Black Cat Syndicate funding progress update

Black Cat Syndicate Limited (ASX: $BC8) has announced the replacement of its $60m funding package to advance its vision of being the dominant player in three prolific gold districts. The new funding package, subject to completion, will be used to restart Paulsens and then for internal cashflows from Paulsens to be applied in restarting Coyote and developing Kal East.

Gareth Solly on new funding package

Black Cat's Managing Director, Gareth Solly, expressed, 'This new funding package, substantially on the same terms as our previous funding package, facilitates the restart of Paulsens in a high gold price environment. The convertible note funds are already being applied to ordering long lead time items and the processing facility refurbishment. Regular updates will continue to be provided on our progress. We expect to receive a further $6m of funding in May 2024. In the meantime, the parties are confident that the required regulatory approvals can be accelerated given that considerable progress has already been made on that front. We would like to acknowledge the support of our new proposed shareholder, Sundy, which shares our vision of starting our three operations with strong internal cashflows and ongoing Resource growth. With activity ramping up at Paulsens and a clear plan on funding now in sight, this is an exciting time for Black Cat.'

Black Cat Syndicate's funding outlook

Black Cat Syndicate Limited (ASX: $BC8) has successfully secured a $45m funding package with Sundy to restart Paulsens, marking a significant step towards realizing its vision of becoming the dominant player in three prolific gold districts. The company has expressed confidence in accelerating the required regulatory approvals and anticipates receiving an additional $6m in funding in May 2024. The support from Sundy, which aligns with Black Cat's growth vision, is expected to propel the company's operations with strong internal cashflows and ongoing resource growth. With activity intensifying at Paulsens and a clear funding plan in place, Black Cat looks forward to an exciting phase of progress and development.