Annual financial statement
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 ASX ANNOUNCEMENT Page 1 of 90 31 August 2026 APPENDIX 4E BLACK CAT SYNDICATE LIMITED ABN 63 620 896 282 AND CONTROLLED ENTITIES ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 Result for Announcement to the Market Up / (down) $'000 % increase/ (decrease) 30 June 2026 $'000 30 June 2025 $'000 Revenue from ordinary activities 336,972 903% 374,289 37,317 Net profit/(loss) after tax (from ordinary activities) for the period attributable to the members 112,401 433% 86,455 (25,946) Distributions There have been no dividends paid in either current or prior year and it is not proposed to pay a dividend. Net tangible assets per share 30 June 2026 $ 30 June 2025 $ Net tangible assets per share 0.50 0.38 Earnings/(loss) per share 30 June 2026 cents 30 June 2025 cents Basic earnings/(loss) per share 12.0 (4.6) Diluted earnings/(loss) per share 11.8 (4.6) Explanation of results Refer to the commentary on results in the Directors' Report page 5 to 16. Audit This report is based on the financial statements for the year ended 30 June 2026, that have been audited by Grant Thornton Audit Pty Ltd. Additional Appendix 4E disclosure requirements under ASX Listing Rule 4.3A are included in the attached Directors' Report to the financial statements.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Page 2 of 90 ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (ABN 63 620 896 282)
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Page 3 of 90 CONTENTS Page Corporate Directory ........................................................................................................................... 04 Directors' Report ................................................................................................................................ 05 Operating and Financial Review .................................................................................................................. 08 Remuneration Report ................................................................................................................................... 17 Auditor’s Independence Report ......................................................................................................... 30 Sustainability Report .......................................................................................................................... 31 Directors’ Declaration on the Sustainability Report ..................................................................................... 42 Auditor's Independence Declaration on the Sustainability Report .................................................... 43 Auditor's Assurance Conclusion on the Sustainability Report .......................................................... 44 Financial Statements ......................................................................................................................... 48 Consolidated Statement of Profit or Loss and Other Comprehensive Income .............................................. 48 Consolidated Statement of Financial Position ............................................................................................. 49 Consolidated Statement of Changes in Equity ............................................................................................. 50 Consolidated Statement of Cash Flows ........................................................................................................51 Notes to the Consolidated Financial Statements ......................................................................................... 52 Consolidated Entity Disclosure Statement ........................................................................................ 86 Directors' Declaration ........................................................................................................................ 87 Independent Auditor's Report ............................................................................................................ 88
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 CORPORATE DIRECTORY Page 4 of 90 CORPORATE INFORMATION BOARD OF DIRECTORS Paul Chapman Non-Executive Chair James Bruce Managing Director Davide Bosio Non-Executive Director Richard Laufmann Non-Executive Director Amber Rivamonte Non-Executive Director Les Davis Former Non-Executive Director (retired on 27 November 2025) Gareth Solly Former Managing Director (resigned on 11 February 2026) JOINT COMPANY SECRETARIES Mark Pitts Aaron Gates PRINCIPAL & REGISTERED OFFICE Level 4, 507 Murray Street, Perth, Western Australia 6000 Telephone: +61 458 007 713 Email: admin@bc8.com.au Website: www.bc8.com.au SHARE REGISTRY Computershare Investor Services Pty Ltd Level 11, 172 St Georges Terrace, Perth, Western Australia 6000 Telephone: +61 8 9323 2000 AUDITORS Grant Thornton Audit Pty Ltd Central Park, Level 43, 152 - 158 St Georges Terrace, Perth, Western Australia 6000 Website: www.grantthornton.com.au SECURITIES EXCHANGE LISTING Shares in Black Cat Syndicate Limited are quoted on the Australian Securities Exchange (ASX). ASX CODE BC8 – Ordinary shares
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT Page 5 of 90 The directors of Black Cat Syndicate Limited (“Black Cat” or “the Company”) present the Consolidated Financial Statements of the Company and its controlled entities (“Group” or “Consolidated Entity”) for the financial year ended 30 June 2026. Directors The following persons were directors of the Company during the financial year and up to the date of this report, unless otherwise stated. Paul Chapman, B.Comm, ACA, Grad Dip Tax, MAICD, MAusIMM (Non-Executive Chair) Appointed 4 August 2017 Mr Chapman is a chartered accountant with over 30 years of experience in the resources sector, gained in Australia and the United States. Mr Chapman has experience across a range of commodity businesses including gold, nickel, uranium, manganese, bauxite/alumina, and oil/gas, and has held, managing director and other senior management roles in a number of public companies. Mr Chapman was a f ounding shareholder and director of the following ASX listed companies: Reliance Mining, Encounter Resources, Rex Minerals and Silver Lake Resources. Other directorships in listed companies in the 3 years immediately preceding the end of financial year: Dreadnought Resources Limited 9 April 2019 - present Encounter Resources Limited 7 October 2005 - 24 November 2023 Meeka Metals Limited 24 May 2022 - present Sunshine Metals Limited 24 November 2020 – 31 October 2025 James Bruce, B.Eng (Mining), MBA - UWA (Managing Director) Appointed 11 February 2026 Mr Bruce is a mining engineer with extensive operational, technical and financial experience across the Australian and international resources sector. He began his career as a mining contractor and underground engineer in gold and nickel operations around Kalgoorlie, before spending almost two decades in portfolio management and resources analysis in Sydney and San Francisco. He returned to Perth in 2020 to join Mineral Resources in a senior leadership role, before serving as Chief Operating Officer of Core Lithium. Mr Bruce was appointed Managing Director of Black Cat Syndicate effective 11 February 2026, succeeding founding Managing Director Gareth Solly. He holds a Bachelor of Engineering (Mining Engineering) from the Western Australian School of Mines and an MBA from the University of Western Australia. Other directorships in listed companies in the 3 years immediately preceding the end of financial year: Nil Davide Bosio, B.Comm (Marketing), Grad Dip Applied Finance and Investment (Non-Executive Director) Appointed 1 October 2024 Mr Bosio is an experienced company director with significant resources and gold sector experience including having served on the board of De Grey Mining Ltd as well as Spectrum Metals Ltd which was ultimately acquired by Ramelius Resources Ltd. Most recent ly, Mr Bosio served as the WA State Manager and Director of Corporate Finance at investment and wealth management firm Shaw and Partners having overseen the sale of the historic WA broking firm, DJ Carmichael Pty Limited to Shaw in 2019. For over 23 years, Davide has been immersed in the WA finance industry offering corporate services and strategic advice to private and public organisations, specifically in relation to capital management and M&A. He is a Fellow member of the Financial Services Institute of Australia (Finsia), and a graduate member of the Australian Institute of Company Directors. Mr Bosio holds a Bachelor of Commerce (Marketing) and a Graduate Diploma in Applied Finance and Investment. Other directorships in listed companies in the 3 years immediately preceding the end of financial year: DigitalX Limited 3 December 2024 – 19 May 2025 Yojee Limited 5 February 2024 – present Alice Queen Limited 30 March 2026 – present Tyranna Resources Limited 11 May 2026 – present Lord Resources Limited 23 July 2025 – present Board Committees Audit and Risk Committee – Member Remuneration and Nomination Committee – Chair
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 6 of 90 Richard Laufmann, B.Eng (Mining), MAusIMM, MAICD (Non-Executive Director) Appointed 15 October 2024 Mr Laufmann, a graduate of the WA School of Mines, is a mining engineer with broad experience in the resources sector – specifically in copper, gold and nickel – both corporately and operationally. Richard was a founding director, Chief Executive Officer and Managing Director of Rex Minerals (ASX:RXM), CEO of Indophil Resources (ASX:IRN) which had ownership in and management of one of the world’s largest undeveloped copper projects (Tampakan). Previous roles include CEO of Ballarat Goldfields (ASX:BGF) and General Manager of Gold for Western Mining Corporation. Of particular relevance to Black Cat, Richard ran the large St Ives Gold Operation south of Kalgoorlie. Richard is a past Chairman of the State Council of the Minerals Council of Australia (Victorian division) at the time the State Council merged into the national MCA. Richard is currently CE O of Azure Minerals Pty Ltd which is developing the world -class Andover lithium deposits located in the West Pilbara region of Western Australia. Other directorships in listed companies in the 3 years immediately preceding the end of financial year: Rex Minerals Limited 16 May 2007 – 31 October 2024 Board Committees Audit and Risk Committee – Member Remuneration and Nomination Committee - Member Amber Rivamonte, B.Bus (Acc), CPA, MAICD (Non-Executive Director) Appointed 8 September 2025 Ms Rivamonte is an experienced Director and Certified Practising Accountant with extensive expertise in corporate strategy, mergers & acquisitions, capital raisings, financial management and governance. With over 30 years in the Resources sector, Amber has been instru mental in executing multiple ASX IPOs and international listings including AIM (London) and OTC (US) along with holding a range of senior finance and executive roles including directorships with numerous companies in Australia and internationally. Previously Amber was CFO of Black Horse Mining Limited (ASX: BHL), Executive Director of Finance & CFO of Rex Minerals Ltd (ASX:RXM) where she played a pivotal role in its acquisition by Mach Metals. Past roles include CFO and Company Secretary of Ballarat Goldfields (ASX:BGF), guiding the company through to its first gold pour, Company Secretary for Rex Minerals, Indophil Resources (ASX:IRN) and White Rock Minerals (ASX:WRM). Other directorships in listed companies in the 3 years immediately preceding the end of financial year: Rex Minerals Limited 1 June 2021 – 31 October 2024 Board Committees Audit and Risk Committee – Chair Remuneration and Nomination Committee - Member Former Directors Gareth Solly, B.Sc (Geology) First Class Honours, Dip. Business (Former Managing Director) Mr Solly retired as a Managing Director on 11 February 2026 Mr Solly has 25 years of mining industry experience, covering numerous orebody types in both underground and surface environments, and has a proven ability in leading mine geology, resource development and near-mine exploration teams. With 11 years of experience in senior management roles including Registered Manager, Chief Geologist and Group Geology Manager with organisations including Saracen Gold Mines, Silver Lake Resources and Norilsk Nickel. Of particular relevance, Mr Solly was Chief Geologist and later Resident Manager at Mount Monger, which is similar in many ways to the Company’s current operations and involved managing a workforce of approximately 200. Other directorships in listed companies in the 3 years immediately preceding the end of financial year: Auric Mining Limited 18 May 2026 - present Les Davis, M.Sc (Min Econs) (Former Non-Executive Director) Mr Davis retired as a Non-Executive Director on 27 November 2025 Mr Davis has a Master’s Degree in Mineral Economics from Curtin University of Western Australia and has over 45 years of mining industry experience, including 18 years of experience in mine development and narrow vein mining. Mr Davis's career incorporates more than 21 years in senior management and executive roles, including mine manager, technical services manager, concentrator manager, resident manager and general manager expansion projects with organisations including
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 7 of 90 WMC Resources, Reliance Mining and Consolidated Minerals. Mr Davis was the founding managing director of ASX listed Silver Lake Resources until his resignation on 22 November 2019. Other directorships in listed companies in the 3 years immediately preceding the end of financial year: Sunshine Metals Limited 24 November 2020 - present Directors’ Interests As at the date of this report the directors’ interests in shares and unlisted options of the Company are as follows: Director Ordinary Shares Options Performance Rights P Chapman 10,439,800 800,000 - J Bruce - - 2,310,345 D Bosio 2,700,000 700,000 - R Laufmann 943,273 500,000 - A Rivamonte 50,000 500,000 - Included in the directors’ interests of unlisted options, there are 2,500,000 options and 51,724 performance rights that are vested and exercisable and as at the date of signing this report. Company Secretaries Mark Pitts B.Bus, FCA, GAICD (Joint Company Secretary) Appointed 9 November 2017 Mr Pitts has over 35 years’ experience in business administration and corporate compliance. Having started his career with KPMG, Mr Pitts has worked at senior management level in a variety of commercial and consulting roles including mining services, healthcare and property development. The majority of the past 15 years of Mr Pitts career has been spent working for, or providing services to, publicly listed companies in the junior resources sector. Aaron Gates, B.Comm, CA (Joint Company Secretary) Appointed 26 June 2026 Mr Gates has more than 18 years of experience serving as Chief Financial Officer and Company Secretary for a range of publicly listed companies. He is a Chartered Accountant and holds a Bachelor of Commerce from Curtin University, majoring in Accounting and Busine ss Law, as well as a Diploma of Corporate Governance. Before transitioning to the listed company sector, Aaron worked in public practice, gaining extensive experience in audit and corporate finance roles. Directors’ Meetings The number of meetings of the Company’s directors held during the period ended 30 June 2026, and the number of meetings attended by each director are as follows: Board Meetings Audit & Risk Committee Meetings Nomination & Remuneration Committee Meetings Director Eligible to Attend Attended Eligible to Attend Attended Eligible to Attend Attended P Chapman 10 10 - - - - J Bruce 5 5 - - - - G Solly 5 5 - - - - L Davis 4 4 - - - - D Bosio 10 10 2 2 1 1 R Laufmann 10 9 2 2 1 1 A Rivamonte 8 8 2 2 1 1
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 8 of 90 Financial Position and Performance The consolidated net profit after income tax for the financial year was $ 86.5M (2025: net loss $25.9M). At the end of the financial year the Group had $73.7M (2025: $34.1M) in cash and cash equivalents. Capitalised property, plant and equipment, mine properties under development and capitalised exploration and evaluation expenditure and at the end of the financial year was $396.9M (2025: $299.2M). REVIEW OF OPERATIONS1 FY2026 represented a significant year for the Company, successfully transitioning into a multi-operation Western Australian gold producer. During the financial year Black Cat generated record operational and financial outcomes, delivering strong growth in production, revenue, profitability and cash generation whilst continuing to invest in future growth projects across its portfolio Production and gold sold - consolidated Black Cat total Unit FY26 FY25 YoY Ore processed kt 1,598 754 112% Head grade g/t Au 1.92 1.75 10% Recovery % 92.2% 92.0% 0% Gold production (100% BC8) oz 66,296 33,657 97% Gold production (3rd party) oz 24,537 5,512 345% Total gold production oz 90,833 39,169 132% Gold sold (100% BC8) oz 65,951 26,649 147% In the 2026 financial year, production was 90,833oz (including 3 rd party oz), which was an increase of 132% from the 39,169oz in the prior year. Gold sold (100% Black Cat oz) was 65,951, compared to 26,649oz in the prior year. Health and Safety Annual TRIFR improved 25% to 16.64. Regrettably, there were five LTIs during the year. Targeted actions are underway to reinforce critical controls and improve safety performance. PAULSENS GOLD OPERATION 100% The Paulsens Gold Operation delivered a strong operational performance throughout FY2026 and continued to underpin the Company's cash generation. Following the successful refurbishment and recommencement of mining and processing activities, the operation generated substantial operating cash flow, with the $ 106 million invested in the acquisition and restart of Paulsens fully recouped during the year, enabling the Company to fund development activities across the broader portfolio without recourse to debt or equity funding. Production increased through the year as underground mining continued to ramp up and mining methodologies and operating efficiencies were optimised, culminating in record quarterly production of 10,620 ounces in the June 2026 quarter — the highest under Black Cat ownership. The Company also achieved significant exploration success at Paulsens during FY2026, with drilling programs identifying new high-grade mineralised zones at Regulus and Lynx that highlight the broader potential of the Paulsens mineralised system beyond the historically mined corridors; these discoveries confirmed the presence of additional structural controls on mineralisation and reinforced the Company's belief that Paulsens remains considerably underexplored, with the development of the Regulus and Lynx discoveries generating encouraging early mining results that provide further opportunities to extend mine life and grow future resources. 1 Refer to BC8 ASX announcements 29 October 2025, 29 January 2026, 23 April 2026 and 30 July 2026.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 9 of 90 Paulsens Gold Operation (Quarterly) Unit Sep-25 Dec-25 Mar-26 Jun-26 FY26 Underground development M 1,200 1,307 1,251 1,322 5,079 Underground ore mined Kt 91 85 90 112 378 Underground mined grade g/t Au 2.8 3.5 2.6 3.3 3.1 Underground ounces mined oz 8,237 9,750 7,605 11,890 37,481 Ore milled Kt 99 83 102 114 398 Head grade g/t Au 2.6 3.7 2.4 3.1 2.9 Recovery % 93% 94% 92% 92% 93% Gold production oz 7,744 9,313 7,110 10,620 34,787 Gold sold oz 9,500 8,700 5,000 12,300 35,500 Mining – U nderground development of 5,079m and underground ore mined of 378kt at 3.1g/t Au for 37,481oz mined underpinned milling throughput of 398kt at a head grade of 2.9g/t Au. Recovery of 93% for the year resulted in 34,787oz of gold produced and 35,500oz sold. Diamond drilling continued at Paulsens, with high -grade lodes intersected in the upper part of the mine and pleasing results also returned from the Hanging Wall Main Zone (ASX Q1, Q2). Jumbo development drives continued on various levels to enable future production from these areas. Underground diamond drilling in the June 2026 quarter confirmed multiple high -grade intercepts outside the current Resource at Regulus and Lynx, supporting ongoing mine development and potential future mine life extensions. Regional Exploration – A 14-hole (1,692m) RC drilling program was completed at Big Sarah, the first drill program undertaken at the prospect, with 10 of 14 holes intersecting gold mineralisation and defining at least two lodes down- dip from previously identified anomalous surface mineralisation (ASX Q1, Q2). KAL EAST GOLD OPERATION 100% During FY2026, mining activities were completed at the Myhree and Boundary open pits while development activities accelerated at both the Fingals Open Pit and Majestic Underground Mine. Development progressed at Majestic Underground, where decline advancement and initial stoping activities commenced, while the Fingals mine was established and waste stripping and ore mining advanced. These projects are expected to be the primary contributors to future ore supply for the Lakewood Processing Facility. A major milestone was achieved during the fourth quarter, with Black Cat delivering 100% Company -owned production from Kal East into the Company's Lakewood processing facility (Lakewood). Lakewood continued to play a strategically important role throughout FY2026. Acquired in March 2025, the 1.2Mtpa facility provided Black Cat with processing flexibility, enhanced operating margins and control over future growth opportunities within the Kalgoorlie region. During FY2026, Lakewood processed both Black Cat and third- party ore, generating significant toll treatment revenue and strengthening the Company's position as an integrated gold producer. Encouragingly, annualised processing rates at Lakew ood averaged 1.3Mtpa when feeding Fingals and Majestic ore in the final quarter of the financial year. Resource growth also continued across the Kal East district during the year. Updated resource estimates for Trojan and Imperial increased total mineral resources by 31% to 286,000 ounces, reinforcing the long-term development potential of the broader Kal East production hub. Kal East Gold Operation (Quarterly) Units Sep-25 Dec-25 Mar-26 Jun-26 FY26 Open pit ore mined kt 248 69 151 198 666 Open pit waste mined kt - 3,244 5,439 4,863 13,546 Open pit mined grade g/t Au 1.7 1.9 1.2 0.8 1.4 Open pit ounces mined (contained) oz 13,549 4,333 5,894 5,253 29,029 Underground development m 160 689 1,058 1,712 3,619
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 10 of 90 Kal East Gold Operation (Quarterly) Units Sep-25 Dec-25 Mar-26 Jun-26 FY26 Underground ore mined kt - 12 22 50 84 Underground mined grade g/t Au - 1.3 1.9 1.4 1.5 Underground ounces mined (contained) oz - 508 1,325 2,222 4,055 Black Cat Ore Ore milled (100% BC8) kt 215 132 90 314 751 Head grade g/t Au 1.6 1.6 2.0 1.1 1.4 Recovery % 91.6% 89.9% 91.7% 92.4% 91.5% Gold produced oz 10,043 5,967 5,289 10,210 31,509 3rd party Ore Ore milled kt 44 190 215 - 449 Head grade g/t Au 2.1 1.8 1.8 - 1.8 Recovery % 92.5% 92.5% 91.3% - 92.0% Gold produced oz 2,754 10,230 11,553 - 24,537 Total gold produced oz 12,797 16,197 16,842 10,210 56,046 Gold sold oz 6,900 8,817 5,374 9,360 30,451 Mining – For FY2026, open pit mining contained 29,029oz across 666kt of ore mined at an average grade of 1.4g/t Au, complemented by 4,055oz contained in 84kt of underground ore mined at Majestic at an average grade of 1.5g/t Au. Ore milled through Lakewood comprised 751kt of Black Cat ore at a head grade of 1.4g/t Au and 91.5% recovery for 31,509oz produced, supplemented by 449kt of third-party ore for a further 24,537oz, taking total Kal East gold production to 56,046oz for the year on sales of 30,451oz. Myhree and Boundary open pits (joint operation) – Mining and processing of the Myhree and Boundary open pits was completed during the year, with 68,756t of ore mined at a grade of 1.96g/t Au containing 4,33 3oz, and ore processing completed during the March 2026 quarter. Majestic underground – During the year, underground mining at Majestic commenced. Portal establishment works were completed in early October, with first ore drives accessed and in development by January 2026. Ramp -up continued throughout the year. During the June 2026 quarter, decline advancement continued in line with the mine plan while stoping commenced in the lower-grade upper level of the mine. Majestic is expected to ramp up to full production within the next six months and feed approximately 30% of Lakewood's requirements. Fingals open pit – Approvals for the Fingals open pit were received, and environmental approvals progressed during the first quarter of the year. The open pit contract was awarded to Mineral Mining Services following a competitive tender process and pre stripping activities commenced. Mining at Fingals accelerated during the March 2026 quarter, with first ore delivered into the Lakewood processing facility. Waste stripping continued as planned through to the end of the financial year and is expected to reduce significantly in the quarters ahead as the pit matures. Lakewood processing facility – For the year, a total of 1,200 kt of Ore was processed at Lakewood, comprising 751kt of Ore from Myhree / Boundary and Majestic/Fingals plus 449kt from third parties. Long lead items have been ordered for the expansion of Lakewood from 1.2 Mtpa to 1.5 Mtpa. The timing of the expansion will progress in line with the planned ramp-up of mining activities at Fingals and Majestic. During the year, tenements were acquired near Lakewood to secures capacity for expanded tailings storage in the future , facilitating higher throughput and ongoing operational growth. MT CLEMENT ANTIMONY PROJECT 100% A 6,904m diamond drill program took place at Mt Clement during the financial year with v isible antimony intersected in the first four holes completed. As a result of the drilling, Mt Clement’s Mineral Resource was upgraded with contained antimony in the Eastern Zone increasing 95% to 25.8kt, reinforcing the project’s scale and growth potential. During the year, activities included including metallurgical test work progressed, during the quarter focused on advancing
