Black Cat Syndicate (BC8) Q3 2026 TU earnings summary

Executive summary

• Transition quarter featured investment in operations, leadership change with a new Managing Director, and a clear mandate for disciplined growth and capital efficiency.

• Transition to 100% owned ore feed is expected to drive margin and cash flow uplift through 2026.

• Three producing gold mines and a rapidly expanding antimony project in Western Australia, with aggressive exploration underway and 150,000m drilling planned in FY2026.

• No debt, strong liquidity with up to $92M in cash, bullion, and investments, supporting growth initiatives.

• Strong organizational culture and experienced management team highlighted as key strengths.

Financial highlights

• Group gold production for the quarter was 23,952oz, with gold sales of 10,374oz at an average realized price of $6,817/oz, generating $61M in operating cash flow.

• Total revenue, including bullion movement, reached $93.3M, with operating costs of $32.3M and sustaining capital at $5.3M.

• Growth capital investment totaled up to $54M, mainly for ramping up Fingals and Majestic, with $46M delivered ahead of schedule.

• Quarter-end liquidity included up to $92M in cash, bullion, and listed investments.

• Additional $18.5M revenue from third-party tolling at Lakewood.

Outlook and guidance

• June quarter production expected to be similar to March, with higher cash margins anticipated from transition to 100% owned ore.

• Strategic review and growth strategy update, including annual guidance and AISC, to be provided within three months.

• Annual resource/reserve updates and increased exploration planned, with results to be communicated as available.

• Production run-rate targeted at 100,000oz per annum by year-end, with expectations to exceed this in the following half.