• Solid operating cash flow of $61M from 10,374oz of gold sold
• Strong balance sheet with $92M in cash, bullion and listed investments
• Significant growth with Kal East mine ramp-up and processing facility expansion

Black Cat Syndicate Limited ('Black Cat' or 'Company') has reported its activities for the quarter ended 31 March 2026. The Company generated solid operating cash flow of $61M from 10,374oz of gold sold at an average realised price of $6,817/oz. The Company's balance sheet remained strong, with cash, bullion and listed investments increasing to $92M. The Company made significant progress on growth initiatives, including the ramp-up of the Kal East mine, which produced 16,842oz of gold, and the approval of a $20M expansion of the Lakewood processing facility from 1.2 Mtpa to 1.5 Mtpa. Additionally, the Company's Mt Clement Antimony Project saw an upgrade to its Mineral Resource, with contained antimony in the Eastern Zone increasing by 95% to 25.8kt. The Company also announced the successful transition of management responsibilities from Gareth Solly to James Bruce, and is developing a Growth Strategy focused on articulating its capabilities, growth initiatives and capital deployment priorities.

For the June 2026 quarter, the Group expects production to be similar to the March 2026 quarter, however the transition to 100% BC8 Ore is expected to deliver significantly higher cash margins versus processing third-party Ore.

The Company is developing a Growth Strategy, focused on clearly articulating its capabilities, growth initiatives and capital deployment priorities, with an update expected within the next three months. Following completion of this process and from 1 July 2026, the Company intends to provide annual guidance, including AISC, as part of its year-end reporting cycle.