Highlights

• Catalyst strengthened its long-term Plutonic production strategy through material Reserve and Resource growth across Cinnamon, Trident and Keillor.
• FY26 delivered record financial performance, supported by higher gold production, strong operating cash flow and a debt-free year-end position.
• Multiple ore sources are being developed to support the company’s longer-term objective of lifting annual Plutonic output toward 200koz.

Cinnamon Moves Into Development Focus

Catalyst Metals Limited (ASX: CYL) announced on 21 September 2026 that Cinnamon’s Mineral Resource had increased to 6.9Mt at 2.5g/t for 541koz, representing substantial growth from the earlier estimate. The underground component contains 434koz, including a maiden underground Reserve of 232koz at 3.0g/t. Catalyst’s mine plan targets a 7.5-year underground life, with steady-state annual production of 40–50koz and estimated life-of-mine AISC of AU$2,357 per ounce.

Trident Reserve Expands

On 14 September 2026, Catalyst reported that Trident’s underground Reserve had increased to 524koz at 4.2g/t, supporting an anticipated mine life of around 10 years. The underground operation is expected to produce 60–80koz annually at steady state. Development was already underway, with approximately 250 metres completed and first ore targeted for CY2027.

Keillor Resource Delivers Major Upgrade

Catalyst’s 9 September 2026 update showed Keillor’s Resource expanding to 3.2Mt at 3.0g/t for 307koz, roughly 280% above the previous 81koz estimate. First ore was mined during the June 2026 quarter, while the mine continued ramping toward planned production levels.

Cinnamon Drilling Supports Resource Conversion

Earlier, on 2 September 2026, infill drilling at Cinnamon returned broad high-grade intersections, including 27m at 20.5g/t Au, 60m at 9.2g/t Au and 57m at 6.9g/t Au. The program was designed to support updated Resource and Reserve estimates while also testing possible repeat mineralised zones at depth.

FY26 Results Provide Financial Support

Catalyst reported its FY26 results on 31 August 2026, with revenue reaching AU$631.9 million, EBITDA AU$302.7 million and NPAT AU$171.1 million. Operating cash flow of AU$278 million helped fund growth initiatives, while cash and bullion ended the year at AU$331 million with no debt outstanding.

Outlook

Catalyst’s growing Reserve base, new mine development and strong liquidity provide a broader operating foundation for its Plutonic strategy. Execution at Cinnamon, Trident and Keillor, alongside further drilling and processing investment, will be central to progressing toward the company’s longer-term annual production objective of approximately 200koz.

Note- All data presented is based on information available at the time of writing.

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