Black Cat Syndicate (BC8) Diggers & Dealers Mining Forum 2026 summary

Strategic growth and operational highlights

• Transitioned from explorer to multi-hub gold producer, remaining debt-free and unhedged with $105M in cash and liquid investments as of June 2026.

• Achieved FY26 gold production of 90,833oz, with a 19% CAGR in share price since IPO and a market capitalization of $656M at $0.90/share.

• Operates three main hubs: Paulsens (high-grade underground), Kal East (open pit and underground), and Coyote (development-stage high-grade asset), all 100% owned.

• Holds a substantial resource base of 2.5Moz @ 2.7g/t Au and significant reserves, with ongoing exploration and development across Western Australia and the Northern Territory.

• Maintains a disciplined, milestone-gated development approach, targeting assets supporting over 100koz per annum for 7+ years.

Paulsens production hub developments

• Paulsens hub boasts 1Moz historical production, established infrastructure, and new high-grade discoveries at Regulus and Lynx.

• Achieved cashflow positive status within six months of restart in 2024, with cumulative operating cashflow of $107M since acquisition.

• Recent discoveries at Regulus and Lynx confirm the system's fertility, delivering immediate, cash-generating ounces and extending known mineralization.

• Belvedere, a nearby high-grade system, is being drilled to expand its 30koz resource and potentially extend Paulsens' mine life.

• Processing facility operates at 450ktpa, with ore grades between 2.4-3.7g/t and gold recovery rates of 92-94%.

Kal East production hub progress

• Kal East hub has a 1.2Mtpa processing plant and a total resource of 1.4Moz @ 1.9g/t Au, with reserves of 243koz.

• Multiple mines (Majestic, Fingals, Trojan) within 50km of the Lakewood facility, supporting operational flexibility and resource expansion.

• Since 2018, $158M invested, generating $88M in cumulative operating cashflow.

• Ore processed per quarter ranges from 260kt to 314kt, with recoveries of 90-92%.

• Ongoing drilling and development aim to extend mine life and increase throughput.