Black Cat Syndicate (BC8) Noosa Mining Investor Conference summary

Operational achievements and production ramp-up

• Achieved first gold at both Paulsens and Kalgoorlie, transitioning both to production within the past year.

• 33% quarter-on-quarter production growth so far this year, with expectations to surpass a 100,000 ounce per annum run rate by year-end.

• Two producing assets in Western Australia, both ramping up with additional mines expected to start within 12 months.

• Acquired the Lakewood mill, increasing processing capacity by 50% and accelerating production by 15 months.

• Third-party processing agreements utilized to optimize mill capacity during ramp-up.

Asset portfolio and operational performance

• Kal East: Open pit mines ahead of schedule, 37% quarter-on-quarter gold production increase to 12,156oz, with additional pits and first underground starting in 2025.

• Paulsens: Underground mining ramping up, 30% quarter-on-quarter gold production increase to 4,600oz, with potential for additional underground mine in 2026.

• Coyote: High-grade gold mine with 645koz resource, feasibility study and expansion plans underway.

• Mt. Clement: 4th largest antimony deposit in Australia, with infill and extensional drilling commencing August 2025 and metallurgical studies ongoing.

• Group resources total 2.5Moz gold at 2.9g/t and 13kt antimony at 1.7%.

Financial position and gold strategy

• Holds approximately $56 million in cash, bullion, and listed investments as of June, with no debt or hedging.

• Maintains a gold bullion storage strategy, currently holding about 4,078 ounces valued over $20.5 million.

• Highly leveraged to gold price movements, with a focus on retaining gold exposure rather than converting to cash.

• Market capitalization around $600 million, with 708 million shares on market and 51% held by top 20 shareholders.

• No debt facilities and nil hedging, supporting a strong financial position.