Black Cat Syndicate (BC8) investor relations material

Strategic Growth and Production Targets

• Targeting 100,000 oz per annum gold production this quarter, with a goal to double to 200,000 oz per annum by FY2028/29 through organic growth and project upgrades.

• Three major operational areas hold 2.5 million oz of gold; two are now in production, with a third in development and organic growth funded by internal cash flows.

• No debt or hedging, maintaining a strong cash position with approximately AUD 90 million in cash, bullion, and investments.

• Market cap reached AUD 1.1 billion in 18 months, now at AUD 700–730 million, with high stock liquidity and significant insider ownership.

• Board and executive team have deep industry experience, including founders of other successful mining companies and significant personal investment.

Operational Highlights and Project Pipeline

• Kal East project targets 70,000 oz per annum, rising to 90,000 oz after plant upgrade; Paulsen's ramping to 50,000 oz per annum, with potential to reach 70,000 oz, both showing strong quarter-on-quarter growth.

• Coyote, one of Australia’s highest-grade gold mines, is in development with a 645,000 oz resource and will contribute to the 200,000 oz target.

• Acquisition of Lakewood processing plant increased throughput capacity by 50%, enabling self-sufficient ore processing and production growth, with expansion to 1.5 million tons per annum planned.

• New mines Majestic Underground and Fingal's Fortune Open Pit are ramping up to supply the upgraded mill, with Fingal's set to provide 70% of mill feed for several years.

• Paulsen's mine refurbishment completed on time and budget, with mechanized mining and steady production growth.

Exploration, Resource Growth, and Diversification

• Active drilling at Paulsen's and Majestic Underground aims to extend resources, with new lodes and parallel systems identified.

• Mount Clement polymetallic project focuses on antimony, with a 13,000–14,000 ton resource and an exploration target up to 100,000 tons; economic study planned for next year.

• Government co-funding deeper step-out drilling at Mount Clement, with six vein sets identified and strong potential for resource expansion.

• FY2026 exploration spend forecast at AUD 16–18 million, focusing on resource growth at Paulsen's, Majestic, Kal East, Coyote, and Mount Clement.

• Strategy to hold gold as bullion has been profitable amid rising gold prices, providing flexibility and value retention, with unhedged position gaining AUD 3–4 million in value.