Black Cat Syndicate Ltd. · ASX:BC8
Black Cat Syndicate — Noosa Mining Conference 2023
36 slides from Black Cat Syndicate's conference presentation, July 2023
Slide 1: Noosa Mining Conference
Noosa Mining Conference Paulsens Restart – Just the Beginning | July 2023
Slide 2: Disclaimer, distribution and disclosure
Disclaimer, distribution and disclosure Disclaimer and not for US distribution Competent Person’s Statements This presentation includes forward-looking statements including, but not limited to, comments regarding the timing and content of The information in this announcement that relates to geology,
Slide 3: An emerging growth story in gold
An emerging growth story in gold + Three advanced gold projects in Western Australia • High-grade 2.4Moz Resources1 • Two installed processing facilities and a third ready to construct • Studies released on all three projects 471koz + Pathway to a new multi-operation gold producer • Sequential devel
Slide 4: Simple structure, experienced team
Simple structure, experienced team Corporate Information Board of Directors Shares on issue 267M Gareth Solly • Former Senior Management roles with Norilsk Nickel, Silver Lake Managing Director Resources and Saracen Minerals Options 7.5M BSc (1st Class Hons.), Dip Business • Registered Mine Manager
Slide 5: Strategy to build a new multi-operation gold producer
Strategy to build a new multi-operation gold producer Operation Paulsens Coyote Kal East Strategy Study Phase PFS ( ±25%) Scoping Study ( ±30%) PFS ( ±25%) “Build shareholder value” Production Target 136koz @ 4.2g/t Au ~200koz @ 3.6g/t Au 302koz @ 1.9g/t Au Build Resources & add Ore Reserves Activit
Slide 6: Paulsens Gold Operation
1 PAULSENS GOLD OPERATION Restart to Drive Business 6
Slide 7: An operation with a new lease of life
1 PAULSENS GOLD OPERATION An operation with a new lease of life ~1,250km2 of highly prospective ground Well maintained 450ktpa processing facility Dewatered and ventilated underground mine One of Australia’s highest-grade deposits - 328koz @ 9.9g/t1 Only gold processing facility within 400km Robust
Slide 8: Robust Restart Plan - 3-year base case
1 PAULSENS GOLD OPERATION Robust Restart Plan - 3-year base case • Study based on the first 7 months of Resource drilling • No inclusion of recent Main Zone extension discovery success • Highly competitive Australian gold project with high growth potential: High-grade ore: initial 3-year mine plan o
Slide 9: Key areas of the Restart Plan
1 PAULSENS GOLD OPERATION Key areas of the Restart Plan Processing Facility Underground Mining Tailings Storage Facility (TSF) • Comprehensive refurbishment plan by • Commence mining 2 months prior to • Existing TSF with >1,500kt of approved GR Engineering commissioning to build ~20kt stockpile capa
Slide 10: Key Study Outcomes
1 PAULSENS GOLD OPERATION Key Study Outcomes Project Highlights Units Restart Study July 2023 High return on capital - IRR of 75% Initial Years Years 3.0 Ore Mined Mt 1.0 Ore Grade g/t Au 4.2 Ore Reserves contribute 64% of production Gold in Ore koz 136 Recovery % 89.9 Top 10 highest head grades in
Slide 11: Capability to deliver the restart
1 PAULSENS GOLD OPERATION Capability to deliver the restart • Established infrastructure and long operating history • Significantly lowers the risk and time to restart • GR Engineering available to start process plant works upon contract execution • Mark Davies appointed General Manager - Paulsens (
Slide 12: Base case foundation for further growth
1 PAULSENS GOLD OPERATION Base case foundation for further growth • Current mine plan based on 7 months of new drilling • Mine life and production rate will be increased with more drilling • Underground Resource has increased 3.7x of defined targets: • Upgrade of Inferred Resources • Initial UG Prod
Slide 13: Just the beginning…
1 PAULSENS GOLD OPERATION Just the beginning… • 3-year plan to build cashflow and allow time to extend mine life. Production from easily accessible areas adjacent to the decline: • Gabbro Veins (35%) • Upper Main Zone (33%) • Voyager Lodes (16%) • Other (16%) • Gabbro Veins: • 138koz @ 8.9g/t Au • M
Slide 14: Resource growth – Main Zone extension
1 PAULSENS GOLD OPERATION Resource growth – Main Zone extension • 1Moz @ 6.9g/t Au mined (2005-2017) • ~1,000oz/vm • Main Zone extension discovery: • Thick quartz and sulphide shear zone • 100vm / 175m plunge extension • All upside to Restart Study • New drilling includes: • 2.62m @ 8.10g/t Au • 3.3
Slide 15: Resource growth – Hangingwall
1 PAULSENS GOLD OPERATION Resource growth – Hangingwall • The 2.5km long hangingwall is under-explored • Hangingwall Resources - 33.4koz @ 13.1g/t Au • Galileo • Current Resource - 12.7koz @ 10.8g/t Au • Projects to surface at Paulsens East: • Historical rock chips of up to 20.7g/t Au • Open down pl
Slide 16: Resource growth – Paulsens Repeat
1 PAULSENS GOLD OPERATION Resource growth – Paulsens Repeat • High priority “Paulsens Repeat” target identified in 2018 $2M 3D seismic survey • Similar Gabbro host unit located below the Paulsens Mine Gabbro • 1,250m strike paralleling Paulsens • First phase drilling completed with results that: • V
Slide 17: Resource growth – Belvedere
