Black Cat Syndicate Ltd. · ASX:BC8
Black Cat Syndicate — Shareholder Meeting (November 2025)
30 slides from Black Cat Syndicate's shareholder meeting presentation, Nov 27, 2025
Slide 1: AGM Chair Address and Managing Director Presentation
ASX ANNOUNCEMENT 27 November 2025 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 2pm (WST) tod
Slide 2: AGM Chair Address and Managing Director Presentation
AGM Chair Address and Managing Director Presentation On a sad note, I must also say farewell to my fellow director and friend in Les Davis as he has decided to hang up his pick and shovel. Like Gareth, Les is a founding director of Black Cat and has been instrumental in its transformation from explo
Slide 3: A Fast-Growing Western Australian Gold Producer
A FAST-GROWING WESTERN AUSTRALIAN GOLD PRODUCER ASX: BC8 BC8O bc8.com.au 27 NOV 2025
Slide 4: Disclaimer, Distribution, and Disclosure
DISCLAIMER, DISTRIBUTION, AND DISCLOSURE Disclaimer and not for US distribution The information in this announcement that relates to Mineral Resources was compiled by Mr. Iain Levy, who is a Member of the AIG and an employee, shareholder and option holder of the Company. Mr. Levy has sufficient expe
Slide 5: Business Overview
BUSINESS OVERVIEW Multi-asset Australian gold producer on a journey of rapid growth Coyote 2 OPERATIONS 2.5Moz Au Paulsens PRODUCING GOLD MINERAL RESOURCES Group Resources +100,000oz ~$90M Mt. Clement Antimony 2.5Moz @ 2.9g/t Au 13kt @ 1.7% Sb GOLD PRODUCTION RATE CASH, BULLION & (FY26) LISTED INVES
Slide 6: More Gold Sooner, Growing Faster
MORE GOLD SOONER, GROWING FASTER Our Vision: Grow to a 200kozpa gold producer through organic development3 FY2026 – TARGET 100kozpa rate Aspirational Production (oz Au)3 • Two operations commenced production in 2025 and ramping up Coyote commences • Strong Q-O-Q growth; target rate expected by year-
Slide 7: Corporate Overview
CORPORATE OVERVIEW Paulsens Lakewood Lakewood Ramping up operations SUMMARY first gold acquisition completion ~726M Shares on Issue ~28M Options & Performance Rights ~A$755M Market Cap (26/11/25) @ A$1.04 ~5.6M/day Liquidity (average shares traded) ~A$90M Cash, Bullion & Investments (30/9/25) Nil He
Slide 8: Superior Gold Exposure
SUPERIOR GOLD EXPOSURE “More gold, sooner” bullion strategy provides increased leverage to gold price • Black Cat intends to retain a portion of production in dedicated gold bullion storage • ~5,104oz (~A$29.6M) has been retained and is in storage (as of September 30, 2025) • Black Cat is unhedged a
Slide 9: Quality Assets in a Top Jurisdiction
QUALITY ASSETS IN A TOP JURISDICTION Prolific, high-growth mines in Western Australia Coyote KAL EAST (PRODUCING) PAULSENS (PRODUCING) • Three mines operating • Underground mining Paulsens • Ramping up to 70kozpa with ramping up throughout 2025 new multi-year open pit and • Ramping up to 50kozpa und
Slide 10: Operations
OPERATIONS ASX: BC8 I BC8O
Slide 11: Kal East: 1.3Moz on Kalgoorlie's Doorstep
KAL EAST: 1.3MOZ ON KALGOORLIE’S DOORSTEP Production ramping up ahead of plan • 1.2Mtpa Lakewood facility acquired in March 2025, accelerating gold production by ~15 months • +50% throughput capacity increase compared to initial study1 • 30% q-o-q increase in gold production from current Myhree/Boun
Slide 12: Kal East: Significant and Growing
KAL EAST: SIGNIFICANT AND GROWING LAKEWOOD – TRANSFORMATIONAL LAKEWOOD PROCESSING PLANT • Lakewood 1.2Mtpa CIL processing plant • Central location and local workforce MYHREE • Grid power, new TSF and upgrades • 3rd party Ore sale agreements LAKEWOOD MAJESTIC • temporary while new mines ramp up • Exp
Slide 13: Kal East: Two New Mines Underway (Majestic)
KAL EAST: TWO NEW MINES UNDERWAY MAJESTIC UNDERGROUND • Initial production target: • 776kt @ 3.2 g/t Au for 80koz • based on Reserves (A$2,300/oz) • New portal fired / development underway • First Ore – December 2025 quarter • Resource open along strike and down dip • drilling from December 2025 qua
Slide 14: Kal East: Two New Mines Underway (Fingals)
KAL EAST: TWO NEW MINES UNDERWAY FINGALS FORTUNE OPEN PIT • Base-load production source for mill • Initial production target: • 2.2Mt @ 1.7 g/t Au for 120koz • based on Reserves (A$2,300/oz) • final pit will be materially larger INITIAL PIT DESIGN • Underground mine post open pit completion – open •
