BLACK CAT SYNDICATE LIMITED (BC8)
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BC8

BC8 - BLACK CAT SYNDICATE LIMITED

FNArena Sector : Gold & Silver
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: -7.42
Index: ASX300 | ALL-ORDS

Black Cat Syndicate is a Western Australian gold producer operating the Paulsens and Kal East mines.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.045

06 Aug
2026

0.045

OPEN

$1.05

4.50%

HIGH

$1.09

4,214,075

LOW

$1.04

TARGET
$1.60 53.1% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
BC8: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 4.6 - 0.6 xxx
DPS (cps) xxx 0.0 N/A xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A N/A xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-4.6
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx37.3 M
Book Value Per Share xxxxxxxxxxxxxxx38.0
Net Operating Cash Flow xxxxxxxxxxxxxxx-12.8 M
Net Profit Margin xxxxxxxxxxxxxxx-69.53 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-13.44 %
Return on Invested Capital xxxxxxxxxxxxxxx-12.94 %
Return on Assets xxxxxxxxxxxxxxx-9.84 %
Return on Equity xxxxxxxxxxxxxxx-13.44 %
Return on Total Capital xxxxxxxxxxxxxxx-11.55 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-60.3 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx7 M
Long Term Debt xxxxxxxxxxxxxxx15 M
Total Debt xxxxxxxxxxxxxxx21 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx36 M
Price To Book Value xxxxxxxxxxxxxxx2.04

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx55.3 M
Capex % of Sales xxxxxxxxxxxxxxx148.13 %
Cost of Goods Sold xxxxxxxxxxxxxxx51 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx10 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

04/08/2026

1

Buy

$1.60

53.11%

According to Ord Minnett, Black Cat Syndicate announced a mixed June quarter update. Paulson's had record gold production but Kal East generated lower volumes due to the shift to the Fingals and Majestic mines, the analyst states.

Management has deferred FY27 guidance to the FY26 result in August with the growth strategy under review.

EPS forecasts are raised by 6.9% for FY26. Lower production volumes assumptions from a slower ramp up to higher grades results in EPS forecasts for FY27 cut by -19.2% and FY28 by -9.3%.

No change in Buy rating and $1.60 target price.

FORECAST
Ord Minnett forecasts a full year FY26 EPS of minus -0.60 cents.
Ord Minnett forecasts a full year FY27 EPS of 0.13 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Moelis

01/08/2026

1

Buy

$1.70

62.68%

Moelis maintains a Buy rating for Black Cat Syndicate with a $1.70 target price following a June quarter 2026 production report delivering 20.8koz in gold output.

Gold sales reached 21.7koz to beat broker estimates, while initial calculations indicate unit all-in sustaining costs of approximately $3,500/oz.

The company closed the period with $73.7m in cash reserves despite deploying $43.5m towards growth projects during the quarter.

Marking the first full quarter processing wholly-owned ore through internal assets, detailed operating cost disclosures allow clear modelling of cash movements ahead of formal FY27 guidance in August.

The analyst considers the shares inexpensive, expecting the valuation gap to narrow as operational visibility expands.
Access Extra Coverage Research History >

BC8 STOCK CHART

FNArena News on BC8

1
Australian Broker Call *Extra* Edition – Aug 03, 2026

Aug 03 2026 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Jul 20, 2026

Jul 20 2026 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Jun 30, 2026

Jun 30 2026 - Daily Market Reports
4
Australian Broker Call *Extra* Edition – Apr 07, 2026

Apr 07 2026 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – Mar 04, 2026

Mar 04 2026 - Daily Market Reports

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