• Strong balance sheet and cashflow with $91M in cash, bullion and listed investments
• Record gold production of 25,510oz, including third party production
• New high-grade zones discovered at Fingals with potential to increase production

Black Cat Syndicate Ltd reported on its activities for the quarter ended 31 December 2025, highlighting strong operational and financial performance. The company's cash, bullion and listed investments increased to $91M, driven by record gold production of 25,510oz and gold sales of 17,517oz at an average realised price of $6,325/oz. Production growth was seen across the company's Paulsens and Kal East operations, with Paulsens increasing 20% quarter-on-quarter and Kal East increasing 26%. The company also reported the discovery of new high-grade zones at its Fingals deposit, which could potentially increase future production. Additionally, the company made progress on its antimony growth strategy at Mt Clement and entered a joint venture with Dreadnought Resources to develop the Star of Mangaroon open pit. The company also acquired additional tenements near its Lakewood processing facility to facilitate future expansion to 1.5mtpa. Overall, the quarter saw strong operational and financial performance, with indications of further growth potential.

Production is expected to grow during the March 2026 quarter with 25,000-28,000oz planned, including third-party Ore.

The company intends to provide AISC calculations and annual production guidance based on an expected minimum of ~100,000ozpa from the June 2026 quarter as the business transitions to Ore from 100% owned mines.