Black Cat Syndicate Ltd. · ASX:BC8
Black Cat Syndicate — Q3 FY2026 Earnings Presentation
22 slides from Black Cat Syndicate's earnings presentation
Slide 1: 3Q26 Quarterly Update
3Q26 Quarterly Update ASX: BC8 bc8.com.au
Slide 2: 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 3: Business Overview
BUSINESS OVERVIEW Positioned for significant cash flow acceleration through 2026 and beyond Coyote 3 GOLD MINES 100,000oz AND A RAPIDLY EXPANDING GOLD PRODUCTION RATE (FY26) Paulsens CRITICAL MINERALS PROJECT NO DEBT 100% UNHEDGED Mt Clement WESTERN A$92M CASH AND INVESTMENTS A$6,817/oz REALIZED GOL
Slide 4: Quality Assets in a Top Jurisdiction
QUALITY ASSETS IN A TOP JURISDICTION GROWING IN WESTERN AUSTRALIA Coyote KAL EAST (PRODUCING) PAULSENS (PRODUCING) • Commenced 100% feed from BC8 • High-grade underground operation Paulsens owned Mines • 450ktpa Mill and infrastructure • Ramping up to 70kozpa from Fingals • Significant exploration p
Slide 5: 3Q26 Key Financial Highlights
3Q26 KEY FINANCIAL HIGHLIGHTS • Group production of 23,952oz (3rd Party Ore 11,553oz) • Group gold sales of 10,374oz at $6,817/oz providing operating cash flow of $61M. • Strong balance sheet with $92M in cash, bullion and listed investments. • Growth Capital of $46M invested in Fingals and Majestic
Slide 6: Fingals Open Pit: Rapid Ramp Up
FINGALS OPEN PIT : RAPID RAMP UP • Fingals open pit ramped up rapidly with early mining activities completed ahead of schedule. • Fingals provides a reliable ore source enhancing production flexibility and reducing third-party material dependence. • Expected 4 year life, with potential to extend min
Slide 7: Majestic Underground: Stoping Commenced
MAJESTIC UNDERGROUND : STOPING COMMENCED • Orebody remains open at depth and along strike IMPERIAL MAJESTIC • All key infrastructure installed and operational • Commenced first long-hole stope. • Stoping ore grades expected to exceed 3 g/t, supporting higher gold output. • Expected 4 year life, with
Slide 8: Lakewood: Transition to 100% BC8 Ore
LAKEWOOD : TRANSITION TO 100% BC8 ORE • 3Q26 gold production increased by 4% QoQ to 16.8koz. LAKEWOOD - Unit 3Q26 2Q26 YTD Production • First 10kt of Fingals and Majestic ore successfully processed through Lakewood, confirming strong plant Ore processed kt 305 322 886 performance. • June quarter tra
Slide 9: Paulsens: Producing and Highly Profitable
PAULSENS : PRODUCING AND HIGHLY PROFITABLE • Produced 7,110 ounces of gold in March from lower grade stopes - expected to increase this quarter. • Ore processed rose 13% QoQ, showcasing strong mining and processing practices and operational efficiency. • Diamond drilling delivers high-grade intercep
Slide 10: 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 • Strong drilling results supporting operations and Resource growth: Gabbro Veins New lodes Main Zone Open ASX: BC8 Refer to BC8 ASX announcements 08/05
Slide 11: Star of Mangaroon JV
STAR OF MANGAROON JV Operational flexibility and increased production and cashflow • Black Cat to fund and manage all technical and production functions. • Ore processed through Paulsens. • Black Cat to share cashflow: 50% of first $80M and 30% of any additional cashflow. • First right for any minin
Slide 12: Mt Clement: Critical Minerals Next to Paulsens
MT CLEMENT: CRITICAL MINERALS NEXT TO PAULSENS One of Australia’s largest undeveloped antimony deposits (100% owned) 25.8KT Sb 1.2% Sb MINERAL RESOURCES ANTIMONY GRADE Paulsens (~20% OF MAPPED VEINS DRILLED) (PLUS SILVER-LEAD CREDITS) 47-103KT Sb 1.2-1.9% Sb Mt Clement WESTERN EXPLORATION TARGET EXP
Slide 13: Mt Clement: Fast Tracked Development
MT CLEMENT: FAST TRACKED DEVELOPMENT Strong potential to become a meaningful antimony producer within Tier-1 jurisdiction Compelling Early Economics • Internal assessment highlights positive project economics, supported by conventional underground mining and low complexity logistics. • Conceptual st
Slide 14: 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: • Dis
Slide 15: Investing in Future Growth
INVESTING IN FUTURE GROWTH Aggressive exploration plan with ~150,000m of drilling underway in FY2026: • Paulsens and Majestic (Gold): • underground drilling to extend high-grade Resources - 45,000m ongoing. • Mt Clement (Antimony): • 7,000m drilling in 2025, recommencing 25,000m program in Jun quart
Slide 16: Outlook & Strategic Direction
OUTLOOK & STRATEGIC DIRECTION Black Cat Syndicate (BC8): Unhedged Gold Cash Machine • June quarter production expected to be similar to March quarter. • Material margin uplift driven by transition to 100% Black Cat ore. • Growth Strategy under development to define priorities, capital allocation and
Slide 17: Summary and Key Takeaways
SUMMARY AND KEY TAKEAWAYS From Developer to High-Margin Producer: The Re-Rating is Underway RESOURCES INFRASTUCTURE TRACK RECORD IPO 2018 at 20cps 2.5Moz high-grade Resource Strategic Operations Share price today 118cps • Accelerated growth strategy • Two processing plants with • Two operations star
Slide 18: 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 18
Slide 19: 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 20: 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 21: 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 2.6 0.4 0.2 76.9 - 37 1.6 0.7 1,026 - Western Total 415 2.6 0.4 0.2 76.9 - 37 1.6 0.7 1,026 - Inferred 2,190 0.2 -
Slide 22: 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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