Black Cat Syndicate (BC8) Q4 2026 earnings summary

Executive summary

• Achieved record annual gold production of 90,833 oz in FY26, up 132% year-over-year, with significant contributions from Paulsens and Kal East, and a third asset in development.

• Transitioned to a multi-hub gold producer, operating debt-free and unhedged, with a strong cash position of AUD 105 million as of June 2026.

• Major investments, including Lakewood acquisition and mine development, funded by operating cashflows.

• Share price CAGR of 19% since listing, reflecting robust market performance.

• Significant operational ramp-up at Paulsens and Kal East, with Coyote and Mt Clement projects advancing.

Financial highlights

• FY26 operating cashflow before capital reached AUD 255 million, with quarterly record of AUD 77 million.

• Total revenue for FY26 was AUD 434 million, with realized gold price averaging AUD 6,108/oz, 100% unhedged.

• Cash, bullion, and listed investments totaled AUD 105 million at year-end, nearly double the start of the year.

• Paulsens generated AUD 27 million of notional cashflow in the quarter.

• Operating costs for FY26 totaled AUD 179 million.

Outlook and guidance

• FY27 guidance on AISC and production expectations to be provided with FY26 annual results.

• Growth strategy under review to focus on near-mine ounces and prioritize cash generation amid geopolitical and market volatility.

• Kal East and Majestic ramp-up expected to continue for the next six months, targeting 30% of Lakewood’s requirements.

• Updated reserves and resources, including grade profiles, will be published with the annual report.

• Drilling at Coyote targeting high-grade extensions, with results expected in September.