Catalyst Metals Grows Keillor Gold Resource 280% Toward 2Moz Belt Target
Key Takeaways
- Catalyst Metals' Keillor Mineral Resource Estimate has grown 280% to 3.2Mt at 3.0g/t Au for 307koz, up from just 81koz prior to the company's drilling program commencing in late 2025.
- The Indicated underground Resource — the material actively being mined — surged 503% to 187koz, providing the high-confidence foundation for an imminent Reserve update expected to extend Keillor's initial three-year mine life.
- Keillor ore is hauled 40km to the underutilised 2Mtpa Plutonic processing plant at A$13.75 per ore tonne, with metallurgical test work confirming +92% recovery and +40% gravity recovery, validating the hub-and-spoke model.
- Deeper drilling has returned intercepts of 7m at 5.1g/t Au (350m below the West Lode) and 4m at 10g/t Au (180m below the East Lode), signalling further resource potential at depth beyond the current estimate.
- Catalyst holds a total group MRE of 4.5Moz at 3.3g/t Au, an Ore Reserve of 1.5Moz at 2.6g/t Au, A$331m in cash and bullion, and nil debt — with three mines producing and three more in active development toward a 10-year, 200koz/year production target.
Keillor resource surges 280% as Catalyst closes in on 2Moz target
Catalyst Metals has delivered a landmark resource update at its Keillor gold mine, with the Mineral Resource Estimate (MRE) growing ~280% to 3.2Mt at 3.0g/t Au for 307koz. The prior MRE stood at just 81koz at 3.6g/t Au, a figure largely informed by drilling completed before 2000, given that little to no exploration had taken place at Keillor in the 25 years prior to Catalyst’s program commencing in late 2025.
First ore from Keillor was mined in the June 2026 quarter, with ramp-up progressing in line with plans. A Reserve update is expected in the coming weeks and is anticipated to extend the initial three-year mine life. For investors tracking Catalyst’s stated 2Moz Reserve target across the Plutonic Gold Belt, this result moves that objective into increasingly clear view.
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What is a mineral resource estimate, and why does this one matter?
A Mineral Resource Estimate (MRE) is a technically assessed calculation of gold contained in the ground, classified by geological confidence. The two key categories are Indicated and Inferred.
Indicated Resources carry higher confidence, supported by closer drill spacing (nominally 30m at Keillor). Inferred Resources reflect lower confidence, typically where drill spacing is wider and geological continuity is less consistently confirmed. In practical terms, Indicated material is what a mine plan is built on.
The critical number in this update is the Indicated underground Resource, which grew approximately ~500% to 187koz. That is the material being actively mined today. The total underground Resource now stands at 285koz at 3.3g/t Au.
For investors, a resource growth of this scale at an already-operating mine carries distinct advantages:
- Development capital is largely spent; surface infrastructure including offices, workshops, and a power station is already established
- Mine life can be extended without the capital intensity of building a new operation from scratch
- The Reserve update, expected within weeks, is anticipated to formalise the mine life extension
Keillor MRE Snapshot
- Total Resource: 307koz at 3.0g/t Au (3.2Mt)
- Underground Resource: 285koz at 3.3g/t Au (Indicated + Inferred)
- Open pit Resource: 21koz at 1.3g/t Au
- Prior MRE: 81koz at 3.6g/t Au
- Drilling underpinning the update: 30,181m underground + 52,790m surface
Third mine online, six in the plan — the Plutonic Belt growth story
Keillor is the third of six mines being developed by Catalyst as part of its strategy to double annual gold production from approximately ~100koz to ±200koz per year. The three mines currently in production are Plutonic Main, Plutonic East, and Keillor. Three further mines, Trident UG, Cinnamon, and Old Highway, are in development.
Steady-state production from Keillor alone is expected to reach approximately ~20koz of gold per year. With development capital now largely spent, ongoing capital requirements for Keillor are expected to be limited to mine development.
