Black Cat Syndicate (BC8) Q1 2026 TU earnings summary

Executive summary

• Cash, bullion, and listed investments rose to $90M at 30 September 2025, up from $56M at 30 June 2025, driven by record group gold production and no hedging in place.

• Gold production reached 20,541oz (17,787oz excluding third-party ounces), with sales of 16,400oz at an average price of $5,227/oz, generating $86M in revenue.

• Paulsens gold production increased ~68% quarter-on-quarter to 7,744oz as mining ramped up and higher-grade stopes came online.

• Lakewood gold production rose ~30% quarter-on-quarter to 10,043oz, with Myhree pit on track for completion in December 2025.

• New high-grade zones were discovered at Paulsens, and mining commenced at Majestic underground and Fingals open pit at Kal East.

Financial highlights

• Cash on hand at quarter-end was $52.7M, with gold bullion valued at $29.6M and listed investments at $7.3M.

• Group revenue for the quarter was $86M from gold sales.

• Net cash from operating activities was $38.6M for the quarter.

• Capital expenditure included $13.3M for property, plant, and equipment, $6.3M for exploration and evaluation, and a $2.5M milestone payment for Paulsens.

• Cash, bullion, and investments increased by $33.3M from the previous quarter.

Outlook and guidance

• Production is expected to strengthen in the December 2025 quarter, with 23,000–28,500oz planned, including third-party ore and scheduled maintenance.

• Myhree pit completion and first ore from Majestic underground are expected in the December 2025 quarter.

• Ongoing drilling at Paulsens and Mt Clement, with assays pending for antimony intersections.