Black Cat Syndicate Ltd. · ASX:BC8
Black Cat Syndicate — Shareholder Meeting (November 2024)
36 slides from Black Cat Syndicate's shareholder meeting presentation, Nov 27, 2024
Slide 1: AGM Chair Address and Managing Director Presentation
ASX ANNOUNCEMENT 27 November 2024 AGM Chair Address and Managing Director Presentation The Board of Black Cat Syndicate Limited (“Black Cat” or “the Company”) provides a copy of the Chair Address and Managing Director Presentation in respect of the annual general meeting to commence at 3pm (WST) tod
Slide 2: AGM Chair Address and Managing Director Presentation
AGM Chair Address and Managing Director Presentation End of Chair Address For further information, please contact: Gareth Solly Managing Director +61 458 007 713 admin@bc8.com.au This announcement has been approved for release by the Board of Black Cat Syndicate Limited. 2 | Page
Slide 3: Annual General Meeting
November 2024 Annual General Meeting
Slide 4: 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 5: Corporate overview
Corporate overview Corporate Information (before Placement) ASX: BC8 Paulsens first gold (Dec 24) Shares on Issue 546M Myhree first gold Options & Performance Rights 34M Paulsens refurbishment commenced Myhree mining commenced Market Cap (26 Nov 2024) @ $0.685 ~$374M Liquidity (average shares traded
Slide 6: Growth story
Growth story Production: • Targeting ~100,000oz production by end of 2025 (Paulsens + Kal East)1 Three key gold operations: • Kal East - in production • Paulsens - mining and refurbishing - on time and budget - first gold December 2024 • Coyote - organic growth project Rising gold price – timing rig
Slide 7: Gold price is rising – time is NOW to leverage production
Gold price is rising – time is NOW to leverage production Gold Acceleration Strategy ensures: • Production – ramping up now: - 100kozpa by Q4 2025 (Myhree and Paulsens) - increase output (expand Kal East production) • Exploration – fast track opportunities to grow mine life and production • Timeline
Slide 8: Enterprise Value / Annual Production Ounces
Strong re-rating potential • Average enterprise value (“EV”) per production ounce for Australian gold producers is ~$8,730/oz • Notional EV’s based on peer average: • 100koz @ $8,730 = $0.9B • 200koz @ $8,730 = $1.8B $20,000 $18,000 $16,000 Enterprise Value / Annual Production Ounces $14,000 $12,000
Slide 9: Paulsens Gold Operation
li PAULSENS GOLD OPERATION
Slide 10: Paulsens (100%) – Gold Acceleration Strategy
Paulsens (100%) – Gold Acceleration Strategy Initiatives Operation Paulsens Land Size ~3,200 km2 ✓ Continue selective mining strategy Resources 0.55Moz @ 4.0g/t Au ✓ Utilise spare processing capacity (including one of Australia’s best UG’s) 0.40Moz @ 9.5g/t Au ✓ Grow/convert in-mine and near-mine Re
Slide 11: Paulsens – Set for commissioning December 2024
Paulsens – Set for commissioning December 2024 On time and budget Paulsens Gold Operation 2024 823_AL_E2_006 WAG: 25.51 g/t ✓ Growing Resource of 406koz @ 9.5g/t Au ✓ 450ktpa plant refurbishment on time/budget ✓ 760m of high-grade development to date ✓ High-grade stockpile build underway ✓ Recruitme
Slide 12: Paulsens – Activity Ramping Up
Paulsens – Activity Ramping Up Paulsens Gold Operation 2024 Paulsens Gold Operation 2024 775_AL_E3_F16 775_AL_E3_F17 WAG: 2.68g/t WAG: 6.50g/t Paulsens Gold Operation 2024 Paulsens Gold Operation 2024 775_AL_E3_F19 775_AL_E3_F20 WAG: 3.00g/t WAG: 9.14 g/t Paulsens Gold Operation 2024 Paulsens Gold O
Slide 13: Paulsens – Gold Acceleration Strategy
Paulsens – Gold Acceleration Strategy • Continue high-grade selective mining • High-grade areas outside Resource • Accelerate drilling - add near mine Resources • Convert Resources to Reserves • Main Zone; Paulsens West; Paulsens Repeat • Belvedere UG; Raisebore veins; Galileo – Mir • Optimise and u
Slide 14: Paulsens – Antimony upside
Paulsens – Antimony upside • A critical and strategic mineral with rising prices due to China export ban • Mt Clement (30km from the plant) is Australia’s 4th largest & 3rd highest grade Deposit - currently contains 13.9kt Sb, 1.6kt Cu, 18.7kt Pb, 66koz Au and 1.5Moz Ag • Significant upside with onl
