Quite Bullish. Heading towards production. They seem excited...

Quite Bullish. Heading towards production.
They seem excited about bringing Paulsens into production very quickly on success.
I think some might look back in the future and realise that 32c was a gift. Unhappy today, maybe very happy in the future!



Dear Fellow Shareholder,
We are pleased to present the 2022 Annual Report for Black Cat Syndicate Limited (“Black Cat” or “the
Company”).
The past year has been significant for Black Cat:
• At Kal East we grew Resources by 9% to 1,294koz @ 2.1g/t Au.
• We committed to prepare Kal East for development and did so. This culminated in a Pre-Feasibility
Study and initial Ore Reserve. Despite the favorable outcomes of the Pre-Feasibility Study, a decision
was made to defer the planned development and build of Kal East. This decision was not taken lightly,
however the constraints on labour supply, engineering and construction materials around Kalgoorlie
caused the Company to wait for improved conditions. That said, we are continuing to progress a number
of discussions regarding the Myhree/Boundary open pits.
• We also acquired two high-grade gold operations being Coyote and Paulsens. Both operations have
camps and processing facilities and are on care and maintenance. In addition, the potential to
substantially increase Resources is considered high while the capital required to bring the existing
infrastructure back into operation is relatively low.
• We have identified significant, multi-metal, potential regionally at both operations with previous owners
primarily focused on near mine gold.
• We have gathered and integrated all the geological data for both operations. This is a time consuming,
low cost and high value-add exercise. As a consequence of applying new eyes, we have identified
numerous, high quality opportunities - both near mine and regionally. This has borne fruit as
demonstrated by drilling at Coyote where our revised interpretation has seen gold in every drill hole.
Similar success at Paulsens would have significant ramifications given the close proximity to
underground infrastructure.
Gold in US dollar terms and consequently gold equities came under pressure in 2022. A mix of rising interest
rates, strong US dollar and no shortage of geo-political issues all played their part in this. However, Australian
dollar gold is strong and we remain convinced that owning high-grade gold operations with significant growth
potential will win out.
• So, we have the key pillars in place for building a new multi-operation gold miner with projects
strategically located across WA which include high-grade open pit and underground Resources of 2Moz.
As we move to 2023, other opportunities and challenges will present themselves. We will continue to build
our already strong Resource base:
• At Paulsens, adding near mine ounces at Apollo and/or the **bro Veins with a relatively low capital
start up cost could see us rapidly progress into production. Our Lower **bro target could literally be
“another Paulsens” in its own right.
• At Coyote, our new geological model and drilling success has us increasingly convinced that Coyote
has both grade and scale potential.
• Regional targets around Coyote and Paulsens will begin to be tested and offer significant upside given
the already identified potential but with lack of follow through.
• Toll treating at Myhree/Boundary remains in progress and we will continue to monitor the
development/building environment around Kalgoorlie.
In closing, we would like to thank our local communities, employees, suppliers and other business partners.
We also would like to take this opportunity to thank our fellow shareholders for your support.
Yours sincerely
Paul Chapman - Chairman