Catalyst Metals has increased the Trident underground Ore Reserve by 32% to 524,000 ounces, supporting a planned mine life of more than 10 years. The result strengthens the company’s ambition to build a 2Moz Reserve base across the Plutonic Belt, although further growth depends on drilling and mine execution.
- Probable Reserve rises 32% to 524koz at 4.2g/t gold
- Mine plan targets 60-80koz annual production for more than 10 years
- 448koz of Inferred Resource remains outside the Reserve
- Underground development has reached 250m, with first ore targeted for CY2027
- Reserve economics use a gold price of A$4,500 per ounce
Catalyst Metals Limited (ASX:CYL) has added a sizeable new layer to its Plutonic growth plan, lifting the Trident underground Ore Reserve by 32% to 524,000 ounces. The Reserve comprises 3.9 million tonnes at 4.2 grams per tonne gold, all classified as Probable, and supports an expected mine life of more than 10 years at a planned production rate of 60,000 to 80,000 ounces a year.
Trident Reserve reaches 524koz
The increase follows Catalyst’s June 2026 Resource update, which put Trident at 1.081 million ounces from 6.2 million tonnes grading 5.4g/t gold. That inventory includes 633,000 ounces of Indicated Resource at 6.3g/t and 448,000 ounces of Inferred Resource at 4.6g/t.
That distinction matters. None of the Inferred material is included in the Ore Reserve, and the company says ongoing infill drilling is expected to target conversion into the Indicated category and, potentially, future Reserves. Catalyst says historical infill drilling at Trident has converted about 75% of Inferred Resources to Indicated, but that past rate is not a guarantee of future conversion.
Underground development moves toward 2027
Development of the underground mine is under way, with 250 metres completed. First ore is expected in calendar 2027. The operation is designed to feed a second, higher-grade base-load source into the Plutonic processing plant, helping Catalyst pursue a long-term production ambition of roughly 200,000 ounces a year across the Plutonic Belt, compared with approximately 100,000 ounces currently referenced by the company.
Trident sits about 30 kilometres north-east of the Plutonic plant and will use longhole stoping with paste fill. The mine plan includes a paste-fill plant, supporting infrastructure and shared facilities at Plutonic, including processing, accommodation and tailings infrastructure. The existing Trident open pit, completed in May 2026, was developed in part to provide access for the underground decline; ore from that pit is being stockpiled for processing through the remainder of CY2026.
Reserve rests on feasibility-level assumptions
The Reserve was generated from a feasibility-level assessment and uses a gold price assumption of A$4,500 an ounce. A 2.0g/t gold break-even cut-off was applied to stope designs, with 92.5% mining recovery and dilution allowances incorporated into the estimate. Catalyst says the study produced a positive NPV at a 7% discount rate, with sensitivity analysis across gold price, costs, recovery, mined grade and tonnes also producing a positive NPV.
The filing also leaves clear execution variables on the table. Trident’s economics are described as most sensitive to gold price, mining costs and metallurgical recovery, while the company notes that earlier long-term guidance has been affected by changes to permitting timelines, Reserves and Resources, geological understanding, operational delays and processing capacity. Catalyst intends to update that guidance as those factors develop.
Bottom Line?
The 524koz Reserve gives Trident a firmer development base, but the next value test is converting the 448koz Inferred Resource while delivering underground production on the path to first ore in CY2027.
Questions in the middle?
- How much of the 448koz Inferred Resource can infill drilling convert into Indicated material and future Reserves?
- Can development, paste-fill infrastructure and processing capacity remain aligned with the 60-80koz annual production plan?
- How would changes in gold prices, mining costs or metallurgical recovery affect Trident’s feasibility-level economics?