Quarterly Activities Report

• Chris Stone appointed as Managing Director
• Paulsens produced 10,417oz Au, with drilling on Lynx returning 4.8m @ 18.8g/t Au
• Kal East produced 8,736oz Au, with full year guidance of 44-48koz
• Group gold production was 19,153oz, with FY27 guidance of 80-90koz
• Cash and liquid investments decreased from $105M to $78M

Black Cat Syndicate Ltd's Quarterly Activities Report for the quarter ended 30 September 2026 highlights several key achievements and operational updates. Chris Stone was appointed as Managing Director, bringing extensive mining experience to the company. Paulsens gold operation produced 10,417oz Au, with promising drilling results at Lynx returning 4.8m @ 18.8g/t Au. Kal East continued to perform well, producing 8,736oz Au, with full-year guidance maintained at 44-48koz. Group gold production was 19,153oz, with FY27 guidance set at 80-90koz. The company's cash and liquid investments decreased from $105M to $78M, primarily due to reinvestment in project and growth capital. Exploration and drilling programs are ongoing to support future production and resource upgrades.

FY27 guidance: 80-90koz gold production at an AISC/oz of $3,500-3,900

The company remains focused on safe production, completing the Kal East ramp-up, and disciplined spending. Future exploration and drilling programs are designed to extend and upgrade resources around existing operations to support longer mine life and future production.