Black Cat Syndicate (ASX:BC8) has reported a strong December 2025 quarter, achieving a milestone 100,000ozpa gold production run rate.
The company recorded a total of 25,437oz of gold, including third-party ore contributions, with Paulsens and Kal East operations showing production increases of ~20% and ~26% quarter-on-quarter, respectively.
Gold sales for the quarter totaled 17,485oz at an average realised price of $6,325/oz, generating over $110 million in revenue.
Cash, bullion, and listed investments remained robust at $91 million, despite the final $25 million payment for the 1.2Mtpa Lakewood processing facility and ongoing investment in mine ramp-ups and exploration.
Stored bullion totaled 4,820oz, valued at approximately $31.3 million, with listed investments at $5.5 million.
Ore stockpiles across all sites contained roughly 6,100oz of gold, set to feed production in the March quarter.
Looking ahead, Black Cat expects continued production growth at Paulsens as development accelerates, with Kal East output coming from remaining Myhree and Boundary stockpiles, and ramping Fingals and Majestic operations.
The company also anticipates finalising the 1.5Mtpa Lakewood expansion study, with June marking the first quarter where Lakewood will process 100% of ore from Black Cat’s own mines.
Managing Director Gareth Solly said, "Achieving our quarterly goal of over 25koz safely and hitting a 100kozpa run rate demonstrates the strength of our business."