Black Cat Syndicate Ltd. · ASX:BC8
Black Cat Syndicate — Noosa Mining Conference (July 2024)
32 slides from Black Cat Syndicate's conference presentation, July 2024
Slide 1: Mining Underway
~~ OL BLACK CAT SYNDICATE Mining Underway
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 The information in this announcement that relates to geology, exploration re
Slide 3: Mining underway at Paulsens and Kal East
Mining underway at Paulsens and Kal East • Targeting first gold from two projects during December Quarter 2024 • High-grade stockpile strategy at Paulsens to derisk startup and accelerate cashflow • Potential for ~100,000oz production by end of 2025 (Paulsens + Kal East)1 645koz 548koz • Sequential
Slide 4: Corporate overview
Corporate overview Corporate Information (Proforma Post Placement) • Tranche 2 of $36M placement - July 2024 Shares on issue 442m Options & Performance Rights 34m • Secured debt facility ($20M - $30M): Market capitalisation (12 July 2024) @ $0.37 ~$164m Cash (post placement) ~$30m • Approved terms e
Slide 5: Low capital, internal funding to build substantial value
Low capital, internal funding to build substantial value Operation Paulsens Kal East Coyote Strategy Land Size ~1,875 km2 ~1,000 km2 ~820 km2 >3,600 km2 - prime discovery potential 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) Initial Production Ta
Slide 6: Production re-rating potential: Enterprise Value / Annual Production Ounces
Production re-rating potential • Average enterprise value (“EV”) per production ounce for Australian gold producers is ~$6,100/oz • Notional EV’s based on peer average: • 50koz @ $6,100 = $305m • 100koz @ $6,100 = $610m • 150koz @ $6,100 = $915m $16,000 $14,000 $12,000 Enterprise Value / Annual Prod
Slide 7: Paulsens Gold Operation
1 PAULSENS GOLD OPERATION Rapid restart to Drive Growth
Slide 8: Cornerstone asset to drive cashflow & growth
Cornerstone asset to drive cashflow & growth ~1,875km2 of highly prospective ground Well maintained 450ktpa processing facility Dewatered and ventilated underground mine One of Australia’s highest-grade deposits - 406koz @ 9.5g/t Only gold processing facility within 400km Robust restart plan – just
Slide 9: 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 10: Paulsens - more than just one Ore source
Paulsens - more than just one Ore source • Main Zone - thick quartz & sulphide shear zone • > 2.7km plunge (open) • 1Moz @ ~1,000oz/vm (historical production) Mechanised mining ~85% • 120vm extension identified Selective mining ~15% • Extensive unmined opportunities adjacent to decline • 51% of base
Slide 11: Paulsens - Main Zone - significant upside
Paulsens - Main Zone - significant upside • Limited drilling in 2023 extended the Main Zone Resource ~170m down plunge • Decline development of 120m vertical costed into May 2024 Restart Study • Additional ounces expected to be highly rewarding with fixed capital already included in May 2024 Restart
Slide 12: 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 | Jul 2024
Slide 13: Paulsens - "there's gold everywhere"
Paulsens - “there’s gold everywhere” • Selective mining of numerous developed, high-grade veins; examples include: • 5.00m @ 10.20g/t Au • 1.00m @ 19.04g/t Au • 1.50m @ 53.60g/t Au • 1.80m @ 17.89g/t Au • 4.50m @ 23.35g/t Au • 1.40m @ 29.89g/t Au • 2.70m @ 23.00g/t Au • 6.20m @ 10.02g/t Au • 1.70m @
Slide 14: Paulsens - high-grade stockpile strategy
Paulsens - high-grade stockpile strategy Strategy underway to build high-grade stockpile for immediate processing post-commissioning, targeting: • areas that contain high-grade drilling; and • areas that have been developed, sampled, but never mined. Cream Mining selected and production underway. Re
Slide 15: Paulsens - the next year
Paulsens - the next year Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Mining - Selective Mining - Selective and Mechanised >>> Processing - Refurbishment Processing - Commissioning Processing - Production >>> • High-grade stockpile strategy: mining of developed, high-grade v
Slide 16: Paulsens - refurbishment underway
Paulsens - refurbishment underway Low risk, rapid restart: • Established infrastructure • Key management in place • Activity over the first half of 2024 set up site for rapid refurbishment Link for 3D scan • MACA Interquip currently onsite undertaking major works • First gold expected December 2024
Slide 17: 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 18: Kal East Gold Project
2 KAL EAST GOLD PROJECT 1.3Moz Resource in Australia’s premier gold mining region
Slide 19: Development ready with upside
Development ready with upside 3rd largest holding (+1,000km2) in premier gold mining region 1.3Moz @ 2.1g/t Au Resource, within 50km of Kalgoorlie May 2024 Study Update - $401M cashflow @ $3,500/oz Base case production target of 381koz over 7 years (~60% open pit) 800ktpa processing facility designe
Slide 20: 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 $1,724/oz All‐In Sustaining Cost (
Slide 21: Kal East - Myhree - turn-key funding, development & processing
Kal East - Myhree - turn-key funding, development & processing • Turn-key funding and development: • 52koz @ 2.2g/t Au (Ore Reserve) • Mineral Mining Services (MMS) • MMS to provide all: • Funding; • People; and • Equipment • Ore haulage to commence Sep 2024: • Ore purchase agreement with Paddington
Slide 22: Coyote Gold Operation
3 COYOTE GOLD OPERATION High-grade gold with scale and exploration potential
Slide 23: One of Australia's highest grade deposits
One of Australia’s highest grade deposits 819km2 of highly prospective ground Only gold processing facility for +200km – high strategic value Camp & processing infrastructure to be expanded with owned mill May 2024 Study Update - $295M cashflow @ $3,500/oz Base case production target of 200koz over
Slide 24: Coyote - key study outcomes
Coyote - key study outcomes May 2024 Scoping Study Highlights 645koz @ 5.5g/t Au Total Resource Open Pit 1.7Mt Ore Mined 49koz @ 2.8g/t Au 3.6g/t Au Ore Grade (UG 5.4g/t; OP 2.8g/t; SP 1.7g/t) 102koz @ 11.4g/t Au excluded from study 200koz Gold in Ore Underground 125koz @ 5.4g/t Au 97% Recovery 195k
Slide 25: Investment summary and upcoming catalysts
Investment summary and upcoming catalysts • Targeting first gold from two projects during December Quarter 2024 • High-grade stockpile strategy at Paulsens to derisk startup and accelerate cashflow • Potential for ~100,000oz production by end of 2025 (Paulsens + Kal East)1 • Sequential development s
Slide 26: 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 26
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: Gold Resource Summary
Gold Resource 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 Ea
Slide 29: 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 30: 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 31: 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 32: Supporting Information
Supporting Information Market Resources Reference (ASX Announcement) Price Cash Debt EV Development Stage Company Code Cap Project Location Commodity Au Only AuEq (A$) (A$M) (A$M) (A$M) Completed (A$M) Moz g/t Moz g/t Financials Resource Antipa Minerals Limited AZY 0.013 $54 $6 $0 $48 Minyari Dome (
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