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 11 of 90 technical studies to support project evaluation. Engagement with external stakeholders took place, including government agencies and potential offtake partners. COYOTE GOLD OPERATION 100% Black Cat continued advancing the Coyote Gold Operation during FY2026 as its third production hub and key future growth asset. Exploration and resource extension drilling programs commenced during the year targeting known high -grade mineralisation and potential resource growth opportunities. The Company remains encouraged by the prospectivity of the belt and the opportunity to define additional high-grade resources capable of supporting future mining operations. The Company also advanced strategic planning and development studies aimed at establishing the optimal pathway toward future production. Coyote remains a key component of Black Cat's long-term growth strategy and exploration efforts continue to demonstrate the broader prospectivity of the project area. EXPLORATION Exploration remained a central pillar of Black Cat's growth strategy throughout FY2026. Drilling programs were undertaken across the Company's portfolio with particular focus on Paulsens, Kal East, Coyote and Mt Clement. Activities were designed to extend mine life, identify new mining opportunities and support future reserve conversion. At Paulsens, exploration success at Regulus and Lynx demonstrated the potential for additional high- grade discoveries immediately adjacent to existing mining infrastructure. At Kal East, resource growth continued through targeted drilling at key deposits including Trojan and Imperial. Exploration programs also commenced at Coyote with the aim of extending known mineralisation and upgrading resources. The Company additionally reported encouraging exploration results at Mt Clement, including continued growth in antimony mineralisation, further enhancing the strategic value of its broader exploration portfolio. Reconciliation of gold held at year end The group holds gold bullion, gold in circuit and ore stockpile as inventory at 30 June 2026. The following reconciliation se ts out the market value of gold bullion compared with its carrying value in the 2026 financial statements. Price basis AUD gold spot ($/oz) $5,846 Date (as at) 30/06/2026 Inventory summary Category Oz Carrying value (at cost) A$ M Gold bullion 4,955 18.4 Gold in circuit 1,856 7.5 Ore stockpiles 3,897 3.7 Total inventory 10,708 29.6 Liquidity position A$ M Cash at bank 73.7 Gold bullion (valued at 30 June 2026) 29.0 Cash and bullion 102.7 Listed investments 2.6 Cash, bullion and investments 105.3
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 12 of 90 Bullion reconciliation A$ M Gold bullion (valued at 30 June 2026) 29.0 Less: unrealised value (10.6) Bullion at cost (See Note 10) 18.4 Reconciliation of gold sales (joint operations accounting) Reference Year ended 30 June 2026 A$ M Revenue - sale of gold (per IFRS financial statements) Note 2 / Note 32 317.4 Revenue - sale of gold (unaudited, non-IFRS) BC8 June 2026 quarterly activities report 391.5 Joint operation operating costs, and MMS profit distribution (IFRS accounting adjustment difference, not recognised in financial statements) (74.1) The joint operation with Mineral Mining Services ( “MMS”) for the mining of the Myhree and Boundary deposits at Kal East wa s funded by MMS on a non- recourse basis. Black Cat had provided security over the Myhree and Boundary tenements for the initial funding component. MMS's funding of the mining operations constitutes their earn-in to the joint operation. Revenue is recognised based on the profit-sharing arrangement calculated from gold and silver sales from the joint operation less operating costs ( project administration, mining and milling costs ). Black Cat is entitled to 100% of net profits until the first $30M was received, thereafter, MMS and Black Cat share profits. Black Cat recognises its share of revenue and expenses from the joint operation in accordance with the profit -sharing arrangement. Processing costs incurred by the Company on behalf of the joint operation are charged to the joint operation and recognised as toll milling revenue in the consolidated financial statements. The difference in the table above relates joint operation mining, processing costs, as well as profit distributions to MMS after the joint operation became cashflow positive. MMS joint operation activities were fundamentally completed during the year. Director changes James Bruce was appointed as Managing Director on 11 February 2026 with Gareth Solly resigning as Managing Director on that date. Amber Rivamonte was appointed as a Non -Executive Director on 8 September 2025 . Les Davis retired as a Non - Executive Director on 27 November 2025. Hedging The Group does not currently undertake any hedging activities in relation to gold production and remains fully exposed to movements in the gold price, and this exposure is monitored regularly by management and the Board. Key Risks The Company operates in the minerals industry in Australia and as such is exposed to and manages various risks typical of operating in that sector pursuant to the principles included in the Company’s Audit and Risk Management Committee Charter and Risk Management Policy available here https://bc8.com.au/corporate-governance/. A summary of the key risks that the Company is exposed to are as follows: Future capital requirements The Company funds its activities primarily from operating cash flows, which are subject to the gold price, production and cost performance. Additional funding may be required to sustain operations, fund growth and exploration, or fund acquisitions . If the Company raises additional funds through the issue of equity securities, this may result in dilution to the existing shareholders and/or a change of control at the Company. During the financial year, the Company also executed a $30M asset financing facility, which is undrawn as at 30 June 2026.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 13 of 90 Exploration and evaluation Mineral exploration and development is inherently highly speculative and involves a significant degree of risk. There is no guarantee that it will be economic to extract these resources or that there will be commercial opportunities available to monetise these resources. Title, tenure and land access The rights to mineral tenements carry with them various obligations which the Company is required to comply with in order to ensure the continued good standing of the tenement. Failure to meet these requirements could prejudice the right to maintain title to a given area and result in government or third-party action to forfeit a tenement or tenements. Mining and exploration tenements are subject to periodic renewal. The renewal of the term of granted tenements is subject to compliance with the applicable mining legislation and regulations and the discretion of the relevant mining authority. In relation to tenements which the Company has an interest in or will in the future acquire such an interest, there are areas over which legitimate common law native title rights of Aboriginal Australians exist. Where native title rights exist, the ability to gain access to tenements (through obtaining consent of any relevant landowner), or to progress from the exploration phase to the development and mining phases of operations may be adversely affected. Environmental The Company’s operations and projects are subject to various health and environmental laws and regulations of jurisdictions in which it has interests. The Company conducts its activities to a high standard in compliance with environmental laws. Sovereign The Company is subject to political, social, economic and other uncertainties including, but not limited to, changes in policies or the personnel administering them, foreign exchange restrictions, changes of law affecting foreign ownership, currency fluctuations, royalties and tax increases. Mining and processing The processing activities are subject to inherent risks and are dependent upon a number of conditions beyond the control of the Company that can affect the costs and production schedules. These risks and conditions include but are not limited to: process equipment mechanical failures, adverse weather and natural disasters, environmental hazards (such as subsidence and excess water ingress), and availability of adequate skilled employees and other labour relations matters. Operational The future operations of the Company may be affected by various factors, including, failure to achieve predicted grades in exploration and mining, unanticipated metallurgical problems which may affect extraction costs, and unexpected shortages or increases in the costs of fuel, consumables, spare parts, plant and equipment. Commodity price The future financial performance of the Company would be exposed to fluctuations in the price of commodities, particularly gold and oil. The price of commodities is affected by numerous factors and events that are beyond the control of the Company. These factors and events include general economic activity, world demand, forward selling activity as well as general global economic conditions and political trends. Resource and reserve risk Calculation of Mineral Reserves and Mineral Resources and metal recovery is only an estimate, and there can be no assurance about the quantity and grade of minerals until Mineral Resources are actually mined. Mineral reserves (or ore reserves) and mineral resources are estimates, and no assurance can be given that the estimated reserves and resources are accurate or that the indicated level of gold or any other mineral will be produced. Such estimates are, in large part, based on interpretations of geological data obtained from drill holes and other sampling techniques. Actual mineralisation uneconomical. Dividends No dividend has been paid or recommended for the financial year ended 30 June 2026 (2025: Nil).
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 14 of 90 Significant Changes in the State of Affairs During the 2026 financial year, the Group continued successful mining operations at the Paulsens Gold Operation. At the Kal East Gold Operation, the Group completed mining at the Myhree/Boundary open pits and commencing the mine development at the Fingals open pit and Majestic underground mines. In additional, the Group toll treated third party Ore through Lakewood while mining activities at Fingals and Majestic progressed. Other than the aforementioned, there have been no significant changes in the state of affairs of the Group during the financial year other than as stated in this report. Significant events after the balance date There has not arisen between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors to affect substantially the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial years. Principal Activities The principal activity of the Company during the financial year was the mining and processing of gold at the Kal East Gold Operation and the Paulsens Gold Operation located in Western Australia. Exploration for minerals at the company’s projects located in Western Australia. Likely Developments and Expected Results of Operations The Group continues gold production at its Paulsens and Kal East operations. Alongside this, the Company continues to focus on its exploration activities at multiple sites across the Group. Environmental Regulation and Performance The Group holds various licences including mining, exploration and prospecting tenements which are subject to environmental licence conditions under the laws and regulations of the Commonwealth of Australia and the State of Western Australia. All licence, tenement conditions and environmental reporting requirements were addressed during the reporting period. All minor environmental matters raised by the Department of Mining, Energy, Industry, Regulations and Safety were resolved immediately. Accordingly, at the date of this report, the directors are not aware of any instances of non -compliance with respect to environmental regulations. Legal Proceedings The Group commenced proceedings in the Supreme Court of WA against Barclays Capital Asia Ltd alleging breaches of the Market Integrity Rules relating to trading in Black Cat's shares. The proceedings are at an early stage, and it is not yet cl ear when the trial is likely to occur. Documents relating to the proceedings have been provided to the Australian Securities and Investments Commission and ASX Limited. ASIC have been asked to treat the matter as a formal complaint. Black Cat will keep shareholders updated as the proceedings progress. SHAREHOLDING QUALIFICATIONS Options As at 30 June 2026, 14,735,000 unissued ordinary shares of the Company were under option as follows: Number of Options Exercise Price Expiry Date 53,000 $0.51 28 July 2026 180,000 $0.55 21 February 2027 190,000 $0.52 21 March 2027 1,225,000 $0.50 31 July 2027 1,800,000 $0.50 31 August 2027 390,000 $0.32 8 February 2028 300,000 $0.41 18 April 2028
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 15 of 90 All options on issue at the date of this report are vested and exercisable. Each option on exercise entitles the option holder to 1 fully paid ordinary share in the Company. Changes during the finance year During the financial period, the Company granted 2,705,000 options over unissued shares to employees, pursuant to the terms and conditions of the Company’s shareholder approved incentive securities plan. During the financial period, 20,599,242 options were exercised. A total of 2,717 ,000 employee options were forfeited during the financial period on cessation of employment with the Company. A total of 3,125 options lapsed on expiry of the exercise period. Since the end of the financial period: - No options to employees have been issued. - No options have lapsed on expiry and no options have been forfeited due to cessation of employment; - 53,000 shares have been issued on the exercise of options. Options do not entitle the holder to: - participate in any share issue of the Company or any other body corporate (other than on the exercise of the option); or - any voting rights at meetings of shareholders. Performance Rights As at 30 June 2026, the Company had 9,691,190 performance rights on issue, of which 1,366,290 were fully vested. Details by tranche and expiry date are set out below: Number of Performance Rights on Issue Performance Rights Fully Vested Expiry Date 4,014,112 631,292 30 June 2027 146,759 146,759 30 June 2028 2,899,139 483,182 11 November 2030 33,460 5,577 16 December 2030 2,310,345 51,724 29 January 2031 287,375 47,896 19 June 2031 9,691,190 1,366,290 Details of the vesting conditions of Performance Rights are disclosed in the Remuneration Report. Number of Options Exercise Price Expiry Date 300,000 $0.41 18 April 2028 500,000 $0.66 30 September 2028 500,000 $0.79 14 October 2028 5,382,000 $0.89 20 December 2028 2,190,000 $1.24 20 May 2029 1,200,000 $1.21 16 July 2029 325,000 $1.35 28 August 2029 500,000 $1.46 2 September 2029 14,735,000
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 16 of 90 Changes during the period 6,299,597 performance rights were issued during the financial year. During the financial year a total of 893,049 performance rights were forfeited on cessation of employment. During the financial year a total of 2,253,033 shares were issued on the exercise of performance rights. Since the end of the financial period: - No performance rights have been issued; - No performance rights have been forfeited or lapsed; and - No performance rights have become vested and have been exercised into shares. Issued Capital Number of Shares on Issue Ordinary fully paid shares 2026 2025 728,874,974 707,546,922 During the financial period ended 30 June 2026 the Company issued the following ordinary fully paid shares: - 61,954 Shares issued in part consideration for the acquisition of an exploration license; - 19,013,065 shares on the exercise of options; and - 2,253,033 shares on the exercise of vested employee performance rights.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 17 of 90 REMUNERATION REPORT (AUDITED) Key Management Personnel ( “KMP”) of the Group are detailed in the table below and are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Group, either directly or indirectly, including any Director, whether executive or otherwise of the Company. Section 1 Remuneration at Black Cat Section 1 provides an overview of key elements of the Company’s remuneration governance and philosophy. Section 2 Executive KMP Remuneration Section 2 details remuneration arrangements in the financial year for the following Executive KMP: • James Bruce - Managing Director (appointed 11 February 2026) • Gareth Solly – Former Managing Director (resigned 11 February 2026) • Nick Dwyer - Chief Financial Officer (appointed 18 March 2024) • Timothy Mason - Chief Operating Officer (appointed 16 June 2025) Section 3 Non-Executive Director Remuneration Section 3 details remuneration and benefits for the Company’s Non -Executive Directors (ref er to page 24 for details about each Director) including: • Paul Chapman - Non-Executive Chair (appointed 4 August 2017) • Les Davis – Former Non-Executive Director (retired 27 November 2025) • Davide Bosio - Non-Executive Director (appointed 1 October 2024) • Richard Laufmann - Non-Executive Director (appointed 15 October 2024) • Amber Rivamonte - Non-Executive Director (appointed 8 September 2025) Section 4 Statutory Remuneration Disclosures Section 4 provides an update for all relevant statutory remuneration disclosures as required by the Corporations Act 2001. SECTION 1 Remuneration at Black Cat Outline of Remuneration Framework a) Introduction The remuneration report details the KMP remuneration arrangements for the Group, in accordance with the requirements of the Corporations Act 2001 and its Regulations. KMPs of the Group are defined, in accordance with AASB 124 Related Party Disclosures, as those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including all Directors. The Key Management Personnel of the Company for the 2026 financial year have been identified as: Name Position Term as KMP Non-Executive Directors Paul Chapman Non-Executive Chair Full financial year Les Davis Former Non-Executive Director Retired 27 November 2025 Davide Bosio Non-Executive Director Full financial year Richard Laufmann Non-Executive Director Full financial year Amber Rivamonte Non-Executive Director Appointed 8 September 2025
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 18 of 90 Name Position Term as KMP Executive Directors James Bruce Managing Director Appointed 11 February 2026 Gareth Solly Former Managing Director Resigned 11 February 2026 Senior Executives Nick Dwyer Chief Financial Officer Full financial year Timothy Mason Chief Operating Officer Full financial year b) Overview of executive remuneration policy Remuneration paid to directors and officers of the Group is set by reference to remuneration paid by ASX listed companies of a similar size and operating in the mining industry. During FY25 and FY26 the Company transitioned from an explorer to a gold producer, and remuneration has been adjusted to reflect the increased scale, complexity and operational responsibilities of the business. Additionally, in determining the remuneration of the directors and officers, reference is made to the Company’s financial position and the specific skills and experience of the relevant director/officer. Details of the nature and amount of remuneration paid to directors, and to each of the officers of the Company receiving the highest remuneration (KMP) are found in this report. Remuneration Committee The Company has established a Remuneration and Nomination Committee. The Remuneration and Nomination Committee operates under a board approved Charter (“Charter”). The Charter, among other things, provides a framework for the consideration of remuneration matters. Prior to the establishment of the Remuneration and Nomination Committee the board was responsible for implementing the requirements of the Charter. Given the current size of the board, remuneration matters are being addressed by the board. In accordance with the Charter, the board is responsible for: • Setting remuneration packages for directors and other KMP of the Company; and • Implementing shareholder approved employee incentive plans and making awards pursuant to those plans. Voting at the Group’s 2025 Annual General Meeting (AGM) At the November 2025 AGM, 94.7% of the votes directed by shareholders, or their nominated proxy, supported the adoption of the Remuneration Report for the period ended 30 June 2025. The Group did not receive any specific feedback at the AGM regarding its remuneration practices. SECTION 2 Executive KMP Remuneration Executive Director and Other Key Management Personnel Remuneration Executive remuneration consists of base salary, plus other performance incentives to ensure that: Remuneration packages incorporate a balance between fixed and incentive pay, reflecting short and long-term performance objectives appropriate to the Company’s circumstances and objectives; and A proportion of remuneration is structured in a manner to link reward for corporate and individual performance. Executives are offered a competitive base salary at market rates (based on comparable ASX listed companies) which are reviewed annually to ensure market competitiveness. Short-Term Incentive Payments (STIs) The board sets the Key Performance Indicators ( KPIs) for executives and other senior employees. The KPIs selected are to align the reward of the individual executive, to the strategy and performance of the Company. Performance objectives, which may be financial or non-financial, or a combination of both, are weighted when calculating the
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 19 of 90 maximum STIs payable to executives. At the end of the specified measurement period, the Remuneration Committee will assess the actual performance of executives against the set performance objectives and make determinations. The maximum amount of the STIs, or a lesser amount depending on actual performance achieved, is paid to the executives as either a cash payment or issue of securities in the Company. No STIs are payable to executives where it is considered that the actual performance has fallen below the minimum requirement. Details of performance related remuneration can be found below. Employee Incentive Plan The Company provides incentives to directors and employees under Black Cat Syndicate’s Employee Incentive Plan, which was last approved by shareholders on 30 November 2023. The Remuneration Committee: Ensures that incentive plans include appropriate and realistic performance targets, and provide rewards when those targets are achieved; Reviews and approves existing incentive plans established for employees; and Approves the administration of the incentive plans, including receiving recommendations for, and the consideration and approval of grants pursuant to such incentive plans. Long Term Incentives (“LTIs”) Under Black Cat Syndicate’s Employee Incentive Plan, options or performance rights may be granted to employees to align the employees with the creation of shareholder value over the long term, whilst also attracting, motivating and retaining key employees. Performance targets, whilst challenging, represent key milestones in respect of the growth of the Company, and are considered consistent with sustained growth in shareholder value. Details of the LTIs are as follows: Eligibility Members of the senior leadership team who are responsible for setting the strategic direction of the Company Awards The LTI Awards are in the form of Performance Rights and Options. Performance Rights and Options are issued for nil consideration and if Vesting Conditions are satisfied, may be exercised before the Expiry Date into ordinary fully paid shares in the Company. LTI Awards are issued pursuant to the terms and conditions of the Company’s Employee Incentive Plan Performance Period The Vesting Conditions of the LTI Awards are measured, and can be achieved, at any time prior to the Expiry Date Expiry Date 30 June 2027 Performance rights on issue expiring 30 June 2027 are subject to the following vesting conditions at 30 June 2026: (i) One third (1/3) vest on achieving a sustained production rate of 40,000 to 45,000oz pa at the Coyote Gold Operation; (ii) One third (1/3) vest on achieving a sustained production rate of 60,000 to 70,000oz pa at the Paulsens Gold Operation; and (iii) One third (1/3) vest on achieving a sustained production rate of 50,000 to 60,000oz pa at the Kal East Gold Operation. Expiry Date 30 June 2028 Performance rights on issue expiring 30 June 2028 are fully vested and exercisable at 30 June 2026. Expiry Date 11 November 2030 Performance rights on issue expiring 11 November 2030 are subject to the following vesting conditions with performance measured on the measurement dates of 30 June 2026, 30 June 2027 and 30 June 2028 (‘Measurement Dates’) as follows: (i) 50% subject to cumulative performance of the Company’s share price since 30 June 2025 relative to the GDXJ gold index (1/3 vesting at each of the abovementioned Measurement Dates); and (ii) 50% subject to continuity of employment with the Company (1/3 vesting at each of the abovementioned Measurement Dates).
