Lakewood Final Payment made out of Operating Cashflow

• Lakewood processing facility acquired for $85M in March 2025
• Final $25M payment made from operating cashflow
• Lakewood is key infrastructure driving production growth at Kal East

Black Cat Syndicate Limited (ASX:BC8) has provided an update on the acquisition of the 1.2Mtpa Lakewood processing facility, which is part of the Kal East Gold Operation. In March 2025, the company acquired Lakewood for a total consideration of $85 million, comprising $70 million in cash and $15 million in fully paid ordinary shares, of which $25 million in cash was deferred until 30 November 2025. The company is pleased to announce that the final payment of $25 million has now been made, funded entirely out of operating cashflow. This payment satisfies all outstanding financial obligations under the Lakewood acquisition. Lakewood has been a transformational, strategic acquisition, delivering key processing infrastructure including grid power, sealed roads, water supply, and a newly commissioned tailings storage facility. An engineering study is currently underway for the potential expansion of the processing facility to 1.5Mtpa. Black Cat's Managing Director, Gareth Solly, stated that Lakewood is the heart of Kal East and the infrastructure is driving strong increases in gold production and cash generation. The company remains debt-free and unhedged with ongoing production growth.

The company is exploring the potential to expand the Lakewood processing facility from 1.2Mtpa to 1.5Mtpa, which could further drive production growth at the Kal East Gold Operation.