Catalyst Metals has discovered a new high-grade zone beneath its existing Western Australia Cinnamon Resource, presenting a sixth ore source in the wider Plutonic Gold Belt.
The miner has also acquired what it said is a significant land package in the state’s Bryah Basin, a neighbouring gold and base metal belt to Plutonic, creating an “almost contiguous” 190km tenement package surrounding the central processing facility at Plutonic.
Catalyst reported a strong first quarter of 2026, doubling these discoveries with strong Plutonic gold production of 26,127 ounces (oz) from three mines operating across the belt.
Catalyst retained its full-year production guidance of 100,000–110,000 ounces, although AISC is now expected to come in above the original guidance range, forecast between $2750/oz and $2950/oz.
Catalyst said its business has “proven itself” a stable, viable, long-term fixture in the mid-cap ASX-listed gold sector, a position that “was not the case” three years ago.
“Longer-term production and cost guidance have been set, and so it is a matter for our team to get on with the job of delivery,” Catalyst said.
Mining at the Trident open pit was well advanced by the end of the quarter and is expected to be completed in the coming weeks, with underground development to follow shortly after.
Meanwhile, development of the K2 underground mine progressed in line with budget and is expected to ramp up in the June 2026 quarter.
Grade control drilling across both Trident underground and K2 was completed during the period, helping de-risk the first 12–15 months of production from the new mines.
Further drilling beneath the Cinnamon Resource delineated a new high-grade zone, which remains open along strike and at depth, reinforcing its potential to form a sixth ore source for the operation.
Upgrades to the Plutonic power station, camp and processing plant were largely completed during the quarter, aimed at improving reliability and supporting future production growth.
Financially, Catalyst generated operating cashflow of $103 million for the quarter after sustaining capital and corporate costs, closing with cash and bullion of $277 million, up $39 million from the previous quarter while continuing to reinvest in growth and exploration.