production and financial performance

Extracted Document Text

This is a readable excerpt of the EGM normalized Markdown text. It helps search engines and researchers understand PDF, filing, or company-document content while the original source remains authoritative.

# production and financial performance

Source: https://bc8.com.au/wp-content/uploads/2026/01/260129-ASX_BCSL_Quarterly-Activities-Report-and-Appendix-5B-1.pdf
Published: 2026-01-29T00:00:00+00:00
Fetched: 2026-05-12T14:49:03.303+00:00
Source artifact: dd08f90c-3998-4017-adda-12e364aad7bc
Normalizer input: text

## Content

# production and financial performance
ASX ANNOUNCEMENT
29 January 2026
Activities Report for the Quarter Ended 31 December 2025
The Board of Black Cat Syndicate Limited (“Black Cat” or the “Company”) is pleased to report on activities during the quarter
ended 31 December 2025 in relation to its More Gold, Sooner strategy.
HIGHLIGHTS (All amounts are in A$ dollars unless otherwise stated. Figures are unaudited, should be regarded as estimates and are subject to change.)
The Company continued to grow production as expected. Highlights included:
 Strong balance sheet and cashflow: Cash, bullion and listed investments increased to $91M at 31 December 20251
($90M at 30 September 2025) after the final deferred payment of $25M for the 1.2Mtpa Lakewood processing facility
(“Lakewood”) and $31M in project/growth capital on mine commencement/ramp ups and $5.3M in exploration. Stored
bullion of 4,820oz was valued at $31.3M2 and listed investments were valued at $5.5M. Operating cashflow before
capital was ~$66M.
 Record gold production: of 25,510oz (including third party production from Ore purchase and toll treating activities).
 Gold sales: totalled 17,517oz at an average realised price of $6,325/oz, generating gross gold revenue >$110M.
 Paulsens gold production: increased 20% quarter on quarter to 9,313oz, exceeding quarterly outlook and
notwithstanding a successful 14-day planned maintenance shutdown of the processing facility. Ore stockpiles at 31
December 2025 contained ~400oz.
 Kal East gold production: increased 26% quarter on quarter, in line with quarterly outlook. Mining at Myhree and
Boundary was completed and continued to ramp up at Fingals and Majestic. Once ramped up these mines will form the
baseload feed to Lakewood for years to come. Ore stockpiles at 31 December 2025 contained ~5,600oz.
 New high-grade zones discovered at Fingals3: indicate additional gold production potential from the existing open
pit design with follow up drilling to commence during the March 2026 quarter.
 Strong production outlook4: Production is expected to grow during the March 2026 quarter with 25,000-28,000oz
planned, including third-party Ore.
 Antimony growth5: The first large diamond drill program at Mt Clement was completed in the quarter, with 6,904m
drilled. Mt Clement hosts one of Australia’s largest and highest-grade antimony deposits. Visible antimony was
intersected in multiple holes, with first assays reported, including:
 12.45m @ 1.15% Sb, 1.51% Pb and 16.10g/t Ag from 80.00m (EHDD25002)
 6.58m @ 1.56% Sb, 2.33% Pb and 11.58g/t Ag from 236.60m (EHDD25001)
 6.90m @ 2.18% Sb, 6.04% Pb and 45.91g/t Ag from 130.20m (EHDD25006)
 4.20m @ 1.92% Sb, 5.45% Pb and 41.00g/t Ag from 137.80m (EHDD25009)
 Star of Mangaroon6: Binding agreements with Dreadnought Resources Ltd (ASX:DRE) (“Dreadnought”) were
executed to develop and process Ore from the high-grade Star of Mangaroon open pit. Black Cat will share surplus
cashflow from the project at a 50/50 split for the first $80M.
 Tenement acquisitions near Lakewood7: this land secures capacity for expanded tailings storage, facilitating higher
throughput and ongoing operational growth for decades. This is a major step in expanding Lakewood to 1.5mtpa.
 Lakewood Expansion Study: Engineering works for the expansion of Lakewood from 1.2mtpa to 1.5mtpa progressed
during the quarter and will be completed during the March 2026 quarter.
 Board changes8: Gareth Solly, after 8 years as the founding managing director, announced he would transition to a
