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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
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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

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$53.5M2025-06-30: 34,100,000 A$2025-09-30: 52,700,000 A$2025-12-31: 54,100,000 A$2026-03-31: 52,600,000 A$2026-06-30: 73,700,000 A$2026-09-30: 53,500,000 A$ Self Funding
Debt A$0 Net cash A$53.5M
Basic shares 728.9MFY25A: 707,546,922FY26A: 728,874,974 2026-09-30
Runway Self Funding Producer: FY26 operating cash flow A$225M funded A$161M of capex; September 2026 quarter consumed A$27.7M of cash and liquid assets while Kal East growth capital peaked.

Liquidity

Financial position

Debt-free with A$77.6M of cash, bullion and listed investments and an undrawn A$30M CBA asset facility. The September quarter outflow of A$27.7M reflects A$39M of Kal East growth capital; once toll treating ends in the December 2026 quarter and Fingals and Majestic reach commercial production, the company expects a material uplift in H2 FY27 cash flow. A further shortfall in Kal East grades would leave little buffer before the facility or equity is needed.

Inventory composition4

Bullion A$21.7M at market and listed investments A$2.4M sit beside cash of A$53.5M (total A$77.6M); stockpiles and gold in circuit hold 6,462oz that FY27 production guidance already includes.

Gold bullion on hand (3,608oz, valued at quarter-end spot)
— carrying · 3,608 oz
Run-of-mine ore stockpiles (210,036t at 0.7g/t, 4,495oz contained)
— carrying · 4,495 oz
Gold in circuit at Paulsens and Lakewood (1,968oz)
— carrying · 1,968 oz
Listed investment in Dreadnought Resources (about 202.5M shares)
— carrying

Capital structure

Ownership and dilution

Ordinary shares
728.9M
Fully diluted
751.5M

728,874,974 shares at 30 June 2026 (707,546,922 at 30 June 2025 after 19.0M option exercises, 2.25M rights exercised and 61,954 shares for a tenement) plus 53,000 option exercises at A$0.51 in July 2026 = 728,927,974 at 30 September 2026; 51,724 rights converted per the quarterly were part of the 30 June count adjustment; 2,258,621 rights cancelled and 500,000 A$1.65 options issued to Chris Stone in the quarter. Fully diluted 751,490,819 including 14.79M options and 7.38M performance rights.

Security classes20
ClassTypeQuantityStrikeExpiry
Fully paid ordinary sharesOrdinary Share728.9M——
Unlisted options exercisable at A$0.55 expiring 2027-02-21Option180KA$0.552027-02-21
Unlisted options exercisable at A$0.52 expiring 2027-03-21Option190KA$0.522027-03-21
Unlisted options exercisable at A$0.5 expiring 2027-07-31Option1.2MA$0.52027-07-31
Unlisted options exercisable at A$0.5 expiring 2027-08-31Option1.8MA$0.52027-08-31
Unlisted options exercisable at A$0.32 expiring 2028-02-08Option390KA$0.322028-02-08
Unlisted options exercisable at A$0.405 expiring 2028-04-18Option300KA$0.4052028-04-18
Unlisted options exercisable at A$0.655 expiring 2028-09-30Option500KA$0.6552028-09-30
Unlisted options exercisable at A$0.794 expiring 2028-10-14Option500KA$0.7942028-10-14
Unlisted options exercisable at A$0.886 expiring 2028-12-20Option5.4MA$0.8862028-12-20
Unlisted options exercisable at A$1.237 expiring 2029-05-20Option2.2MA$1.2372029-05-20
Unlisted options exercisable at A$1.205 expiring 2029-07-16Option1.2MA$1.2052029-07-16
Unlisted options exercisable at A$1.35 expiring 2029-08-28Option325KA$1.352029-08-28
Unlisted options exercisable at A$1.46 expiring 2029-09-02Option500KA$1.462029-09-02
Unlisted options exercisable at A$1.65 expiring 2030-09-07Option500KA$1.652030-09-07
Performance rights expiring 2027-06-30Performance Right4M—2027-06-30
Performance rights expiring 2028-06-30Performance Right146.8K—2028-06-30
Performance rights expiring 2030-11-11Performance Right2.9M—2030-11-11
Performance rights expiring 2030-12-15Performance Right33.5K—2030-12-15
Performance rights expiring 2031-06-19Performance Right287.4K—2031-06-19

