Earnings release
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ASX ANNOUNCEMENT 29 October 2025 Activities Report for the Quarter Ended 30 September 2025 BLACK CAT SYNDICATE LIMITED (ASX:BC8) | 0458 007 713 | admin@bc8.com.au | bc8.com.au | ABN 63 620 896 282 The Board of Black Cat Syndicate Limited (“Black Cat” or the “Company”) is pleased to report on activities during the quarter ended 30 September 2025 in relation to its More Gold, Sooner strategy. HIGHLIGHTS (All amounts are in A$ dollars unless otherwise stated. Figures are unaudited, should be regarded as estimates and are subject to change.) The Company performed with steady growth across all sites. Highlights included: • Strong balance sheet: Cash, bullion and listed investments increased to $90M at 30 September 2025 1 ($56M at 30 June 2025), following record Group gold production, with no hedging in place. • Strong gold production: of 20,541oz, including third party ounces (17,787oz, excluding third party ounces) and sales of 16,400oz at an average realised price of $5,227/oz for $86M of revenue1. Production was higher than gold sold with an increase in bullion to 5,104oz ($29.6M1 @ $5,777/oz) held at 30 September 20252. • Paulsens gold production: increased ~68% quarter on quarter to 7,744oz as mining continues to ramp up and higher- grade stopes come online as planned. • New high-grade zones discovered at Paulsens: from ongoing diamond drilling focussed on both operational readiness and growth3. • L akewood gold production : increased ~30% quarter on quarter to 10,043oz from the Myhree and Boundary open pits. Mining was impacted by rain events; however, the Boundary pit was completed and Myhree remains on track for completion in the December 2025 quarter, closing out the profit share arrangement. • Grade control results at Fingals: reinforce this open pit as one of the main production centres of Kal East4. • New mines at Kal East : Mining commenced at both the Majestic underground and Fingals open pit 5. Once ramped up, Ore from these mines will form a baseload feed to Lakewood for years to come. • Group mining : totalled ~ 340kt @ 2.0g/t Au for 21, 786oz. Stockpiles at the end of the quarter totalled ~11 8,000t containing 5,661oz. • Big Sarah: first ever drilling was undertaken at Big Sarah6, 90km from Paulsens . Encouraging results showed well mineralised structures in 10 of the initial 14 holes with follow up drilling a priority. • Strengthening production outlook7: Production is expected to strengthen during the December 2025 quarter with 23,000-28,500oz planned, including third-party Ore, and inclusive of scheduled maintenance. • Antimony growth: A n extensive diamond drill program commenced at Mt Clement, which currently hosts one of Australia’s largest and highest -grade antimony deposits. Visible antimony has been intersected in the first 4 holes completed, with assays expected during the December 2025 quarter8. • Board changes: Les Davis, after 8 years as a founding director and instrumental in the Company’s transformation from explorer to producer, announced his retirement from the Company. Separately, experienced director, Amber R ivamonte, was appointed as a non-executive director, as the Company continues to accelerate production9. • Company growth: Black Cat was added to the S&P / ASX 300 Index10. Figure 1: Paulsens mine site, September 2025. For personal use only
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Activities Report for the Quarter Ended 30 September 2025 2 | Page PRODUCTION AND FINANCIAL SUMMARY – September 2025 quarter Mining, stockpiled Ore and gold-in-circuit September 2025 quarter Operations Unit Paulsens Kal East Group Open pit mining Ore t - 248,365 248,365 Grade g/t - 1.70 1.70 Contained gold oz - 13,549 13,549 Underground mining Underground development m 1,736 160 1,896 Ore t 91,444 - 91,444 Grade g/t 2.81 - 2.81 Contained gold oz 8,237 - 8,237 All mining Total Ore t 91,444 248,365 339,809 Stockpiled Ore and gold-in-circuit (as at 30 September 2025) Ore t 1,434 117,000 118,434 Grade g/t 2.63 1.46 1.49 Contained gold in stockpiles oz 161 5,500 5,661 Gold-in-circuit (“GIC”) oz 1,055 2,297 3,352 Total gold in stockpiles and GIC oz 1,216 7,797 9,013 Production, gold sold and bullion September 2025 quarter Operations Lakewood/ Kal East Paulsens Group Total Unit 100% 3rd Party Total 100% Processing and gold production Ore processed t 214,934 44,397 259,331 98,671 358,002 Grade g/t 1.59 2.09 1.67 2.63 1.94 Contained gold oz 10,958 2,978 13,936 8,337 22,273 Recovery % 91.6% 92.5% 91.8% 92.9% 92.2% Gold produced oz 10,043 2,754 12,797 7,744 20,541 Gold sold oz 6,900 - 6,900 9,500 16,400 Cash, bullion & investments (Unaudited) Unit Dec-24 Mar-25 Jun-25 Sep-25 Cash on hand A$M 56.7 65.4 34.1 52.7 Gold bullioni A$M 0.5 2.1 20.5 29.6 Cash and bullion A$M 57.2 67.5 54.6 82.3 Listed investments A$M - 1.3 1.7 7.3 Cash, bullion and investments A$M 57.2 68.8 56.3 89.6 ------------------------------------------- iGold bullion has been valued based on prices on the last day of the quarter from the Perth Mint website www.perthmint.com For personal use only
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Activities Report for the Quarter Ended 30 September 2025 3 | Page Chart 1: Quarterly cash, bullion movement and listed investments (unaudited). * Operating cashflows include the bullion value from the site’s metals accounts using quarter end gold prices from the Perth Mint website www.perthmint.com **Site project capital includes payments includes mining start-up costs. For personal use only
