BLACK CAT SYNDICATE LIMITED (BC8)
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06/11/2025

1

Buy

$2.30

116.98%

Black Cat Syndicate delivered a solid September quarter, with production up 68% on the prior quarter at Paulsens to 7.7koz and 10koz from Kal East under the MMS joint venture.

Petra Capital notes the Lakewood mill is in transition as mining at Myhree winds down and new feed from Fingals and Majestic builds toward first processing in March quarter 2026. Mill capacity has been maintained through 290kt of third-party ore purchases.

With a strong $90m cash position, Paulsens generating positive cash flow, and additional inflows expected from the MMS JV and toll milling, the analyst sees Black Cat as well funded and unhedged to pursue growth.

Petra revises its production forecasts lower to 59koz in FY26 and 120koz in FY27 due to adjusted ramp-up timing but still expects a run rate above 100koz per annum by June quarter 2026.

The rating is maintained at Buy, with the target price reduced to $2.30 from $2.50 

FORECAST
Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 27.20 cents.
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 47.10 cents.