Black Cat Syndicate Limited reported a record gold production quarter, boosting its cash, bullion, and investments to $90 million, while unveiling promising new high-grade discoveries and strategic board changes.
- Record quarterly gold production of 20,541 ounces
- Cash, bullion, and listed investments rose to $90 million
- New high-grade gold zones discovered at Paulsens mine
- Mining ramp-up at Kal East with new Majestic underground and Fingals open pit operations
- Visible antimony intersected at Mt Clement during diamond drilling
Strong Production and Financial Position
Black Cat Syndicate Limited (ASX – BC8) delivered a robust quarterly performance for the period ending 30 September 2025, reporting record gold production of 20,541 ounces. This output, which includes third-party ounces, translated into $86 million in revenue at an average realised price of $5,227 per ounce. The company’s balance sheet strengthened significantly, with cash, bullion, and listed investments rising to $90 million, up from $56 million in the previous quarter, all achieved without any hedging strategies in place.
Operational Highlights Across Key Sites
The Paulsens Gold Operation saw a notable 68% quarter-on-quarter increase in gold production to 7,744 ounces, driven by the ramp-up of mining activities and the commissioning of higher-grade stopes. Diamond drilling at Paulsens uncovered new high-grade lodes, including impressive intercepts such as 5 meters at 90.55 grams per tonne gold, highlighting the mine’s ongoing growth potential.
At Kal East, open pit mining progressed with a 30% production increase to 10,043 ounces, despite some weather-related disruptions. The completion of the Boundary pit and ongoing mining at Myhree are key milestones, while new mining operations commenced at the Majestic underground and Fingals open pit, which are expected to provide a steady ore feed to the Lakewood processing facility for years to come.
Exploration Success and Growth Prospects
Exploration efforts extended beyond current operations, with the first-ever drilling at the Big Sarah prospect yielding encouraging results, intersecting gold mineralisation in 10 of 14 holes. Meanwhile, at the Mt Clement Antimony Project, diamond drilling intersected visible antimony mineralisation in the initial holes, supporting the potential to expand one of Australia’s largest and highest-grade antimony deposits. This program is being accelerated with additional rigs and co-funded government grants.
Corporate Developments and Strategic Positioning
On the corporate front, Black Cat announced the retirement of founding director Les Davis after eight years of service, marking a significant leadership transition. Amber Rivamonte was appointed as a new independent non-executive director, bringing extensive experience in corporate strategy and governance. The company’s growing stature was further recognised with its inclusion in the S&P/ASX 300 Index, reflecting its rising market prominence.
Financially, the company maintained positive operating cash flow of $38.6 million for the quarter, while investing $13.3 million in property, plant, and equipment and $6.3 million in exploration and evaluation activities. A deferred payment of $25 million related to the Lakewood acquisition is due by the end of November 2025, secured by a mortgage over the associated tenements.
Looking Ahead
Black Cat projects a strengthening production outlook for the December 2025 quarter, targeting 23,000 to 28,500 ounces of gold, inclusive of third-party ore and scheduled maintenance. Ongoing drilling programs at Paulsens and Mt Clement, alongside the ramp-up of new mines at Kal East, position the company well for sustained growth and value creation.
Bottom Line?
With record production and a fortified balance sheet, Black Cat Syndicate is poised for continued growth, but investors will watch closely how exploration results and upcoming payments shape the next phase.
Questions in the middle?
- Will assay results from Mt Clement’s antimony drilling confirm a significant resource expansion?
- How quickly can new high-grade zones at Paulsens be converted into sustained production?
- What impact will the $25 million deferred payment for Lakewood have on near-term liquidity?