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Black Cat Syndicate (BC8) investor relations material

Black Cat Syndicate H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary28 Sep, 2025

Executive summary

  • Achieved first gold production at both Kal East and Paulsens, with operations ramping up and processing facilities fully utilised through toll treating and ore purchases.

  • Transitioned from explorer to multi-asset gold producer, now operating in three prolific gold districts and holding ~2.5M oz in Resources.

  • Admitted to the S&P/ASX All Ordinaries and subsequently the ASX 300 Index, reaching a $1 billion market capitalisation.

  • Maintained a strong balance sheet with no debt or hedging, and implemented a bullion holding strategy with 4,078oz retained at year-end.

  • Significant board changes, including new appointments and the retirement of a founding director.

Financial highlights

  • Revenue for FY25 was $37.3M, with a consolidated net loss after tax of $25.9M (FY24: $3.8M loss).

  • Cash and cash equivalents at year-end were $34.1M, with total cash, bullion, and investments of $56.3M.

  • Capital raised during the year totaled $162.8M before costs through multiple share placements.

  • Property, plant, equipment, and mine properties under development increased to $280.0M (FY24: $140.3M).

  • No dividends declared or paid for the year.

Outlook and guidance

  • Targeting ~100,000oz gold production per annum by end of 2025, with an aspirational goal to exceed 200kozpa organically.

  • Ongoing ramp-up and optimisation of existing operations, with expansion and new discoveries as key strategic priorities.

  • Lakewood processing plant capacity study underway to expand from 1.2Mtpa to 1.5Mtpa.

  • Continued focus on advancing Coyote and Mt Clement projects to commercial outcomes.

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Frequently asked questions

Black Cat Syndicate Limited is an Australian mineral exploration and development company focused on gold projects. The company holds and operates a portfolio of gold assets primarily located in Western Australia, including properties with historical production as well as new exploration targets. Black Cat Syndicate conducts activities such as drilling, resource evaluation, and feasibility studies aimed at expanding and advancing its gold resources. Black Cat Syndicate Limited is headquartered in West Perth, Australia, and its shares are listed on the ASX.

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