• Fingals and Majestic mines ramping up successfully
• Lakewood Processing Facility operating in line with expectations
• $20M investment to expand Lakewood capacity to 1.5Mtpa

Black Cat Syndicate Ltd ('Black Cat' or 'the Company') has announced that the Lakewood Processing Facility ('Lakewood') at its Kal East Gold Operation ('Kal East') has successfully transitioned to processing Ore from its 100% owned mining operations at the Fingals open pit ('Fingals') and Majestic underground ('Majestic') mines. The Company highlights that Fingals and Majestic continue to ramp up successfully, with a ~183kt stockpile of Ore now available for processing through Lakewood. Lakewood's throughput, recoveries and reagent usage have been in line with or better than expectations. Processing 100% Black Cat Ore is an important milestone and represents a step change from already strong profitability and cashflow from Kal East. Furthermore, over the next twelve months, the Company will invest $20M of operating cashflow to expand Lakewood's processing capacity from 1.2Mtpa to 1.5Mtpa. Even with the increased capacity at Lakewood, the Company anticipates generating additional stockpiles, creating valuable optionality to sequence higher-grade Ore through Lakewood as required. The Company also advises that it is not currently experiencing any supply issues with diesel and fuel, with Lakewood being grid connected and a new bulk fuel supply agreement executed to provide sufficient diesel over the long term.

Over the next twelve months, the Company will invest $20M of operating cashflow to expand Lakewood's processing capacity from 1.2Mtpa to 1.5Mtpa.