Black Cat Syndicate Ltd. · ASX:BC8
Black Cat Syndicate — Investor Presentation (March 2025)
40 slides from Black Cat Syndicate's investor presentation, March 2025
Slide 1: More Gold Sooner
MORE GOLD SOONER ASX: BC8 BC8O bc8.com.au Not for release to U.S. wire services or distribution in the United States
Slide 2: A new Western Australian Gold Producer
A new Western Australian Gold Producer Gold production: • Targeting ~100,000ozpa production rate by end of 20251 Coyote Two gold operations in production now: • Kal East - turn-key development and processing Paulsens • Paulsens - commissioned, mine ramping up Two high-grade organic growth projects:
Slide 3: Corporate overview
Corporate overview Summary ASX: BC8 Paulsens Myhree Myhree Paulsens Lakewood refurbishment mining first gold first gold acquisition Shares on Issue 598M commenced commenced Options & Performance Rights 43M Market Cap (11 Mar 2025) @ $0.855 ~$511M Liquidity (average shares traded) ~3.7M/day Cash @ 31
Slide 4: Ready to be re-rated
Ready to be re-rated • Average enterprise value (“EV”) per production ounce for Western Australian gold producers is ~$12,000/oz • Notional EV’s based on peer average: - 100koz @ $12,000 = $1.2B - 200koz @ $12,000 = $2.4B $25,000 Enterprise Value / Annual Production Ounces $20,000 $15,000 Producer A
Slide 5: Capital Raising
Capital Raising $65 million two-tranche placement (Placement) to sophisticated or professional investors Offer structure - ~A$53 million under the Company’s placement capacity under ASX Listing Rule 7.1 (Tranche One); and - ~A$12 million subject to shareholder approval at a general meeting of the Co
Slide 6: Sources and Uses of funds
Sources and Uses of funds • Lakewood acquisition to be paid from cashflow • $24M completion payment on or before 31 March 2025, paid from existing cash • Remaining staged payments from cashflow1 • Kal East - mining to accelerate to 1.2Mtpa in second half of 2025 • Paulsens - mill commissioned / mine
Slide 7: Kal East (100%) - 1.3Moz on the doorstep of Kalgoorlie
Kal East (100%) - 1.3Moz on the doorstep of Kalgoorlie Operation Kal East Land Size ~650 km2 Resources 1.3Moz @ 2.1g/t Au Ore Reserves (@ $2,300/oz) 0.24Moz @ 2.0g/t Au1 Processing Infrastructure Operating 1.2Mtpa Lakewood Mill2 Initial Production Targets in Study 381koz @ 2.1g/t Au1 Reduced Timefra
Slide 8: Kal East - Transformational acquisition - Lakewood
Kal East - Transformational acquisition - Lakewood Fully permitted operating processing facility • Within 40km of Kal East Gold Operation • Expected to complete on or before 31 March 2025 Rationale • Expanded throughput capacity +50% (from 0.8Mtpa to 1.2Mtpa) • Brings forward production plans by ~15
Slide 9: Kal East - Myhree development ahead of schedule
Kal East - Myhree development ahead of schedule High-grade open pit now • Turn-key mining and processing underway • 52koz @ 2.2g/t Au (Ore Reserve) • Ore production 20% ahead of schedule • First $30M to Black Cat (@ A$3,500/oz) • Ore transitioning to Lakewood from April 2025 High-grade underground n
Slide 10: Kal East - Gold acceleration strategy underway
