Black Cat Syndicate (BC8) Q4 2025 TU earnings summary

Executive summary

• Gold production increased to 16,756oz with sales of 10,476oz at an average price of $5,155/oz, generating $54M in revenue; 4,078oz ($20.5M) retained as bullion in storage at quarter end.

• Cash, bullion, and listed investments totaled $56.3M after a $20M payment for Lakewood acquisition; no hedging in place.

• Paulsens production rose 29% quarter-on-quarter to 4,600oz, becoming cashflow positive in June; Myhree/Boundary open pits became cashflow positive in May.

• Lakewood processing facility's first quarter saw 229,059t processed; Kal East mines advanced with all approvals received and dewatering started at Majestic.

• Strong drilling results at Imperial and Fingals support future mine plans; COO appointed.

Financial highlights

• Revenue for the quarter was $54M from gold sales; 4,078oz of bullion valued at $20.5M held in storage.

• Cash, bullion, and investments at quarter end: $56.3M, down from $68.8M in March after Lakewood payment.

• Net cash used in operating activities: $(14.3)M; investing activities: $(29.1)M; financing activities: $12.1M.

• Deferred payment of $25M for Lakewood due November 2025; $2.5M milestone payment for Paulsens triggered and paid post-quarter.

• Estimated 2.7 quarters of funding available, including cash and bullion.

Outlook and guidance

• Production expected to rise to 19,000–23,000oz in September quarter (21,000–26,000oz including 3rd party processing).

• Steady state production targeted as ramp-up continues at all mines; scheduled maintenance factored into guidance.