Black Cat Syndicate Ltd. · ASX:BC8
Black Cat Syndicate — Investor Presentation (November 2025)
28 slides from Black Cat Syndicate's investor presentation, November 2025
Slide 1: A Fast-Growing Western Australian Gold Producer
A FAST-GROWING WESTERN AUSTRALIAN GOLD PRODUCER ASX: BC8 BC8O bc8.com.au NOV 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: Business Overview
BUSINESS OVERVIEW Multi-asset Australian gold producer on a journey of rapid growth Coyote 2 OPERATIONS 2.5Moz Au Paulsens PRODUCING GOLD MINERAL RESOURCES Group Resources +100,000oz ~$90M Mt. Clement Antimony 2.5Moz @ 2.9g/t Au 13kt @ 1.7% Sb GOLD PRODUCTION RATE CASH, BULLION & (FY26) LISTED INVES
Slide 4: More Gold Sooner, Growing Faster
MORE GOLD SOONER, GROWING FASTER Our Vision: Grow to a 200kozpa gold producer through organic development3 FY2026 – TARGET 100kozpa rate Aspirational Production (oz Au)3 • Two operations commenced production in 2025 and ramping up Coyote commences • Strong Q-O-Q growth; target rate expected by year-
Slide 5: Corporate Overview
CORPORATE OVERVIEW Paulsens Lakewood Lakewood completion Ramping up operations SUMMARY first gold acquisition & first gold ~718M Shares on Issue ~32M Options & Performance Rights ~A$730M Market Cap (31/10/25) @ A$1.015 ~5.1M/day Liquidity (average shares traded) ~A$90M Cash, Bullion & Investments (3
Slide 6: 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 • ~5,104oz (~A$29.6M) has been retained and is in storage (as of September 30, 2025) • Black Cat is unhedged a
Slide 7: Quality Assets in a Top Jurisdiction
QUALITY ASSETS IN A TOP JURISDICTION Prolific, high-growth mines in Western Australia Coyote KAL EAST (PRODUCING) PAULSENS (PRODUCING) • Three mines operating • Underground mining Paulsens • Ramping up to 70kozpa with ramping up throughout 2025 new multi-year open pit and • Ramping up to 50kozpa und
Slide 8: Operations
OPERATIONS ASX: BC8 I BC8O
Slide 9: Kal East: 1.3Moz on Kalgoorlie's Doorstep
KAL EAST: 1.3MOZ ON KALGOORLIE’S DOORSTEP Production ramping up ahead of plan • 1.2Mtpa Lakewood facility acquired in March 2025, accelerating gold production by ~15 months • +50% throughput capacity increase compared to initial study1 • 30% q-o-q increase in gold production from current Myhree/Boun
Slide 10: Kal East: Significant and Growing
KAL EAST: SIGNIFICANT AND GROWING LAKEWOOD – TRANSFORMATIONAL LAKEWOOD PROCESSING PLANT • Lakewood 1.2Mtpa CIL processing plant • Central location and local workforce MYHREE • Grid power, new TSF and upgrades • 3rd party Ore sale agreements LAKEWOOD MAJESTIC • temporary while new mines ramp up • Exp
Slide 11: Kal East: Two New Mines Underway (Majestic)
KAL EAST: TWO NEW MINES UNDERWAY MAJESTIC UNDERGROUND • Initial production target: • 776kt @ 3.2 g/t Au for 80koz • based on Reserves (A$2,300/oz) • New portal fired / development underway • First Ore – December 2025 quarter • Resource open along strike and down dip • drilling from December 2025 qua
Slide 12: Kal East: Two New Mines Underway (Fingals)
KAL EAST: TWO NEW MINES UNDERWAY FINGALS FORTUNE OPEN PIT • Base-load production source for mill • Initial production target: • 2.2Mt @ 1.7 g/t Au for 120koz • based on Reserves (A$2,300/oz) • final pit will be materially larger INITIAL PIT DESIGN • Underground mine post open pit completion – open •
Slide 13: Paulsens: Producing and Profitable
PAULSENS: PRODUCING AND PROFITABLE Strong production and Resource growth underway • 68% q-o-q increase in gold production to 7,744oz for September 2025 quarter • Operations continuing to ramp up as expected – efficient stoping rates being achieved • Increasing from 2 trucks to 3 trucks in March quar
Slide 14: 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) • Strong drilling results supporting operations and Resource growth: • Gabbro Veins - 1.6
Slide 15: Organic Growth Projects
ORGANIC GROWTH PROJECTS ASX: BC8 I BC8O
Slide 16: 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 17: Mt. Clement: High-Grade Antimony (Sb)
MT. CLEMENT: HIGH-GRADE ANTIMONY (Sb) One of Australia’s largest undeveloped antimony deposits • Existing Resource (13kt Antimony): 794kt @ 1.7% Sb, +17g/t Ag, +2.4% Pb (only 20% of mapped veins) • JORC Exploration Target1: 3.4-5.9Mt @ 1.2-1.9% Sb for 47-103kt Antimony Antimony Facts Long section of
Slide 18: Mt. Clement: High-Grade Antimony
MT. CLEMENT: HIGH-GRADE ANTIMONY Rapidly advancing to economic assessment • +7,000m drilling program underway with all holes so far intersecting visible Sb • Indicative timeline: SEP-25 DEC-25 MAR-26 JUN-26 SEP-26 Drilling Metallurgy work Area of Resource Economic Studies Core from drillhole EHDD250
Slide 19: Investing in Future Growth
INVESTING IN FUTURE GROWTH Forecast spend of $16M – $18M in 2026FY, focusing on: • Paulsens Underground: ~30,000m drilled so far this year targeting grade control and Resource growth. Prolific and significant results, including: • 1.60m @ 623.94 g/t Au from 37.40m • 3.90m @ 33.02 g/t Au from 18.00m
Slide 20: Continuous Execution: Key Achievements
CONTINUOUS EXECUTION: KEY ACHIEVEMENTS COMPLETED LAKEWOOD – TRANSFORMATIONAL Gold Price Performance (USD) Safe commencement of mining at Kal East Myhree deposit – Jul 2024 First gold at Kal East – Sep 2024 Restarted Paulsens – On time and on budget – Dec 2024 Transformational Lakewood purcha
Slide 21: Summary
SUMMARY More gold sooner, growing faster, held longer MORE GOLD SOONER GROWING FASTER HELD LONGER Targeting production rate of Accelerated growth strategy Focused on cash generation & 100koz gold by end-20251 underway superior gold exposure • Two operations started this year • Accelerating mine prod
Slide 22: 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 22
Slide 23: 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 24: 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 25: 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 26: 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 27: 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 - 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 - - - - - * -
Slide 28: 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
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