Thanks, Stewart, and welcome everybody. Thanks for joining us today.

Black Cat's had a successful year ramping up production, and we're very pleased to present these results to you. We produced 91,000 ounces in the year.

We've got $105 million cash on the balance sheet, no debt, and no hedging. The company since we listed has increased in share price 19% per annum.

For those of you who don't know the company, I'll just give a quick snapshot. We've got two assets in production at Paulsens and KalEast.

These hubs have ramped up well over the last year and a half. KalEast is continuing to ramp up.

At our Coyote project, we're drilling at the moment. We've also got the Mount Clement Critical Minerals Project, which is near to Paulsens.

During the June quarter, some of the highlights were that we processed 428,000 tonnes of ore to produce 20,800 ounces of gold. Paulsens had a record quarter of 10,600 ounces, and at KalEast, we had our first quarter producing 100% Black Cat ore through the Lakewood mill.

That's the photo that you can see behind me in the picture, that's the first Black Cat ore going into the mill. We're ramping up at KalEast and have $105 million cash on the balance sheet.

I'll pass over to Nick, he'll go through some of the financial aspects of the quarter, and then I'll come back and go through the operational aspects.

Great. Thank you, James, and good morning, everyone.

As James mentioned, this is the first quarter of 100% Black Cat ore through both of our mills, and this resulted in the company ending the financial year in a strong position, with $105 million dollars of cash, bullion, and listed investments. This amount was nearly double the $56 million that we had at the start of the financial year, and was an increase of $14 million for the quarter, even with the recent decrease in gold price and fluctuations in the fuel prices.

Onto the next detailed slide, I'll pull a few key takeaways from this. Firstly, operating cash flow before capital was $77 million for the quarter, which was a record for Black Cat, and this for the full year was $255 million.

Secondly, we continue to invest in developing both mines at KalEast, with prestrip at the Fingals open pit, and decline advance at Majestic underground, totaling $44 million for the quarter. This investment sets up both mines for future quarters.

Next, and as noted in the quarterly, Paulsens generated $27 million of notional cash flow, and that was off the back of the record quarterly production under Black Cat ownership. Finally, while obvious, it's worth noting the increase in cash and liquid assets balance at the end of each of the quarters.

I'll hand you back to James.

Thanks, Nick. As Nick said, we're in a strong financial position, however the market is volatile.

We've seen rising fuel prices. Gold prices have been also volatile.

Our growth strategy is being reviewed to align our exploration efforts with expanding our near-mine production and ounces. Capital investment is allocated on the basis of quarterly cash generation as the priority, and then allocating capital to near-mine opportunities, and I'll go through some of those opportunities with you today.

I'll start at Paulsens. We've had an excellent quarter at Paulsens.

The team there have done a fantastic job. We've had strong output of 114,000 tonnes with increased grades that produced record production to 10,600 ounces.

Importantly, I think we've also recouped the $106 million investment that we made in acquiring and restarting the mine, and I think this is an important milestone. Also importantly, over the quarter we've had two new discoveries, and I'll go through those on this slide here at Regulus and Lynx.

These discoveries extend the known mineralization. They're near surface, and they're oblique to the existing ore body.

These are structures that were unknown previously, and demonstrate the significant opportunity to continue to find more at this fantastic ore body. I'll just go through some of the intercepts that we've had.

At Lynx, we've had 1.5 meters at 54 grams, another intercept 4.8 meters at almost 19 grams. These are very high grade and very near surface, and we can rapidly bring these ounces into development.

We developed a drive of 88 meters at a diluted grade of 3 grams, producing 454 ounces through the mill. It's this very rapid discovery and then getting development in and producing from these deposits that I think is particularly pleasing.

At Regulus, we've had intercepts of 5 meters at almost 91 grams, 1 meter at 69 grams, and similarly, we've put development drives through 88 meters 76 meters at 9.7 grams diluted, producing over 15,000 ounces. This demonstrates not only the geological potential of Paulsens in new deposits near surface, but also the ability to generate significant cash flow from these deposits immediately.

We're pretty pleased with these results. It gives confidence that this gold system at Paulsens is fertile, large, and will provide us significant additional ounces in the near and longer term.

I'll turn to KalEast. It's the first quarter of 100% Black Cat feed.