Slide 15: Paulsens: Producing and Profitable
PAULSENS: PRODUCING AND PROFITABLE Strong production and Resource growth underway • 68% q-o-q increase in gold production to 7,744oz for September 2025 quarter • Operations continuing to ramp up as expected – efficient stoping rates being achieved • Increasing from 2 trucks to 3 trucks in March quar
Slide 16: Paulsens: 1Moz Gold Mined; Growing Resource
PAULSENS: 1MOZ GOLD MINED; GROWING RESOURCE Extending mine life at a prolific past producer • Paulsens operated for 13 years averaging ~70,000oz pa • Average historical Resource of 270koz (<2.5 years mine life) • Strong drilling results supporting operations and Resource growth: • Gabbro Veins - 1.6
Slide 17: Organic Growth Projects
ORGANIC GROWTH PROJECTS ASX: BC8 I BC8O
Slide 18: Coyote: Third Gold Operation, Already in the Portfolio
COYOTE: THIRD GOLD OPERATION, ALREADY IN THE PORTFOLIO One of Australia’s highest-grade gold mines • Current Resource of 645koz Au (3.7Mt @ 5.5g/t Au) • Underground Resource 360koz Au (14.6g/t Au) • 300ktpa plant: only processing plant in West Tanami; village/airstrip • Future growth plans: • Discov
Slide 19: Mt. Clement: High-Grade Antimony (Sb)
MT. CLEMENT: HIGH-GRADE ANTIMONY (Sb) One of Australia’s largest undeveloped antimony deposits • Existing Resource (13kt Antimony): 794kt @ 1.7% Sb, +17g/t Ag, +2.4% Pb (only 20% of mapped veins) • JORC Exploration Target1: 3.4-5.9Mt @ 1.2-1.9% Sb for 47-103kt Antimony Note: The potential quality an
Slide 20: Mt. Clement: High-Grade Antimony (Sb)
MT. CLEMENT: HIGH-GRADE ANTIMONY (Sb) First results show broad, high-grade zones both within and outside current Resource • 12.45m @ 1.15% Sb, 1.51% Pb and 16.10g/t Ag from 80.00m • 6.58m @ 1.56% Sb, 2.33% Pb and 11.58g/t Ag from 236.60m • 4.05m @ 0.96% Sb, 1.20% Pb and 18.96g/t Ag from 75.12m Core
Slide 21: Investing in Future Growth
INVESTING IN FUTURE GROWTH Forecast spend of $16M – $18M in 2026FY, focusing on: • Paulsens Underground: ~30,000m drilled so far this year targeting grade control and Resource growth. Prolific and significant results, including: • 1.60m @ 623.94 g/t Au from 37.40m • 3.90m @ 33.02 g/t Au from 18.00m
Slide 22: Continuous Execution: Key Achievements
CONTINUOUS EXECUTION: KEY ACHIEVEMENTS COMPLETED LAKEWOOD – TRANSFORMATIONAL Gold Price Performance (USD) Safe commencement of mining at Kal East Myhree deposit – Jul 2024 First gold at Kal East – Sep 2024 Restarted Paulsens – On time and on budget – Dec 2024 Transformational Lakewood purcha
Slide 23: Summary
SUMMARY More gold sooner, growing faster, held longer MORE GOLD SOONER GROWING FASTER HELD LONGER Targeting production rate of Accelerated growth strategy Focused on cash generation & 100koz gold by end-20251 underway superior gold exposure • Two operations started this year • Accelerating mine prod
Slide 24: Appendices
APPENDICES 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: Proven, Skilled Leadership Team
PROVEN, SKILLED LEADERSHIP TEAM 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 Dreadn
Slide 26: Paulsens: 1Moz Deposits Are Not Formed in Isolation
PAULSENS: 1MOZ DEPOSITS ARE NOT FORMED IN ISOLATION • ~3,650 km2 of granted and pending tenure • Extensive strike of highly prospective fault zones • Limited regional drilling • Exploration in 2025, including: • Paulsens Near Mine (Au) • Belvedere (Au) • Big Sarah (Au) • A JORC Exploration Target1 f
Slide 27: Gold Resource Summary
GOLD GOLD RESOURCE SUMMARY RESOURCE SUMMARY Mining Depletion within the Resource of 36kt @ 8.3g/t Au for 10koz for Paulsens and 378kt @ 3.0g/t Au for 36koz for Bulong open pit has not been taken into account in the table. Notes: 1. The preceding statements of Mineral Resources conforms to the ‘Austr
Slide 28: Ore Reserves
ORE ORERESERVES 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
Slide 29: Antimony Resources Summary
ANTIMONY ANTIMONY RESOURCES SUMMARY 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 - - - - - * -
Slide 30: JORC Exploration Targets
JORC JORC 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 Cl
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