.

Environmental factors or assumptions

• A conventional storage facility is used for the process plant tailings.
• The small amount of waste rock is stored in a traditional waste rock landform 'waste dump'. Due to low sulphide content and the presence of carbonate alteration the potential for acid content is considered low.

Bulk density

• Density has been assigned to the resource using interpreted weathering surfaces determined from drill hole logging.
• Bulk density was coded by oxidation type.
• Oxide and Transitional and Fresh density was coded as 1.8, 2.4 and 2.9 respectively.
• Over 200 density measurements were available for review predominantly in fresh material. Data was imported into Leapfrog software and statistics were compared for mineralised zones/waste and different lithologies.
• With limited data available for oxide and transitional domains they have defaulted to what had been coded previously and what has been used in the nearby Marwest Pit.

Classification

• Factors considered when classifying the model include:
  • The portions of the 2023 MRE classified as Indicated have been flagged by medium to high quality estimation parameters, an average distance to nearest sample of 25 m. The drill spacing within the Indicated portion of the resource is appropriate for defining the continuity and volume of the mineralised domains, at a nominal 20 m drill spacing on 20 m sections.
  • The portions of the 2023 MRE classified as Inferred represent typically minor lodes with less than three drillholes and portions of domains where geological continuity is present but not consistently confirmed by 20 m x 20 m drilling  The Inferred portions of the MRE are defined by lower quality of estimation parameters, an average slope of regression (true to estimated block) of < 0.3 and an average distance to composites used of > 30 m.
  • Further considerations of resource classification include; data type and quality (drilling type, drilling orientations, down hole surveys, sampling and assaying methods); geological mapping and understanding; statistical performance including number of samples, slope regression and kriging efficiency.
  • The Mineral Resource estimate appropriately reflects the view of the Competent Person.

Audits or reviews

• The geological interpretation, estimation parameters and validation of the resource model was peer reviewed by Catalyst staff.
• No external reviews of the resource estimate had been carried out at the time of writing.

Discussion of relative accuracy/ confidence

• The relative accuracy of the Mineral Resource estimate is reflected in the reporting of the Mineral Resource as per the guidelines of the 2012 JORC Code.
• The statement relates to the global estimates of tonnes and grade.
• Interpretation was altered in 2023 to better the information gained by mining open pits in the vicinity.
• The estimated uncertainty for an indicated resource is typically +/- 20%
• In most cases it is considered that only development/face sampling in conjunction with 20m x 20m drill spacing is sufficient to attain enough confidence for stoping.