non-executive director role with the Company. James Bruce will join the board as the new managing director of Black
Cat effective 11 February 2026.
 Corporate: $5.8M cash was received from the conversion of options.
BLACK CAT SYNDICATE LIMITED (ASX:BC8) | 0458 007 713 | admin@bc8.com.au | bc8.com.au | ABN 63 620 896 282
Activities Report for the Quarter Ended 31 December 2025
PRODUCTION AND FINANCIAL SUMMARY – December 2025 quarter
Mining, stockpiled Ore and gold-in-circuit
December 2025 quarter FY2026 year to date
Operations Unit Paulsens Kal East Group Paulsens Kal East Group
Open pit mining
Ore t - 68,756 68,756 - 317,111 317,111
Grade g/t - 1.96 1.96 - 1.75 1.75
Contained gold oz - 4,333 4,333 - 17,883 17,883
Underground mining
Underground development m 912 689 1,602 2,112 849 2,961
Ore t 85,441 12,063 97,504 176,585 12,063 188,648
Grade g/t 3.55 1.31 3.27 3.17 1.31 3.05
Contained gold oz 9,750 508 10,258 17,987 508 18,495
All mining
Total Ore t 85,441 80,819 166,260 176,585 329,174 505,759
Stockpiled Ore and gold-in-circuit (as at 31 December 2025)
Ore t 8,034 109,037 117,071
Grade g/t 1.68 1.61 1.61
Contained gold in stockpiles oz 434 5,629 6,063
Gold-in-circuit (“GIC”) oz 377 1,029 1,406
Total gold in stockpiles and GIC oz 811 6,658 7,469
Production, gold sold and bullion
December 2025 quarter
Operations Kal East Paulsens
Group Total
Unit 100%i 3rd party Total 100%
Processing and gold production
Ore processed t 131,578 190,005 321,583 90,286 411,869
Grade g/t 1.57 1.81 1.71 3.40 2.08
Contained gold oz 6,640 11,060 17,700 9,875 27,575
Recovery % 89.9% 92.5% 91.5% 94.3% 92.5%
Gold produced oz 5,967 10,230 16,197 9,313 25,510
Gold sold (100% BC8) oz 8,817 - 8,817 8,700 17,517
Financial year to date December 2025
Operations Kal East Paulsens
Group Total
Unit 100%i 3rd party Total 100%
Processing and gold production
Ore processed t 346,422 234,402 580,824 188,957 769,781
Grade g/t 1.58 1.86 1.69 3.00 2.01
Contained gold oz 17,597 14,037 31,635 18,212 49,847
Recovery % 91.0% 92.5% 91.6% 93.7% 92.4%
Gold produced oz 16,009 12,984 28,993 17,057 46,050
Gold sold (100% BC8) oz 15,717 - 15,717 18,200 33,917
Cash, bullion and investments
(Unaudited) Unit Mar-25 Jun-25 Sep-25 Dec-25
Cash on hand A$M 65.4 34.1 52.7 54.1
ii
Gold bullion A$M 2.1 20.5 29.6 31.3
Cash and bullion A$M 67.5 54.6 82.3 85.4
Listed investments A$M 1.3 1.7 7.3 5.5
Cash, bullion and investments A$M 68.8 56.3 89.6 90.9
-------------------------------------------
i
December quarter and the financial YTD amounts relate to Lakewood processing, and also includes Boundary ore processed at Paddington (44,394t, 90.6% recovery, 1,967oz produced)
ii
Gold bullion has been valued based on the gold price on the last day of the quarter from the Perth Mint website www.perthmint.com
2 | Page
Activities Report for the Quarter Ended 31 December 2025
December 2025 quarter, cash, bullion and investments
Chart 1: Quarterly cash, bullion movement and listed investments (unaudited)iii.
All-in sustaining costs (“AISC”): are currently not presented as they are not representative of the Company’s ongoing
business (i.e. Ore from 100% owned mines) due to the following temporary activities:
 joint venture (“JV”) and profit share arrangements at Myhree/Boundary;
 third party toll treatment and Ore purchase at Lakewood; and
 ramp ups at Paulsens, Fingals and Majestic.
Accordingly, as the business transitions to Ore from 100% owned mines, annual production outlook based on an expected
minimum of ~100,000ozpa will also commence with guidance being provided to the market from the June 2026 quarter.
Having given consideration to the completion of the Myree/Boundary JV and the expectation that the majority of third party
toll treating activities will cease, the Company also intends to provide AISC calculations from this period.
-------------------------------------------
iii
-Operating cashflows include the bullion value from the site’s metals accounts using quarter end gold prices from the Perth Mint website www.perthmint.com. Bullion movement within
