Black Cat Syndicate (ASX:BC8) has kicked off the beginning of its Majestic underground mine, with blastworks taking place at the portalface, beginning what will eventually form a tunnel leading underground to further mineralisation.
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It appears that’d been priced in: Shares dipped around -1.5% in the second hour of trade, even as gold remains in record territory and is now back on the radar following a shock to confidence spurred by Trump’s firing of a Fed governor, and the anticipated impacts for the USD of an expected September rate cut.
At any rate, the stock didn’t tumble – it comfortably remains around $1 a pop.
And it could well keep climbing if Black Cat Syndicate can meet its production guidance forecast of first Majestic ore in Q4 of CY2025.
Initial mining crews are already active as this is being written; the company noted on Tuesday that Majestic’s mineralisation data shows a system that remains open, suggesting, for now, the potential for a longer-lasting asset to extend the overall Kal East play.
“Witnessing the first blast at the Majestic main portal was a proud moment, marking the start of Black Cat’s second high-grade underground gold mine. This milestone was achieved on schedule and also coincides with the planned commencement of mining at the nearby Fingals open pit,” BC8 MD Gareth Solly said.
The former microcap is one of many gold explorers on the ASX enjoying a recent tear, with BC8’s 1Y returns up +180%.
In March last year, shares were worth 20cps.
BC8 last traded at 98cps.
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