1 PAULSENS GOLD OPERATION Resource growth – Belvedere • 6.5km from processing facility on Mining Lease • Located on a major regional fault with high-grade mineralisation at surface along a ~2.5km trend, only ~100m of which has been drill tested • Polymetallic Au-Cu-Ag • Current Resource: 30koz @ 3.9
Slide 18: Resource growth – Pipeline of Projects
1 PAULSENS GOLD OPERATION Resource growth – Pipeline of Projects • Robust pipeline of projects at all stages • Focus on increasing mine life 18 ASX: BC8 | July 2023
Slide 19: Coyote Gold Operation
2 COYOTE GOLD OPERATION High-grade gold with scale and exploration potential 19
Slide 20: High-grade Resource and untested multi-metal potential
2 COYOTE GOLD OPERATION High-grade Resource and untested multi-metal potential 819km2 of highly prospective ground Installed processing facility and camp – to be expanded with owned mill Positive scoping study released • ~A$176m pre-tax cashflow @ A$2,900/oz Only gold processing facility for +200km
Slide 21: Key Study Outcomes
2 COYOTE GOLD OPERATION Key Study Outcomes Project Highlights Units Scoping Study July 2023 Strong base case, production target of 200koz Initial Years Years 5.0 Ore Mined (including stockpiles) Mt 1.7 Ore Grade g/t Au 3.6 372koz @ 4.8g/t Au Resources not considered Gold in Ore koz 200 Recovery % 97
Slide 22: Coyote Central – one of Australia’s highest-grade deposits
2 COYOTE GOLD OPERATION Coyote Central – one of Australia’s highest-grade deposits Open Pit 49koz @ 2.8g/t Au 102koz @ 11.4g/t Au excluded from study Underground 125koz @ 5.4g/t Au Refer BC8 ASX announcement 16/01/2023, 19/07/2023 and Resource tables in the Appendices 22 ASX: BC8 | July 2023 22
Slide 23: Multi-million ounce and multi-metal regional potential
2 COYOTE GOLD OPERATION Multi-million ounce and multi-metal regional potential • Mineralisation is controlled by intersection of NW/NE faults and folded stratigraphy • Fold hinges host the largest Tanami deposits • Multi-km scale Au, As and Bi anomalies: • Potential for multi-million ounce deposits
Slide 24: Kal East Gold Project
3 KAL EAST GOLD PROJECT 1.3Moz Resource in Australia’s premier gold mining region 24
Slide 25: Development ready with upside
3 KAL EAST GOLD PROJECT Development ready with upside +1,000km2 in an active gold mining region Large 1.3Moz Resource with multi-million ounce potential July 2023 Study Update • A$168m pre-tax cashflow @ A$2,900/oz Proposed 800ktpa mill designed, permitted, components acquired Strategically located
Slide 26: Key Study Outcomes
3 KAL EAST GOLD OPERATION Key Study Outcomes Project Highlights Units Updated PFS July 2023 Robust, base case, production target of 302koz Initial Years Years 5.5 Ore Mined Mt 4.8 Ore Grade g/t Au 1.9 Ore Reserves contribute 80% of initial production Gold in Ore koz 302 Recovery % 92 Gold Recovered
Slide 27: Projects summary
Projects summary Paulsens Coyote Kal East • High-grade underground gold • High-grade underground gold • 1.3Moz gold Resource in Resource: 328koz @ 9.9g/t Resource: 356koz @ 14.6g/t an active mining region • First gold in H1 2024 • Potential 2nd project • Ready to construct • 136koz / $81M cf / +3 yr
Slide 28: Upcoming activity schedule
Upcoming activity schedule Activity Schedule Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 5 Qtr 6 Decision to Mine Processing Facility Refurbishment TSF Paulsens Underground Mine Development Commissioning and First Gold Operations Underground and Surface Drilling Coyote Resource Drilling Regional Exploration Kal Eas
Slide 29: Production re-rating potential
Production re-rating potential • Average Enterprise Value (“EV”) per Production ounce for smaller Australian gold producers is $4,746/oz • Notional EV’s based on peer average: • 50koz @ $4,746 = ~$237M • 100koz @ $4,746 = ~$475M • 150koz @ $4,746 = ~$712M $16,000 $14,000 Enterprise Value / Annual Pr
Slide 30: Investment Summary – an emerging growth story in gold
Investment Summary – an emerging growth story in gold Pathway to a new multi-operation producer with potential first gold in H1 2024 Low risk sequential development plan using cashflow to fund growth and minimise dilution High grade, high margin projects with low start-up capital; in the bottom half
Slide 31: Thank you
Thank you Level 3, 52 Kings Park Road, West Perth WA 6005 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 31 ASX: BC8 | July 2023
Slide 32: Gold Resources summary
Gold Resources summary Measured Resource Indicated Resource Inferred Resource Total Resource Mining Centre Tonnes Grade Metal 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) (‘000s) (g/t Au) (‘000s oz) Kal E
Slide 33: Polymetallic Resources summary
Polymetallic 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 794 - - 1.7 17.0 2.4 * - 13.2 434 18.7 Ea
Slide 34: 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 35: 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 36: Supporting Information
Supporting Information Resources Reserve / Production Target Production Measured Resource Indicated Resource Inferred Resource Total Resource Proven Probable Target Total Reference Year Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade Metal