Catalyst Metals Advances Trident Underground, Targeting 60koz Annual Gold Output

Trident Underground Development Progressing on Schedule

Catalyst Metals (ASX:CYL) has marked a key milestone with the completion of mining at the Trident open pit, located 30km north-east of its underutilised 2Mtpa Plutonic processing plant. The open pit served primarily as access for the underground portal, which has now been established near the pit base. Development of the underground decline is progressing in line with budget and timing expectations, with approximately 20 metres advanced so far.

Infrastructure essential for underground mining; including ventilation, water, and power; is in place, and the company has acquired an initial underground mining fleet, with plans to expand as development continues. Grade control drilling covering the first 15 months of expected underground production has been completed, de-risking early operations and providing operational flexibility during ramp-up. Catalyst anticipates first stoping ore from the underground mine in the first half of calendar year 2027.

Trident to Bolster Plutonic’s Production Profile

Trident underground is positioned to become the second, higher-grade baseload ore source feeding the Plutonic processing plant, expected to produce approximately 60,000 ounces of gold annually over a projected 10-year mine life. This development is a core component of Catalyst’s broader strategy to double annual gold production at Plutonic from around 100,000 ounces to 200,000 ounces, leveraging five underground mines including Plutonic Main, Plutonic East, Trident, K2, and Old Highway.

The Trident underground deposit holds a probable Reserve of 2.5 million tonnes at 5.0g/t gold for 397,000 ounces and a Resource of 4.7 million tonnes at 5.3g/t gold for 795,000 ounces (including an Indicated Resource of 2.6 million tonnes at 6.4g/t for 527,000 ounces). Mining of the small open pit above the underground orebody, completed in May 2026, has allowed stockpiling of ore to be processed progressively through the remainder of the year.

Next Steps in Plutonic Belt Development

Catalyst’s Managing Director James Champion de Crespigny highlighted that Trident is the fourth mine developed by the team in the past 18 months, reflecting a disciplined execution on time and budget. Looking ahead, the company is advancing approvals for the Old Highway and Cinnamon deposits, which will add further ore sources to the Plutonic Gold Belt. Cinnamon, in particular, is emerging as a potential sixth ore source following recent exploration success and is progressing through regulatory approvals.

The company’s production plan assumes full utilisation of the existing 2Mtpa processing plant, which remains underutilised. A second 1Mtpa processing train at Plutonic has been on care and maintenance since 2008, with no current decision to refurbish it. Catalyst expects to achieve its 200,000-ounce annual production target using the existing plant capacity.

With six ore sources; including Trident, Old Highway, Cinnamon, Plutonic East, and K2; Catalyst aims to build stockpiles that will provide a consistent and stable feed to the processing plant, enhancing operational flexibility and potentially lowering unit costs through higher blended grades.