Black Cat Syndicate Ltd. · ASX:BC8
Black Cat Syndicate — Investor Day (May 2026)
20 slides from Black Cat Syndicate's investor day presentation, May 25, 2026
Slide 1: Barrenjoey Emerging Gold Investor Day
Barrenjoey Emerging Gold Investor Day May 2026 ASX: BC8 bc8.com.au
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: Business Overview
BUSINESS OVERVIEW Positioned for significant cash flow acceleration through 2026 and beyond Coyote 3 GOLD MINES 100,000oz Paulsens 645koz, 5.5g/t Au AND A RAPIDLY EXPANDING GOLD PRODUCTION RATE (FY26) 506koz Au, 5.1g/t Au CRITICAL MINERALS PROJECT NO DEBT 100% UNHEDGED Mt Clement WESTERN 25kt Sb, 1.
Slide 4: March 2026 Quarter Highlights
MARCH 2026 QUARTER HIGHLIGHTS • Group production: 23,952oz • Realised gold price: $6,817/oz • Operating cash flow: $61M • Fingals and Majestic mines - delivered on time and on budget. • New long-term bulk fuel contract secured. • June 2026 quarter production expected to be similar to March 2026 quar
Slide 5: Kal East - Majestic Underground
KAL EAST - MAJESTIC UNDERGROUND • Orebody open at depth and along strike • Commenced long-hole stoping IMPERIAL MAJESTIC • Production fully ramped up by September • Grades expected to increase to 3 g/t • Will contribute 30% feed to Lakewood Mill • Additional upside possible at Imperial Kal East - Un
Slide 6: Kal East – Fingals Open Pit
KAL EAST – FINGALS OPEN PIT • Fingals open pit ramp up completed • Over 150Kt ore in stockpile • Currently provides majority of Lakewood feed • 70% feed from September when Majestic ramped up • Potential underground development post open pit completion Kal East - Open Pit mining Unit 2Q26 3Q26 YTD O
Slide 7: Kal East - Lakewood
KAL EAST - LAKEWOOD • Expansion from 1.2Mtpa to 1.5Mtpa by early 2027 Kal East - Production Unit 2Q26 3Q26 YTD • Now 100% BC8-owned feed from Fingals & Majestic • Driving a material uplift in margins and cash flow Ore processed t 321,583 305,226 886,140 • Ore stockpiled at Fingals and Majestic provi
Slide 8: Paulsens: 1Moz Gold Mined
PAULSENS: 1MOZ GOLD MINED Extending mine life at a prolific past producer • Paulsens operated for 13 years averaging 70,000oz pa • Strong drilling results supporting operations and Resource growth: Gabbro Veins New lodes Main Zone Open ASX: BC8 Refer to BC8 ASX announcements 08/05/24, 13/02/25, 01/0
Slide 9: Paulsens
PAULSENS • High grade underground mine • 450 ktpa processing plant • Produced 7k oz in March quarter from lower grade stopes • Grades expected to increase this quarter. • New fleet commenced in March quarter 2026 • Development of the new Belvedere mine, with Resource grade of 6.6g/t • Decline to com
Slide 10: Mt Clement
MT CLEMENT Strong potential to become a meaningful antimony producer within Tier-1 jurisdiction Progressing Scoping Study • Conventional underground mining method. • Potential for significant antimony production. Capital Efficient Development • Leverage Paulsens existing infrastructure. • Processing
Slide 11: Coyote
COYOTE One of Australia’s highest-grade gold regions History: • Discovered in 1998 by Anglo Gold Ashanti • Operated from 2006-2013 by • Produced 211koz Au (35kozpa) from underground grades of 8.0g/t Au. • Prior operational issues: o sub optimal underground decline dimensions which constrained equipm
Slide 12: Coyote: 2026 Discovery and Growth Program
COYOTE: 2026 DISCOVERY AND GROWTH PROGRAM High Grade Discovery Drilling Program • Three times larger than previous programs • A$11M investment • 35,000m drilling program. • Drilling scheduled to commence in late May 2026. Objectives • Coyote Central Extensional Drilling • Designed to test mineralisa
Slide 13: Investing in Future Growth
INVESTING IN FUTURE GROWTH Aggressive exploration plan with 150,000m of drilling underway in FY2026: • Paulsens and Majestic (Gold): • underground drilling to extend high-grade Resources - 45,000m ongoing. • Mt Clement (Antimony): • 25,000m program from July 2026. • Kal East (Gold): • Discovery and
Slide 14: Key Catalysts
KEY CATALYSTS Growth strategy announcement within the next two months, to include: • Capital allocation framework. • First annual guidance for FY27, including production outlook and AISC. • Further detail on exploration and drilling programs across the portfolio. Transition to 100% BC8-owned ore fee
Slide 15: Summary and Key Takeaways
SUMMARY AND KEY TAKEAWAYS From Developer to High-Margin Producer: The Re-Rating is Underway RESOURCES INFRASTUCTURE TRACK RECORD IPO 2018 at 20cps 2.5Moz high-grade Resource Strategic Operations Share price today 118cps • Accelerated growth strategy • Two processing plants with • Two operations star
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: Gold Resource Summary
GOLD GOLD RESOURCE SUMMARY RESOURCE SUMMARY Mining Depletion within the Resource of 36kt @ 8.3g/t Au for 10koz for Paulsens and 378kt @ 3.0g/t Au for 36koz for Bulong open pit has not been taken into account in the table. Notes: 1. The preceding statements of Mineral Resources conforms to the ‘Austr
Slide 18: Ore Reserves
ORE ORERESERVES 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
Slide 19: Antimony Resources Summary
ANTIMONY ANTIMONY RESOURCES SUMMARY 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 2.6 0.4 0.2 76.9 - 37 1.6 0.7 1,026 - Western Total 415 2.6 0.4 0.2 76.9 - 37 1.6 0.7 1,026 - Inferred 2,190 0.2 -
Slide 20: JORC Exploration Targets
JORC JORC EXPLORATION TARGETS 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 Cl