Can Black Cat Sustain Growth Amid Planned Shutdowns and Weather Risks?
Black Cat Syndicate delivered a record gold production quarter in September 2025, boosting its cash, bullion, and investments to $90 million. The company’s strong operational momentum sets an optimistic tone for the December quarter.
- Record quarterly gold production of 20,541 ounces including third party ounces
- Cash, bullion, and listed investments rose to $90 million from $56 million
- Paulsens mine production surged 68% quarter-on-quarter
- Key equipment upgrades completed at Lakewood processing facility
- December quarter production forecast between 23,000 and 28,500 ounces
Robust Production Drives Strong Cash Position
Black Cat Syndicate Limited (ASX, BC8) has reported a standout September 2025 quarter, marked by record gold production and a significant increase in its cash, bullion, and listed investments portfolio, which climbed to $90 million from $56 million just three months earlier. This surge was underpinned by a total group gold production of 20,541 ounces, including third party ounces, reflecting operational strength across its key assets.
Operational Highlights and Mine Performance
The Paulsens mine was a clear star performer, with gold output rising approximately 68% quarter-on-quarter as mining activities ramped up and higher-grade stopes came online as planned. Meanwhile, the Kal East operations, including the Myhree and Boundary mines, saw a 30% increase in production, despite some disruptions caused by rain events. The Boundary open pit was completed during the quarter, with Myhree on track to finish in the upcoming December quarter, closing out profit share arrangements.
At Lakewood, the company successfully replaced critical processing equipment, the gravity tower and Knelson concentrator, over a nine-day period without incident, ensuring the facility remains efficient and capable of handling increasing ore volumes. Additionally, mining commenced at the Majestic underground and Fingals open pit within the Kal East project, with these sites expected to provide a steady baseload feed to Lakewood for years ahead.
Looking Ahead, December Quarter Outlook
Black Cat’s outlook for the December 2025 quarter remains optimistic, with total gold production forecast between 23,000 and 28,500 ounces. This projection factors in a planned 14-day shutdown at Paulsens in October to upgrade the underground ventilation system, which will support higher production rates and additional equipment. Lakewood’s production is expected to draw from a combination of the Myhree open pit, stockpiles, and third party ore purchases and toll treating activities.
While the company has navigated weather-related challenges and operational upgrades effectively, the upcoming quarter will be closely watched to see how these factors balance out in actual production figures.
Bottom Line?
Black Cat Syndicate’s record quarter and strong cash position set the stage for a potentially transformative December, but operational execution will be key.
Questions in the middle?
- How will the planned shutdown and ventilation upgrades at Paulsens impact December quarter production?
- What is the expected timeline for ramping up production at Majestic and Fingals mines?
- How might weather-related disruptions affect the company’s ability to meet its December production guidance?
