How Black Cat Syndicate Achieved Record 25,510oz Gold Production in Q4 2025
Black Cat Syndicate delivered a record 25,510 ounces of gold in Q4 2025, bolstered by strong cash reserves and strategic growth initiatives including a key joint venture and processing facility expansion.
- Record quarterly gold production of 25,510 ounces
- Cash, bullion, and investments total $91 million
- 20-26% production growth at Paulsens and Kal East operations
- Joint venture secured for Star of Mangaroon open pit development
- Lakewood processing facility expansion study underway
Record Production and Financial Strength
Black Cat Syndicate Limited (ASX, BC8) has reported a landmark quarter ending December 2025, achieving record gold production of 25,510 ounces. This milestone reflects the company’s More Gold, Sooner strategy in action, with both its Paulsens and Kal East operations delivering significant quarter-on-quarter growth. The company’s financial position remains robust, with cash, bullion, and listed investments rising slightly to $91 million, despite substantial capital expenditure on mine ramp-ups and the final payment for the Lakewood processing facility acquisition.
Operational Highlights at Paulsens and Kal East
Paulsens gold production surged 20% to 9,313 ounces, surpassing expectations even with a planned maintenance shutdown. The ramp-up of mining activities and ongoing drilling programs continue to underpin this growth. Meanwhile, Kal East saw a 26% increase in gold output, with new mining operations at Fingals and Majestic ramping up as planned. The company has also secured extensive tenements near Lakewood, positioning itself for decades of operational expansion and tailings storage capacity.
Strategic Growth Initiatives and Exploration Success
Black Cat has entered a joint venture with Dreadnought Resources Ltd to develop the high-grade Star of Mangaroon open pit, sharing surplus cash flow equally up to $80 million. Exploration efforts continue to bear fruit, with new high-grade gold zones discovered at Fingals and promising antimony assay results from the Mt Clement project, one of Australia’s largest undeveloped antimony deposits. The company is advancing metallurgical test work and economic studies to unlock the full potential of Mt Clement, including plans for a sulphide flotation circuit near Paulsens.
Leadership Transition and Forward Outlook
In a significant leadership change, founding Managing Director Gareth Solly will transition to a non-executive director role, with James Bruce stepping in as managing director from February 2026. This change signals a new phase of growth and operational focus. Looking ahead, Black Cat expects production to continue growing, targeting 25,000 to 28,000 ounces in the March 2026 quarter and aiming for an annual run rate of approximately 100,000 ounces. The company also plans to resume providing all-in sustaining cost guidance as it moves towards processing ore exclusively from its wholly owned mines.
Bottom Line?
With record production and strategic expansions underway, Black Cat Syndicate is poised for a transformative 2026, but investors will watch closely for delivery on growth and cost guidance.
Questions in the middle?
- How will the transition to 100% owned ore processing impact cost structures and margins?
- What are the timelines and expected outcomes for the Lakewood processing facility expansion?
- How might the joint venture at Star of Mangaroon influence Black Cat’s cash flow and operational flexibility?