Kal East - Gold acceleration strategy underway 1.3Moz within 50km of Kalgoorlie • Ore Reserves of 0.24Moz @ 2.0g/t Au • @ $2,300 gold price Lakewood • re-optimisations underway 1.2Mtpa CIL plant Myhree underground 0.5Mt @ 3.4g/t Au (51koz) open • All mines will grow and accelerate Majestic undergrou
Slide 11: Kal East - Gold acceleration strategy underway
Kal East - Gold acceleration strategy underway 15-month acceleration of Kal East • Mining Fingals open pit: • base load for Lakewood (+4yrs) Mar 25 Qtr Jun 25 Qtr Sep 25 Qtr Dec 25 Qtr Mar 26 Qtr Jun 26 Qtr Sep 26 Qtr • mining expected in July 2025 Myhree / Boundary open pit transition to Lakewood •
Slide 12: Paulsens (100%) - First gold on time and within budget
Paulsens (100%) - First gold on time and within budget Operation Paulsens Land Size ~3,200 km2 Resources 0.55Moz @ 4.0g/t Au (high-grade underground) 0.40Moz @ 9.5g/t Au Infrastructure 450ktpa CIP plant; 128-person village Initial Production Targets in Study 177koz @ 4.1g/t Au AISC $1,882/oz ✓ Strat
Slide 13: Paulsens - 1Moz gold mined - growing Resource
Paulsens - 1Moz gold mined - growing Resource Currently drilling: • Conversion of Resources to Reserves; • Main Zone extension; • Paulsens West; • Gabbro Veins; • Galileo - Mir / Hangingwall trend; and • Raisebore veins. Refer to BC8 ASX announcements 8/5/24, 29/5/24, 14/10/24 and 13/2/25 13 ASX: BC
Slide 14: Paulsens - 1Moz deposits are not formed in isolation
Paulsens - 1Moz deposits are not formed in isolation • ~3,200 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
Slide 15: 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
Slide 16: Star of Mangaroon (ASX:DRE) - High-grade opportunity
Star of Mangaroon (ASX:DRE) - High-grade opportunity • Scoping Study - 19.5koz @ 10.0 g/t Au - initial production target with significant growth potential • Strong free cashflow of ~$50M (at $4,600/oz) • 175km southwest of Paulsens - closest gold processing facility • Significant high-grade gold opp
Slide 17: Mt Clement - High-grade antimony growth potential
Mt Clement - High-grade antimony growth potential • 4th largest antimony Resource in Australia: 794kt @ 1.7% Sb (~14kt), +Au, +Ag • JORC Exploration Target1: 3.4-5.9Mt @ 1.2-1.9% Sb for 47-103kt Sb Note that the potential quality and grade of the Exploration Targets are conceptual in nature, there h
Slide 18: Coyote (100%) - One of Australia's highest-grade gold mines
Coyote (100%) - One of Australia’s highest-grade gold mines Operation Coyote Land Size ~1,030 km2 Resources 0.65Moz @ 5.5g/t Au (including one of Australia’s highest-grade UG’s) 0.36Moz @ 14.6g/t Au Infrastructure 300ktpa plant; 180-person village Initial Production Targets in Study 200koz @ 3.7g/t
Slide 19: Capital Structure post-Placement
Capital Structure post-Placement Million Current shares outstanding 598.6 Lakewood acquisition shares (12-month escrow from issue)1 19.7 Placement Tranche One shares1 69.8 Placement Tranche Two shares2 15.8 Total issued equity1,2 703.9 Listed options 17.7 Unlisted options 18.8 Performance rights 6.5
Slide 20: More Gold Sooner!
