Black Cat Syndicate Boosts Gold Output 33% with Strong September Outlook
Black Cat Syndicate reported a 33% jump in gold production for the June quarter, driven by ramped-up operations and strategic acquisitions, with even stronger growth forecast for September despite scheduled maintenance.
- 33% increase in gold production to ~16,500oz in June quarter
- Cash and bullion position of approximately A$55 million after Lakewood facility payment
- Myhree open pit becomes cashflow positive ahead of schedule
- Paulsens Gold Operation production up 23% quarter-on-quarter
- September quarter production expected to rise to 19,000-23,000oz plus tolling output
Robust June Quarter Performance
Black Cat Syndicate Limited (ASX – BC8) has delivered a strong performance in the June 2025 quarter, reporting a 33% increase in gold production to approximately 16,500 ounces. This surge reflects the company’s strategic focus on expanding output through both organic growth and recent acquisitions, notably the Lakewood processing facility. Despite a significant A$20 million payment towards Lakewood, Black Cat maintained a healthy cash and bullion position of around A$55 million at quarter-end.
Operational Highlights and Efficiency Gains
The Myhree open pit operation emerged as a key contributor, becoming cashflow positive in May and progressing ahead of schedule with completion expected by October 2025. Meanwhile, the Paulsens Gold Operation saw a 23% increase in production to 4,400 ounces, driven by an improved stoping to development ore ratio. The company also processed an additional 5,200 ounces through third-party tolling arrangements, utilizing approximately 90,000 tonnes of processing capacity, underscoring operational flexibility.
Looking Ahead – September Quarter Outlook
Black Cat is optimistic about the September 2025 quarter, forecasting group production between 19,000 and 23,000 ounces, with an additional 2,000 to 3,000 ounces expected from third-party tolling. This anticipated growth is underpinned by continued ore supply from the Myhree and Boundary open pits, with Myhree’s decreasing strip ratio enhancing profitability. New production fronts at the Fingals open pit and Majestic underground operations are set to commence, while Paulsens continues its production ramp-up.
However, the company will navigate scheduled maintenance shutdowns at both Paulsens and Lakewood processing facilities, totaling 25 days combined. These planned outages, including installation of a new gravity tower at Lakewood, are expected to support longer-term operational efficiency despite temporarily reducing throughput.
Strategic Positioning and Market Implications
Black Cat’s ability to increase production while managing capital outflows for facility acquisitions signals robust operational execution and financial discipline. The company’s diversified asset base across multiple open pits and underground operations provides a resilient platform for sustained growth. Investors will be watching closely how the scheduled maintenance impacts September quarter results and how the company capitalizes on its expanded processing capacity amid fluctuating gold prices.
Bottom Line?
Black Cat’s strong production momentum sets the stage for a pivotal September quarter, balancing growth with operational upgrades.
Questions in the middle?
- How will scheduled maintenance shutdowns affect actual September quarter production?
- What impact will gold price volatility have on Black Cat’s revenue and margins?
- Can ramp-up at Fingals and Majestic operations meet production expectations on schedule?
