BLACK CAT SYNDICATE LIMITED

BLACK CAT SYNDICATE LIMITED's ordinary share count grew 92.8% between July 2024 and June 2026, to 729M shares. The company raised capital three times in that period for total disclosed proceeds of A$157.3M, most recently raising A$65.0M in March 2025. Options and rights on issue could convert into 47M new shares, equal to 6.5% of the current share count, of which 2% are in the money; the nearest expiry is July 2026. At the March 2026 quarter the company reported A$61.1M in available cash, equivalent to 0.5 quarters of funding at its recent spending rate. No proposed securities issues (Appendix 3B) are pending.