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AAFY26AA
Operations
Gold produced - Paulsensoz—34,787
Gold produced - Kal East (BC8 ore)oz—31,509
Gold produced - BC8 oreozFY25A: 33,657 ozFY26A: 66,296 oz33,65766,296
Profit and loss
RevenueAUDmFY25A: 37,317,000 AUDFY26A: 374,289,000 AUD37.3374.3
Site operating costs (cost of sales excluding D&A and royalties)AUDmFY25A: 27,530,000 AUDFY26A: 158,446,000 AUD27.5158.4
RoyaltiesAUDmFY25A: 3,168,000 AUDFY26A: 8,950,000 AUD3.28.9
Corporate, exploration write-off and other costsAUDmFY25A: 10,542,000 AUDFY26A: 24,383,000 AUD10.524.4
EBITDAAUDmFY25A: -3,923,000 AUDFY26A: 182,510,000 AUD(3.9)182.5
Depreciation and amortisationAUDmFY25A: 19,755,000 AUDFY26A: 63,119,000 AUD19.863.1
EBITAUDmFY25A: -23,678,000 AUDFY26A: 119,391,000 AUD(23.7)119.4
Net interest and finance costsAUDmFY25A: -2,268,000 AUDFY26A: -1,793,000 AUD(2.3)(1.8)
Profit before taxAUDmFY25A: -25,946,000 AUDFY26A: 117,598,000 AUD(25.9)117.6
Income tax expenseAUDmFY25A: 0.00 AUDFY26A: 31,143,000 AUD0.031.1
Net profit after taxAUDmFY25A: -25,946,000 AUDFY26A: 86,455,000 AUD(25.9)86.5
Cash flow
Cash tax paidAUDm0.00.0
Operating cash flowAUDmFY25A: -12,765,000 AUDFY26A: 225,448,000 AUD(12.8)225.4
Sustaining capitalAUDm—24.8
Growth capital, mine development and drillingAUDm—135.9
Capital expenditureAUDmFY25A: 55,277,000 AUDFY26A: 160,716,000 AUD55.3160.7
Free cash flowAUDmFY25A: -68,042,000 AUDFY26A: 64,732,000 AUD(68.0)64.7
Lease principal paidAUDm—6.1
Balance sheet
Cash (excluding bullion)AUDmFY25A: 34,112,000 AUDFY26A: 73,706,000 AUD34.173.7
DebtAUDm0.00.0
Net debt (negative = net cash)AUDmFY25A: -34,112,000 AUDFY26A: -73,706,000 AUD(34.1)(73.7)
Per share
Shares (FY25-26 basic; forecast diluted)m sharesFY25A: 707,546,922 sharesFY26A: 728,874,974 shares707.5728.9
EPSAUD/shareFY25A: -0.04 AUD/shareFY26A: 0.12 AUD/share(0.04)0.12
DPSAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY25A: -98.20 xFY26A: 2.11 x(98.2)2.1
P / E (x, current market cap)xFY25A: -16.15 xFY26A: 4.85 x(16.2)4.8
FCF yield (current market cap)%FY25A: -0.16 fractionFY26A: 0.15 fraction-16.2%15.4%
EBITDA margin%FY25A: -0.11 fractionFY26A: 0.49 fraction-10.5%48.8%
Net debt / EBITDA (x)xFY25A: 8.70 xFY26A: -0.40 x8.7(0.4)

KPI history

Operating metrics · Kal East Gold Operation and Lakewood Processing Facility

Kal East gold produced from BC8 ore (excludes third-party toll ounces) shown
02,8595,7188,57611,435Sep-25: 10,043 ozSep-25Dec-25: 5,967 ozDec-25Mar-26: 5,289 ozMar-26Jun-26: 10,210 ozJun-26Sep-26: 6,323 ozSep-26
MetricUnitTrendSep-25Dec-25Mar-26Jun-26Sep-26
Kal East gold produced from BC8 ore (excludes third-party toll ounces)ozSep-25: 10,043 ozDec-25: 5,967 ozMar-26: 5,289 ozJun-26: 10,210 ozSep-26: 6,323 oz10,0435,9675,28910,2106,323
Third-party gold produced at Lakewood (toll treatment)ozSep-25: 2,754 ozDec-25: 10,230 ozMar-26: 11,553 ozJun-26: 0.00 ozSep-26: 2,414 oz2,75410,23011,55302,414
Kal East BC8 ore head gradeg/t AuSep-25: 1.60 g/t AuDec-25: 1.60 g/t AuMar-26: 2.00 g/t AuJun-26: 1.10 g/t AuSep-26: 1.10 g/t Au1.61.62.01.11.1