Slide 15: Kal East Gold Project
21 KAL EAST GOLD PROJECT |
Slide 16: Kal East (100%) – Gold Acceleration Strategy
Kal East (100%) – Gold Acceleration Strategy Initiatives ✓ Accelerate processing facility by ~12 months ✓ Expand processing throughput from 0.8Mtpa to 1.2–1.5Mtpa ✓ Re-optimise and accelerate mining to >1.2Mtpa ✓ Grow/convert near mine Resources Operation Kal East Dec 24 Qtr Mar 25 Qtr Jun 25 Qtr Se
Slide 17: Kal East – Development ready to accelerate
Kal East – Development ready to accelerate Myhree underground 0.5Mt @ 3.4g/t Au (51koz) open Large holding (+650km2) dominating area east of Kalgoorlie 1.3Moz @ 2.1g/t Au Resource, significant growth potential 0.24Moz @ 2.0g/t Au Reserves, mine plan and approvals in place Kalgoorlie Trojan Resource
Slide 18: Kal East – Accelerated plant build
Kal East – Accelerated plant build • Expedite build of plant by ~12 months • Expand processing throughput 0.8Mtpa up to 1.5Mtpa • Ramp up open pit / underground mining • Increase mining rates to >1.2Mtpa • Grow / convert near-mine Resources • Target extension of planned mines Refer to BC8 ASX announ
Slide 19: Kal East – Myhree gold production – 4,100oz and counting
Kal East – Myhree gold production – 4,100oz and counting • Turn-key funding and development: • Generates significant cashflow: • 52koz @ 2.2g/t Au (Reserve) • First $30M to Black Cat • Profit share thereafter • Ore purchase agreement with Paddington: • Processing over 18 months • Future underground
Slide 20: Coyote Gold Operation
[=] -COYOTE GOLD OPERATION oo dn®
Slide 21: Coyote (100%) – Gold Acceleration Strategy
Coyote (100%) – Gold Acceleration Strategy Initiatives ✓ Drill to grow/convert near mine Resources ✓ Accelerate Feasibility Study ✓ Expand existing plant from 0.5Mtpa to 0.8Mtpa ✓ Drill for discovery – significant potential for large gold and base metal deposits Operation Coyote 2024 2025 2026 2027
Slide 22: Coyote – one of Australia’s highest-grade deposits
Coyote – one of Australia’s highest-grade deposits May 2024 Scoping Study Highlights 645koz @ 5.5g/t Au Total Resource Open Pit 49koz @ 2.8g/t Au 1.7Mt Ore Mined 102koz @ 11.4g/t Au 3.6g/t Au Ore Grade (UG 5.4g/t; OP 2.8g/t; SP 1.7g/t) excluded from study Underground 200koz Gold in Ore 125koz @ 5.4g
Slide 23: 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 24: Thank you
Thank you 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 25: Appendices
Appendices ASX: BC8 | Nov 2024 23
Slide 26: 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 27: Gold price sensitivity matrix
Gold price sensitivity matrix • Announced studies at reported gold sensitivities • Paulsens internal operating plan and high-grade stockpile strategy has potential to further increase cashflow Gold Price → $ 2,900 $ 3,000 $ 3,100 $ 3,200 $ 3,300 $ 3,400 $ 3,500 $ 3,600 $ 3,700 $ 3,800 $ 3,900 $ 4,00
Slide 28: 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 29: 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 30: 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 532 - - - - - * - - - - Central Total 532
Slide 31: 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 32: 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 | Nov 2024
Slide 33: Paulsens - +1Moz deposits are not formed in isolation
Paulsens - +1Moz deposits are not formed in isolation • Paulsens gold endowment ~1.4Moz @ 7.5g/t Au • Limited regional drilling; priority targets include: • Belvedere (mine extension) • Mt Clement (Sb-Cu-Pb-Au-Ag) • Big Sarah (undrilled) • Electric Dingo (open Resource) • A JORC Exploration Target1
Slide 34: 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 Clement Sb 3.9 - 5.4 1.2 - 1.9 1
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 ASX Company EV Production ASIC (A$/oz) EV/Production Reference Code Capricorn Metals CMM 2097 113 $1,421 $18,558 ASX announcement CMM dated 26/07/2024 Ora Banda Mining OBM 1127 70 $2,767 $16,103 ASX announcement OBM dated 23/07/2024 Geneisis Minerals GMD 2155 134 $2,356 $16,08
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