Resource Upgrade Boosts Catalyst’s Growth Ambitions but Reserve Update Pending
Catalyst Metals has significantly upgraded its Trident underground gold resource, doubling indicated ounces and setting a clear path toward doubling annual production to 200,000 ounces. This milestone underscores the company’s strategic progress in the Plutonic Gold Belt.
- Trident underground resource updated to 795,000oz at 5.3 g/t Au
- Indicated resources doubled to 527,000oz at 6.4 g/t Au
- Mining of a small open pit commenced July 2025, underground mining planned
- Resource remains open at depth and along strike with ongoing drilling
- Strong balance sheet with A$230 million cash and no debt
Resource Upgrade Signals Growth
Catalyst Metals Limited (ASX – CYL) has delivered a substantial update to its Mineral Resource Estimate (MRE) for the Trident underground gold deposit, located within the prolific Plutonic Gold Belt in Western Australia. The updated resource now totals 795,000 ounces of gold at an average grade of 5.3 grams per tonne, with the Indicated portion doubling to 527,000 ounces at a robust 6.4 g/t Au. This marks a significant step forward from previous estimates and aligns with Catalyst’s ambition to define a 2 million ounce Reserve to underpin a targeted annual production of 200,000 ounces over a decade.
Strategic Development and Mining Progress
Mining operations at Trident have already commenced with a small open pit, initiated in July 2025, designed to provide early ore feed and reduce capital intensity ahead of the planned underground development. The deposit’s shallow nature; entirely within 400 meters of surface; has enabled a rapid and cost-effective drilling campaign, with an exploration cost of approximately A$70 per ounce. Seven drill rigs remain active, pursuing both resource extension and infill drilling to further enhance confidence and potentially expand the resource base.
Geological and Technical Rigor
The resource update is underpinned by an extensive dataset comprising over 122,000 meters of drilling from 474 holes, including both diamond and reverse circulation methods. Advanced geological modeling techniques, including Categorical Indicator Kriging and dynamic anisotropy, have been employed to accurately estimate grades and account for the deposit’s complex high-grade variability. The resource is reported in compliance with the JORC 2012 Code, reflecting moderate to high confidence in geological continuity and grade distribution.
Catalyst’s Broader Growth Outlook
Trident is one of several deposits along the Plutonic Belt that Catalyst is advancing, with plans to bring three new mines into production over the next 12 to 18 months. These will leverage the existing, underutilized Plutonic processing plant, which currently supports approximately 100,000 ounces of annual production at an all-in sustaining cost of around A$2,350 per ounce. The company’s strong balance sheet, boasting A$230 million in cash and no debt, positions it well to fund ongoing exploration and development activities.
Looking Ahead
While the updated resource is a critical milestone, Catalyst has yet to release a revised Ore Reserve estimate reflecting the new resource base. The company is actively working on this next step, which will provide greater clarity on the mine plan and production profile. Additionally, several high-grade intercepts outside the current resource envelope offer tantalizing upside potential, pending further drilling and evaluation.
Bottom Line?
Catalyst’s Trident resource upgrade sets the stage for a transformative growth phase, but the market will watch closely for Reserve updates and drilling results to confirm the path to 200,000 ounces per year.
Questions in the middle?
- When will Catalyst release the updated Ore Reserve estimate incorporating the new resource?
- How might ongoing drilling outside the current resource envelope impact the mine life and production profile?
- What are the expected capital and operating cost implications of scaling production to 200,000 ounces annually?
