Black Cat Syndicate Limited

Notable vs. Peers

• Financials score of 8.1/10 is stronger than the peer average of 6.4/10.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · Reused pre-existing mining lease, same shape as HL/DRD/WGX: per Wikipedia's Paulsens Gold Mine history, development of the mine commenced May 2004 under NuStar Mining Corporation (formed from the Taipan Resources/St Barbara merger), with commissioning from 25 May 2005 and first gold poured June 2005 -- roughly 18 years before Black Cat's June 2022 acquisition from Northern Star Resources (which itself had purchased the mine from Intrepid Mines in July 2010). The underlying mining lease long predates Black Cat's ownership and this miner's own existing CONSTRUCTION_DECISION row (2023-09-26 restart funding) and CONSTRUCTION_START (2024 refurbishment); no dated 'new permit granted to Black Cat' event was found, nor would one be expected for a two-decades-continuous lease passing between successive owners of the same mine. Reused, not newly granted. · Source
2. Construction decision (FID)

   Sep 2023 · A$60M funding package (A$45M equity placement to Fuyang Mingjin/Southeast Mingqing subsidiaries + A$15M Mingjin debt facility) secured, explicitly to fund the Paulsens restart refurbishment and high-grade stockpile strategy following the Board's completed Paulsens Gold Operation Restart Study (10 Jul 2023). No separately labelled 'FID' release found distinct from this financing close; per the established site convention (see ARTG/EMR notes in get-stage-milestone-violations.ts) the financing-secured date is used as the practical construction-decision equivalent. · Source
3. Construction start

   Reached — date not disclosed · Major refurbishment works at the Paulsens processing facility commenced following the Sept 2023 funding close (see CONSTRUCTION_DECISION), continuing through 2024 with ball-mill commissioning beginning 16 Dec 2024. No single dated 'construction commences' press release distinct from the ongoing refurbishment reporting was located; recorded reached-but-undated. · Source
4. First pour / production

   Dec 2024 · First gravity gold pour at the refurbished Paulsens processing facility, on schedule and within budget. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists across two currently-producing assets: Paulsens (Western Australia, restarted after a multi-year care-and-maintenance period, first gold poured 2024-12-22 following a processing-plant refurbishment) and Kal East, with a third asset, Coyote, still advancing toward its own future production decision. Record FY26 gold production of 90,833oz (up 132% y/y) was reported across the combined operations. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.