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 20 of 90 Expiry Date 16 December 2030 Performance rights on issue expiring 16 December 2030 are subject to the following vesting conditions with performance measured on the measurement dates of 30 June 2026, 30 June 2027 and 30 June 2028 (‘Measurement Dates’) as follows: (i) 50% subject to cumulative performance of the Company’s share price since 30 June 2025 relative to the GDXJ gold index (1/3 vesting at each of the abovementioned Measurement Dates); and (ii) 50% subject to continuity of employment with the Company (1/3 vesting at each of the abovementioned Measurement Dates). Expiry Date 29 January 2031 310,345 performance rights on issue expiring 29 January 2031 are subject to the following vesting conditions with performance measured on the measurement dates of 30 June 2026, 30 June 2027 and 30 June 2028 (‘Measurement Dates’) as follows: (i) 50% subject to cumulative performance of the Company’s share price since 30 June 2025 relative to the GDXJ gold index (1/3 vesting at each of the abovementioned Measurement Dates); and (ii) 50% subject to continuity of employment with the Company (1/3 vesting at each of the abovementioned Measurement Dates). 2,000,000 performance rights will vest subject to the following market capitalisation milestones being achieved: (i) 1,000,000 vesting upon the Company achieving a $1.5 billion fully diluted market capitalisation for > 45 days in a 90 -day period by 31 December 2027; and (ii) 1,000,000 vesting upon the Company achieving a $2.0 billion fully diluted market capitalisation for > 45 days in a 90 -day period by 31 December 2028. A total of 9,004,597 (2025: 19,032,000) LTI Awards were issued by the Company during the financial year to employees of the Company, including the following KMP: 2026 Name Position Value of LTI Awards2 Value of LTI Awards as % of total Base Salary1 Number of LTI Awards (Performance Rights/ Options) P Chapman Non-Executive Chair - - - L Davis Former Non-Executive Director - - - D Bosio Non-Executive Director - - - R Laufmann Non-Executive Director - - - A Rivamonte Non-Executive Director $207,132 237% 500,000 J Bruce Managing Director $1,190,655 205% 2,310,345 G Solly Former Managing Director $527,753 106% 651,011 N Dwyer Chief Financial Officer $325,722 80% 413,175 T Mason Chief Operating Officer $503,813 123% 913,175
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 21 of 90 2025 Name Position Value of LTI Awards2 Value of LTI Awards as % of total Base Salary1 Number of LTI Awards (Performance Rights/ Options) P Chapman Non-Executive Chair $154,985 172% 1,000,000 L Davis Non-Executive Director $154,985 221% 1,000,000 D Bosio Non-Executive Director $107,861 154% 500,000 R Laufmann Non-Executive Director $127,895 183% 500,000 G Solly Former Managing Director - - - N Dwyer Chief Financial Officer $27,860 11% 100,000 1 Base Salary relates to the annual fixed remuneration (exclusive of superannuation) payable to the respective KMP as at the LT I as at the date of commencement of employment. 2 The value of LTI Awards at grant date. LTI Outcomes Options 2,705,000 (2025: 19,032,000) Options were issued during the financial year. 2,717,000 (2025: 800,000) employee options were forfeited during the financial year on cessation of employment and a total of Nil (2025: 661,000) options lapsed on expiry of the exercise period. 4,803,000 (2025: 1,820,000) Options were exercised during the financial year. Performance Rights 6,299,597 (2025: 19,032,000) Performance Rights were issued during the financial year. 893,049 (2025: Nil) employee Performance Rights were forfeited during the financial year on cessation of employment and a total of Nil (2025: Nil) Performance Rights lapsed on expiry of the exercise period. 2,253,033 (2025: 146.759) Performance Rights were exercised during the financial year. Short Term Incentive Plan (STI) During the financial year a combination of financial and non-financial factors were reviewed in order to assist in assessing STI outcomes. The key focus areas were health, safety and environment, costs, production and growth. At all times STI outcomes are based on the judgement and discretion of the Board after considering external and internal factors in which the Company operates. As at the reporting date, the Board has yet to resolve all STI outcomes and expects to do so in due course. Group Performance In considering the Company’s performance, the board provides the following information in respect of the current and previous financial periods: Unit 2026 2025 2024 2023 2022 (restated) Profit/(loss) for year attributable to shareholders $’000 86,455 (25,946) (3,807) (4,800) (3,901) Closing price per share at 30 June $ 0.88 0.78 0.30 0.38 0.30
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 22 of 90 SECTION 3 Non-Executive Remuneration The Company’s policy is to remunerate non-executive directors at rates comparable to similar sized ASX listed companies in the same industry, for their time, commitment, and responsibilities. Non-executive director remuneration is not linked to the performance of the Company, however, to align directors’ interests with shareholders’ interests, remuneration may be provided to non-executive directors in the form of long-term equity-based incentives. Accordingly, non-executive director remuneration is determined as follows: Fees are set within the aggregate amount approved by shareholders and are payable in cash and with statutory superannuation entitlements; and Participation in equity-based remuneration schemes is subject to approval by shareholders. The maximum non-executive directors’ fees payable in aggregate is currently set at $750,000 pa. Engagement of Non-Executive Directors Non-executive directors conduct their duties under the following terms: A non-executive director may resign from their position and thus terminate their contract on written notice to the Company; and A non-executive director may be removed from office by a resolution of shareholders voting at a shareholder meeting. Position Base salary (excluding superannuation) Non-Executive Chair $148,214 Other Non-Executive Directors $87,500 Non-executive directors are entitled to be reimbursed reasonable expenses incurred in performing their duties. Shareholding Qualifications The directors are not required to hold any shares in the Company under the Company’s constitution. SECTION 4 Statutory Remuneration Disclosures Executive Employment Agreements Managing Director (Mr James Bruce) The Managing Director, Mr Bruce, is employed under a 3 -year executive service agreement on the following material terms and conditions: - 3-year contract (initial term) extendable, commencing 11 February 2026; - Base salary of $580,000 pa plus statutory superannuation, reviewed annually; - At the Board’s discretion, Mr Bruce may also receive performance-based bonuses, the performance criteria, assessment and timing of which is determined by the Board; and - Subject to shareholder approval, Mr Bruce may participate in the Company’s Incentive Option Plan and other incentive plans adopted by the Board. - Notice period: o With cause: 1 month; o Without cause: 6 months; or o At any time, without notice if convicted of any major crime which brings the Company into lasting disrepute.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 23 of 90 Former Managing Director (Mr Gareth Solly) resigned on 11 February 2026 Former Managing Director, Mr Solly, was employed under a 3 -year executive service agreement on the following material terms and conditions: - 3-year fixed term contract, commencing 1 January 2024; - Base salary of $500,000 pa plus statutory superannuation, reviewed annually; - At the Board’s discretion, Mr Solly may also receive performance -based bonuses, the performance criteria, assessment and timing of which was determined by the Board; and - Subject to shareholder approval, Mr Solly may participate in the Company’s Incentive Option Plan and other incentive plans adopted by the Board. - Notice period: o With cause: 1 month; o Without cause: 12 months; or o At any time, without notice if convicted of any major crime which brings the Company into lasting disrepute. Chief Financial Officer (Mr Nick Dwyer) Mr Dwyer is employed under an executive service agreement on the following material terms and conditions: - Contract of no fixed term; - Fixed salary of $408,000 pa plus statutory superannuation, reviewed annually; - Eligible to participate in short-term and long-term incentive arrangements; - Notice period: o With cause: 1 month; o Without cause: 6 months; or o At any time, without notice if convicted of any major crime which brings the Company into lasting disrepute. - No specific termination entitlements specified. Chief Operating Officer (Mr Timothy Mason) Mr Mason is employed under an executive service agreement on the following material terms and conditions: - Contract of no fixed term; - Fixed salary of $408,000 pa plus statutory superannuation, reviewed annually; - Eligible to participate in short-term and long-term incentive arrangements; - Notice period: o With cause: 1 month; o Without cause: 6 months; or o At any time, without notice if convicted of any major crime which brings the Company into lasting disrepute. - No specific termination entitlements specified. Statutory Remuneration The details of the remuneration of each member of Key Management Personnel are as follows:
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 24 of 90 Short Term Post- Employment Other Long Term Name Year Base Salary $ Short Term Incentive $ Super- annuation Contributions $ Share based payments $ Total $ Value of Convertible securities as a proportion of Total Remuneration Non-Executive Directors P Chapman 2026 148,214 - 17,786 - 166,000 - 2025 90,000 - 10,350 154,985 255,335 60.7% L Davis1 2026 36,458 - 4,375 - 40,833 - 2025 70,000 - 8,050 154,985 233,035 66.5% D Bosio2 2026 87,500 - 10,500 - 98,000 - 2025 52,500 - 6,037 107,861 166,398 64.8% R Laufmann3 2026 87,500 - 10,500 - 98,000 - 2025 50,167 - 5,769 127,895 183,831 69.6% A Rivamonte4 2026 71,346 - 8,562 207,132 287,040 72.2% 2025 - - - - - - Executive Director J Bruce5 2026 222,254 - 26,670 266,601 515,525 51.7% 2025 - - - - - - G Solly6 2026 1,118,149 88,000 109,748 257,883 1,573,780 16.4% 2025 320,000 88,000 46,920 19,129 474,049 4.0% Other Executive KMP N Dwyer 2026 408,000 51,000 55,080 219,236 733,316 29.9% 2025 255,000 51,000 35,190 144,593 485,783 29.8% T Mason7 2026 400,175 - 48,021 353,485 801,681 44.1% 2025 17,214 - 1,980 - 19,194 - Total 2026 2,579,596 139,000 291,242 1,304,337 4,314,175 - 2025 854,881 139,000 114,296 709,448 1,817,625 - 1 Mr Davis retired 27 November 2025. 2 Mr Bosio appointed 1 October 2024. 3 Mr Laufmann appointed 15 October 2024. 4 Ms Rivamonte appointed 8 September 2025. 5 Mr Bruce appointed 11 February 2026. 6 Mr Solly resigned 11 February 2026. Includes termination payment of $500,000 in lieu of notice. 7 Mr Mason appointed 16 June 2025. Details of Performance Related Remuneration 2026 – For performance relating to FY26, as at the reporting date, the Board has yet to resolve all STI outcomes and expects to do so in due course. For performance relating to FY25, the Company awarded and paid $51,000 to the CFO and $88,000 to the former MD . Total bonus paid to CFO during FY26 was $51,000. 2025 – For performance relating to FY25, the Company paid a cash bonus of $88,000 to the former MD and $51,000 to the CFO during FY25. Options Granted as Remuneration to KMP The following options were issued as remuneration to Key Management Personnel during the period ended 30 June 2026:
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 25 of 90 KMP Number of Options Grant Date Expiry Date Exercise Price Volatility Interest Rate Value of Options A Rivamonte 500,000 3 Sep 25 2 Sep 29 $1.46 66.40% 3.52% $207,132 T Mason 500,000 17 Jul 25 16 Jul 29 $1.21 68.78% 3.55% $178,091 The following options were issued as remuneration to Key Management Personnel during the period ended 30 June 2025: KMP Number of Options Grant Date Expiry Date Exercise Price Volatility Interest Rate Value of Options P Chapman 1,000,000 25 Jul 24 31 Aug 27 $0.50 79.05% 3.79% $154,985 L Davis 1,000,000 25 Jul 24 31 Aug 27 $0.50 79.05% 3.79% $154,985 D Bosio 500,000 30 Sep 24 30 Sep 28 $0.66 76.08% 3.53% $107,861 R Laufmann 500,000 14 Oct 24 13 Oct 28 $0.79 74.13% 3.82% $127,895 N Dwyer 100,000 17 Dec 24 20 Dec 28 $0.89 71.68% 4.08% $27,680 The fair value of options issued as remuneration is allocated over the vesting period of the options. Options are provided at no cost to the recipients. In respect of fully vested options issued, the fair value is recognised in the financial period in which the options are granted. Performance Rights Granted as Remuneration to KMP The following performance rights were issued as remuneration to Key Management Personnel during the period ended 30 June 2026: KMP Number of Rights Grant Date Expiry Date Performance Condition Total Value of Rights J Bruce 2,310,345 29 Jan 2026 29 Jan 2031 310,345 are subject to the following vesting conditions with performance measured on the measurement dates of 30 June 2026, 30 June 2027 and 30 June 2028 (‘Measurement Dates’) as follows 50% subject to cumulative performance of the Company’s share price since 30 June 2025 relative to the GDXJ gold index (1/3 vesting at each of the abovementioned Measurement Dates); and 50% subject to continuity of employment with the Company (1/3 vesting at each of the abovementioned Measurement Dates). 2,000,000 performance rights will vest subject to the following market capitalisation milestones being achieved: 1,000,000 vesting upon the Company achieving a $1.5 billion fully diluted market capitalisation for > 45 days in a 90-day period by 31 December 2027; and 1,000,000 vesting upon the Company achieving a $2.0 billion fully diluted market capitalisation for > 45 days in a 90-day period by 31 December 2028. $1,190,655 G Solly 651,011 17 Dec 25 11 Nov 2030 Subject to the following vesting conditions with performance measured on the measurement dates of 30 June 2026, 30 June 2027 and 30 June 2028 (‘Measurement Dates’) as follows: 50% subject to cumulative performance of the Company’s share price since 30 June 2025 relative to the GDXJ gold index (1/3 vesting at each of the abovementioned Measurement Dates); and 50% subject to continuity of employment with the Company (1/3 vesting at each of the abovementioned Measurement Dates). $527,753 N Dwyer 413,175 11 Nov 2025 11 Nov 2030 Subject to the following vesting conditions with performance measured on the measurement dates of 30 June 2026, 30 June 2027 and 30 June 2028 (‘Measurement Dates’) as follows: 50% subject to cumulative performance of the Company’s $325,722
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 26 of 90 KMP Number of Rights Grant Date Expiry Date Performance Condition Total Value of Rights share price since 30 June 2025 relative to the GDXJ gold index (1/3 vesting at each of the abovementioned Measurement Dates); and 50% subject to continuity of employment with the Company (1/3 vesting at each of the abovementioned Measurement Dates). T Mason 413,175 11 Nov 2025 11 Nov 2030 Subject to the following vesting conditions with performance measured on the measurement dates of 30 June 2026, 30 June 2027 and 30 June 2028 (‘Measurement Dates’) as follows: 50% subject to cumulative performance of the Company’s share price since 30 June 2025 relative to the GDXJ gold index (1/3 vesting at each of the abovementioned Measurement Dates); and 50% subject to continuity of employment with the Company (1/3 vesting at each of the abovementioned Measurement Dates). $325,722 No performance rights were issued as remuneration to Key Management Personnel during the period ended 30 June 2025. The fair value of performance rights issued as remuneration is allocated over the vesting period of the performance rights. Performance rights are provided at no cost to the recipients. Exercise of Equity-Based Remuneration Granted to KMP 612,833 performance rights granted as remuneration during the current or prior financial period have been exercised into shares by Gareth Solly for $Nil. No options granted as remuneration during the current or prior financial period have been exercised into shares. Equity Instrument Disclosures Relating to Key Management Personnel Option Holdings Key Management Personnel have the following interests in options over unissued shares of the Company at year end: Name Balance at start of period Received during the period as remuneration Exercised Forfeited/ lapsed/ other Balance at end of period Vested and exercisable at the end of the period 2026 Non-Executive Directors P Chapman1 1,000,000 - (200,000) - 800,000 800,000 L Davis2 1,000,000 - - (1,000,000) - - D Bosio 700,000 - - - 700,000 700,000 R Laufmann3 533,333 - (33,333) - 500,000 500,000 A Rivamonte4 - 500,000 - - 500,000 500,000 Executive Director J Bruce - - - - - - G Solly - - - - - - 2026 Other Executive KMP N Dwyer 400,000 - - - 400,000 400,000 T Mason5 - 500,000 - - 500,000 500,000
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 27 of 90 Name Balance at start of period Received during the period as remuneration Exercised Forfeited/ lapsed/ other Balance at end of period Vested and exercisable at the end of the period Total 3,633,333 1,000,000 (233,333) (1,000,000) 3,400,000 3,400,000 1 200,000 Options exercised by P Chapman on 11 September 2025. 2 1,000,000 Options held by L Davis no longer included on date ceased to be a director (on 27 November 2025). 3 33,333 Options exercised by R Laufmann on 6 October 2025. 4 500,000 Options granted to A Rivamonte on 3 September 2025 on appointment. Performance Rights Holdings Key Management Personnel have the following interests in performance rights of the Company at year end: Name Balance at start of period Received during the period as remuneration Exercised Forfeited/ lapsed/ other Balance at end of period Vested and exercisable at the end of the period 2026 Executive Director J Bruce1 - 2,310,345 - - 2,310,345 51,724 G Solly2 1,316,689 651,011 (612,833) (1,354,867) - - Other Executive KMP N Dwyer3 1,300,000 413,175 - - 1,713,175 502,196 T Mason3 - 413,175 - - 413,175 68,863 Total 2,616,689 3,787,706 (612,833) (1,354,867) 4,436,695 622,783 1 Performance rights issued pursuant to LTI plan on 29 January 2026 2 Performance rights issued pursuant to LTI plan on 15 December 2025. G Solly final holding of 1,354,867 performance rights on ceasing to be a director on 11 February 2026. 3 Performance rights issued pursuant to LTI plan on 11 November 2025 Name Balance at start of period Received during the period as remuneration Exercised Forfeited/ lapsed/ other Balance at end of period Vested and exercisable at the end of the period 2025 Executive Director G Solly 1,316,689 - - - 1,316,689 260,905 Other Executive KMP N Dwyer 1,300,000 - - - 1,300,000 - Total 2,616,689 - - - 2,616,689 260,905 Share Holdings The number of shares in the Company held during the financial period by Key Management Personnel, including their related parties is set out below. There were no shares granted during the reporting period as compensation.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 28 of 90 Name Balance at start of the year Received during the year on exercise of options Other changes during the period Balance at the end of the year 2026 Non-Executive Directors P Chapman1 10,239,800 200,000 - 10,439,800 L Davis2 6,738,571 - (6,738,571) - D Bosio 2,700,000 - - 2,700,000 R Laufmann3 909,940 33,333 - 943,273 A Rivamonte4 - - 50,000 50,000 Executive Director G Solly5 2,525,000 612,833 (3,137,833) - Other Executive KMP N Dwyer 151,111 - - 151,111 Total 23,264,422 846,166 (9,826,404) 14,284,184 1 200,000 Options exercised by P Chapman on 11 September 2025. 2 L Davis final holding of 6,738,571 shares on ceasing to be a director on 27 November 2025. 3 33,333 Options exercised by R Laufmann on 6 October 2025. 4 50,000 Shares acquired on market by A Rivamonte on 27 March 2026. 5 G Solly final holding of 3,137,833 shares on ceasing to be a director on 11 February 2026. Name Balance at start of the year Received during the year on exercise of options Other changes during the period Balance at the end of the year 2025 Non-Executive Directors P Chapman1 9,599,131 222,222 418,447 10,239,800 L Davis2 6,407,089 155,556 175,926 6,738,571 D Bosio3 - - 2,700,000 2,700,000 R Laufmann4 - - 909,940 909,940 T Polglase5 170,001 - (170,001) - Executive Director G Solly 2,525,000 - - 2,525,000 Other Executive KMP N Dwyer6 111,111 - 40,000 151,111 Total 18,812,332 377,778 4,074,312 23,264,422 1 Mr Chapman purchased 418,447 shares pursuant to a share placement during the year. 2 Mr Davis purchased 175,926 shares pursuant to a share placement during the year. 3 Mr Bosio held 2,500,000 shares on appointment and purchased 200,000 shares pursuant to a share placement during the year. 4 Mr Laufmann held 525,325 shares on appointment and purchased 384,615 shares pursuant to a share placement during the year. 5 Mr Polglase final holding on resignation at 25 July 2024. 6 Mr Dwyer purchased 40,000 shares pursuant to a share placement during the year. End of Remuneration Report
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS REPORT (CONTINUED) Page 29 of 90 OFFICERS’ INDEMNITIES AND INSURANCE During the period, the Company paid an insurance premium to insure certain officers of the Company. The officers of the Company covered by the insurance policy include the directors named in this report. The Directors’ and Officers’ Liability insurance provides cover against costs and expenses that may be incurred in defending civil or criminal proceedings that fall within the scope of the indemnity, and that may be brought against the officers in th eir capacity as officers of the Company. The insurance policy does not contain details of the premium paid in respect of individual officers of the Company. Disclosure of the nature of the liability cover and the amount of the premium is subject to a confidentiality clause under the insurance policy. The Company has not provided any insurance for an auditor of the Company. PROCEEDINGS ON BEHALF OF THE COMPANY No person has applied to the Court under Section 237 of the Corporations Act 2001, for leave to bring proceedings on behalf of the Company or Group, or to intervene in any proceedings to which the Company or Group is a party, for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings. NON-AUDIT SERVICES Where non-audit services are provided to the Group by the auditor the board satisfies itself that the provision of any non-audit services is compatible with, and does not compromise, the auditor independence requirements of the Corporations Act 2001. No non-audit services were provided by the auditor during the financial year AUDITOR’S INDEPENDENCE DECLARATION A copy of the Auditor’s Independence Declaration as required under Section 307C of the Corporations Act is set out on the following page. This report is made in accordance with a resolution of the Directors. Dated at Perth this 31 st day of August 2026. James Bruce Managing Director
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 SUSTAINABILITY REPORT Page 31 of 90 Black Cat Syndicate Limited – Mandatory Climate-related Financial Disclosures (AASB S2) For the year ended 30 June 2026 1 Introduction This report represents a set of climate -related financial disclosures for Black Cat Syndicate Limited and its subsidiaries (collectively, Black Cat) for the year ended 30 June 2026. Black Cat is required to prepare and release this report as it is classified as a Group 1 reporter for the purposes of sustainability reporting. These disclosures have been prepared in accordance with AASB S2 Climate -related Disclosures, which is the mandatory Australian Sustainability Reporting Standard (ASRS) that has been issued by the Australian Accounting Standards Board (AASB). This report forms part of the Black Cat’s general purpose financial report for the year ended 30 June 2026 and should be read in conjunction with the related consolidated financial statements. The data and assumptions used in preparing the climate related financial disclosures are, to the extent possible, consistent with those used in preparing the consolidated financial statements. Financial amounts are presented in Australian Dollars (AUD), consistent with the presentation currency of the related consolidated financial statements. Black Cat has elected to apply the following transition reliefs permitted by AASB S2: • Relief from the requirement to disclose comparative information for sustainability-related financial disclosures; and • Relief from the requirement to disclose Scope 3 emissions. Black Cat has further applied the jurisdictional relief for the measurement of Scope 1 and 2 Greenhouse Gas (GHG) emissions from sources within facilities that fall under the National Greenhouse and Energy Reporting Scheme (NGER Scheme) to be measured in accordance with the National Greenhouse and Energy Reporting Act 2007 (NGER Act). Scope 1 and 2 emissions that arise from sources that fall outside the scope of facilities reported under the NGER Scheme are measured in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard 2004. 1.1. Information sources and management judgements In preparing this report, Black Cat used a combination of internal operational data, including fuel, electricity, land-clearing and other activity records, climate risk assessment outputs, climate scenario analysis (CSA), financial information and publicly available climate -related information from recognised regulatory, scientific and technical sources. These include data, methodologies and climate information published by organisations such as the Clean Energy Regulator (CER), Bureau of Meteorology (BoM), Commonwealth Scientific and Industrial Research Organisation (CSIRO), and other authoritative sources, where relevant. External climate and sustainability specialists were engaged to support the development of Black Cat’s FY26 GHG emissions inventory, climate risk assessment and scenario analysis. Management has reviewed and assessed the relevance and suitability of the data, assumptions and external information used in preparing these disclosures and considers them appropriate for the purposes of climate-related financial reporting. Certain disclosures in this report, including CSA, assessments of anticipated Climate-related Risks and Opportunities (CRROs), and discussions of potential future operational and financial effects, involve significant management judgement and are based on assumptions relating to future events and conditions that are inherently uncertain. 1.1.1. Determination of reporting boundary The Group applied judgement in determining the organisational and operational boundaries used for the purposes of this report. In establishing the reporting boundary, management considered the information that would be most useful to users of the Group's general purpose financial reports and sought to align climate-related disclosures with the reporting entity presented in the Group's FY26 financial statements. Accordingly, the organisational boundary is consistent with entities controlled by the Group for financial reporting purposes. For greenhouse gas emissions reporting, the Group adopted an operational control approach, under which emissions from facilities and activities over which the Group has the authority to introduce and implement operating policies are included i n the emissions inventory. Management reviewed the Group's operating structure, project portfolio and controlled activities in determining the appropriate reporting boundary for the reporting period. This judgement is significant because the reporting boundary determines which operations, projects, facilities and activities are included within the assessment of climate -related risks and opportunities and the measurement of climate-related metrics. The Group's application of jurisdictional relief for facilities subject to the National Greenhouse and Energy Reporting (NGER) Scheme affects the measurement of emissions for those facilities but does not determine the reporting boundary itself.