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2026-11-06
◂ Monitor BC8 ASX

Black Cat Syndicate Limited

Producer · Gold · AU Rating locked: sign in to view v8.1 · bc8-20261031t211307-full
Last 2026-11-06
A$0.615
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$448.3M
EV
A$414.4M
Cash
A$53.5M
Debt
A$0
1 newer ASX announcement not yet reflected in this valuation

Portfolio detail

Assets

4 assets

Core asset

Paulsens Gold Operation

AU

Producer100% ownedGold

Operating underground mine and 450ktpa CIL plant in the Pilbara, 180km west of Paranburdoo; restarted in 2024 and paid back its A$106M acquisition and restart cost in FY26.

Producer · Producer
Production annualised (attributable)
41.7k ozd
Production (last FY, 100%)
34.8k oz
AISC (latest quarter)
A$3,418/ozd
AISC margin at spot
41.6%m
Delivery vs guidance
—
Reserve life
1.6 yrsd
Head grade
3.1 g/t Au

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves4
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourceindicated1.8M t5.4 g/t AuGold2026-06-30
Mineral Resourceinferred2M t2.3 g/t AuGold2026-06-30
Mineral Resourcetotal3.7M t3.7 g/t AuGold2026-06-30
Ore Reserveprobable616K t2.9 g/t AuGold2026-06-30
Milestones2
  1. Second underground drill rig mobilised to test Galileo, Voyager and Apollo hanging-wall extensions

    Pending · Medium materiality

  2. Underground cooling plant and tailings dam lift (FY27 growth projects)

    Pending · Medium materiality

Economic studies1
StudyStageStatusDateSummary
Paulsens restart study update (May 2024)Scoping StudySuperseded2024-05-15177koz initial production target at 4.1g/t over 4.2 years, AISC A$1,882/oz, A$201M operating cash flow at A$3,500/oz; superseded by operations (FY26 site cost proxy about A$3,400/oz).

Core asset

Kal East Gold Operation and Lakewood Processing Facility

AU

Ramping Producer100% ownedGold

Ramping hub east of Kalgoorlie: Fingals open pit and Majestic underground feed the 1.2Mtpa Lakewood CIL plant (approved for 1.5Mtpa); committed third-party toll treatment ends in the December 2026 quarter.

Producer · Ramping producer
Production annualised (attributable)
25.3k ozd
Production (last FY, 100%)
31.5k oz
AISC (latest quarter)
A$4,934/ozd
AISC margin at spot
15.7%m
Delivery vs guidance
—
Reserve life
6.8 yrsd
Head grade
1.1 g/t Au

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves5
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcemeasured13K t3.2 g/t AuGold2026-06-30
Mineral Resourceindicated10.2M t1.7 g/t AuGold2026-06-30
Mineral Resourceinferred12.7M t1.6 g/t AuGold2026-06-30
Mineral Resourcetotal22.9M t1.7 g/t AuGold2026-06-30
Ore Reserveprobable4.6M t1.4 g/t AuGold2026-06-30
Milestones3
  1. Committed third-party toll treating at Lakewood ends

    Pending · High materiality

  2. Lakewood expansion to 1.5Mtpa (long-lead items bought, approvals received)

    Pending · High materiality

  3. Fingals and Majestic reach full commercial production

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Lakewood throughput approval to 1.5MtpaWestern AustraliaGranted—No
Imperial open-pit approvals (approved as underground only)Western AustraliaRequired—No

Material

Coyote Gold Operation

AU

Care And Maintenance100% ownedGold

Care and maintenance since 2013 (Tanami Gold produced 211koz at 8.0g/t, 2006-2013); acquired from Northern Star in 2022; 300ktpa plant on site; FY27 drilling A$4-5M and an updated scoping study planned.

Care and maintenance · Care and maintenance
Nameplate capacity
700.0k t/yrs
Restart capex
A$56.0ms
Contained metal (attributable)
645.0k ozd
Last production year
2,013 year
Target restart
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
Initial capexA$56MPublished capital estimate
Operating cost1,613AUD/oz

Maximum cash drawdown, not capex; AISC at May 2024 costs; no NPV disclosed.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourceindicated1.8M t5.3 g/t AuGold2026-06-30
Mineral Resourceinferred1.8M t5.7 g/t AuGold2026-06-30
Mineral Resourcetotal3.7M t5.5 g/t AuGold2026-06-30
Milestones1
  1. Updated Coyote scoping study and resource

    Pending · Medium materiality

Economic studies1
StudyStageStatusDateSummary
Coyote scoping study update (May 2024)Scoping StudyCurrent2024-05-15About 200koz at 3.7g/t (31% Inferred), 46kozpa for 27 months then campaign milling, AISC about A$1,613/oz, A$56M maximum drawdown, A$295M pre-tax operating cash flow at A$3,500/oz; no NPV.

Other

Mt Clement Antimony Project

AU

Resource Stage100% ownedOthersSilverLeadGold

Antimony-silver-lead-gold resource about 30km from Paulsens; 6,904m drilled in FY26, technical and metallurgical studies continuing; no new work in the September 2026 quarter.

Resource / scoping · Resource stage
Contained metal (attributable)
26.5k td
Resource grade
1.02% Sbd
% Measured + Indicated
—
Resource tonnes
2.60 Mt
Our value per attrib. contained unit
Locked
Mining method
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal2.6M t26.5kt Sb contained (about 1.0% Sb); 2,198koz Ag; 39kt Pb; 53koz AuOthers · Silver · Lead · Gold2026-08-03

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Lakewood Processing Facility (1.2Mtpa CIL, Kalgoorlie) · Processing plant / refinery · Operating
Product and spec
Gold dore from conventional gravity and CIL circuit
Nameplate capacity
1.2m t/yr
Throughput (12M)
1.2m t
Utilisation
100%d
Capital intensity (capex / tpa)
A$70.83/(t/yr)d
Feed source
Captive Kal East ore (Fingals, Majestic) plus committed third-party toll ore to the December 2026 quarter
Offtake contracted
—