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Activities Report for the Quarter Ended 30 September 2025 4 | Page PAULSENS GOLD OPERATION 100% Paulsens comprises: a high-grade underground gold mine; a 450ktpa processing facility; a 128 room camp and associated infrastructure. Operations at Paulsens including the ramp up of development and stoping progressed safely. Key activities included: • Production increased ~68% quarter on quarter to 7,744oz as mining continues to ramp up and higher -grade stopes come online as planned. • Tonnes processed totalled 98,671@ 2.63g/t Au for 8 ,337oz contained with gold in circuit of 1,055oz . Recovery was 93% for 7,744oz produced (1,636oz bullion retained, 9,500oz sold). • Diamond drilling in the upper part of the mine targeting up-plunge extensions of the Main Zone hangingwall intersected new, high-grade lodes. These new lodes remain open and further drilling will now be prioritised ahead of mining. Results included11: - 5.00m @ 90.55g/t Au from 86.00m, including 1.00m @ 337.00g/t Au from 88.00m (25PGOGC136) – Main Zone - 4.60m @ 12.25g/t Au from 48.40m, Including 0.31m @ 131.00g/t Au from 51.24m (25PGOGC137) – Main Zone - 5.00m @ 13.85g/t Au from 54.86m, Including 0.32m @ 123.00g/t Au from 54.86m (25PGOGC138) – Main Zone - 5.14m @ 15.20g/t Au from 67.57m (25PGOOGC138) – Main Zone - 1.99m @ 16.18g/t Au from 87.75m (25PGOGC140) – Main Zone - 1.50m @ 23.41g/t Au from 98.50m (25PGGOC150) – Main Zone • In addition, drilling in the Gabbro Veins and Hangingwall Zone lower in the mine returned: - 1.37m @ 37.39g/t Au from 56.00m (25PGOGC012) – Gabbro Veins - 0.84m @ 32.44g/t Au from 130.62m (25PGGOC020) – Gabbro Veins - 2.77m @ 13.60g/t Au from 300.61m (25PGGOC023) – Gabbro Veins - 1.72m @ 10.47g/t Au from 60.68m (25PGOGC134) – Hangingwall Zone • Jumbo development drives are underway on various levels to enable future production from these areas. Figure 2: Core Photo of 25PGOGC25136 showing the 5m @ 90.55g/t Au interval with the sub -sample intervals indicated. • Regional exploration activities ramped up with the first ever drilling at Big Sarah completed. The program was encouraging with 10 out of 14 holes intersecting gold mineralisation defining at least two lodes down dip from anomalous surface mineralisation. Results, returned included: - 3m @ 2.62g/t Au from 86m, including 1m @ 5.58g/t Au from 86m (SRRC25003) - 3m @ 2.19g/t Au from 99m, including 1m @ 4.51g/t Au from 100m (SRRC25005) • Additionally, surface drilling of the Paulsens West Seismic Target commenced with 2 holes (co -funded by the DMPE) completed during the quarter6. The drilling is targeting a zone potentially analogous to the structure hosting the high- grade Main Zone, with the first hole intersecting altered gabbro with quartz-carbonate veins. A wedge hole off the first hole was also undertaken. Assays for the program are due in early November 2025. For personal use only
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Activities Report for the Quarter Ended 30 September 2025 5 | Page KAL EAST GOLD OPERATION 100% Kal East contains a significant Resource of ~1.3Moz @ 2.1g/t Au within 50km of Kalgoorlie. Operations at Kal East progressed safely. Key activities included: Lakewood Processing Plant • A total of 259,331t of Ore was processed at Lakewood, comprising 214,934t of Ore from Myhree / Boundary plus 44,397t from third parties. • Stockpiles available for processing at the end of the quarter totalled 117,000t at 1.46g/t Au for 5,500oz. • An Ore purchase agreement for up to 125,000t of Ore @ 1.8g/t Au containing ~6,100oz recovered was executed 12 while new mines were established at Kal East. Additional Ore purchase agreements13 were also signed. Myhree/Boundary Open Pits • At Myhree and Boundary mining of 248,365t of Ore at a grade of 1.70g/t Au containing 13,549oz was completed. • Mining at Myhree is ongoing with a decreasing strip ratio and is expected to be completed in the December 2025 quarter. • Mining at Boundary concluded, with Ore stockpiles to be hauled and processed during the December 2025 quarter. • Mine closure activities have commenced at Boundary. Majestic Underground • Underground mining at Majestic commenced with the initial main portal blast14. First Ore is on track to be mined in the December 2025 quarter. Fingals Open Pit • The mining fleet mobilised and mining commenced under a schedule of rates contract15. • Ore production commenced in October 2025 16 and Fingals is expected to deliver an initial ~2.2Mt @ 1.7g/t Au for ~120,000oz with potential to grow in all directions and at depth. • Grade control drilling from the northern section of the new pit, reinforced Fingals as the main production centre for Kal East for years to come, and included17: - 11m @ 13.07g/t Au from 55m (25FFGC_395_665) - 5m @ 17.25g/t Au from 25m (25FFGC395_082) - 5m @ 11.36g/t Au from 26m (25FFGC_395_016) - 4m @ 22.73g/t Au from 10m (25FFGC_395_163) Figure 3: Commencement of mining at Fingals - 3m @ 22.30g/t Au from 26m (25FFGC_395_197) - 5m @ 27.84g/t Au from 14m (25FFGC_395_159) - 7m @ 6.71g/t Au from 9m (25FFGC_395_158) - 6m @ 6.49g/t Au from 8m (25FFGC_395_156) For personal use only
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Activities Report for the Quarter Ended 30 September 2025 6 | Page COYOTE GOLD OPERATION 100% Coyote comprises 1,050km 2 of prospective tenements, located ~20km on the WA side of the WA/NT border and on the Tanami Highway. Coyote has substantial infrastructure including an airstrip, underground mine, 300ktpa processing facility, +180-person camp and other related infrastructure. The operation has a Resource of 3.7Mt @ 5.5g/t Au for 645koz with numerous high-grade targets in the surrounding area. Care and maintenance activities continued safely throughout the quarter. Planning for drilling is underway. MT CLEMENT ANTIMONY PROJECT 100% Mt Clement hosts one of Australia’s largest and highest-grade antimony deposits, with a current Resource of 13.2kt @ 1.7% Sb (with Au-Ag-Pb credits) and an Exploration Target of 47-103kt @ 1.2-1.9% Sb18 (note that the potential quality and grade of the Exploration Target is conceptual in nature, there has been insufficient exploration in which to estimate a Resource, and it is uncertain if further exploration will result in the estimation of a Resource). Activities included 19: • The first 4 diamond holes (727m) were drilled of a ~6,000m program . All 4 holes intersected visible antimony mineralisation, with 1 hole drilled outside the current Resource. • The program has two main objectives, first, to