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 SUSTAINABILITY REPORT (CONTINUED) Page 32 of 90 1.1.2. Materiality Consistent with AASB S2, CRROs included in this report are those that management reasonably expects could affect Black Cat’ s cash flows, access to finance or cost of capital over the short, medium or long term. In making this assessment, Black Cat considered the current and anticipated effects of climate -related risks and opportunities on the Company's prospects, together with qualitative and quantitative factors, where available. Assessments of CRROs were performed with reference to Black Cat’s operating assets, project portfolio, reporting boundary and relevant activities across its value chain as they existed during FY26. These assessments were based on information reasonably available at the reporting date and may evolve as Black Cat’s operations, projects and the external environment changes. 1.1.3. Scenario selection Management determined that the use of IPCC Shared Socioeconomic Pathways (SSPs) SSP1 -1.9 and SSP3 -7.0 provided a sufficiently broad range of plausible climate futures to both assess climate -related risks and assess the resilience of Black Cat’s strategy and business model. In making this judgement, management considered the nature of Black Cat’s operations, CRROs, and the need to assess both transition-related and physical climate- related impacts. The selected scenarios were also considered appropriate for evaluating the potential effects of climate change across the short, medium and long term. Black Cat's CSA and resilience assessment involved significant judgement and are subject to inherent uncertainty. For example, projected temperature changes represent the average of a likely range of temperature increases. Additionally, the CSA incorporate s assumptions regarding future GHG emissions pathways, temperature and rainfall trends, policy and regulatory developments, technological change, energy markets and broader economic conditions. 1.1.4. Measurement uncertainty The measurement of Scope 1 and Scope 2 GHG emissions involves estimation uncertainty arising from the use of activity data, emission factors and modelling assumptions. For emission sources subject to the NGER Act, emissions have been measured using methodologies and emission factors prescribed under the National Greenhouse and Energy Reporting (Measurement) Determination 2008 and other applicable legislative requirements. The estimation of land-clearing emissions incorporates assumptions relating to vegetation characteristics, carbon stocks and model inputs and is therefore subject to a higher degree of estimation uncertainty than directly measured emission sources. Accordingly, reported GHG emissions may change over time as activity data is refined, emission factors are updated, modelling methodologies evolve or underlying assumptions are revised. Land-clearing emissions are monitored separately from operational emissions when assessing underlying emissions performance and year -on-year emissions trends. The magnitude of land -clearing emissions may vary between reporting periods depending on the timing and scale of future development activities. 2 Corporate overview Black Cat is an Australian gold mining and exploration company with current operations and projects across the Goldfields, Pilbara and East Kimberley regions of WA. Black Cat’s portfolio comprises the Kal East Gold Project (Kal East) near Kalgoorlie, the Paulsens Gold Operation (Paulsens) in the Pilbara, the Coyote Gold Operation (Coyote) in the East Kimberley, the Mt Clement antimony project near Paulsens (Mt Clement). Kal East also includes the 1.2mtpa processing facility (Lakewood) also the Myhree and Boundary joint operation which were in operation during the FY26. Black Cat’s corporate office is in Perth. During FY26, Black Cat’s principal activities were gold mining and processing at Kal East and Paulsens. Coyote remained in care and maintenance, while exploration activities continued across the broader portfolio, including at Mt Clement. 3 Governance 3.1. Overview of climate-related governance FY26 focused on implementing the governance, risk assessment and reporting processes required to support climate-related financial disclosures and oversight of CRROs. During FY26, oversight of CRROs was undertaken through Black Cat's existing Board and management governance processes. Climate-related matters were considered within broader strategic, operational, risk management and reporting discussions where relevant through existing risk management and operational processes. Existing processes do not consider trade-offs associated with CRROs.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 SUSTAINABILITY REPORT (CONTINUED) Page 33 of 90 3.2. Development of the Climate Governance Framework Black Cat developed the foundational elements of its climate governance framework during FY26 to support oversight of CRROs. Whilst this framework was being developed throughout the reporting period, climate -related governance remained integrated within existing Board and management structures. 3.3. Board and audit and risk committee oversight The Board retains overall responsibility for oversight of CRROs and for approving Black Cat's climate-related disclosures. Matters considered during the reporting period included climate-related risk assessment outcomes, scenario analysis results, GHG emissions information and draft climate-related disclosures prepared by management. Climate-related matters were reported to the Audit and Risk Committee (ARC) and Board as part of the Group's sustainability reporting activities for FY26. Given the developing nature of the Group's climate governance framework, climate- related matters were considered in the context of supporting the Group's inaugural AASB S2 reporting process, rather than through a formally established reporting cadence. Black Cat did not establish any voluntary climate -related targets during FY26 and was not subject to any legislative or regulatory requirements to do so (including under the Safeguard Mechanism). Accordingly, no formal Board or ARC processes were required to be in place to monitor performance against climate-related targets. Climate-related performance measures were also not incorporated into executive remuneration outcomes during FY26. 3.4. Management’s role in climate-related governance Management oversaw the development of Black Cat's climate-related reporting framework and assessment processes during FY26. Management was responsible for: • coordinating CRRO assessments; • overseeing emissions reporting; • reviewing disclosures; • engaging specialists; and • reporting material matters to the ARC and Board. 3.5. Climate-related skills and capabilities During FY26, the processes established to support AASB S2 reporting improved management's and the Board's understanding of Black Cat's exposure to CRROs and informed consideration of climate-related matters in broader business activities. The Board and management determine whether appropriate skills and competencies are available to oversee strategies designed to respond to CRROs through consideration of the skills, experience and expertise of directors and management, together with the use of external advisers and subject matter specialists. Black Cat recognised that climate-related financial reporting and climate risk assessment represent emerging areas requiring specialised skills and expertise and engaged external climate and sustainability specialists to provide technical expertise. The Board and management intend to continue to assess the climate -related capabilities and resources required to support ongoing reporting obligations, climate governance framework improvements and strategic responses to climate-related risks and opportunities. 3.6. Climate-related roles and responsibilities Climate-related responsibilities were allocated during the reporting period across existing corporate functions including the Board, ARC, executive management, finance, sustainability, legal and operational teams (see Table 1). These responsibilities supported the monitoring, managing and oversight of CRROs during FY26. Board and management oversight is exercised over the following corporate functions through existing governance and reporting structures. Management utilises existing risk management controls and procedures to support the oversight of CRROs. While climate-related responsibilities were assigned to relevant functions during the reporting period, not all responsibilities had been formally incorporated into Board and committee charters, corporate policies or position descriptions as at 30 June 2026. Black Cat expects its governance framework to continue evolving as climate- related responsibilities, reporting requirements and governance practices become more formally integrated into the organisation.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 SUSTAINABILITY REPORT (CONTINUED) Page 34 of 90 Table 1: Climate-related roles and responsibilities Role Responsibility Board (including ARC) • Overall oversight of climate-related risks and opportunities. • Consideration of climate-related matters in strategy and major business decisions. • Approval of the sustainability report and AASB S2 disclosures. • Review and approve climate-related risk assessment outcomes, scenario analysis and material climate-related matters. • Review and approve management's development of climate-related reporting processes and controls and receive updates on progress. • Support management's planned integration of climate-related risks into Black Cat's broader risk management framework. Executive Management • Assess climate-related risks and opportunities. • Integrate climate-related considerations into strategic planning, operational decision-making and risk management processes. • Review and endorse material climate-related disclosures prior to submission to the ARC and Board. CFO • Oversee preparation of climate-related disclosures. • Maintain reporting and control processes supporting climate-related reporting. • Ensure consistency between climate-related disclosures and Black Cat’s financial and external reporting. Risk and Sustainability Manager • Lead the identification, assessment and reporting of CRROs. • Maintain the climate reporting framework, including scenario analysis, assessments and emissions disclosures. • Coordinate climate-related data, documentation and assurance activities to support AASB S2 compliance. Operations and site General Managers • Identify site-specific risks and report climate events resulting in operational issues. • Support climate risk assessments, scenario analysis and data collection activities for their respective operations. • Implement and monitor risk mitigation actions and operational controls for climate-related risks. Finance Team • Support assessment of actual and potential financial effects of climate-related risks and opportunities. • Provide financial information used in climate-related assessments and disclosures. • Collect, maintain and retain supporting energy consumption and emissions-related records. Legal • Provide advice on applicable legal and regulatory requirements affecting Black Cat. • Support governance and approval processes relating to climate-related disclosures. 4 Risk Management 4.1 Risk Identification During FY26, Black Cat undertook a climate -related risk assessment to identify and assess CRROs that could reasonably be expected to affect the entity’s prospects (cashflows, cost of capital and access to finance) across its operations, projects and value chain. The assessment considered climate scenario analysis outcomes, historical weather and climate- related events, physical climate hazards relevant to the regions in which Black Cat operates, transition-related developments, and operational and asset -specific information. The assessment was supported by external climate and sustainability specialists, who facilitated workshops with operational leaders from Kal East and Paulsens to identify and assess site-specific climate-related risks and opportunities. Black Cat also considered existing insurance and engineering assessments as an input to understanding exposure to physical climate hazards across its operating assets. These assessments provide insights into asset vulnerability, operational disruption risk s and the potential severity of impacts associated with physical hazards relevant to the Black Cat’s geographically dispersed operations. While these assessments are primarily designed for insurance and operational risk
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 SUSTAINABILITY REPORT (CONTINUED) Page 35 of 90 management purposes and are generally based on current asset configurations and conditions, they provided a useful input into the Black Cat’s qualitative assessment of physical climate-related risks during FY26. Climate-related risks and opportunities were assessed across the Black Cat’s defined short -, medium- and long-term time horizons and evaluated based on their potential effect on operations, project development activities and Black Cat’s prospects. 4.2 Risk management During FY26, the assessment of CRROs was primarily undertaken to support climate -related financial reporting and was performed separately from Black Cat's formal enterprise risk management framework. While Black Cat maintained operational controls and risk management processes relevant to certain climate -related hazards, identified CRROs were not subject to dedicated climate-specific monitoring, prioritisation or reporting processes during the FY26 reporting period. The outcomes of the assessment have infor med management's understanding of CRROs and are intended to support the progressive integration of climate-related considerations into Black Cat's broader risk management processes as its climate governance framework continues to mature. 5 Strategy Black Cat's climate-related response during FY26 focused on understanding how identified CRROs may affect its operations, project development activities and prospects across its value chain. 5.1 Mapping the value chain In the assessment of CRROs, the upstream and downstream value chain was considered using all reasonable and supportable information available without undue cost or effort for a comprehensive understanding of the CRROs. Black Cat’s value chain encompasses the activities required to explore, develop, operate and rehabilitate mining assets. Core activities include exploration, mine development, mining, Ore processing, gold production and sale, and rehabilitation. These activities are supported by a range of inputs and services, including the supply and transport of fuel, electricity, water, consumables, equipment and contractor services. The remote location of many operations increases’ reliance on transport, energy and water infrastructure and influences exposure to climate-related risks and opportunities. Black Cat’s operations are primarily located in regional and remote areas of WA, with Ore extracted from mining operations p r o c e s s e d i n t o g o l d d o r é f o r r e fi n i n g a n d s u b s e q u e n t s a l e . T h e v a l u e c h a i n a l s o i n c l u d e s r e l a t i o n s h i p s w i t h s u p p l i e r s , contractors, logistics providers and refineries (customers) that support Black Cat’s mining and processing activities. 5.2 Time horizons Black Cat assessed the CRROs across short, medium and long-term time horizons. These time horizons have been determined with reference to Black Cat’s business strategy, asset development lifecycle, mine planning processes, capital allocation framework and expected life of operating and development assets. The selected horizons reflect the periods over which management and the Board make decisions regarding operational planning, production, project development, sustaining and growth capital investment, and long-term asset management and closure obligations. Management considers these horizons are appropriate for assessing the potential impacts of climate -related risks and opportunities on Black Cat's cash flows, access to finance and cost of capital. • Short term (0 -3 years): reflects the period covered by detailed operational planning, annual budgeting, production forecasting and near- term capital allocation decisions for Black Cat's operating assets. This horizon aligns with management's current focus on production performance, operational risk management and execution of approved development activities. • Medium term (3-10 years): reflects the period over which Black Cat evaluates mine plan development, resource and reserve conversion, asset optimisation opportunities, sustaining and growth capital investment, and restart or development decisions for existing projects. This horizon is consistent with the timeframe over which many strategic investment and project development decisions are assessed. • Long term (greater than 10 years): reflects periods beyond current detailed mine planning horizons and captures the potential effects of longer-term climate trends on future project development opportunities, major infrastructure decisions, operational resilience, rehabilitation obligations and closure planning. This horizon is relevant given the relatively long life of mining assets and the potential for climate -related risks and opportunities to influence investment outcomes over multiple decades. 5.3 Climate-related risks and opportunities 5.3.1 Climate-related risks Black Cat is exposed to both physical and transition climate-related risks across its mining operations, development projects, exploration activities and supporting corporate functions, including its supply chain.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 SUSTAINABILITY REPORT (CONTINUED) Page 36 of 90 Mining and associated activities are subject to inherent risks and are dependent upon a number of conditions beyond the control of the Company that can affect the costs and production schedules. These risks and conditions include adverse weather, natural d isasters and environmental hazards (physical risks) and transition risks associated with a decarbonising economy. CRROs identified are through the lens of asset stage, because exploration, restart, production, and closure each face different climate exposures and require different mitigation plans. For example, operating sites need short-term resilience measures; restart assets need climate-ready design before capital is sunk; and closure assets need climate-adjusted rehabilitation and decommissioning plans. Further, the geographic diversity of Black Cat's operations results in differing climate -related exposures across the portfolio. Black Cat’s primary exposures relate to water availability, extreme heat, weather disruption, energy dependence and transition risks associated with a decarbonising economy. Climate -related risks were assessed across short, medium and long -term time horizo ns using two climate scenarios in Table 2 to evaluate potential impacts on Black Cat's operations, workforce, infrastructure and supply chain. 5.3.2 Climate-related opportunities Black Cat has identified opportunities associated with energy efficiency, renewable and hybrid power systems, electrification, water management and climate-resilient project design. These opportunities arise from the Company's operating footprint, energy r equirements and future project development activities. Key opportunities and potential operational effects are summarised in Table 2.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 SUSTAINABILITY REPORT (CONTINUED) Page 37 of 90 Table 2: Information about CRROs CRRO Type Scenario Most Relevant Primary Assets / Operations Key Site-Specific Exposure Time Horizon Current Operational and Financial Effects (FY26) Anticipated Operational and Financial Effects Current and Future Mitigation / Response Extreme heat and rising temperatures Physical (chronic) SSP3-7.0 Kal East, Paulsens, Coyote (when operational) Kal East: workforce heat exposure during mining and processing operations. Paulsens: underground and surface heat exposure. Coyote: elevated heat exposure associated with remote operations and future restart activities. Short, medium, long-term Heat management procedures implemented during FY26. Workforce resources directed towards heat management, safety and operational planning. No material financial impacts identified during FY26. Capital costs were $0.1M across all asset/operations. Increasing temperatures may increase workforce heat stress, reduce productivity, affect equipment performance and increase maintenance requirements. May result in increased operating costs and future investment in workforce and infrastructure resilience measures. Capital costs for mitigation projects are estimated to be in the order of $3-5M across all asset/operations over the coming two years. Heat management (including mine cooling), workforce monitoring, hydration controls, cool rooms, weather monitoring and operational planning. Climate considerations incorporated into project planning and operational decision-making. Water availability and water scarcity Physical (chronic) SSP3-7.0 Kal East and Paulsens Kal East: water availability for processing operations. Paulsens: reliance on regional groundwater sources and water infrastructure. Medium and long-term Ongoing monitoring of water availability. Development of a new bore at Paulsens to diversify water supply. Water management activities form part of normal operational expenditure and infrastructure planning. Capital costs were $0.2M across all asset/operations. Reduced water availability may constrain processing activities, increase competition for water resources and require investment in additional water infrastructure, potentially affecting operating costs and processing throughput. Capital costs for mitigation projects are estimated to be in the order of $4-5M across all asset/operations over the coming two years. Water balance management, bore monitoring, water management planning and development of additional water sources, including borefield expansions. Severe weather events (storms, cyclones, flooding) Physical (acute) SSP3-7.0 Paulsens, Coyote and exploration activities Paulsens: exposure to cyclonic weather systems and transport disruption. Coyote: extreme remoteness and weather-related access constraints. Exploration activities: exposure to seasonal weather variability. Short, medium, long-term Rainfall events resulted in minor operational delays and scheduling inefficiencies during FY26. No material financial impacts identified. More frequent or severe weather events may disrupt production, transport networks and site access, resulting in increased operating costs, supply chain disruption, infrastructure repair expenditure and reduced operational reliability. Capital costs for mitigation projects are estimated to be in the order of $0.1-1.0M across all asset/operations over the coming year. Emergency response arrangements, weather forecasting, contingency planning, strategic stockpiling and mine planning that considers seasonal weather constraints. Multiple site access routes and diesel storage maintained where appropriate. Reliance on carbon- intensive energy sources Transition SSP1-1.9 Kal East, Paulsens, Coyote and exploration activities Paulsens and Coyote are remote operations with significant reliance on diesel generation and fuel transport. Portfolio-wide reliance on diesel-powered mobile equipment. Short and medium- term Operations remain heavily reliant on diesel-powered equipment and power generation. No material direct financial impacts identified during FY26. May require investment in alternative energy infrastructure, hybrid power systems, electrification opportunities and emissions reduction initiatives. Could increase short-to- medium term capital expenditure while reducing long-term fuel price and transition risk exposure. No material direct financial impacts anticipated. Operational efficiency initiatives, evaluation of renewable and hybrid power opportunities, ongoing assessment of electrification opportunities and energy transition solutions. Emissions regulation and decarbonisation requirements Transition SSP1-1.9 Paulsens, Coyote and future development projects Future projects and remote operations may be more exposed to evolving emissions-related obligations and stakeholder expectations. Medium and long-term Climate reporting obligations increased management effort and external advisory costs. No material direct financial impacts identified. Future regulatory developments may increase compliance obligations, reporting requirements and investment in emissions reduction initiatives, potentially increasing operating and capital costs. No material direct financial impacts anticipated. Regulatory monitoring, emissions reporting, climate scenario analysis and ongoing assessment of climate- related regulatory developments. Renewable energy, hybrid power, energy efficiency and electrification opportunities Opportunity SSP1-1.9 Portfolio-wide Most relevant to remote operations currently reliant on diesel generation and fuel transport. Medium and long-term Preliminary assessment of renewable energy, hybrid power and energy efficiency opportunities undertaken during FY26. No material financial impacts identified during FY26. May reduce diesel consumption, improve energy security, lower long-term operating costs and reduce exposure to fuel price volatility and transition-related risks. No material direct financial impacts anticipated. Monitoring and evaluation of renewable generation, battery storage, hybrid power systems, electrification opportunities and energy efficiency initiatives. Climate-resilient asset and project design Opportunity Both Mt Clement, Coyote and future development projects Greatest relevance to future development, restart and infrastructure investment decisions. Medium and long-term Climate-related considerations incorporated into selected project planning, risk assessment and development review activities during FY26. No material financial impacts identified during FY26. May improve resilience to physical climate impacts, reduce future retrofit requirements and support operational reliability throughout asset life. No material direct financial impacts anticipated. Integration of climate-related considerations into project development, infrastructure planning and capital allocation processes.