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Black Cat Syndicate Ltd.
(Sydney:BC8)
Black Cat Syndicate Ltd. (BC8) vs. iShares MSCI Australia ETF (EWA)
Black Cat Syndicate Ltd. Business Overview & Revenue Model
Black Cat Syndicate Ltd. Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 38.24M | 37.32M | 4.61M | 1.79M | 136.21K | 0.00 |
| Gross Profit | -9.36M | -14.03M | 4.61M | 538.10K | 43.91K | -25.07K |
| EBITDA | -2.64M | -2.36M | -2.23M | -4.47M | -3.72M | -2.30M |
| Net Income | -25.95M | -25.95M | -3.81M | -4.80M | -3.90M | -2.32M |
Balance Sheet | ||||||
| Total Assets | 369.58M | 369.58M | 157.80M | 128.18M | 116.22M | 48.35M |
| Cash, Cash Equivalents and Short-Term Investments | 35.76M | 35.76M | 13.98M | 4.66M | 18.17M | 16.05M |
| Total Debt | 21.46M | 21.46M | 9.44M | 5.00M | 132.36K | 190.40K |
| Total Liabilities | 100.55M | 100.55M | 40.80M | 34.71M | 37.21M | 2.19M |
| Stockholders Equity | 269.03M | 269.03M | 116.99M | 93.47M | 79.01M | 46.16M |
Cash Flow | ||||||
| Free Cash Flow | -68.14M | -60.26M | -19.38M | -26.93M | -31.08M | -15.14M |
| Operating Cash Flow | -12.77M | -12.77M | -2.06M | -3.38M | -3.30M | -1.30M |
| Investing Cash Flow | -108.11M | -108.11M | -22.57M | -28.18M | -27.80M | -13.88M |
| Financing Cash Flow | 141.01M | 141.01M | 33.95M | 18.05M | 33.22M | 28.37M |
Black Cat Syndicate Ltd. Technical Analysis
Black Cat Syndicate Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $1.46B | 48.38 | 10.01% | ― | 153.02% | -85.25% | |
62 Neutral | AU$1.72B | 23.35 | 9.84% | ― | 51.66% | 86.35% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
48 Neutral | AU$795.39M | -140.00 | -4.97% | ― | ― | 16.67% | |
48 Neutral | AU$854.24M | -26.67 | -13.44% | ― | ― | -267.46% | |
38 Underperform | AU$737.78M | -133.33 | -9.13% | ― | ― | -5.41% |
Black Cat Syndicate Ltd. Corporate Events
Dreadnought Resources Ltd has announced a strategic agreement with Black Cat Syndicate Ltd to commence mining operations at the Star of Mangaroon, leveraging Black Cat’s expertise and resources. This collaboration involves a joint venture for funding and development, with Black Cat managing contractors and providing up to $10 million in funding. The arrangement allows Dreadnought to focus on exploration while generating cash flow, aligning with its strategy to become a self-funded explorer.
Black Cat Syndicate Limited has entered into a joint venture with Dreadnought Resources Limited to develop and process ore from the high-grade Star of Mangaroon gold deposit. This agreement allows Black Cat to manage mining operations and provides strategic exposure to further discoveries in the area. The venture is expected to increase cash flow and operational flexibility for Black Cat, enhancing its ability to prioritize high-grade ore processing and potentially boosting gold production in the short to medium term.
Black Cat Syndicate Limited has completed the final $25 million payment for the Lakewood processing facility, funded entirely from operating cash flow. This marks a significant milestone as the facility enhances the company’s processing capabilities and supports increased gold production and cash generation, while maintaining a debt-free and unhedged position.
Black Cat Syndicate Limited has announced the cessation of Les Davis as a director, effective November 27, 2025. The notice details that Mr. Davis holds an indirect interest in 6,738,571 ordinary fully paid shares and 1,000,000 options. This change in directorship could impact the company’s strategic direction and stakeholder confidence, given Mr. Davis’s significant shareholding and influence within the company.
