• Record quarterly gold production of 25,437oz
• Cash, bullion and listed investments totalled $91M
• Paulsens and Kal East production ramping up

Black Cat Syndicate Ltd has reported a strong performance in the December 2025 quarter, achieving a record quarterly gold production of 25,437oz, including third party production. The company's cash, bullion and listed investments position remained robust at $91M, even after the final $25M payment for the Lakewood processing facility and substantial investments in mine ramp-ups and exploration. Production at the Paulsens and Kal East operations continued to increase, with Paulsens up 20% quarter-on-quarter and Kal East up 26% quarter-on-quarter. The company is expecting further production growth in the March 2026 quarter, with Paulsens production set to increase as development accelerates and Kal East production to be sourced from a combination of stockpiles, the Fingals and Majestic deposits, and ongoing third-party production. The study for a 1.5Mtpa expansion of the Lakewood facility will also be finalised in the March 2026 quarter, and the company expects to be processing only its own ore at Lakewood in the June 2026 quarter as the mines reach steady-state production.

Black Cat is forecasting gold production of 25,000-28,000oz for the March 2026 quarter, with production from the Paulsens and Kal East operations.

The company expects to be processing only its own ore at the Lakewood facility in the June 2026 quarter as the Fingals and Majestic mines reach steady-state production, having successfully established two gold operations within the last 12 months.