More Gold Sooner! Gold Acceleration Strategy: • Targeting ~100,000ozpa production rate by end of 20251 • >100,000ozpa production when operations ramped up Coyote • Grow to aspirational target of >200kozpa2 Paulsens Exploration: • Fast track Resource growth and production • Drilling underway Group Re
Slide 21: Disclaimer, distribution and disclosure
Disclaimer, distribution and disclosure Disclaimer and not for US distribution The information in this announcement that relates to Exploration Targets was compiled by Mr. Iain Levy, who is a Member of the AIG and an employee, shareholder and option/rights holder of the Company. Mr. Levy has suffici
Slide 22: ABN 63 620 896 282
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 22
Slide 23: Appendices
BLACK CAT SYNDICATE Appendices ASX: BC8 | BC8O 23 |
Slide 24: Company Directors
Company Directors 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 Dreadnought Resource
Slide 25: Robust studies justify Gold Acceleration Strategy
Robust studies justify Gold Acceleration Strategy Operation Paulsens Kal East Coyote Strategy Resources 0.55Moz @ 4.0g/t Au 1.3Moz @ 2.1g/t Au 0.65Moz @ 5.5g/t Au 2.5Moz @ 2.9g/t Au (growing) (including 2 of Australia’s best UG’s) 0.40Moz @ 9.5g/t Au 0.42Moz @ 4.2g/t Au 0.36Moz @ 14.6g/t Au Initial
Slide 26: 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 27: Total Resources (oz)
Proven track record of Resource growth through exploration Acquired & discovered >2.5Moz gold to date; averaging >400kozpa growth 4000000 Paulsens Kal East Coyote Discovered Acquired 3500000 Acquired IPO Jan Acquired May 2024 Growth May 2024 Growth May 2024 Growth Jun 2022 2018 Jun 2022 Resource 231
Slide 28: 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 29: 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 30: Paulsens - Gabbro Veins - untapped potential
Paulsens - Gabbro Veins - untapped potential • Drilling in 2023 began to unlock the significant gold endowment of the Gabbro Veins • Extensive high-grade vein arrays • Easily accessible immediately adjacent to the existing decline 1 2 Refer BC8 ASX announcement 23/3/23 and 8/5/23 ASX: BC8 I BC8O 30
Slide 31: 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 -
Slide 32: Long Term Incentive - Employee Performance Rights
Long Term Incentive - Employee Performance Rights The performance rights are designed as Long-Term Incentives (“LTI’s”) to align the Senior Leadership Team with the creation of shareholder value over the long term and form part of the Company’s remuneration and retention strategy. Key pillars are in
Slide 33: Supporting Information
Supporting Information Production Company ASX Code EV (A$M) ASIC (A$/oz) EV/Production Reference (kozpa) Capricorn Metals CMM $ 2,969 115 $ 1,420 $ 25,817 ASX announcement CMM dated 30/01/2025 Gold Road Resources GOR $ 2,647 143 $ 2,211 $ 18,510 ASX announcement GOR dated 29/01/2025 Genesis Minerals
Slide 34: Risks
Risks Set out in this section are potential risks associated with Black Cat, the Placement, the industry in which Black Cat operates and an investment in Black Cat shares. It is not an exhaustive list of every risk faced by Black Cat now or in the future. Global economic Changes in global economic c
Slide 35: Risks continued
Risks continued Exchange rate risk A portion of mine operation expenditures and future project equipment expenditures are denominated in foreign currency which exposes the Company to exchange rate risk. The Company’s success depends on the continued services of its key personnel. Due to management’s
Slide 36: Risks continued
Risks continued Utilisation of land for exploration and development purposes can be adversely affected by land ownership, including private (freehold) land, pastoral lease and native title land or claims under Land access the Native Title Act 1993 (Cth) (NTA) (or similar legislation in the jurisdict
Slide 37: Risks continued
Risks continued The exploration for and development of mineral deposits is speculative and involves significant risks. Whether a mineral deposit will be commercially viable depends on a number of factors, including: the particular attributes of the deposit (such as size, grade and proximity to infra
Slide 38: International Offer Restrictions
International Offer Restrictions This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any
Slide 39: International Offer Restrictions continued
International Offer Restrictions continued This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the “FMC Act”). The New Shares are not being offered or sold in New Zealand (or allotted with a view to being
Slide 40: International Offer Restrictions continued
International Offer Restrictions continued This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec (the “Provinces”), only to persons to whom New Shares may be lawfully distributed in the Provinces, and only by persons permitted to sell such
Black Cat Syndicate — Investor Presentation (March 2025) on 6ix