# Chris Stone Acting Managing Director ## Career chronology - **Current at evidence cutoff 2026-10-10: Black Cat Syndicate Limited** — Acting Managing Director. [ASX 200 Live Today — Tuesday, 8th September]() (8 September 2026 live ASX coverage; appointment effective date); [Black Cat Syndicate – About and management]() (Leadership Team; Chris Stone) - **Appointed 7 September 2026; suspended from 8 September 2026: Black Cat Syndicate Limited** — Independent Non-Executive Director; role suspended during Acting Managing Director appointment. [Black Cat Syndicate Limited Announces Appointment of Chris Stone as Independent Non-Executive Director, Effective September 7, 2026]() (Announcement states independent non-executive director appointment effective 7 September 2026); [ASX 200 Live Today — Tuesday, 8th September]() (8 September 2026 live ASX coverage; Acting MD appointment begins 8 September) - **Before the September 2026 director and interim MD appointments; exact dates and outputs not disclosed: Black Cat Syndicate Limited** — Engagement to lead life-of-mine planning and strategic pathways. [Black Cat Syndicate Limited Announces Appointment of Chris Stone as Independent Non-Executive Director, Effective September 7, 2026]() (Announcement biography; most recent Black Cat engagement) - **General Manager title observed in November 2019; Vice President title observed in December 2024; exact appointment and transition dates not disclosed: BHP Nickel West** — General Manager Northern Operations; later Vice President WA Nickel. [First female winder makes history]() (BHP article; General Manager of Nickel West Northern Operations); [2023–24 — 30% Explanation Letter — NMK01 Nickel West Mt Keith Facility]() (Signed 6 December 2024 as Vice President Nickel West); [Black Cat Syndicate – About and management]() (Leadership Team biography; over three decades at WMC Resources and BHP, culminating as VP WA Nickel) - **Earlier career; exact dates not disclosed: WMC Resources** — Principal Mining Engineer, Kambalda. [Black Cat Syndicate Limited Announces Appointment of Chris Stone as Independent Non-Executive Director, Effective September 7, 2026]() (Announcement biography; career progression began as Principal Mining Engineer at WMC Kambalda) ## Education and qualifications ### Mining engineering, management and mine-safety qualifications disclosed [bc8_chris_stone_education] By 2026-09-07 · issuer reported · low materiality The issuer-syndicated appointment biography reports a BE (Mining), MBA and Master of Project Management (MProjMgt), membership of AusIMM and graduation from the Australian Institute of Company Directors. It also reports WA WorkSafe Senior Site Executive and First Class Mine Manager (non-coal) certifications. The issuer page describes him as an engineer; independent credential or registration verification was not performed. **Attribution:** Responsibility not applicable. These are qualifications reported by the issuer and media; independent credential-register verification was not performed. **Relevance:** Relevant to operational and safety leadership responsibilities. [Black Cat Syndicate Limited Announces Appointment of Chris Stone as Independent Non-Executive Director, Effective September 7, 2026]() (Appointment biography; qualifications, memberships and certifications); [Black Cat Syndicate – About and management]() (Leadership Team; mining executive and engineer description) ## Contributions and company outcomes ### September-quarter production overlapped Stone's first 23 days as Acting MD [bc8_chris_stone_q1_mixed_performance] Quarter ended 2026-09-30; Stone Acting MD from 2026-09-08 · issuer reported · medium materiality BC8's 23 October 2026 report records 19,153oz consolidated production, including 16,740oz from wholly owned operations, and AISC of A$3,735/oz. It reports A$39.4m operating cashflow before capital, but A$27.7m negative cashflow after capital and corporate costs, with cash and liquid assets decreasing from A$105.3m to A$77.6m. The report labels figures unaudited/non-IFRS where applicable and attributes lower cashflow to lower-margin toll ore, fewer processed tonnes after Lakewood bearing repairs and lower-grade tonnes. Stone's appointment began 8 September, so only 23 days of this quarter overlap his role; no source attributes the quarter's output or cash movement to him. **Attribution:** Role overlaps event; causation unproven. Stone's role overlapped only the final 23 days of the reporting quarter; the company report does not establish his personal causal contribution. **Relevance:** First filed operating context after the Acting MD appointment; useful to assess current conditions but not a delivered individual result. [Quarterly Activities Report for the Quarter Ended 30 September 2026]() (Page 1; operating highlights, cash-flow outlook and Managing Director remarks); [Quarterly Activities Report for the Quarter Ended 30 September 2026]() (Page 2; consolidated production, gold sold and cash/liquid assets); [Quarterly Activities Report for the Quarter Ended 30 September 2026]() (Page 3; cash flow before/after capital and corporate costs) ## Business failures and setbacks ### BHP suspended Western Australia Nickel during Stone’s senior tenure [bc8_chris_stone_bhp_nickel_suspension] FY2020–October 2024; suspension announced 2024-07-11 · issuer reported · medium materiality BHP’s July 2024 release said Western Australia Nickel had recorded negative cash flow each year since FY2020, expected an