Black Cat Syndicate (BC8) Q2 2026 TU earnings summary

Executive summary

• Achieved record gold production of 25,510oz for the quarter, with gold sales of 17,517oz at an average price of $6,325/oz, generating gross gold revenue over $110M.

• Cash, bullion, and listed investments increased to $91M at quarter end, maintaining a strong balance sheet after significant capital outlays.

• Operating cashflow before capital was approximately $66M, with major investments in mine ramp-ups and exploration.

• Final $25M deferred payment for the Lakewood processing facility was completed, fully funded from operating cashflow.

• Board transition announced: Gareth Solly to non-executive director, James Bruce appointed as new managing director effective February 2026.

Financial highlights

• Realised gold price increased to $6,325/oz from $5,227/oz in the previous quarter.

• Total income for the quarter was $125.4M, with operating costs of $59.0M.

• Operating cashflow after capital and corporate costs was $1.3M for the quarter.

• Cash on hand at quarter end was $54.1M, with gold bullion valued at $31.3M and listed investments at $5.5M.

• $5.8M cash inflow from option conversions during the quarter.

Outlook and guidance

• Production is expected to grow in the March 2026 quarter, with 25,000–28,000oz planned, including third-party ore.

• Annual production outlook of at least 100,000ozpa to commence from June 2026 quarter, with AISC guidance to be provided as third-party tolling ceases.

• Lakewood expansion study to increase capacity from 1.2Mtpa to 1.5Mtpa is progressing, with completion expected in March 2026.