infill and extend the current Resource which is modelled on one of six mapped outcropping mineralised veins and secondly, to obtain drill core to be used for metallurgical test work. • Additionally, two ~800m diamond holes, have been designed to transect the full extent of the mapped antimony mineralised zone, testing down dip from known surface mineralisation by up to ~400m. These holes are co-funded by a competitive Exploration Incentive Scheme grant of $175,000 20. • A ~41 line-km magnetotelluric survey between Paulsens and Mt Clement commenced and was completed in October 2025. This program is co-funded up to $129,000 by the Western Australia Department of Mines, Petroleum and Exploration Co-Funded Geophysics Program21. • Two additional diamond rigs have been mobilised to accelerate the above drilling22. • John Burgess has been appointed Project Manager for Mt Clement. John brings >45 years of experience across base and precious metals in operations, design, and construction. He has extensive expertise in project management, statutory approvals, design, marketing and commissioning. John will provide strong leadership and focus to Mt Clement. Figure 4: Core from drillhole EHDD25001 (~240m depth) showing semi -massive sulphide mineralisation (pyrite-pyrrhotite-boulangerite (Pb5Sb4S11) within a zone of quartz-sulphide stockwork veining. Sulphides in this interval constitute ~50% of the rock shown. Assays ar e pending for this interval. For personal use only
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Activities Report for the Quarter Ended 30 September 2025 7 | Page RELEVANT ACTIVITY ANNOUNCEMENTS DURING THE QUARTER 28/07/2025 Strong Consistent Drilling Results – Paulsens 05/08/2025 Grade Control Results include 11m at 13g/t Au at Fingals 06/08/2025 Kal East - Open Pit Mining Contract Awarded 06/08/2025 Diggers and Dealers Mining Forum – Presentation 11/08/2025 Paulsens West Drilling Commences 25/08/2025 Kal East - Majestic Underground Mining Commences 28/08/2025 Retirement of Director - Les Davis 01/09/2025 Bonanza Grades including 1.60m @ 623.94g/t Au – Paulsens 02/09/2025 Kal East - Majestic Underground Portal Blast 09/09/2025 Paulsens West and Big Sarah Showing Promise 10/09/2025 Kal East - Fingals Drilling and Lakewood Update 11/09/2025 Beaver Creek Gold Conference 15/09/2025 Mt Clement Antimony Drilling Kicks Off 29/09/2025 2025 Annual Report SUBSEQUENT TO THE END OF THE QUARTER 01/10/2025 New High-Grade Lodes at Paulsens Incl. 5m @ 90.55g/t Au 08/10/2025 Kal East - Fingals Commences & Operations Update 13/10/2025 Quarter Snapshot - September 2025 14/10/2025 Ore Purchase Agreements Signed 20/10/2025 Visible Antimony in Drilling - Mt Clement 1 Unaudited. 2 BC8 ASX announcement 16/06/25 3 BC8 ASX announcement 01/09/25, 01/10/25 4 BC8 ASX announcement 05/08/25, 10/09/25 5 BC8 ASX announcement 25/08/25, 08/10/25 6 BC8 ASX announcement 09/09/25 7 BC8 ASX announcement 13/10/25 8 BC8 ASX announcement 20/10/25 9 BC8 ASX announcement 28/08/25, 04/09/25 10 BC8 ASX announcement 24/10/25 11 BC8 ASX announcement 01/09/25, 01/10/25 12 BC8 ASX announcement 07/07/25 13 BC8 ASX announcement 14/10/25 14 BC8 ASX announcement 25/08/25, 02/09/25 15 BC8 ASX announcement 06/08/25 16 BC8 ASX announcement 08/10/25 17 BC8 ASX announcement 05/08/25, 10/09/25 18 BC8 ASX announcement 10/12/24 19 BC8 ASX announcement 15/09/25, 20/10/25 20 BC8 ASX announcement 29/05/25 21 BC8 ASX announcement 29/05/25 22 BC8 ASX announcement 29/05/25 COMPETENT PERSON’S STATEMENTS The Company confirms that it is not aware of any new information or data that materially affects the information in the origi nal reports, and that the form and context in which the Competent Person’s findings are presented have not been materially modifi ed from the original reports. The information in this announcement that relates to geology, exploration results, planning, and Exploration Targets was compiled by Mr. Iain Levy, who is a Member of the AIG and an employee, shareholder and option/rights holder of the Company. Mr. Levy has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Levy consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. Where the Company refers to the exploration results, Mineral Resources, and Reserves in this report (referencing previous releases made to the ASX), it confirms that it is not aware of any new information or data that materially affects the information included in that announcement and all material assumptions and technical parameters underpinning the Mineral Resource and Reserve estimates with that announcement continue to apply and have not materially changed. The Company confirms that all material assumptions underpinning the production targets, or the forecast information derived from the production targets, are included in the original ASX announcements (dated: 8 May 2024, 9 May 2024 and 15 May 2024) continue to apply and have not materially changed. For personal use only
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Activities Report for the Quarter Ended 30 September 2025 8 | Page CORPORATE ASX Index Rebalance Black Cat was added to the S&P/ASX 300 Index. Board Changes The Company appointed Amber Rivamonte as an independent non- executive director. Amber brings a wealth of experience in corporate strategy, mergers and acquisitions, financial management and governance having served as a director for both listed and unlisted companies across Australia and overseas. After 8 years as a founding director, Les Davis has advised of his decision to retire as a director of the Company following the completion of the 2025 Annual General Meeting on 27 November 2025. Changes in Securities during the quarter • Issued 61,954 ordinary fully paid shares at $0.807 per share in consideration for the acquisition of exploration assets. • Issued a total of 536,249 ordinary fully paid shares on the early exercise of listed options at $0.3375 per share. • Issued a total of 200,000 ordinary fully paid shares on the exercise of unlisted options at $0.50 per share. • Issued a total of 22,371 