approximately US$300 million FY2024 underlying EBITDA loss, and would temporarily suspend operations from October 2024. BHP attributed the decision to global nickel oversupply and lower prices. Stone’s senior WA Nickel roles overlap with this period: BHP identified him as General Manager Northern Operations in 2019 and he signed a December 2024 Nickel West letter as Vice President. The sources do not identify him as the decision-maker or establish personal causation, negligence or misconduct; this is employer-level outcome context only. **Attribution:** Role overlaps event; causation unproven. Stone held senior WA Nickel roles during the period, but BHP attributed suspension to market oversupply and price weakness; no source establishes his personal responsibility for the business outcome. **Relevance:** Relevant employer-performance context for a former senior nickel executive; it is not a personal failure finding. [Western Australia Nickel to temporarily suspend operations]() (11 July 2024 exchange release; negative cash flow, expected FY2024 EBITDA loss, suspension and stated market cause); [First female winder makes history]() (BHP article; Stone identified as GM Northern Operations in November 2019); [2023–24 — 30% Explanation Letter — NMK01 Nickel West Mt Keith Facility]() (6 December 2024 letter signed by Stone as VP Nickel West); [Black Cat Syndicate – About and management]() (Leadership Team biography; WMC/BHP career culminating as VP WA Nickel) ### Stone disclosed a six-month mine-plan delay and Kal East grade pressure [bc8_chris_stone_schedule_slippage] Disclosed 2026-10-27; underlying mine-plan delay period not specified · self reported · medium materiality In the 27 October 2026 webcast transcript, Stone said the mines were about six months behind plan, described the Kal East grade decline as a stumbling block, and said the Lakewood expansion decision would await updated life-of-mine work and an investment-return case. He had been Acting MD for seven weeks, and also said he had not been at Black Cat previously. This is a self-reported company schedule and operating challenge during a short period in his role; the transcript does not establish that Stone caused the delay or grade issue. **Attribution:** Role overlaps event; causation unproven. Stone directly made the disclosure, but the source does not connect him to the original plan, the delay's cause, or the geological issue. **Relevance:** Material current delivery context for an Acting MD; no individual causal responsibility is established. [Black Cat Syndicate Limited Q1 2027 Investor Webcast Transcript]() (27 October webcast transcript, Q31–46; Stone's statements on schedule, Kal East grades, cash and capital); [Quarterly Activities Report for the Quarter Ended 30 September 2026]() (Page 1; operating highlights, cash-flow outlook and Managing Director remarks) ## Environmental record ### Stone signed a FY2024 Mt Keith emissions explanation after a baseline exceedance [bc8_chris_stone_mt_keith_emissions] FY2024; explanation letter dated 2024-12-06 · documented · medium materiality A 6 December 2024 letter submitted by BHP Nickel West to the Clean Energy Regulator states that the Mt Keith facility exceeded its FY2024 emissions baseline by more than 30%, triggering a written explanation under the Safeguard Mechanism Rule. The company cited higher diesel use and haulage distances, limited commercial fleet-decarbonisation technology, and the planned suspension of Nickel West. The letter is signed by Stone as Vice President Nickel West. It documents his signatory role and a material facility-level environmental outcome; it does not state that Stone caused the exceedance, identify a breach or penalty, or make a personal wrongdoing finding. **Attribution:** Individual involvement documented. Stone is directly documented as the signatory to the company explanation; the letter does not attribute operational causation or legal breach to him. **Relevance:** Relevant environment and regulatory-reporting context for a former senior mining executive; the distinction between a baseline exceedance and an enforcement finding is material. [2023–24 — 30% Explanation Letter — NMK01 Nickel West Mt Keith Facility]() (Page 1; Rule 72C explanation, >30% FY2024 baseline exceedance, company reasons and signature by Stone as VP Nickel West) ## Governance and interests ### Director notice records a disclosed on-market share purchase [bc8_chris_stone_interest] 2026-10-02; notice published 2026-10-05 · issuer reported · low materiality Black Cat’s 5 October 2026 notice reports that Stone acquired 49,500 ordinary shares on-market on 2 October for A$36,432, held indirectly. This is a factual director-interest disclosure; it does not establish investment judgment, governance quality or operating performance. **Attribution:** Individual involvement documented. The company filing reports the director interest and transaction; no governance concern is alleged. **Relevance:** Provides limited information about Stone’s disclosed financial interest in BC8 while serving as a director and Acting Managing Director. [Change of Director's Interest Notice]() (ASX Change of Director’s Interest Notice; Stone Appendix 3Y, date, number and consideration) ### Stone's director election remained pending at the cutoff [bc8_chris_stone_pending_board_election] Notice 2026-10-26; AGM scheduled 2026-11-25 · issuer reported · low materiality The amended 26 October 2026 AGM notice schedules a 25 November meeting and includes