Kal East Operations Advance Amid Resource Expansion and Production Risks

Fingals Open Pit Mining Begins

Black Cat Syndicate Limited has officially commenced mining operations at the Fingals open pit, part of its wholly owned Kal East Gold Operation near Kalgoorlie, Western Australia. The company has mobilised its mining fleet under a schedule of rates contract, with clearing and site establishment well underway. The first ore from Fingals is expected to be delivered to the nearby Lakewood processing facility starting October 2025, with an initial target of approximately 120,000 ounces of gold from around 2.2 million tonnes at 1.7 grams per tonne.

Progress at Majestic Underground and Other Sites

Meanwhile, at the Majestic underground mine, portal establishment is complete and about 160 metres of decline development has been achieved. Ore mining is scheduled to begin in the December quarter of 2025. Drilling from underground positions will also commence to expand the resource base, which remains open at depth and along strike. The Myhree and Boundary open pits are approaching completion, with mine closure activities underway at Boundary. Development of the Myhree underground mine, which hosts a resource of 180,000 ounces at 4.7 grams per tonne, remains fully approved and poised to enter production next.

Lakewood Processing Facility Upgrade

In September 2025, Black Cat completed a major maintenance shutdown at its Lakewood processing facility, including the installation of a new gravity tower, a Knelson concentrator, and a screen deck. Despite heavy rainfall, the planned 17-day shutdown was completed in just 9 days, allowing Lakewood to return to full operation ahead of schedule. This upgrade is a key component of Black Cat’s “More Gold, Sooner” strategy, aimed at increasing throughput and recovery efficiency.

Resource Growth and Exploration Outlook

Black Cat continues to emphasize the growth potential of its Kal East assets, with ongoing drilling programs planned to expand both resources and reserves. The company also highlighted continued exploration activities at its Paulsens Gold Operation and other regional projects such as Mt Clement and Coyote. These efforts underpin a robust resource base, with Kal East alone boasting a resource of nearly 1.3 million ounces of gold and reserves of 243,000 ounces.

Strategic Implications

Managing Director Gareth Solly underscored the significance of these operational milestones, noting that Fingals and Majestic mines will supply 100% of the feed to Lakewood for years to come. The combination of new mining starts, facility upgrades, and resource expansion positions Black Cat to enhance production profiles and shareholder value in the medium term.