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 SUSTAINABILITY REPORT (CONTINUED) Page 38 of 90 5.3.3 CRRO management Black Cat's climate risk assessment identified physical climate hazards including extreme heat, severe weather events and changing rainfall patterns as potential risks to Black Cat's operations. In response, climate -related considerations are increasingly being incorporated into operational planning, project development and capital allocation decisions. The mitigation and adaptation actions detailed in the table above for FY26 were resourced through operating cashflows. During FY26, Black Cat did not separately track or allocate capital expenditure, financing or investment specifically attributable to CRROs. Climate -related considerations were incorporated into existing operational expenditure, risk management activities, project development assessments and capital allocation decisions where relevant. Accordingly, management has estimated $0.3M spent on climate- related capital deployment for FY26 per Table 2. Black Cat also considered existing insurance and engineering assessments as an input to understanding exposure to physical climate hazards across its operating assets. These assessments provide insights into asset vulnerability; operational disruption risks and the potential severity of impacts associated with physical hazards relevant to the Black Cat’s geographically dispersed operations. While these assessments are primarily designed for insurance and operational risk management purposes and are generally based on current asset configurations and conditions, they provided a useful input into the Black Cat’s qualitative assessment of physical climate-related risks during FY26. 5.3.4 Strategic implications The CSA considered Black Cat's capacity to respond and adapt to climate -related risks under the scenarios assessed. Based on the qualitative assessment undertaken, using information reasonably available at the reporting date, management did not identify any climate-related risks or opportunities that would require a fundamental change to Black Cat's business model, operating portfolio or development pipeline under either scenario. Given the uncertainty inherent in long -term climate projections and future economic and regulatory conditions, actual outcomes may differ from those contemplated in the scenarios assessed. 5.3.5 Financial position, financial performance and cash flows No climate- related risks and opportunities is expected to create a significant risk of material adjustment within the next reporting period. Given Black Cat’s strategy to manage its CRROs, including its investment and disposal plans and planned sources of funding, over the short, medium and long term is not expected to have a material impact on the Groups’ financial position or financial performance and cashflows. Quantitative information for anticipated effects has not been disclosed due to high measurement uncertainty. The combined anticipated financial effects of climate-related risks and opportunities are $7.1-11.0M per Table 2. 5.4 Climate scenario analysis CSA explores how the future could evolve under a range of plausible, but hypothetical, conditions shaped by different emissions pathways, policy responses, technological developments, and climate outcomes. While these scenarios are not forecasts, they assist Black Cat in understanding the effects of CRROs on its operations and the resilience of its strategy and business model. During FY26, Black Cat performed a qualitative CSA using two externally recognised IPCC Shared Socioeconomic Pathway (SSP) scenarios to identify climate-related risks and assess the resilience of its business model and strategy: • SSP 1 -1.9, representing a lower warming future 2 associated with rapid global decarbonisation and increased transition pressures; and • SSP 3-7.0, representing a higher warming future3 with more severe physical climate impacts. Table 3 summarises the key assumptions and implications associated with each scenario. 2 Limit warming to 1.5°C by the end of the century, with no or limited overshoot. Note, limited overshoot refers to exceeding 1.5°C global warming b y up to about 0.1°C for up to several decades but returning to under 1.5°C by the end of the century. 3 Consistent with approximately 4°C warming by the end of the century.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 SUSTAINABILITY REPORT (CONTINUED) Page 39 of 90 Table 3: Modelled climate scenarios Scenario Assumptions Key implications for Black Cat SSP 1-1.9 Rapid global decarbonisation; accelerated deployment of lower-emission technologies; increasing stakeholder expectations regarding emissions performance; continued transition of electricity systems towards lower-emission energy sources. Macroeconomic assumptions include: - Global GDP continues to grow at 2-3% annually, supported by investment in renewable energy, electrification, and green infrastructure. - Carbon pricing and climate regulations increase operating costs for emissions-intensive industries. Increased focus on energy efficiency and energy transition initiatives to reduce dependency on fossil fuels; potential future investment in renewable energy and hybrid power systems, and electrification of assets using diesel; increased management focus on emissions and climate- related performance. SSP 3-7.0 Limited global mitigation action; higher global temperature outcomes; more frequent extreme heat events and increasing physical climate impacts. Macroeconomic assumptions show inflationary pressures increase due to rising energy and commodity prices. Assumptions on energy were that fossil fuels remain a significant part of the energy mix, with gradual renewable uptake, and energy demand continues to increase due to population growth and industrial development. Technology assumptions have carbon capture and storage (CCS) technologies develop more slowly than expected, delaying emissions reductions. Increased exposure to heat stress, weather-related operational disruption, water management challenges, reduced workforce productivity and higher infrastructure resilience requirements. The assessment included Kal East, Paulsens, Coyote, Mt Clement and exploration activities and was undertaken across Black Cat's short, medium and long-term planning horizons. The analysis covered all Black Cat activities and focused on the climate- related risks identified by Black Cat, including extreme heat, water availability, severe weather events and reliance on carbon- intensive energy sources. Additionally, the analysis identified different risk profiles under the two scenarios assessed. Under SSP1 -1.9, transition -related risks become increasingly relevant as governments, markets and energy systems accelerate decarbonisation. For Black Cat, this scenario primarily increases exposure to future energy transition costs. Black Cat would respond to these effects through ongoing evaluation of energy efficiency initiatives, alternative energy solutions and other measures that may reduce reliance on diesel-powered operation. Under SSP3-7.0, physical climate-related risks become more pronounced. Increased temperatures, more frequent extreme heat events and greater weather variability may affect workforce productivity, operational reliability, water management and infrastructure performance across Black Cat’s operating portfolio. Black Cat would respond to these effects through ongoing management of haulage routes, site access, operational stockpiles and critical supply chains. While the CSA provides a structured assessment of potential future climate-related risks, it is subject to inherent limitations associated with climate modelling, including uncertainty in future GHG emissions pathways, the timing and magnitude of physical climate impacts, technological development, policy responses, market conditions and site- specific adaptation outcomes. 5.4.1 Resilience of Strategy and Business Model Under the modelled Climate Scenarios Black Cat assessed how identified CRROs could affect the resilience of its operating assets, development projects and exploration activities under the climate scenarios described above. This included consideration of potential effects on production activities, ore processing, workforce productivity, logistics, power supply, water availability, infrastructure resilience and future project development. Black Cat’s strategy of growing production and taking a strong exploration focus and business model focused on the exploration, development and operation of gold mining assets in Western Australia was assessed under the two scenarios. Based on the qualitative assessment undertaken, using information reasonably available at the reporting date, management did not identify that a fundamental change would be required to Black Cat's business model, operating portfolio or development pipeline under either scenario.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 SUSTAINABILITY REPORT (CONTINUED) Page 40 of 90 However, climate- related matters may influence future operating costs, mine planning, capital allocation decisions, infrastructure planning and project development activities over time. The availability of, and flexibility in, Black Cat’s existing financial resources to respond to the effects identified in the climate- related scenario analysis is based on operational cash flows in the future or other forms of external funding, if required. Management considers that Black Cat maintains a degree of flexibility to redeploy, repurpose, upgrade or decommission assets as part of its normal asset management, mine planning and capital allocation processes. The specific response adopted for any asset would depend on the nature, timing and significance of the effects of the climate -related risk or opportunity identified, together with operational, financial and strategic considerations at the relevant time. The assessment also indicated that Black Cat's current and planned investments, in particular its existing operational controls, provide a degree of resilience to the climate- related risks identified. These controls include heat management procedures, workforce protection measures, ROM stockpile strategies, flood protection infrastructure, water supply diversification initiatives, backup generation arrangements, weather monitoring, emergency response planning and cyclone management procedures. While these controls were generally considered effective under the scenarios assessed in the short term maintaining operational resilience in the medium and long term may require their continued review and enhancement as climate conditions, operating activities and asset portfolios evolve over time. 5.4.2 Validation using W A climate projections Black Cat considered the Western Australian Climate Projections Summary prepared by CSIRO and the Bureau of Meteorology as a regionally relevant reference source when assessing climate -related risks and validating scenario analysis outcomes. The projections broadly support the physical climate risks identified across Black Cat's operating regions. 6 Climate-related metrics and targets 6.1. Scope 1 and 2 GHG emissions inventory As noted above, Black Cat has applied the jurisdictional relief for the measurement of Scope 1 and 2 emissions from sources within facilities that fall under the National Greenhouse and Energy Reporting Scheme (NGER Scheme) to be measured in accordance with the National Greenhouse and Energy Reporting Act 2007 (NGER Act). Scope 1 and 2 GHG emissions that arise from sources not in scope of the NGER Scheme are measured in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard 2004 (GHG Protocol). Black Cat has applied recognised Australian emissions measurement methodologies and supporting guidance for measuring land-clearing emissions. Land-clearing emissions associated with the Fingals open pit at Kal East were estimated using the Carbon Credits (Carbon Farming Initiative) Methodology Determination 2015 – Avoided Clearing of Native Regrowth and outputs generated from the Full Carbon Accounting Model (FullCAM ), which are recognised Australian methods for estimating emissions associated with vegetation clearing. Management assessed the completeness of the emissions inventory by considering all activities within Black Cat’s operational boundary, including mining, processing, exploration, development and corporate activities. Emissions data was compiled using operational activity records and supporting source documentation. Climate-related metrics have been prepared using an operational control reporting boundary consistent with the GHG Protocol Scope 1 a • Total (absolute gross) Scope 1: 72,387 t CO₂-e o Operational Scope 1 emissions: 55,753 t CO₂-e o Land clearing Scope 1 emissions: 16,634 t CO₂-e • Total (absolute gross) Scope 2 emissions: 10,496 t CO₂-e • Total Scope 1 and 2 emissions: 82,883 t CO₂-e 4 Black Cat's FY26 GHG emissions were primarily attributable to diesel consumption across its mining and operational activities, purchased electricity and land-clearing activities associated with the Fingals open pit development. 6.2. Scope 3 emissions Scope 3 emissions have not been disclosed in FY26 due to transitional relief available under AASB S2. Black Cat intends to continue assessing Scope 3 reporting requirements. 4 includes Scope 1 emissions not reportable under NGER, but required under AASB S2 (e.g., WWTP, onsite landfill, refrigerant ga s) totals 121 t CO₂-e of scope 1 and additional immaterial scope 2 emissions of 36.5 t CO2 -e are not included in the FY26 NGER report. These emissions are included to ensure a complete GHG inventory under AASB S2.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 SUSTAINABILITY REPORT (CONTINUED) Page 41 of 90 6.3. Cross-industry climate-related metrics Cross-industry climate-related metrics provide additional information regarding Black Cat's exposure to CRROs and support users' understanding of how climate -related matters may affect Black Cat's operations and prospects. These metrics presented in Table 4 have been prepared using information available at the reporting date and reflect Black Cat's climate - related risk assessment and reporting processes as applied for FY26. Where reliable and supportable data was available, Black Cat has quantified selected climate -related metrics using information derived from operational records, GHG emissions data, climate risk assessment outputs and financial information. Quantified metri c s a r e i n t e n d e d t o p r o v i d e a n i n d i c a t i o n o f e x p o s u r e t o i d e n t i fi e d r i s k s a n d a l i g n m e n t w i t h i d e n t i fi e d opportunities, and climate-related activities. Table 4: Cross-Industry Climate-related Metrics Risk / Opportunity Category Metric Amounts of activities and assets vulnerable to risks or aligned to opportunities Transition risk Reliance on carbon-intensive energy sources Sites (assets) which depend on the use of operational energy sourced from diesel 75% (3 out of 4) assets vulnerable to this risk (Paulsens, Kal East, Coyote, excluding Perth office) Transition risk Emissions regulation and decarbonisation requirements Sites (assets) where diesel-consuming equipment require replacement due to potential regulatory obligations and stakeholder expectations 75% (3 out of 4) assets vulnerable to this risk (Paulsens, Kal East, Coyote) Physical risk Extreme heat and rising temperatures Sites (assets) identified through CSA as having elevated exposure to extreme heat and rising temperatures 75% (3 out of 4) assets vulnerable to this risk (Paulsens, Kal East, Coyote) Physical risk Water availability and water scarcity Sites (assets) identified through CSA as having elevated exposure to water scarcity 50% (2 out of 4) assets vulnerable to this risk (Paulsens, Kal East) Physical risk Severe weather events (storms, cyclones, flooding) Sites (assets) identified through CSA as having elevated exposure to severe weather events 50% (2 out of 4) assets vulnerable to this risk (Paulsens, Coyote) Opportunity Renewable energy, hybrid power, energy efficiency and electrification opportunities Reflects sites (assets) where opportunities relating to renewable energy, electrification, energy efficiency have been identified. 75% (3 out of 4) assets where the opportunity exists (Paulsens, Kal East, Coyote) An internal carbon price is not applied. 6.4. Climate targets Black Cat had not established any voluntary climate-related targets, whether absolute or intensity-based, during FY26 and was not subject to any legislative or regulatory requirements to do so (including under the Safeguard Mechanism).
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS DECLARATION ON THE SUSTAINABILITY REPORT Page 42 of 90 SUSTAINABILITY REPORT Directors' Declaration In the opinion of the Directors of Black Cat Syndicate Limited (the Company), the Company has taken reasonable steps to ensure that the substantive provisions of the Sustainability Report of the Company and its subsidiaries for the year ended 30 June 2026 are in accordance with the Corporations Act 2001 (Cth) (the Act), including: • Section 296C of the Act (compliance with AASB S2 Climate -related Disclosures and any further requirements determined under section 296C (2) of the Act); and • Section 296D of the Act (climate statement disclosures). Made in accordance with a resolution of the directors of the Company. Dated at Perth this 31 st day of August 2026. James Bruce Managing Director
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Consolidated Statement of Profit or Loss and Other Comprehensive Income For year ended 30 June 2026 Page 48 of 90 Note Consolidated 30 June 2026 $’000 30 June 2025 $’000 Revenue 2 374,289 37,317 Cost of sales 3 (230,476) (50,324) Gross profit/(loss) 143,814 (13,007) Other income 4 372 931 Corporate administration 5(a) (17,599) (4,957) Other operating expenses 5(b) (2,500) (350) Share based payments 26 (3,092) (4,683) Write-off of exploration and evaluation assets 15 (1,605) (1,612) Operating profit/(loss) 119,391 (23,678) Interest income 1,379 1,564 Finance costs 5(c) (3,172) (3,832) Profit/(loss) before income tax 117,598 (25,946) Income tax expense 6(a) (31,143) - Profit/(loss) after tax 86,455 (25,946) Other comprehensive income: - - Total comprehensive profit/(loss) for the year 86,455 (25,946) Profit/(loss) per share attributable to ordinary equity holders of the Company: Basic profit/(loss) per share (cents) 7 12.0 (4.6) Diluted profit/(loss) per share (cents) 7 11.8 (4.6) The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Consolidated Statement of Financial Position As at 30 June 2026 Page 49 of 90 Note Consolidated As at 30 June 2026 $’000 As at 30 June 2025 $’000 Current assets Cash and cash equivalents 8 73,706 34,112 Trade and other receivables 9 5,145 8,831 Inventory 10 36,621 25,550 Other current assets 11 48 136 Total current assets 115,520 68,629 Non-current assets Security deposits 8 102 71 Financial assets at fair value 12 2,632 1,650 Property, plant and equipment 13 133,809 147,572 Mine properties under development 14 161,014 48,252 Exploration and evaluation assets 15 102,103 103,403 Total non-current assets 399,660 300,948 Total assets 515,180 369,577 Current liabilities Trade and other payables 16 64,933 21,166 Lease liabilities 17 9,992 6,657 Financial liabilities 18 320 26,118 Provisions 19 3,604 1,744 Total current liabilities 78,849 55,685 Non-current liabilities Lease liabilities 17 9,631 14,803 Deferred tax liabilities 6(c) 29,009 - Provisions 19 30,377 30,060 Total non-current liabilities 69,017 44,863 Total liabilities 147,865 100,548 Net assets 367,315 269,029 Equity Issued capital 20 318,041 305,976 Reserves 21 4,946 5,180 Retained earnings/(losses) 22 44,328 (42,127) Total equity 367,315 269,029 The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Consolidated Statement of Changes in Equity For year ended 30 June 2026 Page 50 of 90 Consolidated Number of shares ‘000 Issued Capital $000 Retained Earnings/ (Accumulated Losses) $000 Share-Based Payments/ Other Reserve $000 Total $000 2025 Balance at 1 July 2024 377,870 131,811 (16,181) 1,364 116,994 Loss for the financial year - - (25,946) - (25,946) Share based payments expense - - - 4,683 4,683 Shares issued to creditors 408 119 - - 119 Issue of shares for purchase of Lakewood 19,739 19,049 - - 19,049 Exercise of options 4,465 1,745 - - 1,745 Exercise of performance rights 147 - - - - Shares issued pursuant to native title agreement 312 281 - - 281 Shares issued as part of equity raise (net of costs) 304,605 152,369 - - 152,369 Transfer from share-based payments reserve - 602 - (602) - Convertible note equity component - - - (265) (265) Balance at 30 June 2025 707,546 305,976 (42,127) 5,180 269,029 2026 Balance at 1 July 2025 707,546 305,976 (42,127) 5,180 269,029 Profit for the financial year - - 86,455 - 86,455 Share based payments expense - - - 3,092 3,092 Exercise of options (net of costs) 19,014 6,555 - - 6,555 Exercise of performance rights 2,253 - - - - Shares issued in part consideration for the acquisition of an exploration licence 62 50 - - 50 Transfer from share-based payments reserve - 3,325 - (3,325) - Deferred income tax on capital raising costs - 2,134 - - 2,134 Balance at 30 June 2026 728,875 318,041 44,328 4,946 367,315 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Consolidated Statement of Cash flows For year ended 30 June 2026 Page 51 of 90 Consolidated 30 June 2026 $’000 30 June 2025 $’000 Cash flows from operating activities Net profit/(loss) 86,455 (25,946) Add: Share based payments 3,092 4,683 Add: Depreciation, depletion and amortisation expense 63,119 19,755 Add: Write-off of exploration and evaluation assets 1,605 1,612 Add: Unwinding of present value of rehabilitation liability 1,449 - Add: Interest expense 95 580 Add: Mark-to-market adjustment (312) 350 Add: Income tax provision 31,143 - 186,646 1,034 Working capital movement Increase in trade and other payables 42,640 17,089 Increase/(decrease) in employee provisions 4,289 (447) Increase/(decrease) in receivables 2,856 (7,220) Increase in prepayments 88 888 (Decrease)/increase in inventory (11,071) (24,109) Net cash provided by/(used in) operating activities 225,448 (12,765) Cash flows from investing activities Payments for exploration and evaluation (19,365) (7,784) Payments for property, plant and equipment (28,513) (34,412) Payments for mining properties under development (112,838) (13,081) Payments for investments (25,670) (52,836) Net cash used in investing activities (186,386) (108,113) Cash flows from financing activities Lease payments (6,073) (3,494) Repayment of convertible notes - (9,727) Proceeds from the issue of shares 6,606 164,636 Payment of share issue costs - (10,403) Net cash from financing activities 533 141,012 Net increase in cash held 39,594 20,134 Cash at the beginning of the year 34,112 13,978 Cash at the end of the year 73,706 34,112 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 52 of 90 CONTENTS OF THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – 30 JUNE 2026 ABOUT THIS REPORT 53 1. PERFORMANCE FOR THE YEAR NOTE 1 SEGMENT INFORMATION 54 NOTE 2 REVENUE 56 NOTE 3 COST OF SALES 56 NOTE 4 OTHER INCOME 56 NOTE 5 OTHER EXPENSES 57 NOTE 6 INCOME TAX 58 NOTE 7 LOSS PER SHARE 60 2. OPERATING ASSETS AND LIABILITIES NOTE 8 CASH AND CASH EQUIVALENTS 61 NOTE 9 TRADE AND OTHER RECEIVABLES 61 NOTE 10 INVENTORY 62 NOTE 11 OTHER CURRENT ASSETS 62 NOTE 12 FINANCIAL ASSETS AT FAIR VALUE 63 NOTE 13 PROPERTY, PLANT AND EQUIPMENT 63 NOTE 14 MINE PROPERTIES UNDER DEVELOPMENT 65 NOTE 15 EXPLORATION AND EVALUATION ASSETS 67 NOTE 16 TRADE AND OTHER PAYABLES 68 NOTE 17 LEASE LIABILITIES 68 NOTE 18 FINANCIAL LIABILITIES 70 NOTE 19 PROVISIONS 70 3. CAPITAL NOTE 20 ISSUED CAPITAL 72 NOTE 21 RESERVES 73 NOTE 22 RETAINED EARNINGS/(LOSSES) 74 4. RISK NOTE 23 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT 74 5. OTHER NOTES NOTE 24 ACQUISITION OF LAKEWOOD 76 NOTE 25 RELATED PARTY DISCLOSURES 77 NOTE 26 SHARE BASED PAYMENTS 78 NOTE 27 AUDITOR’S REMUNERATION 81 NOTE 28 CONTINGENCIES 82 NOTE 29 COMMITMENTS 83 NOTE 30 EVENTS OCCURRING AFTER THE BALANCE SHEET DATE 83 NOTE 31 PARENT ENTITY INFORMATION 83 NOTE 32 NEW ACCOUNTING STANDARDS AND INTERPRETATIONS AND OTHER MATERIAL ACCOUNTING POLICIES 84
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 53 of 90 ABOUT THIS REPORT Black Cat Syndicate Limited is a for-profit company limited by shares, incorporated and domiciled in Australia, whose shares are traded on ASX. The consolidated financial statements of the Company for the financial year ended 30 June 2026 ( Consolidated Financial Statements) comprise the Company and the entities it controlled (Group). The nature of operations and principal activities of the Group are described in the Operating Review with the Directors’ Report. The Consolidated Financial Statements were authorised for issue by the Board of Directors on 31 August 2026. STRUCTURE OF NOTES 1. PERFORMANCE FOR THE YEAR This section focuses on the results and performance of the Group. This covers both profitability and the resultant return to shareholders via earnings per share combined with cash generation. 2. OPERATING ASSETS AND LIABILITIES This section shows the assets used to generate the Group’s trading performance and the liabilities incurred as a result. 3. CAPITAL This section outlines how the Group manages its capital and related financing costs. 4. RISK This section discusses the Group’s exposure to various financial risks, explains how these affect the Group’s financial position and performance and what the Group does to manage these risks. 5. OTHER NOTES This section deals with the remaining notes that do not fall into any of the other categories. BASIS OF PREPARATION (a) Introduction and statement of compliance The Consolidated Financial Statements are a general -purpose Financial Report, have been prepared in accordance with the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board ( AASB). The Consolidated Financial Statements comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The Consolidated Financial Statements have been prepared on a historical cost basis unless otherwise stated in the notes to the financial statements. Where necessary, comparatives have been reclassified and repositioned for consistency with current year disclosures. Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates - the functional currency. The Consolidated Financial Statements are presented in Australian dollars, which is Black Cat’s functional and presentation currency. The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183 and in accordance with that Instrument, all financial information presented in Australian dollars has been rounded to the nearest thousand ($’000), except when otherwise indicated. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. Where a material accounting policy is specific to one note, the policy is described in the note to which it relates. Only material accounting policies are included in the financial statements. (b) Principles of Consolidation The Consolidated Financial Statements comprise the financial statements of the Company and its controlled entities from the date control commences, until the date control ceases. The financial statements of controlled entities are prepared for the same reporting period as the head entity (Black Cat Syndicated Limited), using consistent accounting policies. The Group controls an entity when it is exposed to, or has rights to, variable returns from its investment with the entity an d has the ability to affect those returns through its power to direct the activities of the entity.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 54 of 90 Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: • Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee • The ability to use its power over the investee to affect its returns Inter-entity balances resulting from transactions with or between controlled entities are eliminated in full on consolidation. Investments in subsidiary companies are accounted for at cost in the individual financial statements of the Company. (c) Key Judgements, Estimates and Assumptions In the process of applying the Group’s accounting policies, management has made a number of judgements and applied estimates of future events. The Group’s management reviews these estimates and underlying assumptions on an ongoing basis. Estimates are based on historical experience and other factors, including the expectation of future events considered to be reasonable under the circumstances. However, actual results may differ from these estimates. Revisions to accounting estimates are recognised prospectively in the period in which the estimates are revised, and any future periods affected. The sources of estimation uncertainty at the end of the reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year. Judgements and estimates which are material to the financial report are found in the following notes: Note 6 Income tax Note 13 Property, plant and equipment Note 14 Mine properties under development Note 15 Exploration and evaluation assets Note 17 Lease liabilities Note 18 Financial liabilities Note 19 Provisions Note 26 Share based payments 1. PERFORMANCE FOR THE YEAR NOTE 1 SEGMENT INFORMATION Operating segments are identified, and segment information disclosed, where appropriate, on the basis of internal reports reviewed by the Company’s board of directors, being the Group’s Chief Operating Decision Maker, as defined by AASB 8. The Group has identified three reportable segments of its business: • Paulsens Gold Project • Kal East Gold Project • Corporate and Projects: exploration, corporate expenditures supporting the business during the period, adjustments and eliminations processed on consolidation and other items that cannot be directly attributed to the other reportable operating segments. Th e Group has formed a tax consolidation group and therefore tax balances have been included in the ‘Other’ grouping. During the period, the Group reassessed its reportable segments. As a result of changes in the way management monitors performance and allocates resources driven by the commencement of production activities and the acquisition of the Lakewood processing facility, the prior period segment presentation has been updated to align with the current internal reporting structure. The change reflects the Group’s transition from a predominantly exploration and development business to a multi-operation gold producer, with operating results now reviewed by management by mining operation and associated processing activities.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 55 of 90 NOTE 1 SEGMENT INFORMATION (continued) The reportable segment is represented by the primary statements forming these financial statements. Paulsens Gold Operation $’000 Kal East Gold Operation $’000 Corporate and Projects $’000 Total $’000 2026 Segment revenue 217,496 156,793 - 374,289 Cost of sales, excluding depreciation and amortisation (107,559) (59,837) - (167,396 Depreciation and amortisation (32,016) (31,064) - (63,080) Gross profit 77,921 65,892 - 143,814 Segment profit/(loss) before income tax 72,321 64,896 (19,620) 117,598 Segment profit/(loss) includes the following adjustments: Corporate administration - - (17,599) (17,599) Interest revenue - 27 1,353 1,379 Interest expense (1,408) (239) (63) (1,710) Exploration and evaluation expenditure write-off (1,395) (221) 11 (1,605) At 30 June 2026 Segment assets 123,121 278,479 113,580 515,180 Segment liabilities 48,458 49,419 49,988 147,865 2025 Segment revenue 17,770 19,312 235 37,317 Cost of sales, excluding depreciation and amortisation (18,641) (11,619) (438) (30,698) Depreciation and amortisation (9,301) (10,325) 0 (19,626) Gross loss (10,172) (2,632) (203) (13,007) Segment loss before income tax (11,692) (3,053) (11,201) (25,946) Segment loss includes the following adjustments: Corporate administration - - (4,957) (4,957) Interest revenue - 1 1,563 1,564 Interest expense (1,030) - (745) (1,775) Exploration and evaluation expenditure write-off (837) (570) (205) (1,612) At 30 June 2025 Segment assets 110,012 143,439 116,126 369,577 Segment liabilities 39,792 47,440 13,316 100,548
