Black Cat Syndicate (BC8) investor relations material

Executive summary

• Transition quarter featured significant investment in operations, leadership change with James Bruce appointed Managing Director, and a clear mandate for disciplined growth and capital efficiency.

• Focus on ramping up production at Kal East and Paulsens, advancing development projects, and leveraging operational expertise for future acquisitions.

• Strong organizational culture and experienced management team highlighted as key strengths.

• Group gold production reached 23,952oz for the quarter, generating solid operating cash flow of $61M from 10,374oz gold sold at an average price of $6,817/oz.

• Cash, bullion, and listed investments increased to $92M, reflecting strong liquidity after significant mine ramp-up spending.

Financial highlights

• Gold sales totaled 10,374oz at an average realized price of AUD 6,817/oz, generating AUD 77M in gross revenue for the quarter.

• Additional AUD 18.5M revenue from third-party tolling at Lakewood, with operating cash flow of AUD 61M after AUD 32M in operating costs.

• Capital costs totaled $53.9M, including $45.7M in project/growth capital, mainly for Majestic and Fingals mine ramp-up.

• Quarter-end liquidity included AUD 53M cash, AUD 4M investments, and 5,323oz of gold bullion valued at AUD 36M, totaling AUD 90M.

• Operating cash flow before capital was $61M for the quarter, with total revenue (including bullion movement) at $93.3M.

Outlook and guidance

• Strategic review underway, with outcomes and updated guidance (including All-in Sustaining Costs and production profiles) expected within three months.

• June quarter to see 100% company-owned ore processed at Kal East, expected to drive stronger cash flow and higher cash margins.

• Annual resource/reserve updates and increased exploration planned, with results to be communicated as available.

• Production run-rate targeted at 100,000oz per annum by year-end, with expectations to exceed this in the following half.

• Annual guidance, including AISC, to be provided from 1 July 2026 as part of year-end reporting.