• Acquisition of 1.2Mtpa Lakewood processing facility accelerates Kal East production by ~15 months
• Expands throughput capacity by +50% to 1.2Mtpa, allowing more gold to be produced sooner
• Reduces risk compared to building a new processing facility

Black Cat Syndicate Limited ('Black Cat' or the 'Company') is pleased to announce it has entered into a binding agreement with Westgold Resources Limited ('Westgold') to acquire the operating, 1.2Mtpa Lakewood processing facility ('Lakewood'). Lakewood is located 6km SE of Kalgoorlie and within 40km of the 100% owned Kal East Gold Operation ('Kal East'). The acquisition is subject to completion to occur on or before 31 March 2025. The acquisition of Lakewood allows Black Cat to produce more gold sooner, with expanded throughput capacity of +50% (from 0.8Mtpa to 1.2Mtpa) and brings forward production plans by ~15-months to take advantage of the high gold price environment. The consideration of $85M is comprised of $70M in cash, in staged payments over 9 months and $15M in Black Cat shares. The acquisition reduces the risk compared to procurement, construction and commissioning of a new processing facility. Lakewood has undergone several upgrades including a larger primary mill motor and additional CIL tanks to increase throughput up to 1.2Mtpa, as well as a new tailings storage facility. The acquisition will enhance the Kal East Study that previously included an initial production target of 381koz @ 2.1g/t Au at an average of 51kozpa at 0.8Mtpa processing rate, with 64% of the production target being Ore Reserves of 243koz @ 2.0g/t Au. Only 59% of Kal East's current 1.3Moz @ 2.1g/t Au Resource was considered in the previous production target.

Planned activities over the coming year at Lakewood include processing of Black Cat's ore and potential toll treatment of third-party ore as spare capacity allows. Kal East mining activities are now being fast-tracked, with re-optimisation of open pit and underground deposits already underway.