BLACK CAT SYNDICATE LIMITED (BC8)
Share Price Analysis and Chart

08/09/2026

1

Buy

$1.50

44.93%

Black Cat Syndicate's FY26 revenue was in line with Ord Minnett's estimate, while NPAT was -10% below expectations due to higher D&A, with gold sales rising to 65,951oz from 26,649oz in FY25.

The broker highlights increased near-term uncertainty following another delay to FY27 production, cost guidance and the departure of the managing director, while steady-state operations at Kal East are not expected until the March quarter 2027.

Coyote first gold is pushed out by 12 months to FY30, reducing EPS forecasts by -27.7%, although group production is still expected to reach around 180,000oz by FY30.

The target falls to $1.50 from $1.60 and the Buy rating is retained. The analyst believes the market is discounting the potential for improved operating performance at Kal East and Paulsens and assigning little value to longer-term production growth towards 200,000oz annually.

FORECAST
Ord Minnett forecasts a full year FY27 EPS of 0.30 cents.
Ord Minnett forecasts a full year FY28 EPS of 0.47 cents.

02/09/2026

1

Buy

$1.60

54.59%

Moelis maintains a Buy rating for Black Cat Syndicate with a $1.60 target price following an FY26 result featuring an adjusted NPAT of $85.2m.

The profit fell -13% short of the broker's estimates due to lower-than-expected revenue of $374.3m, driven by accounting complexities surrounding toll treatment recognition.

Operating cash flow also missed expectations at $225.4m, offset by lower capital and investing cash outflows.

According to the analyst, the delayed release of the FY27 outlook may create a near-term overhang on the share price until published later in September.

Commentary concludes Black Cat retains a strong financial position, holding nearly $74m in cash and $32m in bullion with zero debt, while trading on inexpensive valuation multiples ahead of a planned production ramp-up at the Kal East operation.

FORECAST
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 26.60 cents.
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 37.10 cents.