Black Cat Syndicate (BC8) H2 2024 earnings summary

Executive summary

• Transitioned from exploration to mine development, with mining commencing at Kal East and refurbishment at Paulsens for December 2024 commissioning.

• Raised $27M via share placements and $9M from convertible notes, with a further $36M equity placement and $20.5M loan facility post-year-end.

• Net loss after tax was $3.8M, improved from $4.8M prior year; cash at year-end was $14.0M, up from $4.7M.

• No dividends declared; focus remains on gold production ramp-up and exploration.

Financial highlights

• Revenue mainly from camp licensing and other income, totaling $4.8M (prior year: $2.0M).

• Net loss after tax: $3.8M (2023: $4.8M); basic and diluted loss per share: 1.3 cents.

• Cash and cash equivalents: $14.0M (2023: $4.7M); capitalised exploration and evaluation: $122.6M.

• Capitalised mine development costs: $9.0M (2023: nil).

• Total assets: $157.8M; total liabilities: $40.8M; net assets: $117.0M.

Outlook and guidance

• Paulsens commissioning on track for December 2024; Kal East mining underway with first ore stockpiled.

• Nebari $20.5M loan facility expected to close by October 2024 to support Paulsens restart.

• Focus on ramping up gold production and further exploration at all three assets.