KPI history

Operating metrics · Paulsens Gold Operation

Paulsens gold produced shown
02,9745,9478,92111,894Sep-25: 7,744 ozSep-25Dec-25: 9,313 ozDec-25Mar-26: 7,110 ozMar-26Jun-26: 10,620 ozJun-26Sep-26: 10,417 ozSep-26
MetricUnitTrendSep-25Dec-25Mar-26Jun-26Sep-26
Paulsens gold producedozSep-25: 7,744 ozDec-25: 9,313 ozMar-26: 7,110 ozJun-26: 10,620 ozSep-26: 10,417 oz7,7449,3137,11010,62010,417
Paulsens head gradeg/t AuSep-25: 2.60 g/t AuDec-25: 3.70 g/t AuMar-26: 2.40 g/t AuJun-26: 3.10 g/t AuSep-26: 3.10 g/t Au2.63.72.43.13.1

KPI history

Operating metrics · Company

Realised gold price shown
01,9093,8185,7267,635Sep-25: 5,227 AUD/ozSep-25Dec-25: 6,325 AUD/ozDec-25Mar-26: 6,817 AUD/ozMar-26Jun-26: 6,261 AUD/ozJun-26Sep-26: 6,065 AUD/ozSep-26
MetricUnitTrendSep-25Dec-25Mar-26Jun-26Sep-26
Realised gold priceAUD/ozSep-25: 5,227 AUD/ozDec-25: 6,325 AUD/ozMar-26: 6,817 AUD/ozJun-26: 6,261 AUD/ozSep-26: 6,065 AUD/oz5,2276,3256,8176,2616,065
Cash, bullion and listed investmentsAUDSep-25: 89,600,000 AUDDec-25: 90,900,000 AUDMar-26: 91,700,000 AUDJun-26: 105,300,000 AUDSep-26: 77,600,000 AUD89,600,00090,900,00091,700,000105,300,00077,600,000
Cash on handAUDSep-25: 52,700,000 AUDDec-25: 54,100,000 AUDMar-26: 52,600,000 AUDJun-26: 73,700,000 AUDSep-26: 53,500,000 AUD52,700,00054,100,00052,600,00073,700,00053,500,000
Project and growth capital spentAUDSep-25: 11,300,000 AUDDec-25: 30,800,000 AUDMar-26: 45,700,000 AUDJun-26: 43,500,000 AUDSep-26: 39,200,000 AUD11,300,00030,800,00045,700,00043,500,00039,200,000
Operating metric source table62
MetricProjectPeriodPeriod typeValueStatus
Paulsens gold producedPaulsensSep-25 quarterQuarter7,744 ozReported
Kal East gold produced from BC8 ore (excludes third-party toll ounces)Kal EastSep-25 quarterQuarter10,043 ozReported
Third-party gold produced at Lakewood (toll treatment)Kal EastSep-25 quarterQuarter2,754 ozReported
Paulsens head gradePaulsensSep-25 quarterQuarter2.6 g/t AuReported
Kal East BC8 ore head gradeKal EastSep-25 quarterQuarter1.6 g/t AuReported
Realised gold priceCompanySep-25 quarterQuarter5,227 AUD/ozReported
Cash, bullion and listed investmentsCompanySep-25Point In Time89,600,000 AUDSource Derived
Cash on handCompanySep-25Point In Time52,700,000 AUDReported
Project and growth capital spentCompanySep-25 quarterQuarter11,300,000 AUDReported
Paulsens gold producedPaulsensDec-25 quarterQuarter9,313 ozReported
Kal East gold produced from BC8 ore (excludes third-party toll ounces)Kal EastDec-25 quarterQuarter5,967 ozReported
Third-party gold produced at Lakewood (toll treatment)Kal EastDec-25 quarterQuarter10,230 ozReported
Paulsens head gradePaulsensDec-25 quarterQuarter3.7 g/t AuReported
Kal East BC8 ore head gradeKal EastDec-25 quarterQuarter1.6 g/t AuReported
Realised gold priceCompanyDec-25 quarterQuarter6,325 AUD/ozReported
Cash, bullion and listed investmentsCompanyDec-25Point In Time90,900,000 AUDSource Derived
Cash on handCompanyDec-25Point In Time54,100,000 AUDReported
Project and growth capital spentCompanyDec-25 quarterQuarter30,800,000 AUDReported
Paulsens gold producedPaulsensMar-26 quarterQuarter7,110 ozReported
Kal East gold produced from BC8 ore (excludes third-party toll ounces)Kal EastMar-26 quarterQuarter5,289 ozReported
Third-party gold produced at Lakewood (toll treatment)Kal EastMar-26 quarterQuarter11,553 ozReported
Paulsens head gradePaulsensMar-26 quarterQuarter2.4 g/t AuReported
Kal East BC8 ore head gradeKal EastMar-26 quarterQuarter2 g/t AuReported
Realised gold priceCompanyMar-26 quarterQuarter6,817 AUD/ozReported
Cash, bullion and listed investmentsCompanyMar-26Point In Time91,700,000 AUDSource Derived
Cash on handCompanyMar-26Point In Time52,600,000 AUDReported