Black Cat Syndicate Ltd. announced the results of its Annual General Meeting held on November 27, 2025, where all resolutions, including a special resolution, were passed by a majority vote. The approval of these resolutions, particularly the renewal of proportional takeover provisions, signifies strong shareholder support and positions the company for continued strategic growth and stability in the competitive mining sector.
Black Cat Syndicate Limited has successfully ramped up its gold mining operations at Kal East and Paulsens, achieving first gold production and optimizing its facilities. The company is leveraging high gold prices, holding gold bullion as a liquid asset, and plans to expand its operations and resources. Black Cat has joined the S&P/ASX All Ordinaries and 300 Indexes, marking a successful year. The company is undergoing leadership transitions with James taking over as Managing Director, while Les Davis retires. The board remains confident in Black Cat’s future, having invested significantly in the company.
Black Cat Syndicate Ltd. has announced significant progress in its diamond drilling program at the Mt Clement Antimony Project. The ongoing 7,000-meter drill program, involving three rigs, aims to upgrade the current resource and explore additional antimony lodes. Recent drilling results have confirmed high-grade zones of antimony mineralization, both within and beyond the current resource, prompting an expansion of the program by 1,000 meters. The company is also collecting metallurgical samples to support economic studies, enhancing the project’s potential as a commercially viable critical minerals development. This progress positions Black Cat favorably within the industry, offering a near-term growth opportunity.
Black Cat Syndicate Limited announced a leadership transition with James Bruce set to replace Gareth Solly as Managing Director in April 2026. Solly, who has been with the company since its inception, will transition to a Non-Executive Director role. Bruce’s appointment is expected to drive the next phase of growth, leveraging his extensive experience in both operational and financial aspects of the resources sector.
Black Cat Syndicate Ltd. has reaffirmed its production targets and forecasts for its key projects, maintaining that all material assumptions remain unchanged. The company continues to adhere to the JORC Code for reporting mineral resources and ore reserves, ensuring compliance with Australian standards, although these may not align with international guidelines.
Black Cat Syndicate Ltd. announced the issuance of 1,896,216 fully paid ordinary securities on November 17, 2025, as part of their strategic financial operations. This move is expected to impact the company’s capital structure and could influence its market positioning by potentially increasing liquidity and shareholder value.
Black Cat Syndicate Ltd. has issued 1,896,216 ordinary fully paid shares following the exercise of listed options priced at $0.3375, which expired on 14 November 2025. This exercise of options reflects the company’s ongoing capital management strategy, with a total of 3,125 options lapsing unexercised. The current capital structure includes over 725 million fully paid ordinary shares and various unlisted options and performance rights, indicating a robust capital framework to support future growth initiatives.
Black Cat Syndicate Ltd. announced the quotation of 1,507,844 ordinary fully paid securities on the Australian Securities Exchange (ASX) under the code BC8, effective November 13, 2025. This move is part of the company’s strategy to leverage convertible securities, potentially impacting its capital structure and offering new opportunities for investors.
Black Cat Syndicate Limited has announced the issuance of 1,507,844 ordinary fully paid shares following the exercise of listed options priced at $0.3375, which are set to expire on November 14, 2025. This move is part of the company’s capital management strategy, potentially enhancing its financial flexibility and market presence by increasing its share capital. The exercise of these options reflects investor confidence and could have positive implications for the company’s growth and development in the gold mining sector.
Black Cat Syndicate Limited has announced the issuance of 440,671 ordinary fully paid shares following the exercise of listed options priced at $0.3375, which are set to expire on November 14, 2025. This move is part of the company’s ongoing capital management strategy, reflecting its efforts to optimize its capital structure and enhance shareholder value.
Black Cat Syndicate Ltd. has announced the issuance of 3,017,406 performance rights, set to expire on November 11, 2030. These rights are contingent on specific vesting conditions, including the company’s share price performance relative to the GDXJ gold index and continuity of employment. This issuance is part of the company’s strategic efforts to align employee incentives with shareholder interests and enhance its market positioning.
Black Cat Syndicate Ltd. has announced a new application for the quotation of securities on the Australian Securities Exchange (ASX), specifically 2,820,311 ordinary fully paid securities under the code BC8. This move reflects the company’s ongoing efforts to enhance its market presence and potentially increase liquidity for its shareholders.
