Black Cat Syndicate Surges to 100,000ozpa Gold Production Run Rate
Black Cat Syndicate has achieved a milestone 100,000 ounces per annum gold production run rate in the December 2025 quarter, underpinned by strong operational ramp-ups and a robust cash position.
- Record quarterly gold production of 25,437 ounces
- Cash, bullion, and investments total $91 million despite $25 million Lakewood payment
- Paulsens and Kal East mines ramping up production strongly
- Third-party ore processing maximises Lakewood facility capacity
- March 2026 outlook anticipates further production growth and Lakewood expansion study completion
Record Production and Financial Strength
Black Cat Syndicate Limited has reported a landmark December 2025 quarter, hitting a 100,000 ounces per annum (ozpa) gold production run rate. The company produced a record 25,437 ounces of gold during the quarter, surpassing previous outputs and demonstrating operational momentum across its portfolio.
Despite a significant $25 million final deferred payment for the Lakewood processing facility, Black Cat maintained a strong cash, bullion, and listed investments position of $91 million. This financial resilience reflects prudent capital management amid ongoing investments in mine ramp-ups and exploration activities.
Operational Highlights – Paulsens and Kal East
The Paulsens mine saw a 20% quarter-on-quarter increase in gold production, achieving record quarterly output even with a planned 14-day maintenance shutdown. Meanwhile, Kal East’s production rose by approximately 26%, aligning with company forecasts. Mining activities at Kal East’s Myhree and Boundary sites concluded, with ore stockpiles ready for processing in the upcoming quarter.
Further ramp-ups at Kal East’s Fingals open pit and Majestic underground mines contributed additional ore stockpiles, positioning the company well for sustained production growth. The integration of third-party ore processing at Lakewood has been a strategic move to fully utilise the facility’s capacity while internal mines scale up.
Looking Ahead – Expansion and Independence
Black Cat’s outlook for the March 2026 quarter remains optimistic, with expected gold production between 25,000 and 28,000 ounces. The company plans to accelerate development at Paulsens and process remaining ore stockpiles from Kal East’s earlier mining activities alongside ongoing third-party ore contributions.
Significantly, the study for expanding Lakewood’s processing capacity to 1.5 million tonnes per annum is nearing completion. By the June 2026 quarter, Black Cat anticipates processing exclusively its own ore, marking a milestone in operational independence and efficiency.
Managing Director Gareth Solly highlighted the company’s achievements, noting the rapid establishment of two gold operations within a year and the strategic advantage gained from acquiring Lakewood. This acquisition has expedited Kal East’s production timeline and enabled the company to capitalise on the current robust gold market.
Bottom Line?
Black Cat’s record quarter and strategic moves set the stage for sustained growth and operational autonomy in 2026.
Questions in the middle?
- How will the Lakewood expansion impact production costs and margins?
- What risks could affect the transition to processing only Black Cat’s ore by mid-2026?
- How might gold price fluctuations influence Black Cat’s revenue and investment plans?