Project and growth capital spentCompanyMar-26 quarterQuarter45,700,000 AUDReported
Paulsens gold producedPaulsensJun-26 quarterQuarter10,620 ozReported
Kal East gold produced from BC8 ore (excludes third-party toll ounces)Kal EastJun-26 quarterQuarter10,210 ozReported
Third-party gold produced at Lakewood (toll treatment)Kal EastJun-26 quarterQuarter0 ozReported
Paulsens head gradePaulsensJun-26 quarterQuarter3.1 g/t AuReported
Kal East BC8 ore head gradeKal EastJun-26 quarterQuarter1.1 g/t AuReported
Realised gold priceCompanyJun-26 quarterQuarter6,261 AUD/ozReported
Cash, bullion and listed investmentsCompanyJun-26Point In Time105,300,000 AUDSource Derived
Cash on handCompanyJun-26Point In Time73,700,000 AUDReported
Project and growth capital spentCompanyJun-26 quarterQuarter43,500,000 AUDReported
Paulsens gold producedPaulsensSep-26 quarterQuarter10,417 ozReported
Kal East gold produced from BC8 ore (excludes third-party toll ounces)Kal EastSep-26 quarterQuarter6,323 ozReported
Third-party gold produced at Lakewood (toll treatment)Kal EastSep-26 quarterQuarter2,414 ozReported
Paulsens head gradePaulsensSep-26 quarterQuarter3.1 g/t AuReported
Kal East BC8 ore head gradeKal EastSep-26 quarterQuarter1.1 g/t AuReported
Realised gold priceCompanySep-26 quarterQuarter6,065 AUD/ozReported
Cash, bullion and listed investmentsCompanySep-26Point In Time77,600,000 AUDSource Derived
Cash on handCompanySep-26Point In Time53,500,000 AUDReported
Project and growth capital spentCompanySep-26 quarterQuarter39,200,000 AUDReported
Cash, bullion and listed investmentsCompanyJun-25Point In Time56,300,000 AUDSource Derived
Cash on handCompanyJun-25Point In Time34,100,000 AUDReported
Group AISC on BC8-owned ounces (first disclosed)CompanySep-26 quarterQuarter3,735 AUD/ozReported
Gold produced from BC8 oreCompanyFY26Year66,296 ozReported
Gold produced from BC8 oreCompanyFY25Year33,657 ozReported
Statutory revenueCompanyFY26Year374,289,000 AUDReported
Statutory revenueCompanyFY25Year37,317,000 AUDReported
EBITDA (operating profit plus D&A)CompanyFY26Year182,510,000 AUDSource Derived
Lakewood ore processed (BC8 751kt plus third-party 449kt)Kal EastFY26Year1,200,000 tReported
Lakewood ore processedKal EastSep-26 quarterQuarter250,000 tReported
Paulsens ore milledPaulsensSep-26 quarterQuarter112,000 tReported
Paulsens recoveryPaulsensSep-26 quarterQuarter92 %Reported
Lakewood recovery on BC8 oreKal EastSep-26 quarterQuarter90.5 %Reported
Paulsens gold soldPaulsensSep-26 quarterQuarter11,500 ozReported
Kal East gold soldKal EastSep-26 quarterQuarter6,500 ozReported
Paulsens notional operating cash flow after capitalPaulsensSep-26 quarterQuarter23,100,000 AUDReported
Kal East notional operating cash flow after capitalKal EastSep-26 quarterQuarter-27,900,000 AUDReported
Company guidance9
MetricProjectPeriodLowHighStatus
Gold Production Including 4 10Koz Third Party Toll OuncesCompanyFY27 (year to 30 June 2027)80,00090,000 ozCurrent
All In Sustaining Cost (Per Ounce Sold)CompanyFY27 (year to 30 June 2027)3,5003,900 AUD/ozCurrent
Gold ProductionpaulsensFY27 (year to 30 June 2027)36,00042,000 ozCurrent
Gold Production Including 4 10Koz Third Partykal-eastFY27 (year to 30 June 2027)44,00048,000 ozCurrent
Third Party Toll Ounces Within Kal East Guidancekal-eastFY27 (year to 30 June 2027)4,00010,000 ozCurrent
Resource And Extension Drilling AllocationpaulsensFY27 (year to 30 June 2027)13,000,00015,000,000 AUDCurrent
Resource And Extension Drilling Allocationkal-eastFY27 (year to 30 June 2027)13,000,00015,000,000 AUDCurrent
Drilling AllocationcoyoteFY27 (year to 30 June 2027)4,000,0005,000,000 AUDCurrent
Cash Improvement Programme TargetCompanyFY27 (year to 30 June 2027)30,000,00030,000,000 AUDCurrent

