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

27/05/2026

1

Initiation of coverage with Buy

$2.20

139.13%

Ord Minnett initiates coverage on gold miner Black Cat Syndicate with a Buy rating and $2.20 target. The company is considered materially undervalued given forecast production growth to 192,000 ounces by FY30 from 93,000 ounces in FY26.

The broker expects all-in sustaining costs (AISC) to decline materially as production ramps up at Kal East and Paulsens, both now cash-flow positive.

Commentary also points to significant free cash flow (FCF) generation potential. Upcoming strategy updates and exploration activity are seen as important catalysts supporting longer-term mine life extensions and development plans.

07/04/2026

1

Buy

$1.82

97.83%

Moelis notes gold has become considerably more volatile and updates its financial estimates to capture March quarter price and FX outcomes.

The outbreak of conflict in the Persian Gulf has added to uncertainty while speculative positioning in gold has likely contributed to large moves during the quarter, the broker adds.

Moelis has also made upward revisions to capital and operating expenditures to reflect the re-emergence of inflation, which negates some of the upside to cash flow and therefore valuation. Buy rating for Black Cat Syndicate retained. Target edges back to $1.82 from $1.85.

FORECAST
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 16.79 cents.
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 37.55 cents.