ordinary fully paid shares on the exercise of unlisted options at $0.886 per share. • Issued a total of 1,060,115 ordinary fully paid shares on the exercise of vested performance rights (expiring 30 June 2027). • Issued a total of 500,000 unlisted options (exercisable at $1.46 each and expiring 2 September 2029) to Ms Rivamonte prior to her appointment as a director. • Issued 705,000 unlisted employee options exercisable at $1.35 and expiring 28 August 2029 pursuant to the Employee Incentive Securities Plan and cancelled 945,000 unlisted employee options, exercisable at various prices) on cessation of employment. Capital Structure The capital structure of the Company at 27 October 2025 is as follows: Capital Structure Fully Paid Ordinary Shares Options/ Performance Rights Total Fully Paid Ordinary Shares 698,200,268 - 698,200,268 Fully Paid Ordinary Shares (escrowed to 31 March 2026) 19,739,439 - 19,739,439 Listed Options @ $0.3375 expiring 14 Nov 2025 (ASX:BC8O) - 7,507,233 7,507,233 Unlisted Options @ $0.83 expiring 8 Nov 2025 - 80,000 80,000 Unlisted Options @ $0.51 expiring 28 Jul 2026 - 473,000 473,000 Unlisted Options @ $0.55 expiring 21 Feb 2027 - 260,000 260,000 Unlisted Options @ $0.52 expiring 21 Mar 2027 - 190,000 190,000 Unlisted Options @ $0.50 expiring 31 Jul 2027 - 2,493,000 2,493,000 Unlisted Options @ $0.50 expiring 31 Aug 2027 - 1,800,000 1,800,000 Unlisted Options @ $0.32 expiring 8 Feb 2028 - 450,000 450,000 Unlisted Options @ $0.405 expiring 18 Apr 2028 - 300,000 300,000 Unlisted Options @ $0.655 expiring 30 Sep 2028 - 500,000 500,000 Unlisted Options @ $0.794 expiring 14 Oct 2028 - 500,000 500,000 Unlisted Options @ $0.886 expiring 20 Dec 2028 - 6,877,000 6,877,000 Unlisted Options @ $1.237 expiring 20 May 2029 - 2,885,000 2,885,000 Unlisted Options @ $1.205 expiring 16 July 2029 - 1,500,000 1,500,000 Unlisted Options @ $1.35 expiring 28 Aug 2029 - 705,000 705,000 Unlisted Options @ $1.46 expiring 2 Sep 2029 - 500,000 500,000 Performance Rights expiring 30 Jun 2027 - 5,069,896 5,069,896 Performance Rights expiring 30 Jun 2028 - 407,664 407,664 Current Issued Capital 717,939,707 32,497,793 750,437,500 Shareholder Meetings The Company’s 2025 Annual General Meeting will be held in Western Australia on 27 November 2025. Hedging activities The Company has no hedging. For personal use only
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Activities Report for the Quarter Ended 30 September 2025 9 | Page Deferred payments As part of the Lakewood acquisition, a final payment of $25M is due on or by 30 November 2025. Contingent payments As part of t he Paulsens and Coyot e acquisitions (ASX 19 Apr 2022) , milestone payments are payable at c ertain production amounts. The first of these $2.5M payments was triggered upon Paulsens producing 5,000oz and was paid in the quarter. Strategic Investment The Company’s strategic investment in Dreadnought Resources Limited was valued at ~$7.3M at 3 0 September 2025. Payments to Related Parties of the Entity and their Associates (refer section 6 of Appendix 5B) Payments to related parties for the quarter include ~$238k in director f ees which included am ounts accrued and paid to all directors. Mining Production and Development Activities (refer to section 6 of Appendix 5B) Paulsens For t he quarter, mining, processi ng and sit e administrative costs for operati ng totalled $23.0M, and $5.6 M of cost s were capitalised to mine development and exploration and evaluation activities1. Costs associated with property, plant and equipment, totalled $1.4M for the quarter. Kal East Mining at the Myhree open pit at Kal East continued throughout the quarter with Ore processed at Lakewood. Myhree/Boundary open pits continued to be cashflow positive during the quarter1. Information Provided in Accordance with ASX Listing Rules 5.3.1 and 5.3.2 In accordance with A SX Listing Rule 5.3.1, the Company confirms that, other than the mining production and development activities stated above, there have been no material developments or changes to its exploration and feasibility activities during the quarter. A s ummary of the s pecific activities undertaken in each pr oject area is provided in the relevant s ections of this activity report. PLANNED ACTIVITIES As at the date of this announcement, the proposed major activities over the coming months include: O ngoing Paulsens underground drilling Ongoing Mt Clement diamond drilling (EIS Co-funded) Ongoing Ashburton MT survey (Co-funded Geophysics Programme supported) Oct - Mar 2026 Mt Clement metallurgical test work F or further information, please contact: G areth Solly Managing Director + 61 458 007 713 adm in@bc8.com.au T his announcement has been approved for release by the Board of Black Cat Syndicate Limited. For personal use only
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Activities Report for the Quarter Ended 30 September 2025 10 | Page ABOUT BLACK CAT SYNDICATE (ASX: BC8) Black Cat is a gold producer with operating mines and processing facilities at two of its three 100% owned operations. Gold production occurs at: Kal East: comprising ~650km2 of highly prospective ground to the east of the world class mining centre of Kalgoorlie, WA. Kal East contains a Resource of 18.8Mt @ 2.1g/t Au for 1,294koz, including a preliminary JORC 2012 Reserve of 3.7Mt @ 2.0 g/t Au for 243koz. A turn-key funding, development & processing arrangement to mine and mill the Myhree and Boundary open pit deposits is underway2. Black Cat 100% owns and operates the 1.2Mtpa Lakewood gold processing facility, located ~6km east of Kalgoorlie. Paulsens: comprising ~3,200km 2 of tenure located ~180km west of Paraburdoo in WA. Paulsens is an operational underground mine, with a 450ktpa processing facility, 128-person camp and other related infrastructure. Gold production restarted in December 2024 and will move to full production during 2025. Paulsens has a regional Resource of 4.3Mt @ 4.0g/t Au for 548koz and significant exploration and growth potential. The Company has significant regional exploration potential