Black Cat Syndicate Ltd. · ASX:BC8
Black Cat Syndicate — Noosa Mining Conference 2025
23 slides from Black Cat Syndicate's conference presentation, July 2025
Slide 1: A Fast Growing Western Australian Gold Producer
A FAST GROWING WESTERN AUSTRALIAN GOLD PRODUCER ASX: BC8 BC8O bc8.com.au JULY 2025
Slide 2: Disclaimer, Distribution, and Disclosure
DISCLAIMER, DISTRIBUTION, AND DISCLOSURE Disclaimer and not for US distribution The information in this announcement that relates to Mineral Resources was compiled by Mr. Iain Levy, who is a Member of the AIG and an employee, shareholder and option holder of the Company. Mr. Levy has sufficient expe
Slide 3: More Gold Sooner, Growing Faster, Held Longer
MORE GOLD SOONER, GROWING FASTER, HELD LONGER Multi-asset Australian gold producer positioned for rapid growth MORE GOLD SOONER GROWING FASTER HELD LONGER Targeting production rate of Accelerated growth strategy Focused on cash generation 100koz gold by end-20251 underway and increased gold exposure
Slide 4: Corporate Overview
CORPORATE OVERVIEW Myhree Myhree Paulsens Lakewood Lakewood Growing SUMMARY mining first gold first gold acquisition completion Production commenced announced ~708M Shares on Issue ~43M Options & Performance Rights ~$600M Market Cap (23 Jul 2025) @ $0.86 ~4.5M/day Liquidity (average shares traded) ~
Slide 5: Superior Gold Exposure
SUPERIOR GOLD EXPOSURE “More gold, sooner” bullion strategy provides increased leverage to gold price • Black Cat intends to retain a portion of production in dedicated gold bullion storage • ~4,078oz (~$20.5M) has been retained and is in storage (as of June 30, 2025) • Black Cat is unhedged and hol
Slide 6: Quality Assets in a Top Jurisdiction
QUALITY ASSETS IN A TOP JURISDICTION Operating prolific, high-growth mines in Western Australia Coyote KAL EAST (PRODUCING) PAULSENS (PRODUCING) • Open pit mines ahead of • Underground mining Paulsens schedule ramping up throughout 2025 • 37% q-o-q increase in gold • 30% q-o-q increase in gold produ
Slide 7: Operations
OPERATIONS ASX: BC8 I BC8O 7
Slide 8: Kal East: 1.3Moz on the Doorstep of Kalgoorlie
KAL EAST: 1.3MOZ ON THE DOORSTEP OF KALGOORLIE Production ramping up ahead of plan • Newly acquired 1.2Mtpa Lakewood facility brings forward Kal East production by ~15 months • +50% throughput capacity increase compared to initial Kal East study • 37% q-o-q increase in gold production to 12,156oz fo
Slide 9: Kal East: Upcoming Growth Drivers
KAL EAST: UPCOMING GROWTH DRIVERS GOLD ACCELERATION STRATEGY LAKEWOOD EXPANSION UNDERWAY • Lakewood (throughput expansion) • Fingals open pit (base load ore) • Majestic underground (dewatering) • Myhree underground (approved) • Jones Find (reoptimising) • Imperial (new open pit potential) • 3rd part
Slide 10: Paulsens: First Gold on Time and on Budget
PAULSENS: FIRST GOLD ON TIME AND ON BUDGET Strong production and Resource growth underway • 29% q-o-q increase in gold production to 4,600oz for June Quarter • 36% q-o-q increase in development to 1,684m with over 4,000m completed to date • Operations ramping up; expected efficient stoping rates by
Slide 11: Paulsens: 1Moz Gold Mined; Growing Resource
PAULSENS: 1MOZ GOLD MINED; GROWING RESOURCE Extending mine life at a prolific past producer • Paulsens operated for 13 years averaging ~70,000oz pa • Average historical Resource of 270koz (<2.5 years mine life) • Drilling underway to support mining and grow near-mine targets: • Gabbro Veins; • Main
Slide 12: Organic Growth Projects
ORGANIC GROWTH PROJECTS ASX: BC8 I BC8O 12