Black Cat Syndicate Limited announced the issuance of 2,540,311 ordinary shares following the exercise of listed options and 280,000 shares from employee options. This exercise of options reflects the company’s ongoing efforts to enhance its capital structure and potentially strengthen its financial position, which could have implications for its market presence and stakeholder interests.
Black Cat Syndicate Limited announced significant progress in its drilling activities at the Paulsens Gold Operation, with recent results indicating substantial gold finds outside the current resource. The ongoing drilling and development efforts are part of the company’s strategy to enhance resource growth and extend the mine’s life, potentially impacting its operational capacity and market positioning positively.
Black Cat Syndicate Limited announced the completion of three drill holes at the Paulsens West site, which validated their seismic interpretation, although no significant gold mineralization was found. The drilling confirmed key geological features consistent with a Paulsens Main Zone type system, and the company plans further exploration to identify potential high-grade zones, emphasizing their strategy for more gold sooner.
Black Cat Syndicate Ltd. has announced the quotation of 1,119,066 ordinary fully paid securities on the Australian Securities Exchange (ASX) under the code BC8, effective November 3, 2025. This move is part of the company’s strategy to enhance its market presence and liquidity, potentially impacting its operational capabilities and offering new opportunities for stakeholders.
Black Cat Syndicate Limited has announced the issuance of 1,119,066 ordinary fully paid shares following the exercise of listed options priced at $0.3375, which are set to expire on November 14, 2025. This development is part of the company’s capital structure strategy, potentially impacting its market positioning by increasing the total number of shares to 719,058,773, which may influence investor perception and stakeholder interests.
Black Cat Syndicate Limited has announced the quotation of 765,503 ordinary fully paid securities on the Australian Securities Exchange (ASX) under the code BC8. This move comes as a result of options being exercised or other convertible securities being converted, potentially impacting the company’s market operations and stakeholder interests.
Black Cat Syndicate Limited has announced the issuance of 765,503 ordinary fully paid shares following the exercise of listed options priced at $0.3375, which are set to expire on November 14, 2025. This development is part of the company’s ongoing efforts to optimize its capital structure and potentially strengthen its financial position, reflecting a proactive approach in managing its resources and commitments to stakeholders.
Black Cat Syndicate Limited has announced promising results from its initial drilling program at the Big Sarah site, part of the Paulsens Gold Project. The program, which targeted the Central Vein Corridor, revealed gold in 10 out of 14 holes, indicating a strong understanding of the geology and the potential for further exploration. With historical production and recent surface sampling highlighting the area’s potential, the company plans to prioritize follow-up drilling and exploration to enhance its gold resources and strengthen its position in the regional gold exploration market.
Black Cat Syndicate Ltd. has announced the issuance of 5,209,526 fully paid ordinary securities, which will be quoted on the Australian Securities Exchange (ASX) under the code BC8. This move is part of the company’s strategy to enhance its financial flexibility and support its ongoing exploration and development activities, potentially strengthening its position in the gold mining sector.
Black Cat Syndicate Limited has announced the issuance of 5,202,526 ordinary fully paid shares following the exercise of listed options, and an additional 7,000 shares from unlisted options. This move is part of the company’s capital restructuring efforts, potentially enhancing its market position and providing liquidity for future projects. The exercise of these options reflects investor confidence and could have positive implications for stakeholders by strengthening the company’s financial base.
Black Cat Syndicate Limited has announced visible antimony mineralization in its initial drilling at the Mt Clement Antimony Project, with all four completed diamond holes intersecting antimony. The company is accelerating its drilling program by mobilizing additional rigs and prioritizing two co-funded exploration holes to expand the resource. The appointment of John Burgess as Project Manager, with his extensive experience, is expected to expedite the project’s progress, aligning with the company’s strategy to capitalize on the strong demand and pricing for antimony.