at both Paulsens and Kal East. In addition, the Company also has two major organic growth projects at: Coyote: comprising 1,050km2 prospective tenements located in Northern Australia, ~20km on the WA side of the WA/NT border, on the Tanami Highway. Coyote has substantial infrastructure including an airstrip, underground mine, 300ktpa processing facility, +180-person camp and other related infrastructure. T he operation has a Resource of 3.7Mt @ 5.5g/t Au for 645koz with numerous high-grade targets in the surrounding area. Operations are planned to restart in the future. Mt Clement: is located 30 km from the Paulsens Gold Operation and is currently one of the largest and highest-grade antimony deposit in Australia. Significant upside potential for growth of the antimony Resource exists with the Company actively exploring the region. ------------------------------------------- 2 BC8 ASX announcement 20/05/24 For personal use only
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Activities Report for the Quarter Ended 30 September 2025 11 | Page FORWARD LOOKING STATEMENTS These materials prepared by Black Cat Syndicate Limited include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “believe”, “forecast”, “predict”, “plan”, “estimate”, “anticipate”, “continue”, “outlook”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental c onditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control. Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. In addition, the Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors outlined in the “Risk Factors” section of the Company’s continuous disclosure filings available on the ASX. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or the ASX listin g rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances. For personal use only
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Activities Report for the Quarter Ended 30 September 2025 12 | Page APPENDIX 1 - TENEMENT INFORMATION Lease Location Project Name Status % Interest at Start of Quarter % Interest at End of Quarter M08/0099 PAULSENS PAULSENS LIVE 100% 100% M08/0196 PAULSENS PAULSENS LIVE 100% 100% M08/0222 PAULSENS BELVEDERE LIVE 100% 100% M08/0515 PAULSENS PAULSENS LIVE 100% 100% L08/0012 PAULSENS PAULSENS LIVE 100% 100% L08/0013 PAULSENS PAULSENS LIVE 100% 100% L08/0014 PAULSENS PAULSENS LIVE 100% 100% L08/0015 PAULSENS PAULSENS LIVE 100% 100% L08/0081 PAULSENS PAULSENS LIVE 100% 100% L08/0091 PAULSENS TIMBUCK WELL LIVE 100% 100% L08/0092 PAULSENS PAULSENS LIVE 100% 100% L08/0103 PAULSENS PAULSENS LIVE 100% 100% L08/0113 PAULSENS SCARBOROUGH BORE LIVE 100% 100% L08/0168 PAULSENS PAULSENS LIVE 100% 100% L08/0169 PAULSENS PAULSENS LIVE 100% 100% L08/0339 PAULSENS PAULSENS PENDING 0% 0% M08/0191 PAULSENS MT CLEMENT LIVE 100% 100% M08/0192 PAULSENS MT CLEMENT LIVE 100% 100% M08/0193 PAULSENS MT CLEMENT LIVE 100% 100% E08/1649 PAULSENS MERLIN LIVE 100% 100% E08/1650 PAULSENS ELECTRIC DINGO LIVE 100% 100% E08/1745 PAULSENS PANTERA LIVE 100% 100% E08/2000 PAULSENS AMAZON LIVE 100% 100% E08/2499 PAULSENS MT STUART LIVE 100% 100% E08/2556 PAULSENS BELVEDERE NORTH LIVE 100% 100% E08/2558 PAULSENS PAULSENS EAST LIVE 100% 100% E08/2560 PAULSENS PAULSENS EAST LIVE 100% 100% E08/2659 PAULSENS BADANA WELL LIVE 100% 100% E08/2791 PAULSENS MT MCGRATH LIVE 100% 100% E08/2945 PAULSENS BOOLALOO LIVE 100% 100% E08/3067 PAULSENS BOOLALOO LIVE 100% 100% E08/3163 PAULSENS SILENT SISTERS LIVE 0% 100% E08/3246 PAULSENS BOOLALOO LIVE 100% 100% E08/3247 PAULSENS BOOLALOO LIVE 100% 100% E08/3272 PAULSENS CHEELA LIVE 0% 100% E08/3317 PAULSENS BOOLALOO LIVE 100% 100% E08/3569 PAULSENS MERLIN LIVE 100% 100% E08/3573 PAULSENS GREGORY LIVE 100% 100% E08/3621 PAULSENS BIG SARAH LIVE 100% 100% E08/3679 PAULSENS WINDELL PENDING 0% 0% E08/3749 PAULSENS WINDELL PENDING 0% 0% E08/3750 PAULSENS HARDEY PENDING 0% 0% E08/3751 PAULSENS WINDELL PENDING 0% 0% E08/3807 PAULSENS AMAZON PENDING 0% 0% E08/3808 PAULSENS HARDEY PENDING 0% 0% E47/1553 PAULSENS TOMBSTONE LIVE 100% 100% E47/1773 PAULSENS METAWANDY CREEK LIVE 100% 100% E47/3305 PAULSENS HORSE WELL LIVE 100% 100% E47/3396 PAULSENS METAWANDY CREEK LIVE 100% 100% Lease Location Project Name Status % Interest at Start of Quarter % Interest at End of Quarter M80/0559 COYOTE COYOTE LIVE 100% 100% M80/0560 COYOTE COYOTE LIVE 100% 100% M80/0561 COYOTE COYOTE LIVE 100% 100% M80/0563 COYOTE COYOTE LIVE 100% 100% M80/0645 COYOTE BALD HILL LIVE 100% 100% L80/0045 COYOTE COYOTE LIVE 100% 100% L80/0046 COYOTE COYOTE LIVE 100% 100% For personal use only
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Activities Report for the Quarter Ended 30 September 2025 13 | Page Lease Location Project Name Status % Interest at Start of Quarter % Interest at End of Quarter L80/0051 COYOTE COYOTE LIVE 100% 100% E80/1483 COYOTE COYOTE EAST LIVE 100% 100% E80/1737 COYOTE WESTERN TANAMI LIVE 100% 100% E80/3665 COYOTE WESTERN TANAMI LIVE 100% 100% E80/5039 COYOTE PEBBLES LIVE 100% 100% E80/5871 COYOTE BALWINA PENDING 0% 0% E80/5948 COYOTE BALWINA PENDING 0% 0% E80/5987 COYOTE BALWINA PENDING 0% 0% E80/5988 COYOTE BALWINA PENDING 0% 0% E80/6058 COYOTE COYOTE PENDING 0% 0% E80/6147 COYOTE BALWINA PENDING 0% 0% P80/1840 COYOTE COYOTE LIVE 100% 100% P80/1841 COYOTE COYOTE LIVE 100% 100% Lease Location Project Name Status % Interest at Start of Quarter % Interest at End of Quarter E25/0499 KAL EAST MOUNT YOULE LIVE 100% 100% E25/0512 KAL EAST WOODLINE WEST LIVE 100% 100% E25/0520 KAL EAST ANOMALY 38 LIVE 100% 100% E25/0526 KAL EAST TROJAN LIVE 100% 100% E25/0558 KAL EAST TROJAN LIVE 100% 100% E25/0568 KAL EAST TROJAN LIVE 100% 100% E25/0594 KAL EAST HAMPTON HILL LIVE 100% 100% E26/0226 KAL EAST HAMPTON LIVE 100% 100% E27/0431 KAL EAST MT. MCLEAY LIVE 100% 100% E27/0449 KAL EAST NORTH DAM LIVE 100% 100% E27/0532 KAL EAST NORTH DAM LIVE 100% 100% E27/0558 KAL EAST BALAGUNDI LIVE 75%+ 75%+ E27/0600 KAL EAST HALFWAY HILL PENDING 0%# 0%# E27/0671 KAL EAST HAMPTON LIVE 100% 100% E27/0698 KAL EAST HALFWAY HILL PENDING 0% 0% E27/0699 KAL EAST HAMPTON LIVE 100% 100% E28/2809 KAL EAST