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

05/10/2026

1

Buy

$1.30

83.10%

Ord Minnett retains its Buy rating on Black Cat Syndicate despite a material reset to FY27 expectations following weaker production and cost guidance.

FY27 production guidance of 80,000oz-90,000oz is approximately -12% below the broker's prior forecast, while costs (AISC) of $3,500-$3,900/oz are approximately -4% worse (higher) than expected.

More concerning for the broker is a -28% downgrade to Kal East reserve grades to 1.4g/t, reflecting less continuous mineralisation than previously modelled and raising questions over grade visibility.

The target falls to $1.30 from $1.50; Buy retained, with valuation compelling but dependent on reserve grades and mining outcomes stabilising, Ord Minnett suggests.

This is a summary of research released by Ord Minnett last Friday.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.12 cents.
Ord Minnett forecasts a full year FY28 dividend of 0.00 cents and EPS of 0.20 cents.

08/10/2026

1

Buy

$0.90

26.76%

In response to today's market update by Black Cat Syndicate, Moelis comments that results, particularly at Lynx, demonstrate the presence of high-grade mineralisation in close proximity to existing underground infrastructure.

The broker's view remains that exploration remains a source of upside for Black Cat, but as the company needs to rebuild investor interest, consistent production, greater visibility on the mine plan and cash generation are seen as most important.

Buy. Target 90c.

FORECAST
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 15.10 cents.
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 20.80 cents.