Black Cat Syndicate Ltd. · ASX:BC8
Black Cat Syndicate — Shareholder Meeting (November 2023)
37 slides from Black Cat Syndicate's shareholder meeting presentation, Nov 30, 2023
Slide 1: AGM Chair Address and Managing Director Presentation
ASX ANNOUNCEMENT 30 November 2023 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 10.00am (WST)
Slide 2: AGM Chair Address and Managing Director Presentation
AGM Chair Address and Managing Director Presentation Unfortunately, gold equities came under pressure in 2023 due to a combination of “risk off” factors. Australian dollar gold is still strong and we remain convinced that owning high-grade gold operations with significant growth potential will win o
Slide 3: Paulsens Restart: Just the beginning
Paulsens Restart Just the beginning November 2023 - AGM Presentation
Slide 4: 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 5: Creation of a dominant player in prolific gold districts
Creation of a dominant player in 3 prolific gold districts • Sequential development strategy to >150,000oz pa production Paulsens 177koz / $110.6M cf / +4 yrs Underground Resource: 406koz @ 9.5g/t • High-grade mines with large and growing Resource base Only processing facility within 400km First gol
Slide 6: Demonstrated ability to acquire, find & produce Au
Demonstrated ability to acquire, find & produce Au • Black Cat has acquired and discovered >2.5Moz gold 4000000 • Averaging >400kozpa growth • ~50:50 split acquisition to discovery Discovered Acquired 3500000 • Kal East: • 1.3Moz within 50km of Kalgoorlie 3000000 • Significant discovery potential •
Slide 7: Paulsens Gold Operation
1 PAULSENS GOLD OPERATION Restart to Drive Growth
Slide 8: Paulsens - cornerstone operation to drive cashflow & growth
Paulsens - cornerstone operation to drive cashflow & growth ~1,250km2 of highly prospective ground Well maintained 450ktpa processing facility Dewatered and ventilated underground mine One of Australia’s highest-grade deposits - 406koz @ 9.5g/t1 Only gold processing facility within 400km Robust rest
Slide 9: Paulsens - substantial infrastructure, ready to restart
Paulsens - substantial infrastructure, ready to restart Underground ventilation: Explosives magazine: 4x 250kW fans, ~68t bulk explosives and 600m deep shaft 30,000 detonator storage Underground: 1.1km depth, ~7km decline Paste plant infrastructure: +500m steel cased bore for reticulation, civils, e
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) • 100vm extension identified • Extensive unmined opportunities adjacent to decline • Eastern Zone - parallel mineralised structure • High gr
Slide 11: Paulsens - improved study outcomes
Paulsens - improved study outcomes Project Metric Units July 2023 November 2023 Improvement % Resources koz 328 406 24% Mined Gold koz 136.4 176.5 29% Met Recovery % 89.9 92.4 3% Recovered Gold koz 122.7 163 33% Initial Mine Life (growing) Years 3.0 4.2 31% Gold Price $/oz 2,900 2,900 - Gold Sales $
Slide 12: Paulsens - 26 week restart plan
Paulsens - 26 week restart plan • Established infrastructure and long operating history lowers restart risk • Detailed refurbishment plan, independently reviewed, current WA costs • Independent ongoing cost/progress supervision supporting internal controls • Key positions already in place; undergrou
Slide 13: Paulsens - "there's gold everywhere"
Paulsens - “there’s gold everywhere” • Numerous unmined high-grade veins, include: • 1.50m @ 53.60g/t Au • 4.50m @ 23.35g/t Au • 2.70m @ 23.00g/t Au • 1.70m @ 26.40g/t Au • 5.0m @ 10.20g/t Au • 1.40m @ 34.34g/t Au • 3.40m @ 75.78g/t Au - immediate mining opportunity with airleg optimisation • Many m
Slide 14: Paulsens - Belvedere >2.5km of high-grade Au at surface
Paulsens - Belvedere >2.5km of high-grade Au at surface • Potentially a Paulsens-scale deposit: • 6.5km from plant on Mining Lease • Historical handheld mining from pre-WWII • >2.5km trend, only ~100m drilled • Current Resource: 30koz @ 6.6g/t Au • 20koz included in November Study • High-grade open
Slide 15: Paulsens - huge exploration upside
Paulsens - huge exploration upside • Paulsens gold endowment ~1.4Moz @ 7.5g/t Au • +1Moz deposits are not formed in isolation • The region has seen limited drilling • Potential for a significant gold at multiple deposits: • Belvedere • Paulsens Repeat • Big Sarah • Mt Clement • Eastern Zone • Electr
Slide 16: Coyote Gold Operation
2 COYOTE GOLD OPERATION High-grade gold with scale and exploration potential 14
Slide 17: Coyote - high-grade Resource and untested multi-metal potential
Coyote - high-grade Resource and untested multi-metal potential 819km2 of highly prospective ground One of Australia’s highest-grade underground deposits - 356koz @ 14.6g/t Au Robust Scoping Study - $176M cashflow @ $2,900/oz Installed processing facility and camp to be expanded with owned mill Only
