Black Cat Intersects 30m Mineralised Gabbro at Paulsens West; Big Sarah Drills 20m Sulphide Zones

• First diamond drill hole at Paulsens West intersected ~30m mineralised gabbro
• 14-hole RC drill program at Big Sarah revealed broad sulphide alteration zones
• Assay results expected in September (Paulsens West) and October (Big Sarah) 2025
• Regional aerial LiDAR survey completed to guide future exploration
• Exploration co-funded by WA Department of Mines’ Exploration Incentive Scheme

Exploration Update at Paulsens West

Black Cat Syndicate Limited has provided an encouraging update on its ongoing gold exploration activities at the Paulsens Gold Operation in Western Australia. The company recently completed the first of two planned diamond drill holes at Paulsens West, targeting a seismic anomaly interpreted as an extension of the known Paulsens Gabbro mineralisation. This initial hole, drilled to a depth of 1,332 metres, intersected approximately 30 metres of altered and mineralised gabbro around 880 metres downhole. The geology includes multiple quartz-carbonate veins and disseminated sulphide minerals such as pyrite and pyrrhotite, closely resembling the mineralisation currently mined at Paulsens.

First Drilling at Big Sarah Reveals Sulphide Zones

Meanwhile, at the Big Sarah prospect, Black Cat completed its inaugural 14-hole reverse circulation drill program, totaling 1,692 metres. This program targeted surface quartz veining with historically high-grade gold samples. The drilling intersected broad zones of sulphide alteration, up to 20 metres wide, with localised quartz veining consistent with surface mineralisation patterns. These early visual observations suggest the presence of significant gold-bearing structures, although assay results are awaited to confirm grades and economic potential.

Supporting Regional Exploration and Future Plans

In addition to drilling, Black Cat has completed an extensive 1,500-kilometre aerial LiDAR and imagery survey over Big Sarah and the Silent Sisters prospect. This high-resolution data will underpin detailed photogeological interpretations and help prioritise targets for ground exploration in 2026. The Paulsens West drilling program benefits from co-funding by the Western Australia Department of Mines, Petroleum and Exploration’s Exploration Incentive Scheme, highlighting governmental support for advancing regional gold exploration.

Outlook and Market Implications

Managing Director Gareth Solly expressed cautious optimism, noting that while these results are preliminary, the geological similarities to existing mined zones at Paulsens and the sulphide alteration at Big Sarah are promising indicators. The company is accelerating exploration efforts with multiple drilling and geophysical programs underway, aiming to expand its resource base and support production growth. Assay results expected in the coming months will be critical in determining the next steps and potential resource upgrades.

Bottom Line?

Pending assay results at Paulsens West and Big Sarah will be pivotal in defining Black Cat’s near-term growth trajectory.

Questions in the middle?

• What gold grades will the upcoming assays from Paulsens West and Big Sarah reveal?
• Could the new drill results translate into a meaningful resource upgrade or reserve addition?
• How will these exploration outcomes impact Black Cat’s production forecasts and valuation?