Critica Ltd (CRI) and Black Cat Syndicate (BC8)

Hi David,

Black Cat Syndicate Ltd (BC8):  A $680mn gold mining business which has rallied 5x over the last 18-months, clearly a high beta gold play.

• The stock has rallied sharply helped by the completed acquisition of the 1.2 million tonnes per annum (Mtpa) Lakewood processing facility, in line with its “more gold sooner” strategy.
• The company has since began processing ore from its Myhree deposit at the Lakewood facility. Over 100,000 tonnes of ore had been stockpiled for ongoing processing, signaling a ramp-up in production activities.
• We like BC8 but if we are correct and gold is extended above $US3100 it could easily pullback from the $1 area.

NB Northern Star (NST) is on their share register, but its 1.2% holding doesn’t suggest to us any imminent M&A activity.

Critica Ltd (CRI) 1.4c: This is a $38mn critical minerals business that’s been bouncing around the 1.5c level for more than 12-months, unfortunately we cannot see any buyers interest manifesting itself here.

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Black Cat Syndicate Ltd (BC8)

LAST UPDATED 03/04/2025 16:14

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Black Cat Syndicate Ltd (BC8)

LAST UPDATED 03/04/2025 16:14