Catalina Resources Ltd (CTN.AX) Breakaway Dam Copper Lithium Project Acquisition Completed

Perth, June 29, 2026 AEST (ABN Newswire) - Catalina Resources Limited (ASX:CTN) announces it has completed the acquisition of the Breakaway Dam Copper and Lithium Project in Western Australia from Forrestania Resources Limited (ASX:FRS). The Breakaway Dam Project, located 17km east of Menzies, hosts a copper-rich volcanogenic massive sulphide (VMS) system with lithium potential. Recent drilling by Catalina has extended the mineralised strike length by 70% to 1.2km. The Company will now undertake a comprehensive review to prioritise exploration activities across the project for both copper and lithium opportunities.

HIGHLIGHTS

- Acquisition of the highly prospective Breakaway Dam Copper and Lithium Project completed.

- Forrestania Resources becomes a significant shareholder in Catalina through the transaction.

- Breakaway Dam provides exposure to both an emerging copper discovery opportunity and an underexplored lithium opportunity.

- Breakaway Dam hosts established copper mineralisation, with drilling returning results including:

o 9.2m @ 0.48% Cu from 181.4m (estimated true width 8.7m), including higher-grade intervals of 0.95m @ 1.18% Cu from 181.4m and 1.7m @ 1.05% Cu from 188.9m (BDCDD2501).

o 1.47m @ 1.97% Cu and 0.24% Zn from 236.35m (ETW 1.4m) (BDCDD2502);

o 4.2m @ 0.32% Cu and 0.29% Zn from 178.4m (ETW 4.1m) (BDCDD2504); and

o 1.9m (ETW) @ 2.17% Cu from (BDCRC26016)

- Catalina's maiden drilling program expanded the known mineralised strike by approximately 70% to 1.2km2 and identified multiple priority conductor targets, with the system remaining open and potential strike extending to approximately 1.8km.

- A comprehensive review of the Breakaway Dam Project is underway to assess and prioritise the next phase of exploration across the Project's copper and lithium opportunities.

Catalina Resources Limited (ASX:CTN) refers to its announcement dated 13 January 2026 regarding the acquisition of the Breakaway Dam Project from Forrestania Resources Limited (ASX:FRS) ("Forrestania") and the Company's subsequent General Meeting held on 10 March 2026, at which shareholders approved the issue of securities in connection with the transaction.

The Breakaway Dam Project is a multi-commodity exploration project comprising an established copper-rich volcanogenic massive sulphide (VMS) system and an underexplored lithium opportunity, providing Catalina with multiple avenues for discovery and value creation within a single project area.

The Company is pleased to advise that all conditions precedent and settlement obligations contemplated under the acquisition agreement have now been completed, including the acquisition of the Breakaway Dam Project and the divestment of the Company's Laverton project portfolio to Forrestania as part of Catalina's portfolio rationalisation strategy.

In accordance with the acquisition agreement, Catalina has issued the following securities to Forrestania:

- 13,831,010 fully paid ordinary shares in Catalina;

- 6,915,505 listed options exercisable at $0.115 each on or before 22 May 2027;

- 9,681,707 unlisted options exercisable at $0.23 each on or before 10 June 2029; and

- 4,149,303 unlisted options exercisable at $0.345 each on or before 10 June 2029.

The completion of the acquisition secures Catalina ownership of the highly prospective Breakaway Dam Project, located approximately 17km east of Menzies in Western Australia.

Executive Director, Ross Cotton, commented:

"Breakaway Dam is unique in that it provides Catalina with exposure to both an emerging copper discovery opportunity and an underexplored lithium opportunity within a single project area.

The combination of an expanding copper-rich VMS system and lithium potential provides additional value creation alongside our growing Mid-West gold portfolio and our recently acquired Lake Johnston projects.

With multiple copper conductor targets identified and broader lithium prospectivity yet to be systematically assessed, we believe Breakaway Dam has the potential to become a highly strategic asset within Catalina's portfolio and we look forward to progressing a comprehensive review of the Project."

Breakaway Dam Project

The Breakaway Dam Project is a multi-commodity exploration project located approximately 17km east of Menzies in Western Australia. The Project hosts a copper-rich volcanogenic massive sulphide (VMS) system with established copper mineralisation, extensive electromagnetic conductors and potential to expand the known mineralised footprint through further drilling.

In addition, historical exploration undertaken by Forrestania Resources identified anomalous multielement geochemistry consistent with fractionated pegmatites, including favourable K/Rb ratios and enrichment in pathfinder elements. These results were interpreted as indicative of pegmatites prospective for lithium-caesium-tantalum (LCT) mineralisation.

Previous exploration at Breakaway Dam has consistently demonstrated the presence of significant copper mineralisation, with drilling returning results including:

- 9.2m @ 0.48% Cu from 181.4m (ETW 8.7m), including higher-grade intervals of 0.95m@ 1.18% Cu from 181.4m and 1.7 m @ 1.05% Cu from 188.9m (BDCDD2501)

- 1.47m @ 1.97% Cu and 0.24% Zn from 236.35m (ETW 1.4m) (BDCDD2502)

- 4.2m @ 0.32% Cu and 0.29% Zn from 178.4m (ETW 4.1m) (BDCDD2504)

These results, together with extensive electromagnetic conductors and multiple sulphide intersections, highlight the potential scale of the system and provided the basis for Catalina's recent drilling programs.

As announced on 6 May 2026, drilling by Catalina Resources expanded the known mineralised strike from approximately 700 metres to 1.2 kilometres and returned significant copper intercepts, including:

- 1.9m (ETW) @ 2.17% Cu from 198m (BDCRC26016)
- 2.9m (ETW) @ 0.57% Cu from 204m (BDCRC26014)
- 3.8m (ETW) @ 0.31% Cu from 127m (BDCRC26016)

The drilling program confirmed that mineralisation and associated conductors extend over approximately 1.2km of strike, with historical drilling indicating that the system may extend to approximately 1.8km.

Furthermore, strong downhole electromagnetic responses have been identified across all recent drillholes, defining multiple on-hole and off-hole conductor plates and providing compelling targets for follow-up exploration.

Next Steps

With the completion of the acquisition, Catalina has commenced a comprehensive review of the Breakaway Dam Project to prioritise the next phase of exploration across both the copper and lithium opportunities.

A key focus of the review will be evaluating the Project's underexplored lithium potential, including analysis of historical datasets, geological controls, known pegmatite occurrences, and the systematic assessment of broader lithium prospectivity across the Project.

In parallel, the Company will continue to refine its understanding of the copper-rich VMS system by integrating historical exploration data, recent drilling and downhole electromagnetic results to prioritise follow-up exploration targets.

The outcomes of this review will be used to design and prioritise the next phase of exploration activities across the Project's multi-commodity opportunities.

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About Catalina Resources Ltd

Catalina Resources Ltd (ASX:CTN) is a mineral exploration company focused on discovering and advancing gold and multi-commodity projects in tier-one jurisdictions. Backed by a technically experienced team with deep industry knowledge, Catalina is committed to creating value through focused exploration across highly prospective and underexplored regions in Western Australia.

The company's core assets are located in the Central Yilgarn and Laverton regions, two of the most historically productive and geologically endowed gold provinces in the country. Both projects have demonstrated the potential to host significant mineralisation, with early-stage drilling already delivering promising results.

  

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