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 56 of 90 NOTE 2 REVENUE Consolidated 30 June 2026 $’000 30 June 2025 $’000 Sale of gold 317,377 22,083 Sale of silver 375 26 Toll milling revenue 56,537 15,208 Total revenue 374,289 37,317 Recognition and measurement (i) Gold and silver bullion sales The Group recognises revenue from the sale of gold when control of the gold is transferred to the customer. Control is generally considered to transfer when a sales contract has been executed and the customer obtains physical possession of the gold, being the point at which the customer has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the asset. The transaction price is based on the contracted gold price and the quantity of ounces delivered. Payment is typically due upon delivery in accordance with the terms of the sales contract. During the year, the Group sold all gold production to ABC Refinery (Australia) Pty Ltd. (ii) Toll milling revenue The Company smelter ore and is entitled to a treatment (toll) charge. This charge is typically fixed by contract or determine d using a formula linked to the selling price of the metal. Revenue is recognised when control of the goods or services is transferred to the customer when the risks and rewards of ownership are transferred. This is recognised at the following stage: • Notification by the smelter of final metal quantities and, in some cases, sales price. NOTE 3 COST OF SALES Consolidated 30 June 2026 $’000 30 June 2025 $’000 Mining 67,998 20,374 Processing 74,597 18,825 Royalties 8,950 3,168 Site services 23,271 6,291 Depreciation and amortisation 63,080 19,626 Change in inventories (7,420) (17,960) Total cost of sales 230,476 50,324 The $7.4M (2025: $18.0M) change in inventory amount during the year was mainly due to the increase of gold in Ore stockpiles at the Fingals and Majestic mines and gold bullion held at Kal East. NOTE 4 OTHER INCOME Consolidated 30 June 2026 $’000 30 June 2025 $’000 Foreign exchange gain 34 - Camp licensing income 19 931 Gain on sale of fixed assets 7 - Fair value gain on investment at FVPL (Refer to Note 12) 312 - Total other income 372 931
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 57 of 90 NOTE 4 OTHER INCOME (continued) Recognition and measurement Other income Other income includes gains which represent increases in economic benefits to the Group, in form of income, which do not qualify as revenue. Camp licensing income The Group recognises gains from income received from third parties who utilise its site accommodation facilities, on a gross basis, with variable expenses associated with providing the services to the third party recognised in other expenses. NOTE 5 OTHER EXPENSES Consolidated 30 June 2026 $’000 30 June 2025 $’000 (a) Corporate administration expenses: Employee benefits 11,233 2,780 IT and communication costs 1,346 409 Contractor, consultants and advisory expenses 1,344 341 Investor relation costs 440 140 Other expenses 3,197 1,158 Depreciation and amortisation 39 129 Total corporate admin expenses 17,599 4,957 (b) Other operating expenses: Fair value loss on investment at FVPL - 350 Acquisition production milestone expense 2,500 - Total other operating expenses 2,500 350 (c) Finance costs: Unwinding of rehabilitation provision present value 1,449 893 Interest 1,710 1,775 Borrowing costs - 1,159 Sundry 13 5 Total finance costs 3,172 3,832 (d) Employee benefits: Salaries and wages 45,081 18,998 On costs 10,561 4,613 Employee incentives 4,321 34 Total employee benefits 59,963 23,645 Recognition and measurement Share Based Payments (Director/Employee Remuneration) From time to time, the Group may offer options or performance rights to directors and employees of the Group as part of the Group’s remuneration policy (“SBP Benefits”). The fair value of SBP Benefits granted is recognised as an expense on a pro rata basis over the vesting period of the SBP Benefit, being the period during which the director/employee becomes unconditionally entitled to exercise the SBP Benefit, with a corresponding increase in the Share Based Payments Reserve.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 58 of 90 NOTE 5 OTHER EXPENSES (continued) The fair value of SBP Benefits is measured at grant date. For SBP Benefits issued as options fair value is calculated using a Black-Scholes option pricing model that takes into account the exercise price, term, share price of the underlying security at grant date, expected price volatility of the underlying share, expected dividend yield and the risk-free rate for the term of the SBP Benefit. SBP Benefits issued as performance rights are valued using an appropriate method based on the terms and conditions of the performance right, including vesting conditions. The fair value of the SBP Benefits granted is adjusted to reflect market vesting conditions. Non -market vesting conditions are included in assumptions about the number of SBP Benefits that are expected to become exercisable. At each balance date the entity revises its estimate of the number of options that are expected to become exercisable. The employee benefit expense recognised each period takes into account the most recent estimate. Upon the exercise of SBP Benefits, the fair value of SBP Benefits exercised is transferred from share-based payments reserve to share capital account, along with the proceeds received, if any, from the SPB Benefit holder, net of any directly attributable transaction costs. Upon the lapse of unexercised SBP Benefits, there is no subsequent adjustment to the Share Based Payments Reserve. NOTE 6 INCOME TAX Consolidated 30 June 2026 $’000 30 June 2025 $’000 a) Income tax expense Current income tax: Current income tax expense (7,016) 6,149 Current income tax expense not recognised 7,016 (6,149) Deferred income tax: Relating to origination and reversal of timing differences 31,143 8,385 Deferred income tax benefit not recognised - (8,385) Income tax expense reported in the income statement 31,143 - b) Reconciliation of Income Tax Expense to Prima Facie Tax Payable Profit/(loss) from continuing operations before income tax expense 117,598 (25,946) Tax at 30% (2025: 25%) 35,279 (6,486) Tax effect of permanent differences: Non-deductible expenses 1,011 1,175 Deferred income tax on capital raising costs 2,134 2,601 Net deferred tax asset benefit not brought to account (7,282) 2,710 Tax expense 31,143 -
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 59 of 90 NOTE 6 INCOME TAX (continued) Consolidated 30 June 2026 $’000 30 June 2025 $’000 c) Deferred Tax – Balance Sheet Deferred tax liabilities Trade & other receivables (128) (80) Inventories (1,655) (741) Financial assets at fair value 11 88 Property, plant and equipment (7,558) (3,146) Capitalised exploration expenditure (28,598) (23,972) Right of use assets 1,400 542 Mine development (35,326) (6,405) Deferred tax assets Trade and other payables 1,373 - Provisions – current 1,287 481 Provisions – non-current 3,411 2,933 Business related costs – P&L 11 - Borrowing costs - 26 Equity issue costs 2,134 2,504 Revenue losses available to offset against future taxable income 34,627 34,022 Net deferred tax (liability)/asset (29,009) 6,252 The deferred tax benefit of tax losses not brought to account will only be obtained if: i. The Company derives future assessable income of a nature and an amount sufficient to enable the benefit from the tax losses to be realised; ii. The Company continues to comply with the conditions for deductibility imposed by tax legislation; and iii. No changes in tax legislation adversely affect the Company realising the benefit from the deduction of the losses. All unused tax losses of $117,128,701 (2025: $136,086,000) were incurred by Australian entities. Recognition and measurement Income Tax The income tax expense/benefit for the period is the tax payable on the current period’s taxable income based on the national income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to the temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses. Deferred tax assets and liabilities are recognised for temporary timing differences at the tax rates expected to apply when the assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantially enacted for each jurisdiction in which the Group operates. The relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is made for certain temporary differences arising from the initial recognition of an asset or a liability. No deferred tax asset or liability is recognised in relation to those timing differences if they arose in a transaction, other than a business combination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 60 of 90 NOTE 6 INCOME TAX (continued) Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in controlled entities where the parent is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and liabilities are offset wh ere the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Current and deferred tax balances attributable to amounts recognised directly in equity are recognised directly in equity. Key estimates and assumptions Recovery of deferred tax assets Judgement is required to determine whether deferred tax assets are recognised in the balance sheet. Deferred tax assets, including those arising from unused tax losses, require management to assess the likelihood that the Group will generate sufficient taxable earnings in the future periods in order to recognise and utilise those deferred tax assets. Judgement is also required in respect of the expected manner of recovery of the value of an asset or liability (which will impact the quantum o f deferred tax assets or deferred tax liabilities recognised) and the application of existing laws in each jurisdiction. Estimates of future taxable income are based on forecast cash flows from operations and existing tax laws in each jurisdiction. These assessments require the use of estimates and assumptions such as exchange rates, commodity prices, the timing of production profiles, and operating performance over the life of the assets. To the extent that cash flows and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets reported at the reporting date could be impacted. Additionally, future changes in tax laws in the jurisdictions in which the Group operates could limit the ability of the Grou p to obtain tax deductions and recover/utilise deferred tax assets in future periods. Tax Consolidation Black Cat and its 100% owned Australian resident subsidiaries formed a tax consolidated group (the Group) with effect from 4 August 2017. Black Cat is the head entity of the Group. Members of the Group have entered into a tax-sharing agreement that provides that the head entity will be liable for all taxes payable by the Group from the consolidation date. The parties have agreed to apportion the head entity’s taxation liability within the Group based on each contributing member’s share of the Group’s taxable income and losses. NOTE 7 EARNINGS/(LOSS) PER SHARE 30 June 2026 30 June 2025 a) Basic Profit/(loss) per Share Cents Cents Profit/(loss) per share attributable to ordinary equity holders of the Company 12.0 (4.6) b) Diluted Profit/(loss) per Share Profit/(loss) per share attributable to ordinary equity holders of the Company 11.8 (4.6) c) Profit/(loss) for year $’000 $’000 Profit/(loss) used in calculation of basic and diluted loss per share 86,455 (25,946) d) Weighted Average Number of Shares Used as the Denominator Number Number Weighted average number of shares used as the denominator in calculating basic loss per share 721,442,148 N/A Weighted average number of shares used as the denominator in calculating diluted loss per share 733.991.542 N/A
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 61 of 90 NOTE 7 EARNINGS/(LOSS) PER SHARE (continued) Recognition and measurement i. Basic Profit/(Loss) Per Share Basic profit/(loss) per share is calculated by dividing the profit or loss attributable to equity holders of the Company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for events other than the conversion of potential ordinary shares, that have changed the number of ordinary shares outstanding without a corresponding change in the resources e.g. a bonus issue or share split. ii. Diluted Profit/(Loss) Per Share Diluted loss per share adjusts the figures used in the determination of basic loss per share to take into account the after income tax effect of dividends and interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. Options and performance rights have been excluded from the dilutive calculation as the non-service vesting conditions have not been meet at 30 June 26. During the year ended 30 June 2026, 2,705,000 options and 6,299,597 performance rights were issued. No options or performance rights have been issued between the reporting date and the date of completion of these financial statements. 2. OPERATING ASSETS AND LIABILITIES NOTE 8 CASH AND CASH EQUIVALENTS Consolidated 30 June 2026 $’000 30 June 2025 $’000 Cash at bank and on hand 73,706 34,112 Total cash and cash equivalents 73,706 34,112 Bonds and deposits At 30 June 2026, the Group had one cash -backed bank guarantees amounting to $102,000 (2025: $71,000) representing security for rental leases held by members of the Group. The cash used as security for the bank guarantees is only available to the Group on termination of the respective leases. Recognition and measurement For cash flow statement presentation purposes, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short term, highly liquid investments with original maturities of three months or less, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. NOTE 9 TRADE AND OTHER RECEIVABLES Consolidated 30 June 2026 $’000 30 June 2025 $’000 Trade receivables 10 392 Other receivables 857 199 Toll milling receivable 18 5,116 GST/FTC recoverable 4,260 3,124 Total trade and other receivables 5,145 8,831 Details of fair value and exposure to interest risk are included at Note 23.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 62 of 90 NOTE 9 TRADE AND OTHER RECEIVABLES (continued) Recognition and measurement Receivables are initially recognised at fair value and subsequently at the amounts considered receivable. Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and therefore all classified as current. Balances within receivables do not contain impaired assets, are not past due and are expected to be received when due. The Group does not have trade receivables in relation to gold sales. The only material receivables at year end are for GST and fuel tax credits receivable from the Australian Taxation Office. Due to the short-term nature of these receivables, their carrying value is assumed to approximate fair value. NOTE 10 INVENTORY Consolidated Consolidated 30 June 2026 $’000 30 June 2025 $’000 Ore stockpiles 3,706 433 Gold in circuit 7,527 8,204 Finished goods – gold bullion 18,430 13,605 Subtotal – gold inventory 29,663 22,242 Consumable stores 6,958 3,308 Total inventory 36,621 25,550 Recognition and measurement Inventories, comprising ore stockpiles, gold in circuit and gold bullion are valued at the lower of cost and Net Realisable Value. Cost represents the weighted average cost and includes fixed direct costs, variable direct costs and an appropriate portion of fixed overhead costs. A portion of the related depreciation and amortisation charge is included in the cost of inventory. Inventory generated in the pre -production phase of mining includes an allocation of mining costs for open pit and underground. Consumable stores inventory is valued at the lower of cost and Net Realisable Value using the weighted average cost method, after appropriate allowances for redundant and slow-moving items. Net Realisable Value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Ore stockpiles which are not expected to be processed in the 12 months after the reporting date are classified as non - current inventory. Where there is a reasonable expectation that the processing of these stockpiles will have a future economic benefit to the Group, these stockpiles are carried at the lower of cost and Net Realisable Value. If there is significant uncertainty as to if and/or when the stockpiled ore will be processed by the Group, the ore is expensed as mined, or otherwise, where such indications arise. The determination of the current and non -current portion of ore stockpiles includes the use of estimates and judgements about when ore stockpile drawdowns for processing will occur. These estimates and judgements are based on current forecasts and mine plans and expected developments, taking into account operating history. NOTE 11 OTHER CURRENT ASSETS Consolidated 30 June 2026 $’000 30 June 2025 $’000 Prepayments 48 136 Total other current assets 48 136 31 Decem $’000
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 63 of 90 NOTE 12 FINANCIAL ASSETS AT FAIR VALUE Consolidated 30 June 2026 $’000 30 June 2025 $’000 Dreadnought Resources Ltd Cost 2,670 2,000 Fair value movement (38) (350) Total financial assets at fair value 2,632 1,650 At 30 June 2026 Black Cat owns 202,476,192 (2025: 183,333,333) Dreadnought Resources Ltd shares. The fair value of the investment in Dreadnought at 30 June 2026, is based on a share price of $0.013 (2025: share price of $0.009). Recognition and measurement The Group designated the above investment as equity securities at Fair Value Through Profit and Loss (FVPL). An investment is classified at FVPL if it is classified as held for trading or is designated as such on initial recognition. Investments are designated at fair value through the profit or loss if Black Cat manages such investments and makes purchase and sale decisions based on their fair value in accordance with the risk management or investment strategy. Attributable transaction costs are recognised in the profit or loss as incurred. Fair value movements are recognised in profit or loss. Dividends on FVPL equity securities are recognised in profit or loss when the Group’s right to receive the dividends is established. When measuring the fair value of these assets, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair value of the Group’s listed equity investment is recognised as a Level 1 in the fair value hierarchy. NOTE 13 PROPERTY, PLANT AND EQUIPMENT Right-of-Use Assets $’000 Plant and Equipment $’000 Capital Work in Progress $’000 Total $’000 Cost at 1 July 2025 23,328 126,747 8,993 159,067 Transfers - 8,845 (8,845) - Transfers to mine properties under development - - (5,205) (5,205) Additions 4,398 5,013 20,472 29,884 Disposals (187) - (76) (263) Cost at the 30 June 2026 27,539 140,605 15,339 183,482 Accumulated depreciation at 1 July 2025 (4,037) (7,460) - (11,496) Depreciation expense for the period (8,562) (29,629) - (38,191) Disposals 14 - - 14 Accumulated depreciation at 30 June 2026 (12,585) (37,089) - (49,673) Net book value at 30 June 2026 14,954 103,516 15,339 133,809
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 64 of 90 NOTE 13 PROPERTY, PLANT AND EQUIPMENT (continued) Right-of Use Assets $’000 Plant and Equipment $’000 Capital Work in Progress $’000 Total $’000 Cost at 1 July 2024 290 1,516 8,629 10,435 Acquisition of Lakewood - 90,117 - 90,117 Transfers - 33,559 (33,559) - Transfers to mine properties under development - - (3,813) (3,813) Additions 23,038 1,554 37,736 62,328 Cost at the 30 June 2025 23,328 126,747 8,993 159,067 Accumulated depreciation at 1 July 2024 - (1,369) - (1,369) Depreciation expense for the period (4,037) (6,090) - (10,127) Accumulated depreciation at 30 June 2025 (4,037) (7,460) - (11,496) Net book value at 30 June 2025 19,291 119,288 8,993 147,572 Property, plant and equipment is measured at cost. Capital work in progress includes assets which are not installed and ready for use at the balance date. No items of property, plant and equipment have been pledged as security by the Group. Recognition and measurement Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Depreciation of property, plant and equipment, other than assets acquired for use in mineral exploration and evaluation activities, whose cost is capitalised as exploration and evaluation expenditure, is calculated using an appropriate allocatio n method which reflects the pattern in which the asset’s future economic benefits are expected to be consumed by the Group (e.g. straight line or unit of production) to systematically allocate its depreciable value over the assets useful life. The residual values and useful lives of property, plant and equipment are reviewed, and adjusted if appropriate, at least at each financial year end. Capital work in progress is not depreciated until it is installed and ready for use. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposal of property, plant and equipment are determined by comparing the fair value of sales proceeds received on disposal, if any, with the carrying amount. Any gains and losses are included in the calculation of profit or loss. The Group uses the unit of production basis when depreciating / amortising mine specific assets which results in a depreciation / amortisation charge proportional to the depletion of the anticipated remaining life of mine production. Economic life, which is assessed annually, has due regard to both its physical life limitations and to present assessments of economically recoverable reserves of the mine property. These calculations require the use of estimates and assumptions. Development assets are amortise d based on the unit of production method which results in an amortisation charge proportional to the depletion of the estimated recoverable reserves. Where there is a change in the reserves the amortisation rate is adjusted prospectively in the reporting period in which the change occurs. Assets classified as exploration assets represents fixed assets uses in exploration and evaluation activities. Exploration assets acquired after 30 June 2022 are fully depreciated on acquisition, with the depreciation charged recognised as a cost of exploration for, and evaluation of, mineral resources. The depreciation rates used: Mobile Plant: 20% pa or Units-of-Production Equipment: 20% - 30% pa or Units-of-Production A right-of-use asset is recognised at the commencement date of a lease. The right -of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 65 of 90 NOTE 13 PROPERTY, PLANT AND EQUIPMENT (continued) Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right -of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities. The consolidated entity has elected not to recognise a right- of-use asset and corresponding lease liability for short- term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred. Key estimates and assumptions: Depreciation The estimations of useful lives, residual value and depreciation methods require management judgement and are reviewed biannually for all major items of plant & equipment. If they need to be modified, the change is accounted for prospectively from the date of reassessment until the end of the revised useful life (for both the current and future years). Impairment of assets Property, plant and equipment is tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Group conducts an internal review of asset values at each reporting date, which is used as a source of information to assess for any indicators of impairment. Factors, such as changes in the gold price, production performance and mining and processing costs are monitored to assess for indicators of impairment. If any indication of impairment exists, an estimate of the asset’s recoverable amount is calculated. