Black Cat Syndicate (BC8) Q1 2027 earnings summary

Executive summary

• Production was 19,153oz, including 16,740oz of 100%-owned production; FY27 guidance remains 80–90koz at AISC of $3,500–3,900/oz.

• Interim leadership is resetting mine plans and cost controls after grade downgrades; management expects production and cash generation to improve in H2 and is targeting production above 100,000oz/year longer term.

Financial highlights

• Sold 18,000oz at an average realised price of $6,065/oz; operating cash flow before capital was $39.4M, while cash and liquid assets fell from $105.3M to $77.6M.

• Operating cash flow after capital and corporate costs was negative $27.7M; the quarter included $61.5M total capital costs and $5.4M corporate costs.

• A $30M cost-improvement program covers 10 work streams, including contracts, travel, maintenance and energy; targets and weekly tracking are underway.

• Lower-margin tolling, five days of Lakewood downtime, fewer processed tonnes and lower grades weighed on cash generation.

Outlook and guidance

• FY27 guidance remains 80–90koz at AISC of $3,500–3,900/oz; Paulsens guidance is 36–42koz and Kal East guidance is 44–48koz, including 4–10koz of third-party gold.

• Committed toll treating is expected to end after the Dec-2026 quarter; processing higher-margin own ore is expected to materially lift H2 FY27 operating cash flow at current gold prices.

• Fingals is expected to reach commercial production in the December quarter and Majestic in the March quarter, subject to stope optimization and workforce availability.

• A life-of-mine plan refresh is due to start in the Dec-2026 quarter, with an updated plan expected in the Jun-2027 quarter; FY2028 AISC goal is below AUD 3,000/oz.