• Mining fleet has mobilised and is operating at Fingals Open Pit
• Clearing and site establishment is underway, with first ore scheduled for October 2025
• Fingals is expected to deliver an initial ~2.2Mt @ 1.7 g/t Au for ~120,000oz

Black Cat Syndicate Limited ('Black Cat' or 'the Company') is pleased to provide an update on progress at the 100% owned Kal East Gold Operation ('Kal East'). The mining fleet has mobilised and is operating under a schedule of rates contract at the Fingals Open Pit. Clearing and site establishment is underway, with the office, go-line and workshop areas cleared and building pads under construction. First Ore is scheduled for October 2025, with current mining focused on removing backfill from the existing pit and stripping the existing waste dump. Fingals is expected to deliver an initial ~2.2Mt @ 1.7 g/t Au for ~120,000oz to the 1.2Mtpa Lakewood processing facility, with potential to grow in all directions and at depth. At the Majestic Underground, portal establishment works are complete with ~160m of decline developed to date, and ore mining will commence during the December 2025 quarter. Drilling from underground positions will also commence this quarter to further grow Resources/Ore Reserves. The Myhree and Boundary Open pits are scheduled for completion in the December quarter, with mine closure activities having commenced at Boundary. Development of the Myhree underground (100% BC8) remains in the 'go-bay' as one of the next fully approved mines in the production sequence, hosting a resource of 180koz @ 4.7g/t Au. In September 2025, a major maintenance shutdown took place at Lakewood, including replacement of the gravity tower and installation of a new Knelson concentrator and screen deck, which was completed in 9 days despite heavy rainfall.