Black Cat Syndicate Limited

Black Cat Syndicate Limited (ASX:BC8)

Offer Price

A$0.760

per share

Offer Size

A$65,000,000

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Placement

Black Cat Syndicate Limited (ASX:BC8)

BC8

Lead Manager

Offer Price

A$0.760

per share

Offer Size

A$65,000,000

Placement

Black Cat Syndicate Limited

Offer Details

Issue Price (Per Share)

A$0.760

Discount

26.21%

Offer Size

A$65,000,000

Shares Available

85,526,316

A$65m two-tranche placement, with the ability to accept overs (T1 A$53m).

Offer Price: A$0.76 per share.

Discounts:

  • Last close price of A$0.855/sh: 11.1%.
  • 5 trading day VWAP of A$0.879/sh: 13.6%.
  • 15 trading day VWAP of A$0.847/sh: 10.3%

Company Overview

Black Cat Syndicate Limited has rapidly positioned itself as a prominent gold producer in Western Australia. The company's strategic acquisitions and exploration efforts have culminated in a substantial portfolio of high-grade gold resources across three key operations:​

  • Paulsens Gold Operation: Located 180 km west of Paraburdoo, this operation comprises an underground mine, a 450,000 tpa processing facility, and numerous potential open pits.​
  • Coyote Gold Operation: Situated approximately 20 km west of the Western Australia/Northern Territory border on the Tanami Highway, Coyote includes both open pit and underground mines, a 300,000 tpa processing facility, and related infrastructure.​
  • Kal East Gold Project: Positioned east of Kalgoorlie, this project encompasses several high-grade gold deposits, contributing to Black Cat's growing resource base.​

Black Cat's commitment to exploration and development is underscored by its goal to expand resources from 2 to 3 million ounces within the next five years. This objective is being pursued through targeted exploration campaigns and the strategic restart of operations to generate internal cash flow and drive sustainable growth.

Acquisition - Lakewood Mill

  • 1.2Mtpa facility within 40km of Kal East - lower risk than construction. Completion by 31 March 25 (Fig 2 & 3).
  • Throughput capacity +50% (0.8Mtpa to 1.2Mtpa).
  • Potential for >1.2Mtpa with secondary mill (ready to tie in).
  • Brings forward production plans by ~15 months (Fig 4).
  • Recent upgrades – new tanks, upgraded mill motor and new tailings storage.
  • Total consideration A$85m – A$70m staged cash payments1 & A$15m equity at A$0.76 (12-month escrow).

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Projects

Kal East

  • Myhree – development ahead of schedule.
  • Fingals open pit – base load for Lakewood.
  • Two growing underground mines – Majestic (mining expected Jul 25) and Myhree (after open pit).

Paulsens

  • 450ktpa plant – commissioned, >1,000km development to date. Mechanised mining commenced.
  • Exploration in 2025; Paulsens near mine, Belvedere, Big Sarah.
  • Mt Clement – Antimony Resource, JORC Exploration Target (~100kt Sb), potential parallel circuit.

Coyote

  • High grade Resource with processing facility to expand up to 500ktpa with already owned mill.
  • Significant potential in underexplored region

Use of Funds

  • Initial acquisition payments for Lakewood Mill
  • Kal East mining acceleration
  • Working capital and offer costs

Indicative Timetable

Offer Close Southern Hemisphere (1pm)

12 Mar 25

Offer Close Northern Hemisphere (7pm)

12 Mar 25

Placement Tranche One Settlement Date

20 Mar 25

Placement Tranche One Allotment Date

21 Mar 25

Lakewood Acquisition Completion

31 Mar 25

General Meeting

6 May 25

Placement Tranche Two Settlement Date

12 May 25

Placement Tranche Two Allotment Date

13 May 25

Documents & Downloads

Board & Management

Paul Chapman

Paul Chapman

Non-Executive Chairman

Paul is a chartered accountant with over thirty years’ experience in the resources sector gained in Australia and the United States. Paul has experience across a range of commodity businesses including gold, nickel, uranium, manganese, bauxite/alumina and oil/gas. Paul has held managing director and other senior management roles in public companies. Paul was a founding shareholder and/or director of the following ASX listed companies: Reliance Mining, Encounter Resources, Rex Minerals, Silver Lake Resources, Paringa Resources, Dreadnought Resources and Avanco Resources. Paul is Non-Executive Chairman – Meeka Metals (ASX:MEK), Non-Executive Chairman – Dreadnought Resources (ASX:DRE), Non-Executive Director – Sunshine Metals (ASX:SHN).

