Plutonic Gold Belt Reserves Surge to 1.5Moz, Production Set to Double

Reserve Growth and Production Outlook

Catalyst Metals has taken a significant step forward in its ambition to establish the Plutonic Gold Belt as a long-term, stable cornerstone of its gold business. The company announced a doubling of its gold reserves in the belt to 1.5 million ounces, a milestone that supports a clear plan to increase annual gold production from around 100,000 ounces to 200,000 ounces. This production target is set to be sustained over a decade, a rare feat for underground gold mines in Western Australia.

The company’s strategy hinges on developing five mines, Plutonic, Plutonic East, Trident, K2, and Old Highway, feeding into a centrally located, underutilised processing plant. With three mines already operational and the others progressing as planned, Catalyst is positioning itself to unlock the full potential of the belt.

Operational Highlights and Exploration Progress

During the September quarter, Catalyst produced 17,572 ounces of gold at an all-in sustaining cost (AISC) of A$2,877 per ounce. While slightly below plan due to crusher availability issues, the company maintained its full-year guidance of 100,000 to 110,000 ounces at an AISC range of A$2,200 to A$2,650 per ounce.

Mining commenced at the Trident open pit, Catalyst’s first greenfield development on the belt, with an updated resource estimate of 811,000 ounces at 4.9 grams per tonne gold. The open pit phase is expected to last about 12 months before transitioning underground. Exploration drilling continues aggressively, targeting resource growth and reserve conversion across multiple deposits, including promising results at Cinnamon, where high-grade intercepts have extended the strike length.

Financial Strength and Corporate Developments

Financially, Catalyst remains robust with A$227 million in cash and bullion and an undrawn A$100 million revolving credit facility, providing ample liquidity to fund growth and exploration. Operational cash flow after sustaining capital and corporate costs was A$48 million for the quarter, supporting A$26 million in exploration and A$19 million in capital projects, including infrastructure upgrades such as power station refurbishment and camp expansions.

The company also bolstered its governance with the appointment of Anna Shave as an independent Non-Executive Director, bringing the board to a majority of independent members. This move aligns with Catalyst’s commitment to strong corporate oversight as it scales operations.

Expanding Horizons – Victorian Gold Projects

Beyond Western Australia, Catalyst is advancing its Victorian gold assets, notably the Four Eagles Gold Project near the historic Bendigo goldfield. The recent approval of a Work Plan for an exploration tunnel marks a key milestone, enabling underground exploration of high-grade targets. Catalyst also secured a 17-year option to acquire a 50% interest in the nearby Maldon Processing Facility, which could provide processing capacity for Victorian ore, further diversifying the company’s portfolio.

With a comprehensive A$90 million exploration program underway for FY26, Catalyst is aggressively pursuing resource growth and mine life extensions, aiming to convert inferred resources into reserves and unlock new ore bodies. This disciplined approach to exploration and development underpins the company’s confidence in achieving its 2 million ounce reserve target and doubling production.