AVOCA DOWNS PENDING 0% 0% E28/3254 KAL EAST AVOCA DOWNS PENDING 0% 0% M25/0350 KAL EAST IMPERIAL/MAJESTIC LIVE 100% 100% M25/0360 KAL EAST CROWN LIVE 100% 100% M25/0376 KAL EAST JONES FIND PENDING 0% 0% P25/2323 KAL EAST JONES FIND LIVE 100% 100% L25/0014 KAL EAST IMPERIAL/MAJESTIC LIVE 100% 100% L25/0017 KAL EAST IMPERIAL/MAJESTIC LIVE 100% 100% L25/0018 KAL EAST IMPERIAL/MAJESTIC LIVE 100% 100% L25/0053 KAL EAST IMPERIAL/MAJESTIC LIVE 100% 100% L25/0054 KAL EAST IMPERIAL/MAJESTIC LIVE 100% 100% L25/0064 KAL EAST IMPERIAL/MAJESTIC PENDING 0% 0% M25/0117 KAL EAST FINGALS FORTUNE LIVE 100% 100% M25/0136 KAL EAST FINGALS FORTUNE LIVE 100% 100% M26/0148 KAL EAST FINGALS FORTUNE LIVE 100% 100% M26/0197 KAL EAST FINGALS EAST LIVE 100% 100% M26/0248 KAL EAST FINGALS FORTUNE LIVE 100% 100% M26/0357 KAL EAST FINGALS FORTUNE LIVE 100% 100% M26/0364 KAL EAST FINGALS FORTUNE LIVE 100% 100% M26/0406 KAL EAST FINGALS FORTUNE LIVE 100% 100% M26/0409 KAL EAST FINGALS FORTUNE LIVE 100% 100% M26/0417 KAL EAST FINGALS FORTUNE LIVE 100% 100% M26/0635 KAL EAST FINGALS EAST LIVE 100% 100% L26/0162 KAL EAST FINGALS FORTUNE LIVE 100% 100% L26/0262 KAL EAST FINGALS FORTUNE LIVE 100% 100% M25/0104 KAL EAST TROJAN LIVE 100% 100% E25/0571 KAL EAST TROJAN LIVE 100% 100% M25/0024 KAL EAST MYHREE LIVE 100% 100% M25/0083 KAL EAST ANOMALY 38 LIVE 100% 100% M25/0091 KAL EAST BOUNDARY LIVE 100% 100% M25/0129 KAL EAST BOUNDARY LIVE 100% 100% M25/0372 KAL EAST TRUMP PENDING 0% 0% M25/0381 KAL EAST BLACK HILLS PENDING 0% 0% For personal use only
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Activities Report for the Quarter Ended 30 September 2025 14 | Page Lease Location Project Name Status % Interest at Start of Quarter % Interest at End of Quarter M25/0387 KAL EAST VIRGIIN DAM PENDING 0% 0% P25/2286 KAL EAST TRUMP LIVE 100% 100% L25/0062 KAL EAST HAMPTON HILL LIVE 100% 100% M26/0059 KAL EAST WOMBOLA DAM LIVE 100% 100% M26/0278 KAL EAST HAMMER & TAP LIVE 100% 100% M26/0352 KAL EAST HAMMER & TAP LIVE 100% 100% M26/0437 KAL EAST HAMMER & TAP LIVE 100% 100% M26/0440 KAL EAST HAMMER & TAP LIVE 100% 100% M26/0642 KAL EAST WOLBOLA DAM LIVE 100% 100% M26/0657 KAL EAST WOMBOLA DAM LIVE 100% 100% M26/0683 KAL EAST WOMBOLA DAM LIVE 100% 100% M26/0783 KAL EAST WOMBOLA DAM LIVE 100% 100% M26/0791 KAL EAST WOMBOLA DAM LIVE 100% 100% M26/0802 KAL EAST WOMBOLA DAM LIVE 100% 100% M26/0834 KAL EAST HAMMER & TAP LIVE 100% 100% M28/0164 KAL EAST ROWE’S FIND LIVE 100% 100% M28/0370 KAL EAST ROWE’S FIND LIVE 100% 100% P25/2248 KAL EAST IMPERIAL/MAJESTIC LIVE 100% 100% P25/2249 KAL EAST IMPERIAL/MAJESTIC LIVE 100% 100% P25/2324 KAL EAST BLACK HILLS LIVE 100% 100% P25/2326 KAL EAST BLACK HILLS LIVE 100% 100% P25/2327 KAL EAST BLACK HILLS LIVE 100% 100% P25/2328 KAL EAST BLACK HILLS LIVE 100% 100% P25/2331 KAL EAST BLACK HILLS LIVE 100% 100% P25/2355 KAL EAST IMPERIAL/MAJESTIC LIVE 100% 100% P25/2366 KAL EAST IMPERIAL/MAJESTIC LIVE 100% 100% P25/2369 KAL EAST BULONG LIVE 100% 100% P25/2463 KAL EAST BULONG LIVE 100% 100% P25/2581 KAL EAST BLACK HILLS LIVE 100% 100% P25/2624 KAL EAST BULONG LIVE 100% 100% P25/2625 KAL EAST BULONG LIVE 100% 100% P25/2648 KAL EAST HAMPTON LIVE 100% 100% P25/2685 KAL EAST HAMPTON LIVE 100% 100% P25/2693 KAL EAST HAMPTON LIVE 100% 100% P25/2695 KAL EAST HAMPTON LIVE 100% 100% P25/2703 KAL EAST IMPERIAL/MAJESTIC LIVE 100% 100% P25/2719 KAL EAST HAMPTON LIVE 100% 100% P25/2720 KAL EAST HAMPTON LIVE 100% 100% P25/2724 KAL EAST IMPERIAL/MAJESTIC PENDING 0% 0% P25/2727 KAL EAST IMPERIAL/MAJESTIC PENDING 0% 0% P25/2741 KAL EAST HAMPTON LIVE 100% 100% P25/2784 KAL EAST HAMPTON LIVE 0% 100% P25/2785 KAL EAST HAMPTON LIVE 0% 100% P26/4122 KAL EAST BLACK HILLS LIVE 100% 100% P26/4550 KAL EAST HAMPTON LIVE 100% 100% P26/4551 KAL EAST HAMPTON LIVE 100% 100% P26/4552 KAL EAST HAMPTON LIVE 100% 100% P26/4553 KAL EAST HAMPTON LIVE 100% 100% P26/4554 KAL EAST HAMPTON LIVE 100% 100% P26/4555 KAL EAST HAMPTON LIVE 100% 100% P26/4556 KAL EAST HAMPTON LIVE 100% 100% P26/4557 KAL EAST HAMPTON LIVE 100% 100% P26/4558 KAL EAST HAMPTON LIVE 100% 100% P26/4559 KAL EAST HAMPTON LIVE 100% 100% P26/4560 KAL EAST HAMPTON LIVE 100% 100% P26/4561 KAL EAST HAMPTON LIVE 100% 100% P26/4562 KAL EAST HAMPTON LIVE 100% 100% P26/4573 KAL EAST MT MONGER LIVE 100% 100% P26/4574 KAL EAST MT MONGER LIVE 100% 100% P26/4600 KAL EAST MT MONGER LIVE 100% 100% P26/4601 KAL EAST MT MONGER LIVE 100% 100% P26/4602 KAL EAST MT MONGER LIVE 100% 100% P26/4653 KAL EAST FINGALS FORTUNE LIVE 100% 100% P26/4679 KAL EAST FINGALS FORTUNE LIVE 100% 100% L26/0234 KAL EAST LAKEWOOD LIVE 100% 100% L26/0293 KAL EAST LAKEWOOD LIVE 100% 100% M26/0242 KAL EAST LAKEWOOD LIVE 100% 100% M26/0367 KAL EAST LAKEWOOD LIVE 100% 100% For personal use only
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Activities Report for the Quarter Ended 30 September 2025 15 | Page APPENDIX 2 - JORC 2012 GOLD RESOURCE TABLE - BLACK CAT (100% OWNED) Mining Centre Measured Resource Indicated Resource Inferred Resource Total Resource Tonnes (‘000) Grade (g/t Au) Metal (‘000 oz) Tonnes (‘000) Grade (g/t Au) Metal (‘000 oz) Tonnes (‘000) Grade (g/t Au) Metal (‘000 oz) Tonnes (‘000) Grade (g/t Au) Metal (‘000 oz) Kal East Gold Operation Bulong Myhree/Boundary OP - - - 903 2.7 78 300 1.8 17 1,203 2.5 95 Myhree/Boundary UG - - - 230 4.6 34 585 3.8 71 815 4.0 105 Other Open Pits - - - 97.5 2.5 7.8 1,079.40 1.8 61.8 1,176.80 1.8 69.6 Other Underground - - - - - 351.6 3.2 35.7 351.6 3.2 35.7 Sub Total - - - 1,230 3.0 120 2,316 2.5 185 3,546 2.7 305 Mt Monger Open Pit 13 3.2 1 7,198 1.8 407 6,044 1.5 291 13,253 1.6 699 Underground - - - 1,178 4.5 169 710 4.6 104 1,888 4.5 274 Sub Total - - - 8,375 2.1 576 6,754 1.8 395 15,142 2.0 972 Rowes Find Open Pit - - - - - - 148 3.6 17 148 3.6 17 Kal East Resource 13 3.2 1 9,605 2.3 696 9,219 2.0 597 18,836 2.1 1,294 Coyote Gold Operation Coyote Central Open Pit - - - 608 2.8 55 203 3.0 19 811 2.9 75 Underground - - - 240 23.4 181 516 10.5 175 757 14.6 356 Sub Total - - - 849 8.7 236 719 8.4 194 1,568 8.5 430 Bald Hill Open Pit - - - 560 2.8 51 613 3.2 63 