How Catalyst Metals Plans to Double Gold Output with 1.5Moz Plutonic Reserves
Catalyst Metals has doubled its gold Reserves at the Plutonic Belt to 1.5 million ounces, underpinning a bold plan to double annual production to 200,000 ounces over the next decade.
- Plutonic Belt Reserves doubled to 1.5Moz as of June 2025
- 10-year mine life targeting steady 200koz annual gold production
- FY2026 production guidance set at 100-110koz with AISC of A$2,200-A$2,650/oz
- Multiple deposits including Trident, Old Highway, Hermes, Cinnamon underpin growth
- Strong balance sheet with A$330m liquidity and zero debt supports organic expansion
Reserve Growth and Strategic Outlook
Catalyst Metals Limited (ASX, CYL) has announced a significant milestone in its Plutonic Belt gold operations in Western Australia, doubling its Ore Reserves to 1.5 million ounces as at 30 June 2025. This leap represents a 100% increase year-on-year and a 215% rise since September 2023, marking a pivotal step towards establishing Plutonic as a stable, long-life asset within Catalyst’s portfolio.
The company’s organic growth strategy is clear, increase Reserves from approximately 1 million ounces to 2 million ounces and lift annual gold production from around 100,000 ounces to 200,000 ounces. This plan is supported by a 10-year mine life projection, a rare and valuable horizon for an underground gold operation in Western Australia.
Production Guidance and Operational Details
For the fiscal year 2026, Catalyst projects gold production between 100,000 and 110,000 ounces at an all-in sustaining cost (AISC) ranging from A$2,200 to A$2,650 per ounce. Production will be sourced from three mines, Plutonic Main, Plutonic East, and the newly developed Trident open pit. The existing Plutonic processing plant, currently underutilized, will handle ore from these sources, enabling operational efficiencies and risk reduction.
The company is actively developing additional mines including K2 and Old Highway, with exploration targeting extensions and new deposits such as Cinnamon and Hermes. These deposits, many at shallow depths accessible from surface drilling, provide a diversified ore feed that can help maintain steady plant throughput and simplify mining operations.
Technical and Economic Foundations
The announcement is underpinned by comprehensive Mineral Resource and Ore Reserve estimates prepared in accordance with the JORC Code (2012 edition). The Plutonic Belt’s Mineral Resource stands at 4.2 million ounces at 3.2 grams per tonne gold, with Ore Reserves of 1.5 million ounces at 2.6 grams per tonne. Detailed geological modelling, mining methods such as longhole stoping with paste fill, and metallurgical recoveries averaging around 86.5% support the feasibility of the production targets.
Catalyst’s strong financial position, with A$330 million in liquidity and no drawn debt, provides a robust platform to execute its growth strategy. The company’s Managing Director, James Champion de Crespigny, highlighted the rarity of such a stable, consistent underground gold asset in Western Australia and expressed confidence in Plutonic’s role as a backbone for broader business expansion.
Looking Ahead
Beyond FY2026, Catalyst anticipates a ramp-up in production, targeting 130,000 to 150,000 ounces in FY2027 and 165,000 to 185,000 ounces in FY2028, with steady-state production of approximately 200,000 ounces per annum from FY2029 onwards. This growth will be supported by the development of underground operations at Trident, K2, Old Highway, and other deposits, alongside ongoing exploration to convert Inferred Resources to Reserves.
While the production targets include some inferred resources and exploration targets with inherent geological uncertainty, Catalyst’s methodical approach and existing infrastructure position it well to realize these ambitions. The company’s focus on filling the processing plant to capacity aims to reduce operational risks and stabilize cash flows, a critical factor in the volatile gold mining sector.
Bottom Line?
Catalyst Metals’ doubling of Plutonic Reserves sets the stage for a decade of growth, but execution and exploration success will be key to sustaining momentum.
Questions in the middle?
- How will Catalyst manage the risks associated with inferred resources in its production targets?
- What is the timeline and capital requirement for bringing K2 and Old Highway into full production?
- How sensitive is Catalyst’s growth plan to fluctuations in gold prices and operating costs?