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating unit or CGU). The future recoverability of the property, plant and equipment is dependent on a number of key factors including: gold price, capex, life of mine, discount rates used in determining the estimated discounted cash flows, tax rates, the level of proved and probable reserves and measured, indicated and inferred mineral resources, future technological changes which could impact the cost of production and future legal changes, including changes to environmental restoration obligations. NOTE 14 MINE PROPERTIES UNDER DEVELOPMENT Consolidated 30 June 2026 $’000 30 June 2025 $’000 Opening balance, at 1 July 2025 and 1 July 2024 48,252 8,953 Acquisition of Lakewood - 11,600 Transfers from capitalised exploration and evaluation 17,715 24,588 Transfers from capital work-in-progress 5,205 3,813 Depletion expense (24,941) (9,498) Capitalised costs for the year 114,783 8,796 Closing balance at end of year 161,014 48,252 Capitalised mine properties under development costs are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Since 30 June 202 6, there have been no events or changes in circumstances to indicate that the carrying value may not be recoverable. Recognition and measurement Mine properties Mine development represents expenditure in respect of exploration and evaluation, based on mining activities and related mining data and construction costs and development incurred by the Group previously accumulated and carried forward in relation to properties in which mining has now commenced.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 66 of 90 NOTE 14 MINE PROPERTIES UNDER DEVELOPMENT (continued) Such expenditure comprises direct costs and an appropriate allocation of directly related overhead expenditure. All expenditure incurred prior to commencement of production is carried forward to the extent to which recoupment out of future revenue from the sale of production, or from the sale of the property, is reasonably assured. When further development expenditure is incurred in respect of a mine property after commencement of commercial production, such expenditure is carried forward as part of the cost of the mine property only when future economic benefits are reasonably assured, otherwise the expenditure is classified as part of the cost of production and expensed as incurred. Such capitalised development expenditure is added to the total carrying value of mine development being amortised. Mine development costs (as transferred from exploration and evaluation and or assets under construction) are amortised on a Units -of-Production basis over the life of mine to which they relate. In applying the Units -of-Production method, amortisation is calculated using the expected total contained ounces as determined by the life of mine plan specific to that mine property. For development expenditure undertaken during production, the amortisation rate is based on the ratio of total development expenditure (incurred and anticipated) over the expected total contained ounces as estimated by the relevant life of mine plan to achieve a consistent amortisation rate per ounce. The rate per ounce is typically updated annually as the life of mine plans are revised. Deferred stripping costs Mining costs incurred related to stripping of waste material during the production stage of operations are deferred, this is generally the case where there are fluctuations in deferred mining costs over the life of the mine, and the effect is materia l. The amount of mining costs deferred is based on the ratio obtain ed by dividing the volume of waste material moved by the volume of ore mined. Mining costs incurred in the period are deferred to the extent that the current period waste to ore ratio exceeds the life of mine waste to ore (life of mine) ratio. The life of mine ratio is based on economically recoverable reserves of the operation. In the production stage of some operations, further developments of the mine require a phase of unusually high overburden removal activity that is similar in nature to pre -production mine development. The costs of such unusually high overburden removal activity are deferred and charged against reported profits in subsequent periods on a unit of production basis. The accounting treatment is consistent with that of overburden removal costs incurred during the development phase of a mine before production commences. Deferred mining costs that relate to the production phase of the operation are carried forward as part of ‘development assets’. The amortisation of deferred mining costs is included in site operating costs. Impairment At each reporting date, the Group assesses whether there is any indication that an asset, or group of assets is impaired. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any) which is the amount by which the assets value exceeds its recoverable amount. Where the asset does not generate cash inflows that are independent from other assets, the Group estimates the recoverable amount of the cash -generating unit (CGU) to which the asset belongs. The recoverable amount is the higher of ‘fair value less costs of disposal’ (FVLCOD) and ‘value in use’. The asset is then written down to its recoverable amount and the impairment losses are recognised in the profit or loss. Where an impairment loss subsequently reverses for assets other than goodwill, the carrying amount of the asset is increased, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recogn ised for the asset in prior years. A reversal of an impairment loss is recognised in the profit or loss immediately. Key estimates and assumptions Production stripping The life of mine ratio is a function of an individual mine’s design and therefore changes to that design will generally resul t in changes to the ratio. Changes in other technical or economic parameters that impact reserves will also have an impact on the life of mine ratio even if they do not affect the mine’s design. Changes to the life of mine ratio are accounted for prospectively. Deferred mining expenditure The Group defers mining costs incurred during the production stage of its operations. Changes in an individual mine’s design will generally result in changes to the life of mine waste to ore (life of mine) ratio. Changes in other technical and economic parameters that impact reserves will also have an impact on the life of mine ratio even if they do not affect the mine’s design. Changes to the life of mine ratio are accounted for prospectively.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 67 of 90 NOTE 14 MINE PROPERTIES UNDER DEVELOPMENT (continued) Amortisation and impairment The Group uses the unit of production basis when depreciating / amortising mine specific assets which results in a depreciation / amortisation charge proportional to the depletion of the anticipated remaining life of mine production. Useful life, which is assessed annually, has due regard to both its physical life limitations and to present assessments of economically recoverable reserves of the mine property. These calculations require the use of estimates and assumptions. Development assets are amortised based on the unit of production method which results in an amortisation charge proportional to the depletion of the estimated recoverable reserves. Where there is a change in the reserves the amortisation rate is adjusted p rospectively in the reporting period in which the change occurs. The net carrying values of development expenditure carried forward are reviewed half yearly by Directors to determine whether there is any indication of impairment NOTE 15 EXPLORATION AND EVALUATION ASSETS Consolidated 30 June 2026 $’000 30 June 2025 $’000 Opening balance, at 1 July 2025 and 1 July 2024 103,403 122,562 Acquisition of Lakewood - 436 Acquisition costs for the year 200 - Costs incurred during the year 19,564 8,113 Rehabilitation provision revaluation (1,744) (1,508) Transfers to mine properties under development (17,715) (24,588) Capitalised costs written off for relinquishment of tenements (1,605) (1,612) Closing balance at end of year 102,103 103,403 The recoverability of exploration and evaluation assets depends on the successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. The capitalised costs written off is from the relinquishment of exploration tenements. During the 2026 financial year, $17.7M of the Group’s exploration and evaluation costs from Paulsens and Kal East mines were transferred to mine properties under development (2025: $24.6M of the Group’s exploration and evaluation costs related to the Paulsen mine were transferred to mine properties under development). Details of the rehabilitation provision are included in Note 19. Recognition and measurement Mineral exploration and evaluation expenditure Mineral exploration and evaluation expenditure, including the acquisition of tenements from external parties, for each area of interest is capitalised where rights of tenure are current and where: - such costs are expected to be recouped through the successful development and exploitation of the area of interest, or alternatively by its sale; or - exploration and/or evaluation activities in the area have not reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves and active or significant operations in, or in relation to, the area of interest is continuing. In the event that an area of interest, or an individual exploration tenement, is relinquished or expected to be relinquished within the next 12 months, the capitalised cost for the abandoned area is expensed. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Key estimates and assumptions Accounting for Capitalised Exploration and Evaluation Expenditure There is some subjectivity involved in the carrying forward as capitalised or writing off to the income statement exploration and evaluation expenditure. Key judgements are applied in determining expenditure directly related to exploration and evaluation activities and allocating overheads between those that are expensed and capitalised. In addition, costs are only capitalised that are expected to be recovered either through successful development or sale of the relevant mining interest.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 68 of 90 NOTE 15 EXPLORATION AND EVALUATION ASSETS (continued) Management gives due consideration to areas of interest on a regular basis and are confident that decisions to either write off or carry forward such expenditure reflect fairly the prevailing situation. Once a license to explore an area has been secured, expenditures on exploration and evaluation activities are capitalised as exploration and evaluation assets. Exploration and evaluation expenditures relate to the acquisition of mineral interests and the subsequent search for deposits with economic potential, detailed assessment of deposits that have been identified as having economic potential. Once the technical feasibility and commercial viability of the extraction of mineral reserves or resources from a particular mineral property has been determined, exploration and evaluation assets are reclassified to mineral properties and mine development costs and are carried at cost until the properties to which the expenditures relate are sold, abandoned or determined by management to be impaired in value. The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, including: the extent to which mineral reserves or mineral resources as defined in The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code’) have been identified through a feasibility study or similar document, the results of optimisation studies and further technical evaluation carried out to mitigate project risks identified in the feasibility study, the status of environmental permits; and the status of mining leases or other development permits. Ore Reserve and Resource estimates The Group estimates its ore reserves and mineral resources based on information compiled by Qualified Persons as defined in accordance with The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code'). Reserves are used in impairment assessment and for forecasting the timing of settlement of decommissioning and restoration costs. There are numerous uncertainties inherent in estimating ore reserves, and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the forecasted prices of commodities, exchange rates, production costs or recovery rates could have a material effect on the future of the Group’s financial position and results of operation. NOTE 16 TRADE AND OTHER PAYABLES Consolidated 30 June 2026 $’000 30 June 2025 $’000 Trade payables 27,720 7,650 Accruals 36,428 13,416 Other payables 785 100 Total trade and other payables 64,933 21,166 NOTE 17 LEASE LIABILITIES Consolidated 30 June 2026 $’000 30 June 2025 $’000 Lease liabilities – current 9,992 6,657 Lease liabilities – non-current 9,631 14,803 Total lease liabilities 19,623 21,460 Maturity analysis Less than one year 9,992 6,657 Between one and five years 9,631 14,803 More than five years - -
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 69 of 90 NOTE 17 LEASE LIABILITIES (continued) Total lease liabilities 19,623 21,460 Carrying amounts and movements during the period Opening lease liability 21,467 290 Additions 5,897 24,335 Interest expense 1,658 941 Payments (9,399) (4,106) Closing lease liability 19,623 21,460 Refer to Note 13 for details of the corresponding right of use asset arising from the abovementioned leases. Recognition and measurement A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease o r, if that rate cannot be readily determined, the consolidated entity's incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred. Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down. Key estimates and assumptions Lease term The lease term is a significant component in the measurement of both the right- of-use asset and lease liability. Judgement is exercised in determining whether there is reasonable certainty that an option to extend the lease or purchase the underlying asset will be exercised, or an option to terminate the lease will not be exercised, when ascertaining the periods to be included in the lease term. In determining the lease term, all facts and circumstances that create an economical incentive to exercise an ext ension option, or not to exercise a termination option, are considered at the lease commencement date. Factors considered may include the importance of the asset to the consolidated entity's operations; comparison of terms and conditions to prevailing mark et rates; incurrence of significant penalties; existence of significant leasehold improvements; and the costs and disruption to replace the asset. The consolidated entity reassesses whether it is reasonably certain to exercise an extension option, or not e xercise a termination option, if there is a significant event or significant change in circumstances. Incremental borrowing rate Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is estimated to discount future lease payments to measure the present value of the lease liability at the lease commencement date. Such a rate is based on what the consolidated entity estim ates it would have to pay a third party to borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with similar terms, security and economic environment.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 70 of 90 NOTE 18 FINANCIAL LIABILITIES Consolidated 30 June 2026 $’000 30 June 2025 $’000 Current Deferred consideration – Lakewood (refer to Note 24) - 25,000 Contract liability – Lakewood 1 320 1,118 Total current financial liabilities 320 26,118 Non-current Total non-current financial liabilities - - Total financial liabilities 320 26,118 1 Fair value assigned to Tolling Agreement on acquisition of Lakewood (refer to Note 24). NOTE 19 PROVISIONS 30 June 2026 $’000 30 June 2025 $’000 Current Annual leave 3,604 1,623 Long service leave - 121 Total current provisions 3,604 1,744 Non-current Long service leave 685 73 Rehabilitation costs 29,692 29,987 Total non-current provisions 30,377 30,060 Rehabilitation costs Opening balance 29,987 21,755 Liabilities recognised via the Lakewood acquisition - 8,847 Liabilities recognised Kal East Gold Operation - - Unwinding of present value of liability 1,449 893 Change in rehabilitation provision estimates (1,744) (1,508) Closing balance 29,692 29,987 As at 30 June 2026, the provision for rehabilitation costs includes rehabilitation liabilities recognised for each of the Company’s four main assets being, Kal East, Coyote, Paulsens and Lakewood . Unwinding of the present value of the provision is included in finance costs in the statement of profit and loss. Recognition and measurement Salaries, Wages and Annual Leave Liabilities for salaries and wages, including non-monetary benefits, and accrued annual leave are recognised in employee entitlements in respect of employees’ services up to the reporting date, and are measured at the amounts expected to be paid when the liabilities are settled.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 71 of 90 NOTE 19 PROVISIONS (continued) Long Service Leave Any liability for long service leave is recognised in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Expected future salaries, employee turnover, and service periods are considered. Expected future payments are discounted at the corporate bond rate with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Key estimates and assumptions Management judgement is required in determining the following key assumptions used in the calculation of long service leave at balance sheet date: • Future increase in salaries and wages; • Future on cost rates; and • Future probability of employee departures and period of service. Rehabilitation provision Recognition and measurement A provision for restoration and rehabilitation is recognised when there is a present obligation as a result of development activities undertaken, and it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount of the provision can be measured reliably. The estimated future obligations include the costs of abandoning sites, removing facilities and restoring the affected areas. The provision for future restoration costs is the best estimate of the present value of the expenditure required to settle the restoration obligation at the balance date. Future restoration costs are reviewed annually and any changes in the estimate are reflected in the present value of the restoration provision at each balance date. The initial estimate of the restoration and rehabilitation provision is capitalised into the cost of the related asset and amortised on the same basis as the related asset, unless the present obligation arises from the production of inventory in the period, in which case the amount is included in the cost of production for the period. Changes in the estimate of the provision for restoration and rehabilitation are treated in the same manner, except that the unwinding of the effect of discounting on the provision is recognised as a finance cost rather than being capitalised into the cost of the related asset. Key estimates and assumptions Accounting for restoration provisions requires management to make estimates of the future costs that the Group will incur to complete the restoration and remediation work required to comply with its permits, existing laws and regulations. Actual costs incu rred may differ from those amounts estimated. In addition, future changes to environmental laws and regulations could increase the extent of restoration work required to be performed by the Group. Increases in future costs could materially impact the provi sion recognised for decommissioning and restoration costs. The provision represents management’s best estimate of the present value of the future decommissioning, restoration and remediation costs. Future obligations to retire an asset, including dismantling, remediation and ongoing treatment and monitoring of the site related to normal operations are initially recognised and recorded as a liability based on estimated future cash flows discounted at a risk -free rate. The restoration provision is adjusted at each reporting period for changes to factors including the expected amount of cash flows required to discharge the liability, the timing of such cash flows, the inflation rate and the risk-free discount rate. The restoration provision is accreted to full value over time through periodic charges in the calculation of profit or loss. The amount of the restoration provision initially recognised is capitalised as part of the related asset’s carrying value and amortised during the production life of the asset. The method of amortisation follows that of the underlying asset’s “useful life”. The costs related to a restoration provision are only capitalised to the extent that the amount meets the definition of an asset and can bring about future economic benefit. A revision in estimates or a new disturbance will result in an adjustment to the liability with an offsetting adjustment to the related asset.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 72 of 90 3. CAPITAL NOTE 20 ISSUED CAPITAL a) Ordinary Shares The Company is a limited liability public company incorporated in Western Australia with shares publicly traded on the Australian Securities Exchange. The Company’s ordinary shareholders have limited liability, whereby any liability is limited to the amount (if any) unpaid on the shares held by them. Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of and amounts paid on the shares held. On a vote by show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote on a show of hands, and upon a poll each share is entitled to one vote. Ordinary shares have no par value. There is no limit to the authorised share capital of the Company. 30 June 2026 30 June 2025 Number $000 Number $000 b) Share Capital Issued share capital 728,874,974 318,041 707,546,922 305,976 30 June 2025 Issue Price Number $000 c) Share Movements During 2025 Balance at the start of the financial year - 377,870,189 131,811 Share placement July 2024 $0.27 64,599,920 17,442 Directors option conversion $0.34 766,666 259 Shares issued to creditor $0.29 408,365 119 Share placement October 2024 – tranche one $0.52 102,125,521 53,105 Share placement December 2024 – tranche two $0.52 52,353,325 27,225 Employee share options exercised $0.32 320,000 102 Employee performance rights exercised $0.27 146,759 - Share placement March 2025 – tranche one $0.76 69,737,173 53,000 Employee share options exercised $0.34 1,878,422 634 Issue of shares for purchase of Lakewood $0.97 19,739,439 19,049 Employee share options exercised $0.50 1,500,000 750 Share placement May 2025 – tranche two $0.76 15,789,143 12,000 Shares issued pursuant to native title & heritage agreement $0.90 312,000 281 Transfer from reserve - - 602 Less share issue costs - - (10,403) Balance at the end of the financial year - 707,546,922 305,976
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 73 of 90 NOTE 20 ISSUED CAPITAL (continued) 30 June 2026 Issue Price Number $000 Share Movements During 2026 Balance at the start of the financial year - 707,546,922 305,976 Shares issued in part consideration for the acquisition of an exploration license $0.81 61,954 50 Employee share options exercised $0.34 15,796,242 5331 Employee performance rights exercised $0.00 1,060,115 - Directors option conversion $0.50 200,000 100 Employee share options exercised $0.89 655,060 66 Employee share options exercised $0.52 110,000 57 Employee share options exercised $0.51 391,159 125 Employee share options exercised $0.32 247,425 70 Employee share options exercised $0.55 171,082 44 Employee share options exercised $0.50 1,275,000 638 Employee share options exercised $0.83 163,000 166 Employee share options exercised $1.24 4,097 - Director’s performance rights exercised $0.00 1,192,918 - Transfer from reserve - - 3,325 30 June 2026 Issue Price Number $000 Less share issue costs - - (42) Deferred income tax on capital raising costs - - 2,134 Balance at the end of the financial year - 728,874,974 318,041 Recognition and measurement Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. NOTE 21 RESERVES Reserves 30 June 2026 $‘000 30 June 2025 $‘000 Balance at the beginning of the year 5,180 1,364 Exercise of options and performance rights (3,325) (602) Share based payments expense 3,092 4,683 Equity component of Convertible Notes1 - (265) Balance at the end of the year 4,946 5,180 1 Convertible Note Equity Reserve movement was related to the derecognition of the equity component of the Convertible Note Facility The Share-Based Payment Reserve recognises the fair value of convertible securities granted but not exercised.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 74 of 90 NOTE 22 RETAINED EARNINGS/(LOSSES) Accumulated earnings/(losses) 30 June 2026 $’000 30 June 2025 $‘000 Balance at the beginning of the year (42,127) (16,181) Transfer on forfeited or lapsed options - - Profit/(loss) for the year 86,455 (25,946) Balance at the end of the year 44,328 (42,127) 4. RISK NOTE 23 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT Credit Risk The Group’s financial assets have negligible credit risk, as assessed by the directors, and as such no disclosures are required. Impairment Losses The directors do not consider that any of the Group’s financial assets are subject to impairment at the reporting date. No impairment expense or reversal of impairment charge has occurred during the reporting period. Interest Rate Risk At the reporting date the interest profile of the Group’s interest-bearing financial instruments was: 30 June 2026 $’000 30 June 2025 $‘000 Variable rate instruments Cash and cash equivalents 73,706 34,112 Cash Flow Sensitivity Analysis for Variable Rate Instruments A change of 500 basis points in interest rates at the reporting date would have increased/(decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables remain constant. Profit or loss 5% pa Increase ($‘000) 5% pa Decrease ($‘000) 30 June 2026 Variable rate instruments 3,685 (3,685) 30 June 2025 Variable rate instruments 1,706 (1,706) Liquidity Risk The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements:
