Black Cat Syndicate (ASX: BC8) is off to a fast start in 2025, with mining officially underway at the Boundary open pit—well ahead of schedule. This forms part of the company’s “More Gold, Sooner” strategy at the 100%-owned Kal East Gold Operation, located just east of Kalgoorlie.
Mining Momentum Builds at Kal East
The Boundary pit has now been cleared and is in the early stages of pre-stripping, with two dig fleets in operation and a 200-tonne excavator doing the heavy lifting. The open pit is expected to operate for 4 to 5 months, with potential for a cutback to the south to extend mine life.
Ore from Boundary and the nearby Myhree pit is set to transition to Black Cat’s newly acquired 1.2Mtpa Lakewood Processing Facility, assuming completion of the acquisition by 31 March 2025. Once operational, Lakewood will be a game-changer—bringing in-house processing to Kal East for the first time and allowing Black Cat to process its own ore faster and more efficiently.
Meanwhile, open pit mining at Myhree is around 80% complete, but with more than 55% of gold still in the ground, the most profitable stage is just beginning. Notably, the strip ratio at Myhree has dropped from 19:1 to just 6:1, which should substantially improve margins.
Cashflow on the Horizon
With ~140,000 tonnes of ROM stockpiles already on hand, Black Cat is well-positioned to see strong cashflow in the coming quarters. Under the terms of the development deal, Black Cat receives the first $30 million in cashflow before profits are shared with mining partner MMS—providing a solid financial foundation for further growth.
Managing Director Gareth Solly summed it up:
“With the Lakewood acquisition, we’ve accelerated mining at Boundary and are entering the sweet spot at Myhree. We expect strong cashflow in the next two quarters—all part of our plan to produce more gold, sooner.”
What’s Next for Black Cat?
As the Kal East project gathers steam, Black Cat is also progressing operations at Paulsens, which restarted production in December 2024, and exploring high-grade opportunities at Coyote and Mt Clement. With three fully owned gold projects and processing infrastructure now in place, Black Cat is shaping up to be a serious mid-tier Australian gold producer.
