Black Cat Syndicate secures funding for Paulsens restart

Black Cat Syndicate Limited (ASX: $BC8) has secured a credit approved, term sheet with Nebari Natural Resources Credit Fund II, LP for a 3-year, US$20.5M (~A$31.5M) senior secured loan note facility, fully funding the restart of the 100% owned Paulsens Gold Operation.

Executive Commentary on Funding and Restart

After a competitive tender process and subject to Completion, full funding for the Paulsens restart is in place. With the assistance of our debt advisors Leeuwin Capital Partners, and DLA Piper our legal counsel, this financing arrangement will provide flexibility as we commence production at Paulsens. We are delighted to have formed this relationship with an experienced resource lender such as Nebari and we look forward to working together throughout this exciting phase for Black Cat.

Summary of Funding and Outlook

Black Cat Syndicate Limited has successfully secured a US$20.5M senior secured loan note facility with Nebari Natural Resources Credit Fund II, LP, fully funding the restart of the Paulsens Gold Operation. The facility provides flexibility with no mandatory commodity or foreign exchange hedging, a stand-by facility for contingency, covenant light terms, and the ability for early repayment. The company's Managing Director, Gareth Solly, expressed delight in the funding arrangement and looks forward to commencing production at Paulsens. Planned activities and announcements include monthly progress reports on Myhree and Paulsens, potential shareholder meeting re Sundy $30M Equity Placement, Myhree ore haulage and processing commencement, expected debt facility completion in October 2024, quarterly report in October 2024, annual general meeting of shareholders in November 2024, and Paulsens low-grade stockpile processing and commissioning commencement in December 2024.