• Black Cat to engage and manage contractors as well as provide up to $10M to develop and haul Ore from the Star of Mangaroon open pit
• Dreadnought and Black Cat to share surplus cashflow from the project 50/50 split for the first $80M and then 70/30 thereafter
• Ore mined (up to 110,000 tonnes) will be processed at Black Cat's Paulsens Gold Operation

Black Cat Syndicate Limited (ASX: BC8) ('Black Cat' or 'the Company') has executed a binding Heads of Agreement and Ore Purchase Agreement with Dreadnought Resources Limited (ASX: DRE) ('Dreadnought') to develop and process ore from the high-grade Star of Mangaroon open pit deposit. The Star of Mangaroon is a high-grade gold deposit located 330km, by road, southwest of Black Cat's 100% owned Paulsens Gold Operation. Under the agreement, Black Cat will engage and manage contractors as well as provide up to $10M in funding to develop and haul ore from the Star of Mangaroon open pit. Dreadnought and Black Cat will then contribute additional funding 50/50 if development costs exceed $10M. The parties will share the surplus cashflow from the project 50/50 for the first $80M and then 70/30 (Dreadnought/Black Cat) for any additional surplus cashflow beyond $80M. The ore mined (up to 110,000 tonnes) will be processed at Paulsens under an Ore Purchase Agreement. The agreement provides significant benefits for Black Cat, including additional cashflow from mining and processing the Star of Mangaroon ore, greater operational flexibility to Paulsens by allowing higher-grade ore to be prioritized, and strategic exposure to potential additional discoveries around the prospective Star of Mangaroon deposit.

The Upgraded Scoping Study for the Star of Mangaroon deposit estimated mined production of 93kt at 8.3g/t Au for 24koz Au, operating cashflow of ~$78.2M (after capital and tax / A$5,500/oz) over one year at an AISC of A$2,020/oz.