Black Cat Syndicate (BC8) Diggers & Dealers Mining Forum 2025 summary

Strategic positioning, growth, and production outlook

• Targeting a 100,000oz gold production run rate by year-end 2025, with an aspirational goal of 200,000ozpa from organic growth projects.

• Achieved gold producer status within the last 12 months, with two operating assets (Kal East and Paulsens) driving a 33% quarter-on-quarter increase in output.

• Significant acquisition of the 1.2Mt Lakewood processing plant enabled immediate production increases and cost savings over building new facilities.

• Maintains a gold storage strategy, holding ~4,078oz as of June 30, 2025, leveraging high gold prices for liquidity and future growth.

• Zero hedging policy maximizes gold price exposure.

Asset portfolio, operational performance, and development

• Kal East: Largest current producer with a 1.3Moz resource, 37% q-o-q production increase to 12,156oz, and new open pit/underground mines starting soon.

• Paulsens: 0.55Moz resource, 29% q-o-q production increase to 4,600oz, ramping up with potential for new underground mine and satellite operations by 2026.

• Coyote: 0.65Moz resource, high-grade underground (14.6g/t Au), feasibility study and expansion plans underway, with infrastructure in place and drilling planned within 12 months.

• Mt. Clement: 4th largest antimony resource in Australia (794kt @ 1.7% Sb), with infill/extensional drilling and metallurgical studies commencing August 2025.

• Group resources total 2.5Moz gold @ 2.9g/t Au and ~13kt antimony @ 1.7% Sb.

Exploration, expansion, and future plans

• Drilling underway at multiple targets, including Paulsens West, Big Sarah, and organic growth projects, to extend mine life and resource base.

• Kal East: Re-optimisation and exploration drilling to expand production beyond 1.2Mtpa.

• Paulsens: Drilling focused on grade control, resource growth, and near-mine targets; additional underground mine at Belvedere possible in early 2026.

• Coyote: Discovery drilling and feasibility study for expanded processing facility planned.

• Plans to upgrade and expand processing facilities to support production growth and maximize asset value.