We processed 314,000 tonnes. In May and June, it was pleasing to see that Lakewood ran at a 1.3 million tonne run rate.

Both mines continue to ramp up, and the ramp up will continue for the next six months. At Fingals, as you can see in the numbers here, we've done a significant amount of waste stripping over the recent quarters, and waste stripping will significantly reduce in the next few months.

The mine grades during the quarter were lower than we expected in the upper benches of the pit, and we expect this to increase as we ramp up and the pit moves into benches lower down in the ore body. At Majestic, stoping commenced during the quarter.

The mined ore increased to 50,000 tonnes, and this is expected to continue to increase over the next six months, and Majestic will become 30% roughly of the Lakewood feed. Grades again were lower this quarter in the upper level of the mine, but again, we expect that to increase as we ramp up production.

More broadly at KalEast, if think a little bit longer term, we're just some process of ramping up these operations, but I think it's important to show some of the longer term potential, both at depth and along strike. Our future drilling campaigns at Majestic and the nearby Imperial I think have good opportunities to extend the mine life.

However, the first priority is to ramp up production over the next six months from both Fingals and Majestic, then we'll look at the opportunities to extend with further drilling these mine lives. I'll turn now to Coyote.

We've been drilling there doing an infill program just below what was the prior operations, and also trying to extend the ore body down dip to about 850 meters. The results will be expected in September from this program, and we're also looking at reprioritizing the rigs, because of the success that we've had at Regulus and Lynx at Paulsens, we're just considering that we might transfer some of the drilling that we're doing at Coyote to Paulsens.

We've also got the Mount Clement project, which is nearby to Paulsens. This is an antimony project.

It's very high grade. Metallurgical testing is underway as we speak, and we're also engaging industry participants to determine the scale of this project, what offtake requirements may be, and ultimately, that determine the next steps in developing the project.

Before we get to Q&A, I'll just go through sort of the opportunities as we see to why invest with us. We've got strong operating cash flow and we looking to grow this quarter-on-quarter.

We've increased cash. We've got reserves growth and recent underground success at Paulsens.

We've growing opportunities across all projects. We also have the team and the track record of developing these projects and these assets.

We're well placed to consider opportunities as they come about to grow internally, no matter what the circumstances of the market prevail. As I said before, we've got volatility in fuel and gold prices, but the business is really well positioned to respond to anything that comes about.

We'll provide production guidance at our full year results, and that will include all-in sustaining costs. Then lastly, I'd just like to thank you for the shareholders for their support the company as we continue to grow, and with that, I'll pass it back to Stewart, and open the line for questions.

we've had some really encouraging results. It is early days.

We we think that these structures are significant and have hundreds of meters of strike potential. We will be drilling it over the over the months ahead, and to further define that potential.

The fact that it is such high grade and so near surface means that it's can quickly come into production, and as we've demonstrated, I think we had about 20% of our production in the last quarter come from developing ounces in in those regions. Certainly as we look ahead, it will become a an increasing part of our mill feed over the over the year ahead years ahead.

Thanks, Stewart, and hi, James. Congrats on a good quarter in many respects.

I suppose the one I wanted to drill down on a little bit was just Fingals, obviously slightly lower grade there in the upper benches. Was that a reconciliation issue or is that just a function of where you are mining in the pit?

Thanks for the question, Richard. Look, it's a function of where we're mining in the pit.

We are in the upper benches and the ore body steepens up as we get into it, it was more flat-lying in those upper benches. In the months ahead that the ore body steepens up and as it does so, we expect the grade to increase and dilution to reduce.

Thanks. In terms of guidance, you mentioned you're going to deliver guidance at the financial results.

Is that going to be broken down on an asset basis or how should we think about how that's going to be delivered?

I think that's the intention, asset by asset, and to give not only production guidance, but all-in sustaining costs as well.

Okay. In terms of the strategy document that you're coming out with, can we expect that before the full year results or what's the likely timing on that?

I think, Richard, we're just considering those options. We just want to make sure that we phase the opportunities in the right order.

We do have a strong intention to grow from internally generated projects, but before that, we've got to ramp up both Majestic and Fingals. I think there are opportunities, as we've shown, at Paulsens.

There's also Belvedere, which is nearby. Given the current environment, we just need to phase everything that we do to live within our means.

I think there's significant opportunities to grow, but we're just considering the timing of that growth.

