Catalyst Metals (ASX:CYL) has doubled its reserve to 1.5 million ounces at the Plutonic Gold Belt operations in Western Australia, as part of the company’s long-term growth plans.
Plutonic’s reserves increased 100% year-on-year from 900,000 ounces to 1.5 million ounces and 215% since September 2023 – which increases Catalyst’s confidence in its efforts to achieve its stated 1-year growth strategy.
Catalyst, which has a market capitalisation of $2.1 billion, aims to achieve a steady state of more than 200,000 ounces per year at the gold production hub at Plutonic. At present, it is underwritten by a 1.5 million ounce reserve.
During FY2026, production is expected to be between 100,000 to 110,000 ounces at an all-in sustaining cost of between $2,200 to $2,650 per ounce. Production will be sourced from three mines, Plutonic Mai, East, and Trident.
CEO James Champion de Crespigny says doubling the reserve in a short space of time is a “significant” step for Plutonic becoming a reliable, industrial-style business with exploration and gold price exposure.
“What Catalyst sought in the Plutonic Belt was a business that could ultimately be a stable, consistent, long-term gold producer,” Champion de Crespigny says.
“We believe that such an asset is rare in Western Australia’s underground gold industry and can form the backbone of a broader business.”
Once Catalyst completes open-pit mining at Trident, operations will turn to developing the underground portal and initial decline development.
Approval and planning for the Old Highway deposit are expected to continue, with early site works beginning by the end of 2025.
This news comes in parallel with Catalyst joining the S&P/ASX 200 Index, effectively from 16 September 2025.
The S&P/ASX 200 Index is a market capitalisation weighted and float-adjusted stock market index of ASX-listed companies. The index is maintained by Standard & Poor’s and is considered the benchmark for Australian equity performance.
Catalyst Metals is an Australian gold producer with a low-cost organic growth pipeline.
Gold surged to an all-time high of US$3,660 ($5,556.89) per ounce yesterday (9 September). This price increase was buoyed by growing expectations of Federal rate cuts through year-end amid signs of a cooling US labor market, as reported by Trading Economics.
The precious metals’ spot price sat at US$3,636.6 per ounce at the time of writing.
Write to Aaliyah Rogan at Mining.com.au
Images: Catalyst Metals
