Black Cat Syndicate has exceeded expectations, reaching a milestone 100,000-ounce-per-year gold run rate in just 12 months, driven by record production at its Paulsens and Kal East operations.
“We are proud to announce another record quarter for Black Cat, achieving our quarterly goal of over 25,000 ounces safely, and demonstrating our ability to meet an initial 100,000-ounce run rate,” Black Cat managing director Gareth Solly said.
“Even after the final $25 million payment for Lakewood, ramping up two new Kal East mines, and increasing exploration spend, we’ve maintained a strong cash, bullion, and listed investments position, highlighting the resilience of our business.”
The December 2025 quarter delivered 25,437 ounces of gold, with Paulsens output climbing 20 per cent and Kal East rising 26 per cent quarter-on-quarter.
Total group gold sales reached 17,485 ounces at an average price of $6325 per ounce, generating gross revenue of more than $110 million. Ore stockpiles across all sites totalled 118,000 tonnes, containing 6100 ounces.
“The acquisition of Lakewood dramatically expedited our Kal East production timetable. As a result, we successfully sourced third-party ore to fully utilise Lakewood’s capacity while our own mines continue ramping up,” Solly said.
“In the June 2026 quarter, we expect to be processing only ore from Black Cat’s mines, having established two gold operations within the last 12 months – a huge achievement in this record gold environment.”
Looking ahead, the March 2026 quarter is set to build on this momentum, with Paulsens continuing to ramp up and Kal East drawing on remaining Myhree, Boundary, Fingals and Majestic ore stockpiles. The 1.5 million tonne per annum Lakewood expansion study is also due to be finalised, positioning Black Cat for a strong year.
The company acquired 90 square kilometres of new tenements last month adjacent to its Lakewood processing facility, part of the Kal East gold operation, with new grounds are expected to be used for additional tailings storage facilities.
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