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-08-31DebtA$30M——Ongoing—
2026-06-30Ann. 2025-07-01RaisingA$6.6M19M—Completed—
2025-05-13Ann. 2025-03-14RaisingOrdinary SharesA$152.4M304.6M—CompletedFY25 placements funding Paulsens restart and Kal East acceleration.FY25 equity raises in total, net of costs (statement of changes in equity) · Holder approval required
2025-03-31Ann. 2025-02-25RaisingA$19M19.7M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-31

Royalties and contingent consideration from FY26 note 28, toll and joint arrangements from transaction releases; no hedging, streams or offtake prepayments are disclosed.

Statutory WA gold royalty of 2.5%, applied in the reserves and in our project cash flows.

Royalty · Active
Counterparties
State of Western Australia
Applies to
Paulsens Gold Operation · Kal East Gold Operation and Lakewood Processing Facility · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty rate: 2.5 % of gold revenue
How it affects our valuation

No valuation treatment is available for this arrangement.

Third-party royalties of 1-1.5% on parts of Kal East; combined with the state royalty we model 3.0% of revenue.

Royalty · Active
Counterparties
Various former tenement holders
Applies to
Kal East Gold Operation and Lakewood Processing Facility · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Gross revenue royalties: 1 %
Gross royalty: 1.5 %
NSR after A$250k NPI cap: 1 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Tenement royalties on parts of the Paulsens field and Mt Clement; Paulsens site royalties ran at about 2.7% of revenue in the September 2026 quarter, which we model as 2.75%.

Royalty · Active
Counterparties
Various former tenement holders
Applies to
Paulsens Gold Operation · Mt Clement Antimony Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
NSR on E08/1649: 2.5 %
Gross royalty on E08/1650: 1.75 %
NSR on Mt Clement leases: 1 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Royalties on Coyote leases; relevant only on restart.

Royalty · Active
Counterparties
Various former tenement holders
Applies to
Coyote Gold Operation · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Gross royalty: 1.75 %
Gross royalty on M80/0563: 1.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

A$5M contingent consideration to the vendor on Coyote production milestones; fair value nil while restart is uncertain.

Other · Active
Counterparties
Northern Star Resources
Applies to
Coyote Gold Operation · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Payment on 5,000oz produced at Coyote: 2,500,000 AUD
Payment on 50,000oz produced at Coyote: 2,500,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Lakewood toll-treating agreement entered on the Lakewood purchase; it brings lower-margin third-party ore through the plant until the December 2026 quarter.

Tolling Or Processing · Active
Counterparties
Westgold Resources
Applies to
Kal East Gold Operation and Lakewood Processing Facility · Gold
Economic direction
Mixed
Period
2025-03-31 to 2027-03-31
Key terms
Priority toll capacity: 200,000 t/yr
Expected end of committed toll treating: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Heads of agreement to mine Star of Mangaroon (Dreadnought scoping study: 24koz at 8.3g/t) and process the ore at Paulsens; conditional on approvals (due by 30 April 2026) and a decision to mine within 18 months; no update on approvals in later releases.

Joint Venture · Conditional
Counterparties
Dreadnought Resources
Applies to
Paulsens Gold Operation · Gold
Economic direction
Benefit
Period
2025-12-02 to 2027-09-30
Key terms
BC8 sole-funding cap: 10,000,000 AUD
Surplus cash share to BC8: 50 %
Maximum ore processed at Paulsens: 110,000 t
How it affects our valuation

No valuation treatment is available for this arrangement.

Myhree and Boundary joint operation funded by MMS; mining and processing completed during FY26.

Joint Venture · Expired
Counterparties
Mineral Mining Services
Applies to
Kal East Gold Operation and Lakewood Processing Facility · Gold
Economic direction
Mixed
Period
Through 2026-06-30; start date not stated
Key terms
BC8 share of first net profits: 30,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.