Black Cat Syndicate Ltd. has announced its Annual General Meeting (AGM) for shareholders, scheduled for November 27, 2025, at Trinity on Hampden, Crawley, Western Australia. The company is adapting to the Corporations Amendments (Meetings and Documents) Act 2022 by providing meeting materials electronically unless physical copies are requested. Shareholders are encouraged to lodge proxy forms and participate in the meeting through online voting and question submission. This approach reflects Black Cat’s commitment to efficient shareholder communication and engagement, potentially impacting shareholder participation and corporate governance practices.
Black Cat Syndicate Limited has signed Ore Purchase Agreements to secure ore production at its Lakewood facility while ramping up operations at the Fingals and Majestic mines. These agreements, involving up to 165,000 tonnes of ore from BML Ventures Limited, Gibb River Diamonds Limited, and MEGA Resources Limited, aim to maximize mill utilization and ensure a steady supply of gold. The initiative aligns with Black Cat’s ‘More Gold, Sooner’ strategy, enhancing its operational efficiency and market positioning.
Black Cat Syndicate Limited has announced the quotation of 1,223,228 ordinary fully paid securities on the Australian Securities Exchange (ASX) under the code BC8, effective from October 13, 2025. This move follows the exercise of options or conversion of other convertible securities, potentially impacting the company’s market presence and offering stakeholders an opportunity to assess the company’s growth and financial strategy.
Black Cat Syndicate Limited has announced the issuance of 1,204,310 ordinary fully paid shares following the exercise of listed options and 18,918 shares from employee options. This move reflects the company’s ongoing efforts to strengthen its capital structure and incentivize its workforce, potentially enhancing its market position and operational capabilities.
Black Cat Syndicate Limited reported a significant increase in cash, bullion, and investments to $90 million by the end of September 2025, driven by record gold production. The company achieved a total gold production of 20,541 ounces, with notable increases in production at Paulsens and through Lakewood. The company successfully completed key infrastructure upgrades at Lakewood and continued mining operations at Kal East, despite weather impacts. Looking ahead, Black Cat anticipates a strong December quarter with production estimates ranging from 23,000 to 28,500 ounces, supported by ongoing mining activities and planned upgrades at Paulsens.
Black Cat Syndicate Limited, a company listed on the ASX, has announced the pending expiry of its listed options (ASX:BC8O) with an exercise price of $0.3375, set to expire on 14 November 2025. Option holders have been notified and provided with a personalised option exercise form to convert their options into ordinary shares before the expiry date. The announcement highlights the importance for stakeholders to act before the expiration to avoid the lapse and cancellation of their options, which could impact their investment in the company.
Black Cat Syndicate Limited has commenced mining operations at the Fingals Open Pit within its Kal East Gold Operation, with the first ore scheduled for October 2025. The company is also progressing with the Majestic Underground and Myhree/Boundary Open Pits, aiming to enhance its resource base through ongoing drilling and development. The recent maintenance at the Lakewood Processing Facility was completed ahead of schedule, ensuring continued operations. These developments are part of Black Cat’s ‘More Gold, Sooner’ strategy, indicating a significant step in increasing gold production and resource growth.
Black Cat Syndicate Limited announced a change in director interest as Mr. Richard Laufmann exercised 33,333 listed options at a price of $0.3375, expiring on November 14, 2025. This transaction is part of the directors’ cumulative investment in the company, which totals approximately $5.6 million, indicating a strong commitment to the company’s growth and future prospects.
Black Cat Syndicate Ltd. has announced the quotation of 521,689 fully paid ordinary securities on the Australian Securities Exchange (ASX), effective October 6, 2025. This move is part of the company’s strategic efforts to enhance its capital structure and support its ongoing exploration and development activities, potentially strengthening its market position and offering increased value to stakeholders.
Black Cat Syndicate Limited has announced the issuance of 140,333 ordinary fully paid shares following the early exercise of listed options and 381,356 shares through the exercise of employee options. This move reflects the company’s ongoing efforts to enhance its capital structure and incentivize its workforce, potentially strengthening its market position and operational capabilities.
Black Cat Syndicate Ltd. has announced the quotation of 792,150 ordinary fully paid securities on the Australian Securities Exchange (ASX) under the code BC8, effective from October 1, 2025. This move is part of the company’s strategy to enhance its market presence and liquidity, potentially benefiting stakeholders by increasing the accessibility and tradability of its shares.
