BLACK CAT SYNDICATE LIMITED (BC8)
Share Price Analysis and Chart

04/08/2026

1

Buy

$1.60

43.50%

According to Ord Minnett, Black Cat Syndicate announced a mixed June quarter update. Paulson's had record gold production but Kal East generated lower volumes due to the shift to the Fingals and Majestic mines, the analyst states.

Management has deferred FY27 guidance to the FY26 result in August with the growth strategy under review.

EPS forecasts are raised by 6.9% for FY26. Lower production volumes assumptions from a slower ramp up to higher grades results in EPS forecasts for FY27 cut by -19.2% and FY28 by -9.3%.

No change in Buy rating and $1.60 target price.

FORECAST
Ord Minnett forecasts a full year FY26 EPS of minus -0.60 cents.
Ord Minnett forecasts a full year FY27 EPS of 0.13 cents.

12/08/2026

1

Buy

$1.60

43.50%

Moelis maintains a Buy rating for Black Cat Syndicate with its target price decreased to $1.60 from $1.70 following a site visit to the Kal East operations.

The analyst notes the Fingals Open Pit and Majestic Underground operations are progressing well through ramp-up phases and should reach steady-state production within six months.

The recently acquired Lakewood Mill continues demonstrating processing flexibility by successfully treating both oxide and sulphide ore, with the broker's estimates factoring in a proposed expansion to 1.5mtpa.

Modelled group production increases from 88koz in FY26 to 135koz by FY28 as initial pre-stripping concludes and underground development transitions into stope ore extraction.

The revised valuation reflects an assumed depletion of the Fingals open pit resource by December 2029 alongside lower back-end grades, offset by strong near-term free cash flow yields and record quarterly output from Paulsens.

FORECAST
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 26.70 cents.