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 75 of 90 NOTE 23 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (continued) Consolidated Carrying Amount Contractual Cash Flows < 6 Months 6-12 Months 1-2 Years 2-5 Years > 5 Years $‘000 $‘000 $‘000 $‘000 $‘000 $‘000 $‘000 30 June 2026 Trade and other payables 64,933 64,933 64,933 - - - - Lease liabilities 19,623 20,933 5,467 5,496 8,570 1,400 - Financial liabilities 320 320 320 - - - - Total 84,876 86,186 70,720 5,496 8,570 1,400 - 30 June 2025 Trade and other payables 21,166 21,166 21,166 - - - - Lease liabilities 21,460 20,263 2,828 3,371 7,082 6,982 - Financial liabilities 26,118 26,118 25,559 559 - - - Total 68,744 67,547 49,553 3,930 7,082 6,982 - Fair Values Fair values versus carrying amounts The fair values of financial assets and liabilities, together with the carrying amounts shown in the balance sheet are as follows: Consolidated 30 June 2026 30 June 2025 Carrying Amount $’000 Fair Value $’000 Carrying Amount $‘000 Fair Value $‘000 Cash and cash equivalents 73,706 73,706 34,112 34,112 Trade and other receivables 5,145 5,145 8,831 8,831 Financial asset at fair value 2,632 2,632 1,650 1,650 Trade and other payables (64,933) (64,933) (21,166) (21,166) Financial liabilities (320) (320) (26,118) (26,118) Total 16,230 16,230 (2,691) (2,691) The Group’s policy for recognition of fair values is disclosed in the individual Notes. Market Risk Commodity price risk The Group’s exposure to commodity price risk arises largely from Australian dollar gold price fluctuations. The Group is exposed to commodity price risk due to the sale of gold on physical delivery at prices determined by markets at the time of sale. Other market price risk - investment in equity securities (equity price sensitivity analysis) The Group has performed a sensitivity analysis relating to its exposure to equity price risk at reporting date. The Group's listed equity investment is listed on the Australian Securities Exchange. For investments classified at fair value through profit or loss (FVPL), a 50% change at the reporting date is considered to be a reasonably possible change in the relevan t index and would have increased/(decreased) equity by the amounts shown below. This analysis assumes that all other variables remain constant.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 76 of 90 NOTE 23 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (continued) Profit or loss 30 June 2026 30 June 2025 $’000 $‘000 Increase 50% 1,316 825 Decrease 50% (1,316) (825) Recognition and measurement Financial Instruments Investments and other financial assets are initially measured at fair value. Transaction costs related to these items are included in the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortised cost or fair value depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset, unless an accounting mismatch is being avoided. Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the consolidated entity has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off. Impairment of financial assets The Group recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the Group’s assessment at the end of each reporting period as to whether the financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain. Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12 -month expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss recognised is measured based on the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate. For financial assets measured at fair value through other comprehensive income, the loss allowance is recognised within other comprehensive income. In all other cases, the loss allowance is recognised in profit or loss. Fair value estimation The nominal value less estimated credit adjustments of receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. Fair Value Measurement When an asset or liability, financial or non- financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non- financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. 5. OTHER NOTES NOTE 24 ACQUISITION OF LAKEWOOD Acquisition of Lakewood Processing Facility – Prior Year On 31 March 2025, Black Cat completed the acquisition of Karora (Lakewood) Pty Ltd . A final deferred payment of $25M was paid on 30 November 2025.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 77 of 90 NOTE 25 RELATED PARTY DISCLOSURES (a) Directors and Key Management Personnel The following persons were considered Key Management Personnel of Black Cat during the financial year: Name Position Term as KMP Non-executive directors Paul Chapman Non-executive chair Full financial year Les Davis Non-executive director Retired 27 November 2025 Davide Bosio Non-executive director Full financial year Richard Laufmann Non-executive director Full financial year Amber Rivamonte Non-executive director Appointed 8 September 2025 Executive director James Bruce Managing director Appointed 11 February 2026 Gareth Solly Former managing director Resigned 11 February 2026 Senior executives Nick Dwyer Chief financial officer Full financial year Tim Mason Chief operating officer Full financial year There were no other persons employed by or contracted to the Company during the financial year, having responsibility for planning, directing and controlling the activities of the Company, either directly or indirectly. (b) Key Management Personnel Compensation A summary of total compensation paid to Key Management Personnel during the year is as follows: 30 June 2026 $ 30 June 2025 $ Total short-term employment benefits 2,718,596 993,881 Total post-employment benefits 291,242 114,296 Other long term equity employment benefits1 1,304,337 709,448 Total 4,314,175 1,817,625 1Fair value of long-term equity-based incentives vesting during the reporting period. (c) Other Transactions with Key Management Personnel There were no other transactions with Key Management Personnel other than those disclosed above. (d) Related Entities The following entities are related parties: Subsidiary Company Country of Incorporation Ownership Interest 30 June 2026 30 June 2025 Black Cat (Kal East) Pty Ltd Australia 100% 100% Black Cat (Paulsens) Pty Ltd Australia 100% 100% Black Cat (Coyote) Pty Ltd Australia 100% 100% Black Cat (Lakewood) Pty Ltd Australia 100% 100% Black Cat (Dreadcat) Pty Ltd Australia 100% 100%
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 78 of 90 NOTE 25 RELATED PARTY DISCLOSURES (continued) Details of transaction and balance between the Company and its subsidiary entities disclosed in the table above are disclosed below: The Company’s outstanding loans to subsidiary companies are as follows: 30 June 2026 $’000 30 June 2025 $’000 Black Cat (Kal East) Pty Ltd 96,790 98,000 Black Cat (Paulsens) Pty Ltd 39,958 103,516 Black Cat (Coyote) Pty Ltd 15,545 11,873 Black Cat (Lakewood) Pty Ltd 68,392 7,762 Black Cat (Dreadcat) Pty Ltd - - The Company provides funding and personnel to its subsidiaries at cost, the value of which are included in the loan amounts disclosed above. Loans to subsidiaries do not attract interest and are repayable on demand. (e) Investment in Dreadnought Resources Ltd The Group holds an investment in Dreadnought Resources Limited (Dreadnought). Paul Chapman, Non-Executive Chair of the Company, is also a director of Dreadnought. The investment has been assessed as a related party transaction for disclosure purposes due to the common directorship. The investment is held as part of the Group’s listed investments and was recognised at fair value at year end. The carrying value of the investment at 30 June 2026 was $2,632,000 (2025: $1,650,000). On 2 December 2025, Black Cat announced that it had executed a binding Heads of Agreement and Ore Purc hase Agreement with Dreadnought to develop and process Ore from the Star of Mangaroon open pit deposit. No amounts were payable to, or receivable from, Dreadnought Resources Limited at 30 June 2026. The terms of the investment were consistent with ordinary market terms. NOTE 26 SHARE BASED PAYMENTS 30 June 2026 $’000 30 June 2025 $’000 Share based payments expense 3,092 4,683 Total 3,092 4,683 Options As at 30 June 2026, 14,735,000 (2025: 35,349,367) unissued ordinary shares of the Company are under option as follows: Number of Options Granted Exercise Price Expiry Date 53,000 $0.51 28 July 2026 180,000 $0.55 21 February 2027 190,000 $0.52 21 March 2027 1,225,000 $0.50 31 July 2027 1,800,000 $0.50 31 August 2027 390,000 $0.32 8 February 2028 300,000 $0.41 18 April 2028 500,000 $0.66 30 September 2028 500,000 $0.79 14 October 2028 5,382,000 $0.89 20 December 2028 2,190,000 $1.24 20 May 2029
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 79 of 90 NOTE 26 SHARE BASED PAYMENTS (continued) Number of Options Granted Exercise Price Expiry Date 1,200,000 $1.21 16 July 2029 325,000 $1.35 28 August 2029 500,000 $1.46 2 September 2029 14,735,000 During 2026, the Company issued 2,705,000 options over unissued shares to employees (2025: 19,032,000). 2,717,000 employee options were forfeited during the financial year on cessation of employment and a total of 3,125 options lapsed on expiry of the exercise period. Since the end of the financial year: - No options have been issued; - No options were forfeited unexercised; and - 53,000 shares have been issued on the exercise of options. Options do not entitle the holder to: - participate in any share issue of the Company or any other body corporate; or - any voting rights until the options are exercised into ordinary shares. Weighted Average Contractual Life The weighted average contractual life for unexercised options is 26 months (2025: 36 months). Reconciliation of Movement of Options Over Unissued Shares During the Period Including Weighted Average Exercise Price (“WAEP”) 30 June 2026 30 June 2025 Number WAEP Number WAEP Options outstanding at the start of the period 19,550,000 $0.80 3,799,000 $0.53 Options granted during the period 2,705,000 $1.29 19,032,000 $0.81 Options forfeited/lapsed during the period (2,717,000) $1.09 (1,461,000) $0.76 Options exercised during the period (4,803,000) $0.68 (1,820,000) $0.47 Options outstanding at the end of the period 14,735,000 $0.87 19,550,000 $0.80 Basis and Assumptions Used in the Valuation of Options The 2,705,000 options issued as remuneration during the financial year were valued using the Black-Scholes option valuation methodology: Date Granted Number of Options Granted Price at Grant Date Exercise Price Expiry Date Risk Free Interest Rate Used Volatility Applied Value of Options ($‘000) 17 July 2025 1,500,000 $0.803 $1.205 16 July 2029 3.55% 68.78% $534 29 August 2025 705,000 $0.900 $1.350 28 August 2029 3.52% 66.18% $269 4 September 2025 500,000 $0.973 $1.460 2 September 2029 3.52% 66.40% $207 All options issued during the period vested on grant and the above values for the options have been recognised during the reporting period in the statement of profit and loss. Performance Rights As at 30 June 2026, the Company had 9,691,190 (2025: 6,537,675) performance rights on issue:
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 80 of 90 NOTE 26 SHARE BASED PAYMENTS (continued) Number of Performance Rights on Issue Performance Rights Fully Vested Expiry Date 4,014,1121 XXXX 631,292 30 June 2027 146,759 146,759 30 June 2028 2,899,1392 483,182 11 November 2030 33,4602 5,577 16 December 2030 2,310,3453 51,724 29 January 2031 287,3752 47,896 19 June 2031 9,691,190 A summary of the key terms of the performance rights is disclosed below: • each performance right entitles the holder to 1 fully paid ordinary share of the Company on conversion. • the performance rights have an exercise price of $0. • Unexercised performance rights have no entitlement to vote at a shareholder’s meeting or participate in the winding up of the Company. The performance rights on issue are subject to the following vesting conditions: 1 Performance Rights are subject to the following vesting conditions (i) One third (1/3) on achieving a sustained production rate of 40,000 to 45,000oz pa at the Coyote Gold Operation; (ii) One third (1/3) on achieving a sustained production rate of 60,000 to 70,000oz pa at the Paulsens Gold Operation; and (iii) One third (1/3) on achieving a sustained production rate of 50,000 to 60,000oz pa at the Kal East Gold Operation. 2 Performance Rights are subject to vesting conditions with performance measurement dates of 30 June 2026, 30 June 2027 and 30 June 2028 (“Measurement Dates”), as follows: (i) 50% subject to cumulative performance of the Company’s share price since 30 June 2025 relative to the GDXJ gold index (1/3 vesting at each of the above mentioned Measure Dates); and (ii) 50% subject to continuity of employment with the Company (1/3 vesting at each of the above mentioned Measure Dates). 3 Performance Rights are subject to vesting conditions with performance measurement dates of 30 June 2026, 30 June 2027 and 30 June 2028 (“Measurement Dates”), as follows: (i) 1,000,000 performance rights will vest subject to the following vesting conditions being achieved: Company achieving a $1.5 billion fully diluted market capitalisation for >45 days in any 90-day period by 31 December 2027; and (ii) 1,000,000 performance rights will vest subject to the following vesting conditions being achieved: Company achieving a $2.0 billion fully diluted market capitalisation for >45 days in any 90-day period by 31 December 2028; and (iii) 155,173 performance rights subject to cumulative performance of the Company’s share price since 30 June 2025 relative to the GDXJ gold index (1/3 vesting at each of the above mentioned Measure Dates); and (iv) 155,172 performance rights subject to continuity of employment with the Company (1/3 vesting at each of the above mentioned Measure Dates). 6,299,597 performance rights were issued during the financial year (2025: Nil). During the financial year a total of 2,253,033 (2025: 146,759) performance rights have been exercised. During the financial year a total of 893,049 (2025: 630,000 ) performance rights have been forfeited on cessation of employment.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 81 of 90 NOTE 26 SHARE BASED PAYMENTS (continued) Since the end of the financial period: - No performance rights have been issued; - No performance rights were forfeited or lapsed. No performance rights have become vested and exercisable into shares; and - No shares have been issued on the exercise of vested performance rights. Reconciliation of Movement of Performance Rights During the Period 30 June 2026 Number 30 June 2025 Number Performance Rights outstanding at the start of the period 6,537,675 7,314,434 Performance Rights granted during the period 6,299,597 - Performance Rights forfeited/lapsed during the period (893,049) (630,000) Performance Rights exercised during the period (2,253,033) (146,759) Performance Rights outstanding at the end of the period1 9,691,190 6,537,675 Basis and Assumptions Used in the Valuation of Performance Rights The 6,299,597 performance rights issued as remuneration during the financial year were valued using a Monte Carlo Simulation model: Date Granted Number of Performance Rights Granted Price at Grant Date Exercise Price Expiry Date Risk Free Interest Rate Used Volatility Applied Value of Options ($‘000) 11 November 2025 3,017,406 $0.965 & $0.935 $0.00 11 November 2030 3.61% & 3.80% 70.00% $2,375 15 December 2025 684,471 $1.025 & $1.055 $0.00 16 December 2030 4.02% & 4.16% 70.00% $556 29 January 2026 2,310,345 $0.935 $0.00 29 January 2031 3.94% 70.00% $1,191 19 June 2026 287,375 $1.160 $0.00 19 June 2031 4.60% 70.00% $245 Key estimates and assumptions The values of amounts recognised in respect of share- based payments have been estimated based on the fair value of the equity instruments granted. Fair values of options issued are estimated by using an appropriate option pricing model. There are many variables and assumptions used as inputs into the models. If any of these assumptions or estimates were to change this could have a significant effect on the amounts recognised. NOTE 27 AUDITOR’S REMUNERATION Fees paid or payable to the Group’s auditor, Grant Thornton Audit Pty Ltd, are as follows: 30 June 2026 $’000 30 June 2025 $’000 - Services for statutory audit or review of financial statements 231 247 - Services for regulatory assurance purposes 130 - - Non-audit services - - Total 361 247
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 82 of 90 NOTE 28 CONTINGENCIES (i) Contingent Liabilities There were no material contingent liabilities not provided for as at 30 June 2026 and 30 June 2025 other than: Royalties Kal East Gold Operation The Group is subject to a 1% gross revenue royalty in respect of minerals produced from the following tenements: E25/0499, E25/0512, E27/0532, P25/2287, P25/2288, P25/2293, P25/2377, P25/2378 and P25/2641. The Group is subject to a NPI payment of 10% of net profits to a maximum of $250,000 and 1% net smelter return royalty thereafter in respect of minerals produced from the following tenements: E25/499, E25/520, M25/24, M25/83, M25/91, M25/129, P25/2367, P25/2368, P25/2369, P25/2377, P25/2378. The Group is subject to a 1% net smelter royalty in respect of minerals produced from the following tenements: E25/0594, P25/2685 and P25/2323. The Group is subject to a 1.5% gross royalty in respect of minerals produced from the following tenements: P25/2324, P25/2325, P25/2326, P25/2327, P25/2328, P25/2331, P25/2357, P25/2358, P26/4117, P26/4118, P26/4119 and P26/4122. Coyote Gold Operation The Group is subject to a 1.75% gross royalty in respect of all minerals produced from the following tenements, with a scaled dollar/oz based on production above 300koz: E80/1737, M80/0560, M80/0561 and M80/0645. The Group is subject to a 1.5% gross royalty in respect of minerals produced from M80/0563. The Group is subject to a scaled dollar/oz based on production above 300koz: E80/1483, E80/3665 and M80/0559. Paulsens Gold Operation The Group is subject to a 2.5% net smelter royalty in respect of all production from E08/1649, with an additional 0.75% net smelter royalty in respect of all production over 250koz. The Group is subject to a 1.75% gross royalty in respect of all minerals produced from E08/1650. The Group is subject to a 1% net smelter royalty in respect of minerals produced from the following tenements: M08/0191, M08/0192 and M08/0193. The Group is subject to a 0.5% net smelter royalty in respect of Cu and Au produced from the following tenements: E08/2945, E08/3067, E08/3246, E08/3247, and E08/3317. In addition, there may be other historical agreements relating to certain other tenements of the Group, which may, or may not, create an obligation on the Group to pay royalties on some or all minerals derived from some tenements upon commencement of production. Native Title and Aboriginal Heritage Native title claims have been made with respect to certain areas which include tenements in which the Group has an interest. The Group is unable to determine the prospects for success or otherwise of the claims and, in any event, whether or not and to what extent the claims may significantly affect the Group or its projects. Agreement is being or has been reached with various native title claimants in relation to Aboriginal Heritage issues regarding certain areas in which the Group has an interest . Contingent Consideration Pursuant to the agreement to acquire the Coyote and Paulsens Gold Projects executed in the 2021/22 financial year the Company has the following contingent liabilities in relation to the acquisitions: Production Milestones Contingent consideration $‘000 Production of 5,000oz from Coyote Gold Operation $2,500 Production of 50,000oz from Coyote Gold Operation (inclusive of initial 5,000oz production milestone) $2,500 Directors have determined that the fair value of the Milestone consideration for Coyote Gold Operation is nil, as at the reporting date, likely to be contingent upon successful developing and/or funding of the project and as such the timing and likelihood of commencement of production activities is uncertain. The Company will continue to assess the production outlook for the project and contingent consideration may be recognised in future reporting periods, if required by accounting standards.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 83 of 90 NOTE 28 CONTINGENCIES (continued) (ii) Contingent Assets There were no material contingent assets as at 30 June 2026 (2025: $nil). NOTE 29 COMMITMENTS (a) Exploration The Group has certain obligations to perform minimum exploration work on mineral leases held. These obligations may be varied by application or relinquishment of exploration tenure. As at balance date, total exploration expenditure commitment on tenements held by the Group which has not been provided for in the financial statements and which cover the following 12-month period amount to $5,052,000 (2025: $4,240,000). (b) Contractual Commitments The Group entered into an agreement with the Commonwealth Bank of Australia (CBA) for a $30M asset financing facility. As at 30 June 2026, no funds were drawn from the facility, nor were any assets pledged to CBA. There are no material contractual commitments as at 30 June 2026 (2025: $nil) not otherwise disclosed in the financial statements. NOTE 30 EVENTS OCCURRING AFTER THE BALANCE SHEET DATE There has not arisen between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors to affect substantially the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial years. NOTE 31 PARENT ENTITY INFORMATION 30 June 2026 $’000 30 June 2025 $’000 Financial Position Assets Current assets 30,788 33,638 Non-current assets 252,639 251,848 Total assets 283,427 285,486 Liabilities Current liabilities 6,842 848 Non-current liabilities 229 92 Total liabilities 7,071 940 Net assets 276,356 284,546 Equity Issued capital 315,908 305,976 Share based payments reserve 4,946 5,180 Accumulated losses (44,498) (26,610) Total equity 276,356 284,546 Loss for the year (18,144) (10,121) Other comprehensive income - - Total comprehensive income (18,144) (10,121)
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 84 of 90 NOTE 31 PARENT ENTITY INFORMATION (continued) Guarantees Entered into by the Parent Entity in Relation to the Debts of its Subsidiaries As part of the acquisition of the Coyote and Paulsens gold projects from Northern Star Resources Pty Ltd, the parent entity has guaranteed the outstanding consideration obligations of its wholly owned subsidiaries Black Cat (Paulsens) Pty Ltd and Black Cat (Coyote) Pty Ltd. Refer Note 18 Financial Liabilities and Note 28 Contingencies. The parent entity has provided security over the Myhree and Boundary tenements for the initial funding component, provided by MMS Mining Services, for the Joint operation between Mineral Mining Services and Black Cat Syndicate Ltd. Contingencies For full details of contingencies see Note 28. Commitments For full details of commitments see Note 29. NOTE 32 NEW ACCOUNTING STANDARDS & INTERPRETATIONS AND OTHER MATERIAL ACCOUNTING POLICIES (a) New and amended accounting standards and interpretations adopted by the Group The accounting policies adopted are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 30 June 2026, unless otherwise stated. The Group has adopted all new or amended Accounting Standards and Interpretations issued by the Accounting Standards Board ( AASB) that are mandatory for the current accounting period. The Group has not elected to early adopt any new standards or amendments during the current financial year. (b) New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2026 reporting periods and have not been early adopted by the Group. There are expected to be material impacts from AASB 18 Presentation and Disclos ure in Financial Statements: AASB 18 replaces AASB 101 as the standard describing the primary financial statements and sets out requirements for the presentation and disclosure of information in AASB -compliant financial statements. The amendments are effective for annual reporting periods beginning on or after 1 January 2027. (c) Other material accounting policies for the Group Goods and Services Tax (“GST”) Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as a part of the expense incurred. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the balance sheet, as applicable. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, the taxation authority, are presented as operating cash flows. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement, have rights to the assets, and obligations for the liabilities, relating to the arrangement. The consolidated entity has recognised its share of jointly held assets, liabilities, revenues and expenses of joint operations. These have been incorporated in the financial statements under the appropriate classifications. The joint operation with Mineral Mining Services ( “MMS”) for the mining of the Myhree and Boundary deposits at Kal East wa s funded by MMS on a non- recourse basis. Black Cat has provided security over the Myhree and Boundary tenements for the initial funding component. MMS's funding of the mining operations constitutes their earn-in to the joint operation.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 Notes to the Financial Statements For year ended 30 June 2026 Page 85 of 90 NOTE 32 NEW ACCOUNTING STANDARDS & INTERPRETATIONS AND OTHER MATERIAL ACCOUNTING POLICIES (continued) Revenue is recognised based on the profit-sharing arrangement calculated from gold and silver sales from the joint operation less project administration, mining and milling costs. Black Cat is entitled to 100% of net profits until the first $30 million was received, thereafter, MMS and Black Cat share profits. Black Cat recognises its share of revenue and expenses from the joint operation in accordance with the profit -sharing arrangement. Processing costs incurred by the Company on behalf of the joint operation are charged to the joint operation and recognised as toll milling revenue in the consolidated financial statements. Consolidated 30 June 2026 $’000 30 June 2025 $’000 Joint Operation Profit Share 46,031 4,104 Current versus Non-Current Classification The Group presents assets and liabilities in the statement of financial position based on a current or non -current classification. An asset is classified as current when it is carrying amount: - is expected to be realised, or intended to be sold or consumed in the Group’s normal operating cycle; - expected to be realised within 12 months after the balance date through use or sale; or - cash or a cash equivalent (unless restricted for at least 12 months after the reporting period). A liability is current when it is: - expected to be settled in the Group’s normal operating cycle; - it is due to be settled within 12 months after the reporting date; or - there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other assets and liabilities are classed as non-current.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 CONSOLIDATED ENTITY DISCLOSURE STATEMENT Page 86 of 90 CONSOLIDATED ENTITY DISCLOSURE STATEMENT Entity type Country of incorporation Tax residency Foreign Jurisdiction Ownership % 2026 Ownership % 2025 Parent entity: Black Cat Syndicate Limited Body corporate Australia Australian NA 100 100 Subsidiaries: Black Cat (Paulsens) Pty Ltd Body corporate Australia Australian NA 100 100 Black Cat (Kal East) Pty Ltd Body corporate Australia Australian NA 100 100 Black Cat (Coyote) Pty Ltd Body corporate Australia Australian NA 100 100 Black Cat (Lakewood) Pty Ltd Body corporate Australia Australian NA 100 100 Black Cat (Dreadcat) Pty Ltd Body corporate Australia Australian NA 100 NA Each of the entities above are Companies and are not tax residents of foreign jurisdictions. Basis of preparation The consolidated entity disclosure statement ( CEDS) has been prepared in accordance with subsection 295(3A)(a) of the Corporations Act 2001. The entities listed in the statement are Black Cat Syndicate Ltd and all the entities it controls in accordance with AASB 10 Consolidated Financial Statements.
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BC8.com.au | +61 458 007 713 | admin@bc8.com.au | ASX: BC8 DIRECTORS DECLARATION Page 87 of 90 DIRECTORS DECLARATION In the opinion of the directors of Black Cat Syndicate Limited (“the Company”) (a) the financial statements and notes set out on pages 48 to 86 a re in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the financial position as at 30 June 2026 and of the performance for the period ended on that date of the Group; and (ii) complying with Accounting Standards and the Corporations Regulations 2001 and other mandatory professional reporting requirements. (b) there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable; (c) the consolidated entity disclosure statement required by section 295(3A) of the Corporations Act 2001 (Cth) is true and correct; and (d) the financial statements comply with International Financial Reporting Standards. The directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the Managing Director and Chief Financial Officer for the financial period ended 30 June 2026. This declaration is made in accordance with a resolution of the Directors. Signed at Perth this 31 st day of August 2026. James Bruce Managing Director
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