Slide 18: Coyote - conservative study outcomes
Coyote - conservative study outcomes • Robust +5-year base case July 2023 Scoping Study Highlights • 372koz @ 4.8g/t Au Resources not yet considered • Sandpiper underground to be assessed 1.7Mt Ore Mined 3.6g/t Au Ore Grade (UG 5.4g/t; OP 2.8g/t; SP 1.7g/t) • Mined underground grade - 5.4g/t Au • On
Slide 19: Coyote Central - one of Australia's highest-grade deposits
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 ASX: BC8 | Nov 2023 Refer to BC8 ASX announcement 16/01/23, 18/07/23 and Resource tables in the Appendices 17
Slide 20: Kal East Gold Project
3 KAL EAST GOLD PROJECT 1.3Moz Resource in Australia’s premier gold mining region 18
Slide 21: Kal East - development ready with upside
Kal East - 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 July 2023 Study Update - $168M cashflow @ $2,900/oz 800ktpa processing facility designed, permitted, major components acquired Approvals in pl
Slide 22: Kal East - key study outcomes
Kal East - key study outcomes July 2023 PFS Study Update - Highlights • Base case production target of 302koz over 5.5 years • 694koz @ 2.0g/t Au Resources not yet considered 4.8Mt Ore Mined • Ore Reserves - 80% of production 1.9g/t Au Ore Grade (OP: 1.7g/t; UG: 3.2g/t) • Average of 56kozpa, with hi
Slide 23: Low capital, internal funding to build substantial value
Low capital, internal funding to build substantial value Operation 1 Paulsens 2 Coyote 3 Kal East Strategy Exploration Land Size ~1,600 km2 ~820 km2 ~1,000 km2 >3,400 km2 - prime discovery potential Resources 0.55Moz @ 4.0g/t Au 0.65Moz @ 5.5g/t Au 1.3Moz @ 2.1g/t Au 2.5Moz @ 2.9g/t Au (growing) Ini
Slide 24: $60M Restart funding solution
$60M Restart funding solution $60m funding package to restart Paulsens and Coyote and develop Kal East1 Equity Placements ($45M): • technology & investment group, Fuyang Mingjin New Energy Developments Co., Ltd (‘Mingjin’) and • supply chain management group Southeast Mingqing Supply Chain (Fuyang)
Slide 25: Corporate overview
Corporate overview Corporate Information (20 Nov 2023) Board of Directors Shares on issue 304M Managing Director Gareth Solly Options 22.8M Non-Executive Chairman Paul Chapman Performance rights 4.7M Non-Executive Director Philip Crutchfield Market capitalisation (@ $0.265) $80M Cash (30 Sep 2023) $
Slide 26: 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 $4,740/oz • Notional EV’s based on peer average: • 50koz @ $4,740 = $240M • 100koz @ $4,740 = $480M • 150koz @ $4,740 = $720M $16,000 $14,000 Enterprise Value / Annual Production Ou
Slide 27: Investment Summary
Investment Summary • Sequential development strategy to >150,000oz pa production Paulsens 177koz / $110.6M cf / +4 yrs Underground Resource: 406koz @ 9.5g/t • High-grade mines with large and growing Resource base Only processing facility within 400km First gold second-half 2024 • Large tenure, outst
Slide 28: 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 29: Paulsens - Main Zone is a cash cow
Paulsens - Main Zone is a cash cow • Main Zone - thick quartz shear with semi- continuous high-grade sulphide zones: • 1Moz @ 6.9g/t Au (2005-2017), ~1,000oz/vm • remains open down plunge • Significant value potential discovered: • high-grade up to 200m below current development • Recent extensional
Slide 30: Paulsens - substantial infrastructure, ready to restart
Paulsens - substantial infrastructure, ready to restart ROM pad Crushing screening Workshop RO plant Laboratory Mine Rescue CIL plant Administration Power station 1 Stores Raw water dams Electrical workshop Wastewater treatment ASX: BC8 | Nov 2023 28
Slide 31: Paulsens - substantial infrastructure, ready to restart
Paulsens - substantial infrastructure, ready to restart CIL tanks: 7x 150m3 capacity Crushing circuit: 100tph Gravity tower and 1MW ball mill Gold room: 11koz in 7 days (current record) ASX: BC8 | Nov 2023 29
Slide 32: $60M Restart funding solution
$60M Restart funding solution Investors Fuyang Mingjin New Energy Developments Co., Ltd; and Southeast Mingqing Supply Chain (Fuyang) Co., Ltd (together the Subscribers) EQUITY Type of securities Fully paid ordinary shares (Shares) in the capital of the Black Cat Syndicate Limited Subscription A $22
Slide 33: 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 34: 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 35: 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 36: 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 37: 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
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