Ann: Robust Base Case Production Plan of 302koz for Kal East, page-2

Kal East only.
Production closing in. This represents a fraction of their gold and it looks like $1000 margins even with rising costs. Grade and mills make all the difference.
If they complete an Early toll treat deal, it will drive cash on hand much higher. Management are conservative, so the mention of this means that they are heading in that direction. This should help people realise that there would have ample capital moving forward.
Coyote next year with heaps of drilling in the mean time. BC8 is a classic investment stock with exploration upside imo.

Black Cat Managing Director, Gareth Solly, said:
“In just four years Black Cat has gone from a junior explorer with 80km2 of ground and nil Resources to a multiproject near term gold producer with Kal East and the near finalised acquisitions of Coyote and Paulsens.
This initial Kal East Ore Reserve and the base case production plan from the PFS is encouraging and shows
attractive metrics from only a portion of the growing 1.3Moz Resource base. Our stated objective was to define an
initial three-year Ore Reserve which has been exceeded with clear near-term growth potential.
Recent mining cost increases have been factored into the Study capital and operating costs and Kal East remains
highly competitive against other operating WA gold operations. The company has deferred the decision to build the
Kal East processing facility until labour availability conditions improve and allow construction to commence.
The project is fully permitted and we will use the deferral period to further enhance the Kal East opportunity. The
Resources included in the base case remain open with strong potential for additional Ore Reserves. We are also
considering options to mine and toll treat the Myhree/Boundary deposits to generate early cashflow while working
on restart plans at Coyote and Paulsens.

Coyote and Paulsens are regionally significant assets in gold rich regions. The installed infrastructure at these
projects has an estimated replacement value of more than A$140M. The in-situ high-grade Resources at each
project have the potential to deliver rapid cashflow due to the anticipated low capital restart costs. Black Cat is
working towards a five-year vision and plan to have all three of our operations producing gold.