Black Cat Syndicate
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Black Cat Syndicate (BC8) investor relations material

Black Cat Syndicate Q2 2026 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 TU earnings summary28 Jan, 2026

Executive summary

  • Achieved record gold production of 25,510oz for the quarter, with gold sales of 17,517oz at an average price of $6,325/oz, generating gross gold revenue over $110M.

  • Cash, bullion, and listed investments increased to $91M at quarter end, maintaining a strong balance sheet after significant capital outlays.

  • Operating cashflow before capital was approximately $66M, with major investments in mine ramp-ups and exploration.

  • Final $25M deferred payment for the Lakewood processing facility was completed, fully funded from operating cashflow.

  • Board transition announced: Gareth Solly to non-executive director, James Bruce appointed as new managing director effective February 2026.

Financial highlights

  • Realised gold price increased to $6,325/oz from $5,227/oz in the previous quarter.

  • Total income for the quarter was $125.4M, with operating costs of $59.0M.

  • Operating cashflow after capital and corporate costs was $1.3M for the quarter.

  • Cash on hand at quarter end was $54.1M, with gold bullion valued at $31.3M and listed investments at $5.5M.

  • $5.8M cash inflow from option conversions during the quarter.

Outlook and guidance

  • Production is expected to grow in the March 2026 quarter, with 25,000–28,000oz planned, including third-party ore.

  • Annual production outlook of at least 100,000ozpa to commence from June 2026 quarter, with AISC guidance to be provided as third-party tolling ceases.

  • Lakewood expansion study to increase capacity from 1.2Mtpa to 1.5Mtpa is progressing, with completion expected in March 2026.

AISC guidance: What factors enable June 2026 start?
Lakewood 1.5Mtpa: How does new land secure it?
Mt Clement Antimony: What's the path to production?
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Frequently asked questions

Black Cat Syndicate Limited is an Australian mineral exploration and development company focused on gold projects. The company holds and operates a portfolio of gold assets primarily located in Western Australia, including properties with historical production as well as new exploration targets. Black Cat Syndicate conducts activities such as drilling, resource evaluation, and feasibility studies aimed at expanding and advancing its gold resources. Black Cat Syndicate Limited is headquartered in West Perth, Australia, and its shares are listed on the ASX.

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