Black Cat Syndicate Limited has announced the issuance of 443,213 ordinary fully paid shares following the early exercise of listed options and 348,937 shares from the exercise of employee options. This move reflects the company’s active management of its capital structure and may enhance its financial flexibility. The exercise of options underlines stakeholder confidence and could potentially strengthen Black Cat’s market position as it continues to develop its gold projects.
Black Cat Syndicate Ltd. has released its Corporate Governance Statement for 2025, outlining its commitment to maintaining high standards of corporate governance. The document includes various policies and charters such as the Board Charter, Audit and Risk Committee Charter, and Code of Conduct, among others. This comprehensive governance framework is designed to ensure transparency, accountability, and ethical conduct within the company, which is crucial for its operations and stakeholder trust.
Black Cat Syndicate Ltd. announced the quotation of 322,024 ordinary fully paid securities on the Australian Securities Exchange (ASX) as of September 19, 2025. This move is part of the company’s strategy to leverage options being exercised or convertible securities being converted, potentially strengthening its financial position and market presence.
Black Cat Syndicate Limited has announced the issuance of 322,024 ordinary fully paid shares following the early exercise of listed options priced at $0.3375, which are set to expire on November 14, 2025. This move is part of the company’s capital structure strategy, which includes a variety of listed and unlisted options and performance rights. The exercise of these options reflects investor confidence and contributes to the company’s capital base, potentially impacting its operational capacity and market positioning.
Black Cat Syndicate Limited has commenced a diamond drilling program at its Mt Clement Antimony Project, one of Australia’s largest and highest-grade antimony deposits. The program aims to expand the current resource and conduct metallurgical testwork to enhance resource and processing studies. Co-funded by government grants, the drilling will provide valuable insights into the mineralization extent and support infrastructure development in the region, aligning with the company’s strategy to accelerate gold and antimony production.
Black Cat Syndicate Limited, a company listed on the Australian Securities Exchange (ASX:BC8), announced a change in director interest with Mr. Paul Chapman exercising 200,000 unlisted options at $0.50 each, expiring on 31 August 2027. This exercise increases the total investment by the company’s directors to approximately $5.6 million, reflecting a strong commitment from the leadership and potentially impacting the company’s market perception positively.
Black Cat Syndicate Limited has announced a new issuance of securities, with a total of 316,272 ordinary fully paid shares to be quoted on the Australian Securities Exchange (ASX) under the code BC8. This move follows the exercise of options or conversion of other convertible securities, potentially impacting the company’s market presence and offering new opportunities for stakeholders.
Black Cat Syndicate Limited, a company listed on the Australian Securities Exchange, has announced the issuance of 316,272 ordinary fully paid shares following the exercise of options. This development is part of the company’s ongoing capital management strategy, reflecting its compliance with regulatory obligations and its commitment to maintaining transparency with stakeholders.
Black Cat Syndicate Ltd. has confirmed that all material assumptions underpinning the production targets at their Kal East Gold, Paulsens, and Coyote Projects remain unchanged. The company emphasizes compliance with the JORC Code for reporting mineral resources and ore reserves, ensuring transparency and reliability in their exploration results and production forecasts.
Black Cat Syndicate Limited has announced the completion of a grade-control drilling program at the Fingals deposit, part of its Kal East Gold Operation. The results, which include significant near-surface gold intercepts, reinforce Fingals as a key production center for the company. Mining activities at Fingals are set to commence in late September 2025, with the site expected to become the main source of feed for the Lakewood processing facility. Additionally, maintenance activities at Lakewood include the installation of new equipment during a planned shutdown, which has been accounted for in the production estimates for the September quarter.
Black Cat Syndicate Limited has announced the appointment of Amber Rivamonte as a director, effective from September 8, 2025. As part of her initial interest notice, Rivamonte holds 500,000 unlisted options through Silver Rayne Pty Ltd under the Rayne Family Trust, with an exercise price of $1.46, expiring on September 2, 2029. This appointment and the associated interest in securities may influence the company’s strategic direction and stakeholder engagement.