Black Cat Syndicate Limited reported record revenue of $374.29 million for the 2026 financial year, an increase of 903% compared to $37.32 million in FY25, driven by a 132% rise in total gold production to 90,833 ounces.

The operational expansion lifted net profit after tax to $86.46 million for the year ending 30 June 2026, reversing a net loss of $25.95 million previously. Net cash provided by operating activities reached $225.45 million, compared to a cash outflow of $12.77 million in the prior financial year. Total cash, bullion and listed investments rose 87% to $105.27 million.

The Paulsens Gold Operation underpinned the financial turnaround following refurbishment and recommencement of mining and processing activities. The Paulsens asset generated strong operating cash flow during the period, allowing the company to fully recoup the $106 million originally invested in its acquisition and restart.

At the Kal East operation, Black Cat achieved a major fourth-quarter milestone by transitioning the Lakewood processing facility to process 100% company-owned ore feed. Black Cat plans to invest $20 million over the twelve months following April 2026 to expand Lakewood's processing capacity from 1.2Mtpa to 1.5Mtpa. Additionally, project operator Black Cat (Kal East) Pty Ltd staked two new mineral tenement claims near the project in August 2026.

“Black Cat delivered record financial and operational performance in FY2026, with revenue increasing to $374 million, operating cash flow reaching $225 million and production rising 132% to 90,833 ounces, reflecting the successful ramp-up of our operations.” — James Bruce, Managing Director

“Paulsens was a standout performer, fully repaying its acquisition and restart investment during the year while delivering significant exploration success at Regulus and Lynx. At Kal East, we achieved the important milestone of processing 100% Company-owned ore through Lakewood, providing a strong foundation for continued growth.” — James Bruce, Managing Director

The company intends to provide an update on FY27 guidance by the end of September 2026.

Read the full announcement: FY26 Financial Results