ASX gold share Black Cat Syndicate Ltd (ASX: BC8) is trading at $1.03 per share on Friday morning, up 1.67%.
Just two years ago, this ASX small-cap stock was trading at 25.5 cents per share.
Had you put just $2,000 into Black Cat shares back then, they would be worth $8,078.29 today.
Let's find out more about why this ASX gold share has shot the lights out over the past 24 months.
What a run for this ASX gold share!
Black Cat is a Western Australian gold miner and antimony explorer.
The company's total gold resources are 2.5Moz at 2.9 g/t Au, with plans to expand to 3Moz within five years.
In a recent presentation, Black Cat said it's targeting annual gold production of more than 100,000 ounces (oz) in FY26 and 130,000 oz in FY27.
The company owns three projects.
Kal East produced first gold in the second half of 2024. It has a Mineral Resource Estimate (MRE) of 18.8mt at 2.1 g/t au for 1,294,000 oz and a 1.2Mtpa processing facility on site.
Paulsens recommenced gold production late last year. It has a 450ktpa processing plant on site and an MRE of 4.4mt at 3.9 g/t au for 549,000 oz.
Within Paulsens is the Mt Clement antimony project, which Black Cat claims is one of Australia's largest deposits with a resource estimate of about 794kt at 1.7% Sb.
The miner's third gold project is Coyote, which has been in care and maintenance since 2013. Black Cat aims to restart the mine in FY28. It has a 300ktpa processing plant on site and an MRE of 3.7mt at 5.5 g/t au for 645,000 oz.
Black Cat's longer-term goal is to produce 200,000 oz of gold per annum by FY29, after Coyote begins production.
What's new with Black Cat?
This week, Black Cat announced a joint venture with Dreadnought Resources Ltd (ASX: DRE).
Under the deal, Black Cat will develop and process ore from Dreadnought's high-grade Star of Mangaroon gold project.
Black Cat owns about 202.5 million Dreadnought shares, and its non-executive chair, Paul Chapman, is also Dreadnought's non-executive chair.
Star of Mangaroon is 330km by road from Paulsens. Black Cat expects up to 110,000 tonnes of gold to be processed next year alone.
Under the deal, Black Cat will engage and manage contractors and provide up to $10 million in funding to develop and haul the ore.
Dreadnought and Black Cat will share surplus cashflow at a 50/50 split for the first $80 million and then 70/30 (majority to Dreadnought) for any additional surplus cashflow.
Black Cat also gets first rights to enter into similar agreements for any other mining operations around the Star of Mangaroon and a right to match any third-party offer to acquire Dreadnought's tenements.
The benefits for Black Cat include additional cashflow, greater operational flexibility, and strategic exposure to new nearby discoveries.
Black Cat's Managing Director, Gareth Solly, said:
The Star of Mangaroon is an excellent project that dovetails nicely into our Paulsens' strategy.
The high-grade feed will allow Paulsens to preferentially treat high-grade Ore from the Paulsens underground while stockpiling lower grade material, increasing total gold production in the short to medium term.
In addition, Black Cat has exposure to further discoveries around the Star of Mangaroon, which we see as highly prospective.
