Highlights

  • Plutonic Gold Belt delivered 28,176oz of gold in Q4 2025, the highest quarterly production under Catalyst ownership.
  • Legal settlement for the K2 deposit removes a major legacy issue, allowing accelerated mining and exploration.
  • Catalyst maintains FY26 production guidance of 100–110koz at an AISC of AUD 2,200–2,650/oz and holds AUD 238m in cash and bullion.

Canaccord Genuity issued a buy rating on Catalyst Metals Ltd (ASX: CYL) with a target price of AUD 13.35. Today (16 January 26), CYL shares are trading 5.86% higher at AUD 8.31, amid the stock's impressive yearly gain of 153.35% and 28.64% monthly rise.

This positive outlook aligns closely with the company's standout December 2025 quarterly report, released January 15, which highlighted record gold production at the Plutonic Gold Belt, key advancements in the K2 development project, and promising exploration results across its Western Australian and Victorian assets.

Record Production at Plutonic

During the December 2025 quarter, Catalyst sourced ore from Plutonic Main, Plutonic East, and Trident open pit mines. Total gold production reached 28,176oz, with an average all-in sustaining cost (AISC) of AUD 2,565/oz produced (AUD 2,776/oz sold). The quarterly output marks the highest since Catalyst consolidated the Plutonic Gold Belt in 2023.

Development at Trident open pit continues as planned, with operations expected to conclude in the first half of 2026, paving the way for underground mine development. The K2 deposit, Catalyst’s fourth ore source, is progressing and is expected to contribute first ore before 30 June 2026.

Exploration and Growth Programs

Catalyst continued its AUD 90m FY26 exploration program, targeting resource growth and reserve conversion. High-grade drilling results at Cinnamon included 22m at 14.3g/t Au and 7m at 29.8g/t Au, doubling the strike length of the trend. Drill rigs were also mobilised to K2 for resource expansion, grade control, and step-out drilling.

In Victoria, the Four Eagles Gold Project received approval for an exploration tunnel, allowing underground testing of high-grade targets. Catalyst also acquired the remaining 49% ownership of the Tandarra project, consolidating control of its Victorian gold portfolio.

Legal Settlement and Corporate Position

Catalyst resolved a long-standing legal dispute over the K2 deposit, the final inherited legal issue from prior ownership, clearing the way for accelerated development. Operating cash flow after corporate and sustaining capital costs was AUD 74m. Total liquidity, including AUD 238m cash and bullion and an undrawn AUD 100m corporate revolving facility, provides a total capital base of AUD 338m to support growth and exploration.

Outlook

Catalyst maintains FY26 production guidance of 100–110koz at an AISC of AUD 2,200–2,650/oz, with K2 and Trident underground development expected to contribute to production from mid-2026. Exploration at Cinnamon, Old Highway, and Victorian projects continues to target resource growth and new ore sources along the Plutonic Gold Belt.