Black Cat Syndicate (BC8) H1 2026 earnings summary

Executive summary

• Achieved maiden profit after tax of $34.6M for the half-year to 31 December 2025, compared to a $9.7M loss in the prior year period.

• Record gold production of 25,437oz in the December 2025 quarter, supporting a 100,000oz annual run rate.

• Commenced mining at Majestic underground and Fingals open pit within Kal East Gold Operation.

• Completed $25M deferred payment for full ownership of the Lakewood processing facility.

• Entered short-term third-party ore purchase contracts to supply Lakewood until own ore delivery ramps up.

Financial highlights

• Revenue for the half-year was $169.1M, up from $1.1M in the prior year period.

• Gross profit of $56.1M, compared to a gross loss of $1.2M year-over-year.

• Operating profit of $45.0M, versus a $7.6M operating loss in the prior year.

• Cash and cash equivalents increased to $54.1M from $34.1M at 30 June 2025.

• Net cash from operating activities was $101.9M, compared to a $1.6M outflow in the prior year.

Outlook and guidance

• Anticipates ore delivery from Majestic and Fingals in the second half of FY2026 to support ongoing processing.

• Acquisition of 90km² of tenements adjacent to Lakewood to provide additional tailings storage, extending Kal East's operational life.