• Fingals open pit remains open in all directions and at depth with mine life only constrained by drilling
• Recent grade control drilling identified multiple high-grade gold zones within the open pit design
• Majestic underground development progressing well with first ore drives accessed and stoping to commence in June 2026

Black Cat Syndicate Limited is pleased to provide an update on activities at the 100% owned Kal East Gold Operation, with a focus on the Fingals open pit and Majestic underground. The large Fingals open pit is one of the long-term feed sources at Kal East and remains open in all directions and at depth, with mine life only constrained by drilling. A recent grade control program within Fingals has identified multiple high-grade zones outside the existing Resource but within the open pit design, including intercepts of up to 5m @ 10.20g/t Au, 11m @ 3.87g/t Au, and 3m @ 12.50g/t Au. These results further reinforce Fingals as a long-term feed source and support previously announced high-grade grade control results. Mining at Fingals is accelerating with first ore to be fed into the Lakewood processing facility in March 2026. At the Majestic underground, ore development has commenced with grades in line with expectations, including face grades of up to 5.0m @ 5.29g/t Au. Decline development is progressing well, and stoping will begin in the June 2026 quarter, with production expected to ramp up to around 30,000 tonnes per month. An underground diamond rig will commence grade control and extensional drilling in the March 2026 quarter.

The study to expand the Lakewood processing facility from 1.2mtpa to 1.5mtpa is progressing to plan, as part of Black Cat's 'more gold sooner' strategy. These developments and expansions will continue to be funded entirely from operating cashflow, highlighting the strength of Black Cat's operations and balance sheet.