operating cashflow includes a $9.6M increase for Paulsens, and a $7.8M decrease for Kal East during the quarter.
-Site project capital includes payments includes mining start-up and capital costs.
-Non-recurring items are items that are presented separately due to their nature and, in some cases, expected infrequency of the events giving rise to them.
This news release contains references to financials measures which are non-GAAP performance measures and do not have standardized meanings under IFRS. Therefore, these
measures may not be comparable to similar measures presented by other issuers.
3 | Page
Activities Report for the Quarter Ended 31 December 2025
Quarterly cash, bullion movement and listed investments table (unaudited, non-GAAP)
(Unaudited) Unit Sep 25 Dec 25 Fin. YTD Commentiv
Realised gold price $/oz 5,227 6,325 5,791 100% unhedged
Total gold sales (BC8 100%) A$M 85.6 110.8 196.4
Bullion movement A$M 9.1 1.8 10.9 Gold bullion strategy - ongoing
Lakewood toll treatment and ore purchase revenue A$M 2.7 12.7 15.5 Non-recurring item
Total income A$M 97.4 125.4 222.8 Strong income set to become stronger
Less: Operating costs
Mining A$M (21.7) (22.2) (43.9) Expected to increase with BC8 production growth
Haulage A$M (2.2) (0.6) (2.8) Expected to increase with BC8 production growth
Processing A$M (15.9) (23.5) (39.4) Minimal impact
Site administration A$M (4.7) (5.6) (10.3) Minimal impact
Royalties A$M (2.9) (3.3) (6.2) Expected to increase with BC8 production growth
Kal East - JV/3rd party Ore purchase amounts (net) A$M - (3.8) (3.8) Non-recurring item
Total operating costs A$M (47.4) (59.0) (106.4) Reflects business in transition
Operating cashflow before capital A$M 50.0 66.4 116.4 Strong operating cashflow, improving
Less: Capital costs
Project/growth A$M (11.2) (30.8) (42.0) Non-recurring item (mainly Kal east start up)
Sustaining A$M (3.3) (4.8) (8.2) Ongoing
Final Lakewood acquisition payment A$M - (25.0) (25.0) Non-recurring item
Exploration A$M (6.3) (5.3) (11.5) Ongoing
Total capital costs A$M (20.9) (65.9) (86.7) Strong non-recurring growth capital
Operating cashflow after capital A$M 29.1 0.6 29.7
Less: Corporate costs
Corporate A$M (2.1) (2.7) (4.8) Ongoing
Inflows from option conversions A$M 0.6 5.8 6.4 Non-recurring item
Listed investments movements A$M 5.6 (2.5) 3.1 Non-recurring item
Total corporate costs A$M 4.2 0.7 4.9
Operating cashflow after capital and corporate
A$M 33.3 1.3 34.6
costs
Opening cash, bullion and investments A$M 56.3 89.6 56.3 Strong balance sheet
Closing cash, bullion and investments A$M 89.6 90.9 90.9 Maintained strong balance sheet
-------------------------------------------
iv
Represents Company expectations once the Company increases production of 100% BC8 Ore, and as third party tolling and ore purchasing discontinues.
This news release contains references to financials measures which are non-GAAP performance measures and do not have standardized meanings under IFRS. Therefore, these
measures may not be comparable to similar measures presented by other issuers.
4 | Page
Activities Report for the Quarter Ended 31 December 2025
PAULSENS GOLD OPERATION 100%
Paulsens comprises: a high-grade underground gold mine; a 450ktpa processing facility; a 134 room camp (expanded from
128 rooms during the quarter) and associated infrastructure. The ongoing ramp up of operations at Paulsens including
development and stoping progressed safely. Key achievements included:
 Production increased 20% quarter on quarter to 9,312oz, exceeding quarterly outlook with stope tonnes increasing as
mining continued to ramp up achieving record quarterly production, notwithstanding a successful 14-day planned
maintenance shutdown of the processing facility. Ore stockpiles at 31 December 2025 contained ~400oz.
 Tonnes processed totalled 90,286 @ 3.40g/t Au for 9,991oz contained with gold in circuit of 377oz. Recovery was 94%
for 9,313oz produced (1,927oz bullion retained, 8,700oz sold).
 Diamond drilling in the upper part of the mine continued, targeting Resource g

[Excerpt trimmed for readability. Open the original source for the complete filing or document.]