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Highlights

  • Canaccord Genuity issued a Buy rating on Catalyst Metals with a price target of AUD 11.80, indicating a potential 55.26% upside.
  • Catalyst produced 17,600 ounces of gold in the September 2025 quarter, slightly below plan due to crushing circuit downtime.
  • The company remains debt-free with AUD 327 million in liquidity, while development and exploration projects continue to advance across the Plutonic Belt.

In a recent note, Canaccord Genuity issued a Buy rating on Catalyst Metals Limited (ASX:CYL) with a price target of AUD 11.80 per share, representing an estimated 55.26% potential increase from current levels.

Latest Production Update

Catalyst Metals has released its production update for the quarter ended 30 September 2025, alongside recent reserve and development updates across the Plutonic Belt operations.

The company reported quarterly gold production of 17,600 ounces, which was approximately 2,000 ounces below plan, primarily due to reduced availability of the crushing circuit during higher throughput testing, mill liner installations, and power facility connection changes.

Despite lower output, Catalyst maintained a cash and bullion balance of AUD 227 million at the end of the period. The decrease from the previous quarter was attributed to increased expenditure on exploration and development, particularly at the Trident and K2 projects, and lower production volumes.

Catalyst remains debt-free and holds an undrawn AUD 100 million revolving corporate facility, providing total available liquidity of AUD 327 million.

Operational and Development Progress

Run-of-mine (ROM) stockpiles totalled 50,000 tonnes of ore at quarter’s end. Development at the Trident open pit, K2, and Plutonic East mines is progressing in line with expectations, while the Trident operation has now commenced night shifts to increase material movement.

Exploration activity expanded during the period, with three additional surface rigs mobilised, bringing the total to 14 surface rigs across the Plutonic Belt and seven underground rigs, including four grade control rigs.

Catalyst reaffirmed its production guidance for FY2026 of 100,000 to 110,000 ounces of gold at an all-in sustaining cost (AISC) of AUD 2,200–2,650 per ounce.

Plutonic Belt Reserve Doubles to 1.5 Million Ounces

Earlier in September, Catalyst announced that reserves across the Plutonic Belt had doubled to 1.5 million ounces, representing a 100% increase year-on-year and a 215% rise since September 2023. The update supports the company’s 10-year production plan, targeting a steady-state output of approximately 200,000 ounces per annum.

The growth in reserves is central to Catalyst’s long-term strategy of expanding organic production within Western Australia’s Plutonic Belt. Current planning outlines that two-thirds of future production will be supported by the existing 1.5Moz reserve base.

The FY2026 production outlook projects output of 100,000–110,000 ounces, sourced from the Plutonic Main, Plutonic East, and Trident mines. The company noted that multiple shallow ore sources along the belt remain open to drilling, including K2, Old Highway, and Cinnamon.

Catalyst’s available liquidity of AUD 330 million provides flexibility to continue investment in exploration and project development activities across the region.