Black Cat Syndicate Ltd. · ASX:BC8
Black Cat Syndicate — Investor Presentation (October 2024)
46 slides from Black Cat Syndicate's investor presentation, October 2024
Slide 1: Capital Raising Presentation
October 2024 Capital Raising Presentation Not for release to US wire services or distribution in the United States
Slide 2: 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 3: Corporate overview
Corporate overview Corporate Information (before Placement) ASX: BC8 Paulsens first gold (Dec 24) Shares on Issue 444M Options & Performance Rights 34M Paulsens refurbishment commenced Myhree first gold Market Cap (24 Oct 2024) @ $0.635 ~$281M Myhree mining commenced Liquidity (average shares traded
Slide 4: 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 5: 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 6: 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 rates) • Exploration – fast track opportunities to grow mine life and production • Ti
Slide 7: 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 8: Capital Raising
Capital Raising • ~A$80 million two-tranche placement (Placement) to sophisticated or professional investors, with the ability to accept oversubscriptions, comprising: Offer Structure - Approximately A$53.1 million placement under the Company's placement capacity under ASX Listing Rules 7.1 and 7.1A
Slide 9: Sources and Uses of funds
Sources and Uses of funds Debt free post - Offer • No secured debt facility • Convertible Notes repaid • Simple equity capital structure (no additional warrants/options issued) • No interest burden or need for hedging • No security provided Sources A$M Uses A$M Capital raising (Gross) 80.3 Kal East
Slide 10: Offer Timetable
Offer Timetable Placement Tranche One Settlement Date 1 November 2024 Placement Tranche One Allotment Date 4 November 2024 General Meeting 11 December 2024 Placement Tranche Two Settlement Date 17 December 2024 Placement Tranche Two Allotment Date 18 December 2024 1 The timetable is indicative only
Slide 11: Paulsens Gold Operation
li PAULSENS GOLD OPERATION
Slide 12: Paulsens (100%) – Gold Acceleration Strategy
Paulsens (100%) – Gold Acceleration Strategy Initiatives ✓ Continue selective mining strategy ✓ Utilise spare processing capacity ✓ Grow/convert in-mine and near-mine Resources ✓ Commence antimony/base metal studies Operation Paulsens Land Size ~3,200 km2 Resources 0.55Moz @ 4.0g/t Au (including one
Slide 13: Paulsens – Set for commissioning December 2024
Paulsens – Set for commissioning December 2024 On time and budget ✓ Growing Resource of 406koz @ 9.5g/t Au ✓ 450ktpa plant refurbishment on time/budget ✓ 440m of high-grade development to date ✓ High-grade stockpile build underway ✓ Recruitment on track ✓ Strategic location: only gold facility withi
Slide 14: 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 15: 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 16: Kal East Gold Project
21 KAL EAST GOLD PROJECT |
Slide 17: Kal East (100%) – Gold Acceleration Strategy
Kal East (100%) – Gold Acceleration Strategy Initiatives ✓ Accelerate processing facility by ~12 months – build or acquire ✓ 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 2
Slide 18: 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 19: Kal East – Accelerated plant build
Kal East – Accelerated plant build • Expedite build of plant by ~12 months • Expand processing throughput 0.8Mtpa 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 announcem
Slide 20: Kal East – Myhree gold production – ahead of schedule
Kal East – Myhree gold production – ahead of schedule • 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: • Future underground mine: • Processing over 18 mont
Slide 21: Coyote Gold Operation
[=] -COYOTE GOLD OPERATION oo dn®
Slide 22: 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 23: 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 24: 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 25: 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 25
Slide 26: Appendices
Appendices ASX: BC8 | Oct 2024 26
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: Paulsens - key study outcomes
Paulsens - key study outcomes May 2024 Restart Study - Highlights 548koz @ 4.0g/t Au Resource 1.3Mt Ore Mined 4.1g/t Au Ore Grade 176koz Gold in Ore 92.4% Recovery 163koz Gold Recovered $3,500/oz Gold Price in Study (Ore Reserves @ $2,500/oz) $554M Revenue $34M Maximum cash drawdown $1,882/oz All‐In
Slide 29: 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 | Oct 2024
Slide 30: Paulsens - refurbishment on time and budget
Paulsens - refurbishment on time and budget Low risk, rapid restart: • Established infrastructure • Key management in place • Refurbishment advancing on time and budget • MACA Interquip undertaking major works • Additional mineralisation stockpiled for commissioning • First gold - December 2024 Refe
Slide 31: 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 32: Kal East - key study outcomes
Kal East - key study outcomes May 2024 PFS Study Update - Highlights 1.3Moz @ 2.1g/t Au Total Resource 5.5Mt Ore Mined 2.1g/t Au Ore Grade 381koz Gold in Ore 92% Recovery 350koz Gold Recovered $3,500/oz Gold Price in Study $1,224M Revenue $92M Maximum Cash Drawdown • 533koz @ 1.8g/t Au Resources not
Slide 33: 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 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: 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 36: 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 37: 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 38: 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 39: 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
Slide 40: 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 41: 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 42: 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 43: 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 44: Internation Offer Restrictions
Internation 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 c
Slide 45: 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 46: 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
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