Gareth Solly

Gareth Solly

Managing Director

Gareth has a First Class Honours degree in Earth Science from the University of Melbourne. Gareth’s career incorporates over 24 years mining industry experience covering numerous ore body types in both underground and surface environments with a proven ability in leading mine geology, resource development and near mine exploration teams. He has worked his way up from mine geologist to chief operations geologist and registered mine manager positions in both open cut and underground operations which includes 11 years senior management experience with organisations including Saracen Minerals, Silver Lake Resources and Norilsk. Of particular relevance, Gareth was the Chief Geologist and late Resident Manager at Mount Monger which is similar in many ways to Bulong and involved managing a workforce of approximately 200.

Les Davis

Les Davis

Non-Executive Director

Les has a Master’s Degree in Mineral Economics from Curtin University of WA and over 42 years mining industry experience including 17 years hands-on experience in mine development and narrow vein mining. Les career incorporates over 25 years senior management and executive experience including roles as Mine Manager, Technical Services Manager, Concentrator Manager, Resident Manager and GM Expansion Projects with organisations including WMC Resources, Reliance Mining and Consolidated Minerals. Les was the founding Managing Director of Silver Lake Resources (ASX:SLR) in 2007 and Non-Executive Director of Spectrum Metals (ASX:SPX) in 2019. Les is currently a Non-Executive Director of Sunshine Metals Limited (ASX:SHN).

Davide Bosio

Davide Bosio

Non-Executive Director

Davide is an experienced company director with significant resources and gold sector experience including having served on the board of De Grey Mining Ltd as well as Spectrum Metals Ltd which was ultimately acquired by Ramelius Resources Ltd. In addition, Davide is currently a non-executive director at Yojee Ltd (ASX:YOJ).

Most recently, Davide served as the WA State Manager and Director of Corporate Finance at investment and wealth management firm Shaw and Partners having overseen the sale of the historic WA broking firm, DJ Carmichael Pty Limited to Shaw in 2019. For over 23 years, Davide has been immersed in the WA finance industry offering corporate services and strategic advice to private and public organisations, specifically in relation to capital management and M&A.

Richard Laufmann

Richard Laufmann

Non-Executive Director

Richard, a graduate of the WA School of Mines, is a mining engineer with broad experience in the resources sector – specifically in copper, gold and nickel – both corporately and operationally.

Richard is currently a founding director, Chief Executive Officer and Managing Director of Rex Minerals (ASX:RXM). Before becoming CEO of Rex Minerals, Richard was CEO of Indophil Resources (ASX:IRN) which had ownership in and management of one of the world’s largest undeveloped copper projects (Tampakan). Previous roles include CEO of Ballarat Goldfields (ASX:BGF) and General Manager of Gold for Western Mining Corporation. Of particular relevance to Black Cat, Richard ran the large St Ives Gold Operation south of Kalgoorlie. Richard is a past Chairman of the State Council of the Minerals Council of Australia (Victorian division) at the time the State Council merged into the national MCA.

Disclaimer

This site does not constitute an offer, recommendation, or invitation to any person, nor does it purport to provide all of the information an interested party may require in order to investigate the affairs of Black Cat Syndicate Limited. This site is provided for information only and has not been prepared with the intention that the recipient should rely on it. Liquidity Technology Pty Ltd ("Liquidity") does not make any representation in relation to the contents of this site or give any assurances as to the accuracy or the degree of care or diligence used in preparing this document. The information, data, and advice herein is provided to recipients on the clear understanding that Liquidity nor any of its representatives, directors, officers, employees, agents, or advisers makes any representation or warranty about its accuracy, reliability, completeness, or suitability for any particular purpose and does not accept liability (including, but not limited to, for any expenses, losses, damages, and/or costs (including, but not limited to, indirect or consequential damage)) nor take any responsibility of any kind whatsoever (including, but not limited to, whether in contract, tort, financial or otherwise) for the information, data, or advice contained in or for any omission or for any other information, statement, or representation provided to any recipient (including, but not limited to, as a result of information, data, or advice being inaccurate, unreliable, incomplete, or unsuitable in any way and for any reason whatsoever). Users of this site must conduct their own investigation and analysis regarding any information, statement, or representation contained or provided to any recipient or its associates by Liquidity or any of the Liquidity Personnel. Each recipient waives any right of action, which it has now or in the future against Liquidity or any of the Liquidity Personnel in respect of any errors or omissions on or from this site, however caused. All rights are reserved. If the whole or any part of a provision of this "Notice and Disclaimer" is invalid, illegal, or unenforceable, then such provision will be severed and neither that part or provision or its severance will affect the validity or enforceability of the remaining parts or provisions.

Disclosure of Interest: Liquidity receives commission from dealing in securities and its introducers of business may directly share in this commission. Liquidity and its associates may hold shares in Black Cat Syndicate Limited.

Black Cat Syndicate Limited

Placement

Black Cat Syndicate Limited (ASX:BC8)

BC8

Offer Price

A$0.760

per share

Offer Size

A$65,000,000

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