1,174 3.0 114 Underground - - - 34 2.7 3 513 5.0 82 547 4.8 84 Sub Total - - - 594 2.8 54 1,126 4.0 145 1,721 3.6 198 Stockpiles - - - 375 1.4 17 - - - 375 1.4 17 Coyote Resource - - - 1,818 5.3 307 1,845 5.7 339 3,664 5.5 645 Paulsens Gold Operation Paulsens Underground 159 10.8 55 827 9.6 254 348 8.6 97 1,334 9.5 406 Stockpile 11 1.6 1 - - - - - - 11 1.6 1 Sub Total 170 10.2 56 827 9.6 254 348 8.6 97 1,345 9.4 407 Mt Clement Open Pit - - - - - - 1,249 1.5 61 1,249 1.5 61 Underground - - - - - - 492 0.3 5 492 0.3 5 Sub Total - - - - - - 1,741 1.2 66 1,741 1.2 66 Belvedere Underground - - - 95 5.9 18 44 8.3 12 139 6.6 30 Northern Anticline Open Pit - - - - - - 523 1.4 24 523 1.4 24 Electric Dingo Open Pit - - - 98 1.6 5 444 1.2 17 542 1.3 22 Paulsens Resource 170 10.2 56 1,019 8.4 277 3,100 2.2 216 4,289 4.0 548 TOTAL RESOURCES 183 9.7 57 12,442 3.2 1,280 14,164 2.5 1,152 26,789 2.9 2,488 Notes on Resources: 1. The preceding statements of Mineral Resources conforms to the ‘Australasian Code for Reporting of Exploration Results Mineral Resources and Ore Reserves (JORC Code) 2012 Edition’. 2. All tonnages reported are dry metric tonnes. 3. Data is rounded to thousands of tonnes and thousands of ounces gold. Discrepancies in totals may occur due to rounding. 4. Resources have been reported as both open pit and underground with varying cut-offs based off several factors discussed in the corresponding Table 1 which can be found with the original ASX announcements for each Resource. 5. Resources are reported inclusive of any Reserves. 6. Paulsens Inferred Resource includes Mt Clement Eastern Zone Au of 7koz @ 0.3g/t Au accounting for lower grades reported. The announcements containing the Table 1 Checklists of Assessment and Reporting Criteria relating for the 2012 JORC compliant Resources are: Kal East Gold Operation • Boundary, Trump, Myhree – Black Cat ASX announcement on 9 October 2020 “Strong Resource Growth Continues including 53% Increase at Fingals Fortune” • Strathfield – Black Cat ASX announcement on 31 March 2020 “Bulong Resource Jumps by 21% to 294,000 oz” • Majestic – Black Cat ASX announcement on 25 January 2022 “Majestic Resource Growth and Works Approval Granted” • Sovereign, Imperial – Black Cat ASX announcement on 11 March 2021 “1 Million Oz in Resource & New Gold Targets” • Jones Find – Black Cat ASX announcement 04 March 2022 “Resource Growth Continues at Jones Find” • Crown – Black Cat ASX announcement on 02 September 2021 “Maiden Resources Grow Kal East to 1.2Moz” • Fingals Fortune – Black Cat ASX announcement on 23 November 2021 “Upgraded Resource Delivers More Gold at Fingals Fortune” • Fingals East – Black Cat ASX announcement on 31 May 2021 “Strong Resource Growth Continues at Fingals”. • Trojan – Black Cat ASX announcement on 7 October 2020 “Black Cat Acquisition adds 115,000oz to the Fingals Gold Project”. • Queen Margaret, Melbourne United – Black Cat ASX announcement on 18 February 2019 “Robust Maiden Mineral Resource Estimate at Bulong” • Anomaly 38 – Black Cat ASX announcement on 31 March 2020 “Bulong Resource Jumps by 21% to 294,000 oz” • Wombola Dam – Black Cat ASX announcement on 28 May 2020 “Significant Increase in Resources - Strategic Transaction with Silver Lake” • Hammer and Tap, Rowe’s Find – Black Cat ASX announcement on 10 July 2020 “JORC 2004 Resources Converted to JORC 2012 Resources” Coyote Gold Operation • Coyote OP&UG – Black Cat ASX announcement on 16 January 2022 “Coyote Underground Resource increases to 356koz @ 14.6g/t Au – One of the highest-grade deposits in Australia” For personal use only
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Activities Report for the Quarter Ended 30 September 2025 16 | Page • Sandpiper OP&UG, Kookaburra OP, Pebbles OP, Stockpiles, SP (Coyote) – Black Cat ASX announcement on 25 May 2022 “Coyote & Paulsens High-Grade JORC Resources Confirmed” Paulsens Gold Operation • Paulsens UG – Black Cat ASX announcement on 31 October 2023 “24% Resource Increase, Paulsens Underground - 406koz @ 9.5g/t Au” • Paulsens SP – Black Cat ASX announcement on 19 April 2022 “Funded Acquisition of Coyote & Paulsens Gold Operations - Supporting Documents” • Belvedere UG – Black Cat ASX announcement on 21 November 2023 “Enhanced Restart Plan for Paulsens” • Mt Clement – Black Cat ASX announcement on 24 November 2022 “High-Grade Au-Cu-Sb-Ag-Pb Resource at Paulsens” • Merlin, Electric Dingo – Black Cat ASX announcement on 25 May 2022 “Coyote & Paulsens High-Grade JORC Resources Confirmed” APPENDIX 3 - JORC 2012 POLYMETALLIC RESOURCES - BLACK CAT (100% OWNED) Deposit Resource Category Tonnes (‘000) Grade Contained Metal Au (g/t) Cu (%) Sb (%) Ag (g/t) Pb (%) Au (koz) Cu (kt) Sb (kt) Ag (koz) Pb (kt) Western Inferred 415 - 0.4 0.2 76.9 - * 1.6 0.7 1,026 - Total 415 - 0.4 0.2 76.9 - * 1.6 0.7 1,026 - Central Inferred 532 - - - - - * - - - - Total 532 - - - - - * - - - - Eastern Inferred 794 - - 1.7 17.0 2.4 * - 13.2 434 18.7 Total 794 - - 1.7 17.0 2.4 * - 13.2 434 18.7 TOTAL 1,741 - - - - - * 1.6 13.9 1,460 18.7 Notes on Resources: 1. The preceding statements of Mineral Resources conforms to the ‘Australasian Code for Reporting of Exploration Results Mineral Resources and Ore Reserves (JORC Code) 2012 Edition’. 2. All tonnages reported are dry metric tonnes. 3. Data is rounded to thousands of tonnes and thousands of ounces/tonnes for copper, antimony, silver, and lead. Discrepancies in totals may occur due to rounding. 4. Resources have been reported as both open pit and underground with varying cut -offs based off several factors discussed in the corresponding Table 1 which can be found with the original ASX announcements for each Resource. 5. Resources are reported inclusive of any Reserves. 