Resolution 2, Election of Director — Chris Stone. As of 2 November the shareholder vote had not occurred. The notice does not allege a governance concern or establish the outcome. **Attribution:** Individual involvement documented. The company notice directly records the pending election process; no conduct or performance finding is made. **Relevance:** Provides a dated governance-transition status for the Acting Managing Director's board appointment. [Notice of Annual General Meeting - Amended]() (Pages 1–3 and 19; amended notice, meeting date and Resolution 2 election of Chris Stone) ## Suitability for the current role ### Role fit remains only partly evidenced [bc8_chris_stone_rolefit] Current appointment through 2026-11-02; 2026-09 quarter and 2026-10 webcast · analyst inference · low materiality The issuer describes Stone as a mining executive and engineer with more than 35 years across operations, technical functions, projects, approvals, heritage and transformation, including WMC/BHP leadership and an earlier Black Cat planning engagement whose dates and outputs remain undisclosed. He began the Acting Managing Director role on 8 September 2026. The 23 October quarter report provides the first filed operating update after that appointment; the quarter included 16,740oz of wholly owned Black Cat production and 19,153oz consolidated production, AISC of A$3,735/oz and A$39.4m operating cashflow before capital, but A$27.7m negative cashflow after capital and corporate costs. Only 23 days of the quarter overlap his appointment, so these are company results, not evidence of his personal delivery. In a 27 October webcast transcript, Stone said the mines were about six months behind plan and identified a Kal East grade drop as a challenge; he described FY28 sub-A$3,000/oz AISC as a personal goal and said the Lakewood expansion decision depends on updated life-of-mine work. These are self-reported assessments and forward-looking goals, not achieved outcomes. The transcript is a partial third-party transcript. No personal responsibility for inherited schedule slippage or the reported operating figures is established. **Attribution:** Responsibility not applicable. This is an analytical role-fit assessment; it does not allege responsibility for outcomes. **Relevance:** Relevant to current Acting Managing Director duties at Black Cat Syndicate Limited; short tenure and role overlap do not demonstrate individual delivery. [Black Cat Syndicate – About and management]() (Leadership Team; Chris Stone biography); [Black Cat Syndicate Limited Announces Appointment of Chris Stone as Independent Non-Executive Director, Effective September 7, 2026]() (Appointment biography; prior Black Cat engagement and operating remit); [ASX 200 Live Today — Tuesday, 8th September]() (Appointment effective date 8 September 2026); [Activities Report for the Quarter Ended 30 June 2026]() (Quarterly report covers the year ended 30 June 2026, before acting MD appointment); [FY27 Guidance & Outlook]() (30 September 2026 issuer announcement; FY27 guidance and Managing Director remarks); [Lynx Continues to Deliver, New Targets Emerging]() (8 October 2026 listing; title, date and length only; PDF content inaccessible); [Quarterly Activities Report for the Quarter Ended 30 September 2026]() (Page 1; operating highlights, cash-flow outlook and Managing Director remarks); [Quarterly Activities Report for the Quarter Ended 30 September 2026]() (Page 2; consolidated production, gold sold and cash/liquid assets); [Quarterly Activities Report for the Quarter Ended 30 September 2026]() (Page 3; cash flow before/after capital and corporate costs); [Black Cat Syndicate Limited Q1 2027 Investor Webcast Transcript]() (27 October webcast transcript, Q31–46; Stone's statements on schedule, Kal East grades, cash and capital); [Black Cat Syndicate Limited Q1 2027 Investor Webcast Transcript]() (27 October webcast transcript, Q50–68; Stone's Coyote/Mt Clement plans and AISC goal) ## Evidence gaps - No exhaustive individual criminal, sanctions, litigation, safety, environmental or regulatory record search was performed; logged open-web checks are limited and are not a clearance. - Career dates are incomplete where cited issuer biographies give experience but no exact start/end dates; the listed chronology is not a complete CV. - Employer outcomes are attributed to an individual only where the source explicitly connects that person to the action or responsibility. - Exact start and end dates for Stone’s WMC/BHP roles and his earlier Black Cat planning engagement are not disclosed; the reviewed sources establish only dated role observations and broad sequencing. - The BHP Nickel West suspension is role-overlap employer context; no reviewed source establishes Stone’s personal decision-making responsibility or causation. - The Clean Energy Regulator-hosted BHP letter documents the Mt Keith baseline exceedance and Stone’s signature, but does not establish personal operational causation, enforcement or a penalty. - The 27 October webcast transcript and 23 October quarterly report provide only early role-overlap context; Stone served as Acting MD for 23 days of the quarter, and no personal operating contribution is established. - The FY26 Annual Report is now reviewed, but its results are company-wide and no individual post-appointment operating contribution is established. Stone served as Acting MD for 23 days of the September quarter; the October webcast is partial and self-reported.