• Cash, bullion and listed investments increased to $90M
• Group gold production of 20,541oz, including 3rd party ounces
• Paulsens gold production increased 68% quarter-on-quarter

Black Cat Syndicate Limited has provided a snapshot of its September 2025 quarter results and an outlook for the December 2025 quarter. The company's cash, bullion and listed investments increased to $90 million at the end of September 2025, up from $56 million at the end of June 2025, following record Group gold production. Total gold production for the quarter was 20,541 ounces, including third party ounces. Group gold production, excluding third party ounces, was 17,787 ounces. Paulsens gold production increased approximately 68% quarter-on-quarter as mining continues to ramp up and higher grade stopes come online as planned. Gold production from Myhree and Boundary through Lakewood increased around 30% quarter-on-quarter. The company also successfully undertook the replacement of the gravity tower and Knelson concentrator at Lakewood during the quarter. Mining at Myhree and Boundary was impacted by rain events, but the Boundary open pit was completed and Myhree remains on track for completion in the December 2025 quarter. Mining also commenced at both the Majestic underground and Fingals open pit at Kal East.

Total gold production for the December 2025 quarter is estimated to be between 16,000 and 20,000 ounces from Kal East (Lakewood), and between 7,000 and 8,500 ounces from Paulsens, for a total of 23,000 to 28,500 ounces.

Lakewood production is expected to be sourced from a combination of the Mhyree open pit, stockpiles and third party ore purchase and toll treating activities. Paulsens production includes a 14-day planned shutdown in October 2025 for upgrades to the underground ventilation system.