• Strong balance sheet with $90M in cash, bullion and investments
• Record gold production of 20,541oz, including 3rd party ounces
• New high-grade zones discovered at Paulsens underground mine

Black Cat Syndicate Limited reported a strong quarter ended 30 September 2025, with highlights including a robust balance sheet, record gold production, and new high-grade discoveries at its Paulsens underground mine. The company's cash, bullion, and listed investments increased to $90 million, up from $56 million at the end of the prior quarter. Gold production reached 20,541 ounces, including third-party ounces, with sales of 16,400 ounces at an average realized price of $5,227 per ounce. Production was higher than sales, leading to an increase in bullion holdings to 5,104 ounces valued at $29.6 million. At the Paulsens operation, production increased by around 68% quarter-on-quarter to 7,744 ounces as mining ramped up and higher-grade stopes came online. Drilling at Paulsens also intersected new, high-grade lodes, which remain open for further exploration. The company's Kal East operations, including the Lakewood processing plant and Myhree/Boundary open pits, also performed well, with a 30% increase in production to 10,043 ounces. New mining commenced at the Majestic underground and Fingals open pit, which are expected to provide a baseload feed to Lakewood. Exploration activities were also advanced, with the first-ever drilling at the Big Sarah prospect returning encouraging results and a major drilling program commencing at the Mt Clement antimony project.

Production is expected to strengthen during the December 2025 quarter, with 23,000-28,500 ounces planned, including third-party ore and inclusive of scheduled maintenance.