6. Gold is reported in the previous table for Mt Clement, and so is not reported here. A total of 66koz of gold is contained within the Mt Clement Resource. The announcements containing the Table 1 Checklists of Assessment and Reporting Criteria relating for the 2012 JORC compliant Reserves are: Paulsens Gold Operation • Mt Clement – Black Cat ASX announcement on 24 November 2022 “High-Grade Au-Cu-Sb-Ag-Pb Resource at Paulsens” APPENDIX 4 - JORC 2012 GOLD RESERVE TABLE - BLACK CAT (100% OWNED) Mining Centre Proven Reserve Probable Reserve Total Reserve Tonnes (‘000) Grade (g/t Au) Metal (‘000 oz) Tonnes (‘000) Grade (g/t Au) Metal (‘000 oz) Tonnes (‘000) Grade (g/t Au) Metal (‘000 oz) Kal East Gold Operation Myhree Open Pit - - - 545 2.4 46 545 2.4 46 Boundary Open Pit - - - 120 1.5 6 120 1.5 6 Other Open Pits - - - 2,623 1.7 141 2,584 1.7 142 Sub total Open Pits - - - 3,288 1.8 193 3,288 1.8 193 Underground - - - 437 3.6 50 437 3.6 50 Kal East Reserve - - - 3,725 2.0 243 3,725 2.0 243 Paulsens Gold Operation Underground 93 4.5 14 537 4.3 74 631 4.3 87 Paulsens Reserve 93 4.5 14 537 4.3 74 631 4.3 87 TOTAL RESERVES 93 4.5 14 4,262 2.3 317 4,356 2.4 330 Notes on Reserve: 1. The preceding statements of Mineral Reserves conforms to the ‘Australasian Code for Reporting of Exploration Results Mineral Resources and Ore Reserves (JORC Code) 2012 Edition’. 2. All tonnages reported are dry metric tonnes. 3. Data is rounded to thousands of tonnes and thousands of ounces gold. Discrepancies in totals may occur due to rounding. 4. Cut-off Grade: o Open Pit - The Ore Reserves are based upon an internal cut-off grade greater than or equal to the break-even cut-off grade. o Underground - The Ore Reserves are based upon an internal cut-off grade greater than the break-even cut-off grade. 5. The commodity price used for the Revenue calculations for Kal East was AUD $2,300 per ounce. 6. The commodity price used for the Revenue calculations for Paulsens was AUD $2,500 per ounce. 7. The Ore Reserves are based upon a State Royalty of 2.5% and a refining charge of 0.2%. The announcements containing the Table 1 Checklists of Assessment and Reporting Criteria relating for the 2012 JORC compliant Reserves are: Kal East Gold Operation • Black Cat ASX announcement on 03 June 2022 “Robust Base Case Production Plan of 302koz for Kal East” Paulsens Gold Operation • Black Cat ASX announcement on 10 July 2023 “Robust Restart Plan for Paulsens” For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Black Cat Syndicate Limited ABN Quarter ended (“current quarter”) 62 620 896 282 30 September 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities 73,479 73,479 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production (32,829) (32,829) (d) staff costs (1,085) (1,085) (e) administration and corporate costs (747) (747) 1.3 Dividends received (see note 3) - - 1.4 Interest received 320 320 1.5 Interest and other costs of finance paid (535) (535) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities 38,603 38,603 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (13,282) (13,282) (d) exploration & evaluation (6,259) (6,259) (e) investments - - (f) other non-current assets (2,500) (2,500) For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other - - 2.6 Net cash from / (used in) investing activities (22,041) (22,041) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options 641 641 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other 1,441 1,441 3.10 Net cash from / (used in) financing activities 2,082 2,082 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 34,112 34,112 4.2 Net cash from / (used in) operating activities (item 1.9 above) 38,603 38,603 4.3 Net cash from / (used in) investing activities (item 2.6 above) (22,041) (22,041) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 2,082 2,082 For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 52,756 52,756 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 52,756 34,112 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)1 52,756 34,112 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 238 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Related party payments relate to directors’ fees during the quarter. Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 1 In addition to bank balances, 5,104 oz of gold with a value of ~$29.6M was held as at 30 September 2025. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1.1 Deferred Consideration 25,000 25,000(1) 7.1.2 Loan facilities - - 7.2 Credit standby arrangements - - 7.3.1 Other – including Insurance Premium Funding 2,567 2,567 7.4 Total financing facilities 27,567 27,567 7.5 Unused financing facilities available at quarter end (refer Note 1 for details including conditions precedent) - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. Note (1): The deferred consideration relates to the acquisition of the Lakewood processing facility (ASX: BC8 - 25 Feb 2025), with $25M payable by the Company on 30 November 2025. The amount is secured by a mortgage over the tenements that the Lakewood processing facility is situated on. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 38,603 8.2 Payments for exploration & evaluation classified as investing activities (item 2.1(d)) (6,259) 8.3 Total relevant outgoings (item 8.1 + item 8.2) 32,344 8.4 Cash and cash equivalents at quarter end (item 4.6) 52,756 8.5(a) Unused finance facilities available at quarter end (item 7.5) - 8.5(b) Gold bullion held in refinery metals accounts2 29,574 8.6 Total available funding (item 8.4 + item 8.5a + item 8.5b) 82,241 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) N/A Note: if the entity has reported positive relevant outgoings (i .e. a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? N/A 2 Gold bullion held in refinery metal accounts (5,104 oz) is valued at the price on the last day of the quarter via the Perth Mint website https://www.perthmint.com, which can readily be sold, converted to cash. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1. This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2. This statement gives a true and fair view of the matters disclosed. Date: 29 October 2025 Authorised by: The board. (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee] ”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity , and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only