ASX-listed gold miner Black Cat produced record quarterly gold production of 25 437 oz for the three months ended December 31, 2025.

Gold production from the Paulsens and Kal East mines, in Australia, increased by 20% and 26%, respectively, in the quarter under review, with third-party production from ore purchase and toll treating activities having supported the Kal East output.

In comparison, Black Cat produced 20 541 oz in the September quarter.

The company expects to produce between 15 500 oz and 17 000 oz from the Kal East operation and between 9 500 oz and 11 000 oz in the quarter ending March 31, of which third-party processing will again comprise the bulk of Kal East’s production. 

Black Cat explains that, in the coming quarter, Paulsens’s production will continue to increase as development accelerates, while Kal East production will be sourced from a combination of the final Myhree and Boundary Ore stockpiles, as well as Fingals and Majestic ore, coupled with third-party production.

In the June quarter, Black Cat says the Lakewood processing operation, also in Australia, will process 100% of the Fingals and Majestic ore as the mines reach steady-state production.

Ore stockpiles at all of Black Cat’s sites totalled 118 000 t, containing 6 100 oz, at the end of December last year.

Black Cat reported gold sales of 17 485 oz in the quarter under review, at an average realised price of $6 325/oz, which generated gross revenue of $110-million.

The company had cash, bullion and listed investments of $91-million at the end of December.

Black Cat MD Gareth Solly says the company is proud to have announced another record quarter of production as it aims to meet a 100 000 oz/y run rate.

“Maintaining our cash, bullion and listed investments position, even when factoring in the final $25-million completion payment for Lakewood, the ramp up of two new Kal East mines and increasing exploration spend across the portfolio, also shows the underlying strength of our business,” Solly adds.

He further explains that the acquisition of Lakewood dramatically expedited Black Cat’s Kal East production timetable and, as a result, the company has successfully sourced third-party ore to fully use Lakewood’s capacity while the company’s own mines are ramping up.

“In the June 2026 quarter, we expect to be processing only ore from Black Cat’s mines, having successfully established two gold operations within the last 12 months – a huge achievement for the company in this record gold environment.”