Black Cat Syndicate (BC8) H2 2025 earnings summary

Executive summary

• Achieved first gold production at both Kal East and Paulsens operations, with ramp-up underway and operations now cashflow positive at Paulsens as of June 2025.

• Acquired the 1.2Mtpa Lakewood processing facility for $93.3M, expanding processing capacity and enabling treatment of both own and third-party ore.

• Maintained a strong balance sheet with $56.3M in cash, bullion, and investments, and no debt or hedging.

• Raised $162.8M in equity to fund acquisitions and development, and retained 4,078oz of gold bullion as part of a bullion holding strategy.

• Transitioned from explorer to multi-asset gold producer, now included in the S&P/ASX 300 Index.

Financial highlights

• Revenue for FY25 was $37.3M, with a consolidated net loss after tax of $25.9M (FY24: $3.8M loss).

• Gross loss of $13.0M, driven by cost of sales ($50.3M) exceeding revenue.

• Cash and cash equivalents at year-end: $34.1M (FY24: $14.0M).

• Capitalised property, plant, equipment, and mine properties: $280.0M (FY24: $140.3M).

• No dividends declared or paid.

Outlook and guidance

• Targeting ~100,000oz gold production per annum by end of 2025, with an aspirational goal to exceed 200,000ozpa organically.

• Focus on ramping up and optimising existing operations, expanding production, and advancing Coyote and Mt Clement projects.

• Ongoing exploration to grow resources and reserves, with updates expected by December 2025.