Black Cat Syndicate (BC8) H2 2025 earnings summary

Executive summary

• Achieved first gold production at both Kal East and Paulsens, with operations ramping up and processing facilities fully utilised through toll treating and ore purchases.

• Transitioned from explorer to multi-asset gold producer, now operating in three prolific gold districts and holding ~2.5M oz in Resources.

• Admitted to the S&P/ASX All Ordinaries and subsequently the ASX 300 Index, reaching a $1 billion market capitalisation.

• Maintained a strong balance sheet with no debt or hedging, and implemented a bullion holding strategy with 4,078oz retained at year-end.

• Significant board changes, including new appointments and the retirement of a founding director.

Financial highlights

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

• Cash and cash equivalents at year-end were $34.1M, with total cash, bullion, and investments of $56.3M.

• Capital raised during the year totaled $162.8M before costs through multiple share placements.

• Property, plant, equipment, and mine properties under development increased to $280.0M (FY24: $140.3M).

• No dividends declared or paid for the year.

Outlook and guidance

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

• Ongoing ramp-up and optimisation of existing operations, with expansion and new discoveries as key strategic priorities.

• Lakewood processing plant capacity study underway to expand from 1.2Mtpa to 1.5Mtpa.

• Continued focus on advancing Coyote and Mt Clement projects to commercial outcomes.