Black Cat Syndicate (BC8) investor relations material

Strategic positioning and financial highlights

• Positioned for significant cash flow acceleration through 2026, targeting 100,000oz gold production rate in FY26 with no debt and $92M in cash and investments.

• Generated $61M operating cash flow in March 2026 quarter, with realized gold price of $6,817/oz and production of 23,952oz.

• Transitioning to 100% owned mine feed, moving away from lower-margin third-party ore to drive margin and cash flow uplift.

• Two processing plants with 1.65Mtpa capacity and robust liquidity to fund growth initiatives.

Operational performance and mine development

• Kal East Majestic underground mine ramped up, with grades expected to increase to 3g/t and contributing 30% of Lakewood Mill feed.

• Fingals open pit ramp-up completed, providing majority of Lakewood feed and potential for underground development post open pit.

• Lakewood plant expansion from 1.2Mtpa to 1.5Mtpa by early 2027, now processing 100% owned ore, supporting higher margins.

• Paulsens mine produced 7k oz in March quarter from lower grade stopes, with grades expected to increase and new Belvedere mine development underway.

Resource growth and exploration

• Aggressive exploration plan with 150,000m drilling in FY2026 across gold and antimony projects.

• Coyote project launching a 35,000m high-grade discovery drilling campaign in May 2026, targeting resource growth and conversion.

• Mt Clement progressing scoping study for antimony, leveraging existing infrastructure and targeting significant production.

• Total gold resources of 2.45Moz and antimony resources of 26.5kt Sb, with multiple high-grade targets identified.