Okay. Based on that, maybe it's a sort of later in the half phenomenon, in terms of

Look, I think we'll come to the market with more definitive plans as those plans are developed and once we've got the confidence to go ahead with the various opportunities.

Okay. Great.

Thanks very much.

Thanks, Richard.

G'day guys, can you hear me all right?

We've got you, Paul.

Hi, thanks. Couple of questions from me.

Obviously guidance for the year ahead is still forthcoming. Just wondering on a high-level conceptual toll treatment likelihood through the course of fiscal '27, noting you have the remaining parcels from Westgold you're obligated to treat?

As you referred to, Paul, there's two remaining parcels that we have with Westgold, in the current quarter and the final quarter of this calendar year. By the end of the year, they will be completed, and we don't expect any further toll treating, in calendar year 2027.

We've got our own material from both Fingals and Majestic that will fill the mill.

Sure. Then following on from that, and maybe these two sort of go together, Richard asked the question about the grade profile at KalEast, and noting today it looks like the majority of the costs you incurred in the June quarter to run that operation has still been capitalized.

I'm just curious as to when you might be anticipating that expenditure goes from being capital to opex?

I think if I refer, as I made comments in the presentation, at Fingals, we expect waste stripping to significantly reduce over the next few months and through to the end of the year. That waste stripping is capitalized at the moment, but will reduce.

At Majestic, the ramp up of Majestic will take about the next six months, there is still some capitalization that's occurring right now as we ramp up production. As I referred to, production was 50,000 tonnes.

That will ramp up significantly by the end of the year, and as we get into more sort of nameplate production levels, then we will stop capitalizing that investment.

Can you remind me what you consider nameplate production run rates out of Majestic to be?

It'd be 30% of the mill feed. Mill is 1.2 million tonnes per annum, notional 400 to 450,000 tonnes per annum from Majestic.

Great. Then the last one, I guess it probably ties into those as well, is as far as feed grades from these ore bodies go, can you give us an update on when we might see that updated resource reserve status published, please?

I think with our annual report, we'll update the reserves, resources, and certainly in our guidance you'll get a view of what the grade profile looks like.

Great. All right, thank you.

Thank you.

Look, we remain flexible on our bullion strategy. We continue to hold some bullion and we will continue to do so, and we have significant cash on the balance sheet at the same time.

We remain flexible in our approach. We are predisposed to gold.

We think the value of gold and the long-term value is as an inflation hedge, and so we like holding gold, we're a gold producer, and will remain flexible in that strategy.

Look, I think Regulus, we are starting stoping right now. There are ounces that we're producing from Regulus from stoping.

Lynx will be a little bit longer, but certainly over the next six months or so, we'll start stoping Lynx as well. As I previously said, Regulus and Lynx will become an increasing part of the production profile over the next certainly over the next year and couple of years.

I think, the first opportunities that I always look at are the near-mine opportunities around our existing infrastructure that leverage that infrastructure, leverage that capital investment, and I always think about cash-on-cash returns, and what if I'm putting a dollar in today, I want to get $2 out over two years. Those are the first opportunities we'd look at.

There are always other opportunities that we will consider, whether they be tuck-in opportunities near our existing hubs. I think we'll remain flexible on all opportunities as we see it, and but every opportunity has to meet financial hurdles to generate cash-on-cash returns.

As I said in the announcement, we invested in Paulsens, and we've now repaid that capital. We've also obviously discovered more at Paulsens.

That's the sort of thing that we're looking to do, and continue to do.

Hi, can you hear me?

Excellent. Congratulations on a positive quarter.

I had an accounting question, from your disclosures. When you break out sustaining versus growth capex, do you define development drilling at new deposits, which is required to maintain production, as growth capex or sustaining capex?

I'll give a response and then I might pass it over to Nick, but the response for myself is it depends [laughter] on exactly what type of drilling it is, but I'll pass it over to Nick and he can respond.

Yeah. That's fine.

Generally speaking, Kutay, it depends on if the ore body's in the current mine plan or resource. For example with Lynx and Regulus, that wasn't part of our original mine plan.

In that instance, it could be considered growth. We look at each spend or each dollar spend in each area as sustaining or growth.

As James said, it's on a case-by-case basis.

Okay. Thank you.

Thank you, everyone.