Black Cat Syndicate (BC8) H2 2024 earnings summary

Executive summary

• Achieved significant milestones transitioning from exploration to production, with mining underway at Paulsens and Kal East and first gold poured from Myhree open pit at Kal East ahead of schedule.

• Processing facility refurbishment at Paulsens progressed on time and budget, with commissioning targeted for December 2024.

• Updated economic studies in May 2024 show strong cashflow generation and low capital requirements across all three projects.

• Board strengthened with two new directors and a new CFO appointed during the year.

Financial highlights

• Net loss after tax for FY2024 was $3.8M, an improvement from $4.8M loss in FY2023.

• Cash and cash equivalents at year-end were $14.0M, up from $4.7M in FY2023.

• Capitalised mineral exploration and evaluation expenditure reached $122.6M (FY2023: $115.6M); mine development costs were $9.0M (FY2023: nil).

• Raised $27.0M from share placements and $9M from convertible notes during the year.

• No dividends declared or paid for FY2024.

Outlook and guidance

• Paulsens processing facility on track for commissioning in December 2024, expected to drive cashflow.

• Kal East production ramping up, with first ore mined and gold poured ahead of schedule; Coyote remains on care and maintenance with plans for future restart.

• Group aims to achieve annual gold production rates of 150-180koz across three operations.

• Drilling to resume in March 2025 post-commissioning at Paulsens.