Catalyst Metals (ASX:CYL) has increased its cash and bullion at hand to $84 million during the December 2024 quarter, while ramping up development at the Plutonic and Henty gold mines.
This represents a $26 million increase from the September 2024 quarter.
In December, Catalyst, which has a market capitalisation of $603.37 million, repaid the final instalment of a gold loan, inherited through acquiring the former owner of Plutonic Superior Gold. As a result, the company is debt free.
During Q4 2024, the company produced 28,400 ounces of gold, comprising 21,800 ounces from Plutonic in Western Australia, and 6,600 ounces from Henty in Victoria.
CEO James Champion de Crespigny says since Catalyst consolidated Plutonic, it has been able to grow the cash balance quarter on quarter.
“It has also been able to invest in growth — a second mine, Plutonic East, will open this quarter and the number of drill rigs onsite has been increased from two to eight,” Crespigny says.
“The rationale for this gradual ramp up in growth spending was to ensure control over our balance sheet throughout.
“Now with $80 million cash on hand, and operating cashflows continuing, we believe we are well placed to execute our 180,000m exploration program announced in December and to bring online K2 and Trident over the next 12 months.”
Catalyst Metals is an Australian gold producer focused on its landholding across three prolific Australian gold belts
Write to Aaliyah Rogan at Mining.com.au
Images: Catalyst Metals
