Catalyst Metals Hits 2Moz Reserve Milestone Underpinning 10 Years at 200koz
Key Takeaways
- Catalyst Metals has delineated 2.0Moz of Ore Reserves at 23.4Mt at 2.6g/t Au across the Plutonic Gold Belt as at 30 June 2026, a 35% increase from 1.5Moz just 12 months prior.
- The 2Moz Reserve base is explicitly designed to underpin ±200koz per annum gold production for approximately 10 years — an unusually long mine life for an underground Western Australian gold operation.
- Since acquiring the Plutonic Belt, Catalyst has grown the Reserve base four-fold, adding approximately 1.8Moz after depletion at a discovery cost of just A$125/oz (approximately A$226m total).
- Three new mines — Trident UG, Cinnamon UG, and Old Highway UG — are entering production alongside three existing operations, with all six feeding through an underutilised 2Mtpa CIL plant already on site.
- Catalyst holds A$331m in cash and bullion with zero debt, providing the financial capacity to execute the production ramp without needing to raise capital.
2Moz Reserve milestone reached across the Plutonic Gold Belt
Catalyst Metals (ASX: CYL) has delineated 2Moz of Ore Reserves across the Plutonic Gold Belt in Western Australia, representing a 35% increase over the past 12 months (from 1.5Moz to 2.0Moz). The total Reserve stands at 23.4Mt at 2.6g/t Au as at 30 June 2026.
This is the inventory target the company has been building toward. The 2Moz Reserve is explicitly framed as sufficient to underpin a production rate of ±200koz per annum for ±10 years. Since acquisition, Catalyst has grown the Plutonic Belt’s Reserve base four-fold, adding approximately 1.8Moz after depletion at a cost of approximately A$125/oz (approximately A$226m in total).
James Champion de Crespigny, Managing Director and CEO
“When Catalyst consolidated the Plutonic Gold Belt, we saw the opportunity to build Plutonic into a foundational pillar of a broader gold business. This pillar would see Plutonic set up as long-term, ±200koz production hub.
Delineating 2Moz of Reserves – the inventory and ore sources for ±10 years of production is an important milestone in de-risking this plan. Importantly, as we have added deposits to the plan, the quality of the Reserves has improved. Around half the growth has come from higher-grade ore sources at Trident, Old Highway, Cinnamon and Keillor.”
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What an Ore Reserve means — and why 2Moz matters
An Ore Reserve is the economically mineable portion of a Mineral Resource. It reflects geological confidence layered with the engineering and economic work that confirms material can be profitably mined at a defined gold price. In this case, all Reserves are calculated at A$4,500/oz.
A Mineral Resource, by contrast, represents geological confidence in grade and tonnage without the full economic overlay. Reserves are the stricter, more investor-relevant measure: they represent what the company believes it can actually mine at a profit.
Scale matters here for a specific reason. A 2Moz Reserve at ±200koz annual production implies a ±10-year mine life, an uncommon proposition for an underground Western Australian gold mine. Long-life assets like this command premium valuations in the market, reduce exploration pressure materially (the annual Reserve replacement requirement drops from approximately ±600koz to approximately ±200koz), provide planning certainty for capital investment, and underpin multi-year financing and operational decisions.
Deposit-by-deposit: where the Reserve comes from
The six-deposit system feeds through a single, existing and underutilised 2Mtpa CIL (carbon-in-leach) processing plant at the centre of the belt. Over half of the Reserve growth under Catalyst’s ownership is attributable to higher-grade ore sources: Trident, Old Highway, Cinnamon, and Keillor. The grade quality of the overall Reserve base has improved as these deposits have been added.
Key deposit highlights:
- Plutonic Main UG: 10.3Mt at 2.3g/t for 758koz (base-load operation)
- Trident UG: 3.9Mt at 4.2g/t for 524koz (target mining rate ~400–500ktpa)
- Cinnamon UG: 2.4Mt at 3.0g/t for 232koz — maiden underground Reserve delivered within 12 months of discovery in late 2025
- Old Highway UG: 0.7Mt at 4.8g/t for 101koz (highest-grade underground source)
- Keillor UG: 0.8Mt at 3.8g/t for 101koz
Each of these deposits also carries an open pit component where applicable, contributing to the overall Reserve tonnage.
| Deposit | Tonnes (Mt) | Grade (g/t Au) | Gold (koz) | Type |
|---|---|---|---|---|
| Plutonic Main | 10.3 | 2.3 | 758 | Underground |
| Plutonic East | 0.5 | 2.1 | 34 | Underground |
| Trident | 3.9 | 4.2 | 524 | Underground |
| Keillor | 0.8 | 3.8 | 101 | Underground |
| Old Highway | 0.7 | 4.8 | 101 | Underground |
| Cinnamon | 2.4 | 3.0 | 232 | Underground |
| Keillor | 0.2 | 1.2 | 9 | Open Pit |
| Old Highway | 1.2 | 1.4 | 54 | Open Pit |
| Cinnamon | 2.0 | 1.4 | 88 | Open Pit |
| Hermes | 1.2 | 1.6 | 62 | Open Pit |
| Surface stockpiles | 0.2 | 1.0 | 7 | Stockpile |
| Plutonic Belt Total | 23.4 | 2.6 | 1,971 | All |
All figures are Probable Ore Reserves at 30 June 2026, based on a gold price of A$4,500/oz. Numbers may not add due to rounding.
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The path to ±200koz — and what comes next
The production doubling logic is straightforward. Current production is approximately ~100koz pa from three operating mines: Plutonic Main, Plutonic East, and Keillor. Three new mines are entering production: Trident UG, Cinnamon, and Old Highway. All feed through the existing, underutilised central processing plant. The plan is to grow from approximately ±100koz to ±200koz annually.
Achieving a 2Moz Reserve base also changes the exploration equation. The annual exploration requirements shift from approximately ±600koz per year of Reserve growth to approximately ±200koz per year of Reserve replacement, placing materially less pressure on the business.
Catalyst has indicated it will make a decision in December 2026 as to whether it changes its exploration activities and expenditure. The announcement also notes that September 2025 production guidance should be treated as a general guide only, given permitting timeline changes, operational delays, and processing capability updates since that release.
Near-term Reserve growth potential from infill drilling is noted across three key deposits:
- Trident: 448koz inferred at 4.6g/t, with a 75% historical conversion rate from Inferred to Indicated
- Cinnamon: 105koz inferred in the main shoot, plus confirmed repeat conglomerate targets including intercepts such as 19m at 5.7g/t
- Old Highway: Extensional results at depth including 26m at 5.9g/t, 300m down dip of the existing Resource, and 8m at 10.5g/t along strike
The company notes it holds a balance sheet of A$331m in cash and bullion with nil debt, providing financial capacity to execute on the plan.
Group Resource and Reserve position at a glance
- Total Group Mineral Resources: 5.1Moz at 3.2g/t Au (49.4Mt)
- Total Plutonic Belt Ore Reserves: ~2.0Moz at 2.6g/t Au (23.4Mt)
- Cash and bullion: A$331m
- Shares outstanding: 261m
- Debt: Nil
The Bendigo Gold Project, held separately from the Plutonic Belt, carries a high-grade greenfield resource of 163koz at 7.2g/t Au, with further discoveries expected along strike.
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