Slide 13: Coyote: Third Gold Operation, Already in the Portfolio
COYOTE: THIRD GOLD OPERATION, ALREADY IN THE PORTFOLIO One of Australia’s highest-grade gold mines • Current Resource of 645koz Au (3.7Mt @ 5.5g/t Au) • Underground Resource 360koz Au (14.6g/t Au) • 300ktpa plant: only processing plant in West Tanami; village/airstrip • Future growth plans: • Discov
Slide 14: Mt. Clement: High-Grade Antimony Potential
MT. CLEMENT: HIGH-GRADE ANTIMONY POTENTIAL Australia’s largest undeveloped antimony deposit • 4th largest antimony Resource in Australia: 794kt @ 1.7% Sb (~13kt), +Au, +Ag • Only 20% of mapped veins drilled to date • JORC Exploration Target1: 3.4-5.9Mt @ 1.2-1.9% Sb for 47-103kt Sb • 2025 activities
Slide 15: Summary
SUMMARY Multi-asset gold producer positioned for rapid growth Coyote Accelerated gold production: More gold, sooner • Targeting ~100,000ozpa production rate by end of 20251 Paulsens • Organic growth to aspirational target of over 200kozpa2 Two assets in production: Group Resources • Kal East – 1.2Mt
Slide 16: Appendices
APPENDICES Level 4, 507 Murray Street, Perth WA 6000 PO Box 184, West Perth WA 6872 +61 (0)458 007 713 admin@bc8.com.au www.bc8.com.au ABN 63 620 896 282 16
Slide 17: Proven, Skilled Leadership Team
PROVEN, SKILLED LEADERSHIP TEAM BOARD OF DIRECTORS Gareth Solly Managing Director • Former Senior Management roles with Norilsk Nickel, Silver Lake Resources and Saracen Minerals BSc (1st Class Hons.), Dip Business • Registered Mine Manager at Daisy Milano Gold Mine Paul Chapman • Chairman of Dreadn
Slide 18: Paulsens: 1Moz Deposits Are Not Formed in Isolation
PAULSENS: 1MOZ DEPOSITS ARE NOT FORMED IN ISOLATION • ~3,650 km2 of granted and pending tenure • Extensive strike of highly prospective fault zones • Limited regional drilling • Exploration in 2025, including: • Paulsens Near Mine (Au) • Belvedere (Au) • Big Sarah (Au) • A JORC Exploration Target1 f
Slide 19: Big Sarah: Big Potential – Undrilled!
BIG SARAH: BIG POTENTIAL – UNDRILLED! • ~90km southeast of Paulsens • Historical gold production at Big Sarah pre-WWII ~220oz @ 52.6g/t Au • Paulsens at the same time produced ~840oz @ 9.5g/t Au • 5km long gold in soil anomaly around old workings • ~35km strike length of the Barring Downs Fault z
Slide 20: Gold Resource Summary
GOLD RESOURCE SUMMARY Notes: 1. The preceding statements of Mineral Resources conforms to the ‘Australasian Code for Reporting of Exploration Results Mineral Resources and Ore Reserves (JORC Code) 2012 Edition’. 2. All tonnages reported are dry metric tonnes. 3. Data is rounded to thousands of tonne
Slide 21: Ore Reserves
ORE RESERVES Proven Reserves Probable Reserves Total Reserves Operation Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade Metal (‘000s) (g/t Au) (‘000s oz) (‘000s) (g/t Au) (‘000s oz) (‘000s) (g/t Au) (‘000s oz) Kal East Open Pit - - - 3,288 1.8 193 3,288 1.8 193 Underground - - - 437 3.6 50 437 3.
Slide 22: Antimony Resources Summary
ANTIMONY RESOURCES SUMMARY Resource Tonnes Zone Au (g/t) Cu (%) Sb (%) Ag (g/t) Pb (%) Au (koz) Cu (kt) Sb (kt) Ag (koz) Pb (kt) Category (‘000) Inferred 415 - 0.4 0.2 76.9 - * 1.6 0.7 1,026 - Western Total 415 - 0.4 0.2 76.9 - * 1.6 0.7 1,026 - Inferred 532 - - - - - * - - - - Central Total 532 - -
Slide 23: JORC Exploration Targets
JORC EXPLORATION TARGETS Main Tonnes Grade Range Contained Metal Range Location Commodity (Mt) Sb (%) Pb (%) Ag (g/t) Au (g/t) Sb (kt) Pb (kt) Ag (koz) Au (koz) Paulsens Near Mine Au 1.0 - 1.4 7.0 – 12.0 250 – 500 Paulsens Regional Au 4.0 - 8.0 5.0 – 10.0 1,000 – 2,000 Mt Clement Sb 3.9 - 5.4 1.2 -