Ore is hauled 40km to the centrally located and underutilised 2Mtpa Plutonic processing plant at A$13.75 per ore tonne, confirming the hub-and-spoke infrastructure model that sits at the core of Catalyst’s operating thesis. Recent metallurgical test work confirms the free-milling nature of Keillor ore, with a +92% recovery and +40% gravity recovery.
Deeper drilling at Keillor has also returned intercepts that indicate further Resource potential at depth. The announcement references intercepts including 7m at 5.1g/t Au, located 350m beneath the existing West Lode, and 4m at 10g/t Au, located 180m beneath the East Lode. Both provide indications that Keillor has the potential to extend at depth.
The Keillor MRE comparison table below reproduces Table 1 from the announcement directly:
| Category | Classification | 2025 Tonnes (Mt) | 2025 Grade (g/t Au) | 2025 Ounces (koz) | 2026 Tonnes (Mt) | 2026 Grade (g/t Au) | 2026 Ounces (koz) | % Change |
|---|---|---|---|---|---|---|---|---|
| Open pit | Indicated | 0.2 | 4.2 | 31 | 0.5 | 1.3 | 20 | |
| Inferred | 0.5 | 3.4 | 49 | 0.1 | 0.9 | 1 | ||
| Sub-Total | 0.7 | 3.6 | 81 | 0.5 | 1.3 | 21 | ||
| Underground | Indicated | 0.2 | 4.2 | 31 | 1.5 | 3.8 | 187 | 503% |
| Inferred | 0.5 | 3.4 | 49 | 1.1 | 2.7 | 98 | 100% | |
| Sub-Total | 0.7 | 3.6 | 81 | 2.7 | 3.3 | 285 | 250% | |
| Total | Indicated | 0.2 | 4.2 | 31 | 2.0 | 3.2 | 207 | 567% |
| Inferred | 0.5 | 3.4 | 49 | 1.2 | 2.6 | 99 | 100% | |
| Total | 0.7 | 3.6 | 81 | 3.2 | 3.0 | 307 | 280% |
Source: Catalyst Metals ASX Announcement, 9 September 2026 — Table 1. Note: 2025 open pit sub-total (81koz) reflects the prior total MRE, not a standalone open pit figure; numbers may not add due to rounding. Readers should refer to the source announcement for full context.
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CEO sees “increasingly likely” path to 2Moz
Managing Director and CEO James Champion de Crespigny framed the result directly against Catalyst’s long-term Reserve target:
James Champion de Crespigny, Managing Director & CEO
“Catalyst has long targeted ±2Moz of Reserves across the Plutonic Gold Belt. Achieving such a target would provide a long-term foundation upon which to build reliable cashflows for the Catalyst business. With this success at Keillor, and recently announced success at Cinnamon, achieving this target is looking increasingly likely. Furthermore, the potential extension of the life of Keillor, an already operating mine, provides high grade, low capital intensity, high margin ounces and gives further support for the stated objective of a 10 year mine plan targeting ±200koz a year of annual production.”
Since September, Catalyst has been drilling simultaneously at Keillor, Cinnamon, Trident, and Old Highway — all described by the company as high-grade ore sources expected to contribute to growing Reserves toward the 2Moz target.
On guidance, investors should note that the company has flagged its September 2025 long-term guidance as a general directional guide only. Changes to permitting timelines, Reserves and Resources, geological understanding, operational delays, and processing capacities have occurred since that guidance was issued. Future guidance will be updated to reflect those changes.
The broader picture: Catalyst holds a total MRE of 4.5Moz at 3.3g/t Au and an Ore Reserve (ORE) of 1.5Moz at 2.6g/t Au, with 261 million shares on issue, A$331m in cash and bullion, and nil debt. Three mines are producing, three more are in active development, and a 10-year mine life is the stated objective — the building blocks of what Catalyst is positioning as a long-duration, high-margin Australian gold business.
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