Black Cat Syndicate has replaced a previous $60m funding package for its Paulsens gold project in Western Australia with a new deal from Chinese investors.
The new $45 million package aims to advance the company’s vision of being a dominant player in WA’s gold sector.
“This new funding package, substantially on the same terms as our previous funding package, facilitates the restart of Paulsens in a high gold price environment,” Black Cat managing director Gareth Solly said.
“With activity ramping up at Paulsens and a clear plan on funding now in sight, this is an exciting time for Black Cat.”
The new investor is Sundy Investments, an integrated property management provider. The original funding package parties, Mingjin and Southeast Mingqing, have shareholdings in Sundy at 8.85 per cent and 7.81 per cent respectively.
With the completion of the funding package, Sundy is set to become a 40 per cent shareholder in Black Cat.
Though it is unclear what led to the switch, Black Cat said the equity placements with Mingjin and Southeast Mingqing have been “terminated by mutual agreement”.
Representatives of the gold explorer will be visiting Sundy in Hangzhou this month to jointly advance and further accelerate approvals and future growth plans.
Black Cat acquired the Paulsens deposit from Northern Star Resources in June 2022, who had the mine in care and maintenance since 2017.
Since then, the company has conducted detailed studies while carrying out an exploration campaign to expand the mine’s resource.
Black Cat expects to deliver first gold from Paulsens in the second half of 2024, aiming to produce 60,000–70,000 ounces per year.
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