Catalyst Metals Limited

Notable vs. Peers

• Financials score of 9.7/10 is stronger than the peer average of 6.4/10.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · NO FRESH PERMIT GRANT TO CATALYST for its flagship producing asset. The PLUTONIC gold mine (Western Australia) has been continuously permitted and operating since 1990 under Mining Lease M52/183 and associated tenements: discovered by Great Central Mines (1988), sold to Plutonic Resources (1989) which commenced production in 1990, then Homestake (April 1998) -> Barrick (end-2001) -> Northern Star (February 2014) -> Superior Gold (September 2016) -> Catalyst. Catalyst acquired the EXISTING tenements via corporate acquisition rather than any new grant. Nearest datable anchor, LABELLED AS AN ACQUISITION AND NOT A PERMIT GRANT: completion of the Plan of Arrangement acquiring 100% of Plutonic Gold Operations from Superior Gold, 29 June 2023. achievedDate is left null rather than being set to that date, because the permit predates it by over three decades. Catalyst-era approvals DO exist but are for a SATELLITE rather than the flagship, and are only trade-press sourced: WA DEMIRS approved the Trident underground mining proposal ~January 2025 and the Trident open-pit proposal ~May 2025. Catalyst's own Plutonic page confirms the Trident underground approval but is stale on the open pit; month precision could not be verified against a primary source, so neither is used to date this row. The original M52/183 grant date could not be retrieved from a WA DMIRS/MINEDEX tenement record, and 1990 first production is only secondary-sourced -- a further reason achievedDate stays null rather than being set to a year-level guess. Stage=PRODUCTION independently re-verified and CORRECT: FY26 production 103,761 oz, record Q4 FY26 of 31,886 oz at A$2,666/oz AISC, four operating mines, A$331m cash and debt free. FLAG FOR A FOLLOW-UP PASS, NOT FIXED HERE: Henty is no longer a Catalyst asset -- it was sold to Kaiser Reef, completed 16 May 2025 -- so any asset description on this miner naming Henty is stale. Task #663 (2026-08-25): row was missing entirely; stage=PRODUCTION was already correct. · Source
2. Construction decision (FID)

   Not yet reached · RULING (Task #693): Catalyst Metals has never announced a construction decision, and this row records that where the gate looks. Disputed=true, undated -- it asserts no milestone. HOW THE PRODUCING ASSET WAS ACQUIRED: a court-approved plan of arrangement over Superior Gold Inc. -- court approval 2023-06-28, completion jointly announced 2023-06-29 ('Catalyst has acquired all of the issued and outstanding common shares in the capital of the Company by way of a court-approved plan of arrangement'), 0.3571 Catalyst shares per Superior share -- which conveyed the Plutonic Gold Operations, the central mill, the open pits and the Bryah Basin JV interest. Plutonic predates Catalyst by 33 years: discovered by Great Central Mines in 1988, sold to Plutonic Resources, in production since 1990, then Homestake (1998), Barrick (2001), Northern Star (2014), Superior Gold (2016), Catalyst (2023). ITS OWN DEVELOPMENTS WERE TESTED AND NO FID EXISTS. TRIDENT: the 2024-07-22 release 'Trident Maiden Ore Reserve underpins new low-cost development' uses intent language, not board-approval language -- 'one of the alternative options Catalyst has evaluated, and now intends to move forward with, is a small open pit'. Everything else located for Trident is REGULATORY rather than investment: an early-works/small-mining-operation approval Sept 2023, DEMIRS underground approval, environmental approvals in Q4 FY2025, and open-pit mining commencing July 2025. K2: no dated development decision located; it was commissioned and contributing ore by the June 2026 quarter. Catalyst runs rolling brownfield development off cash flow rather than publishing discrete FIDs. A date must NOT be synthesised from the July 2025 mining start or the 2024 Ore Reserve. ASSET CORRECTION worth recording: Catalyst no longer holds Henty -- acquired 2020, sold to Kaiser Reef (KAU) with completion 15-16 May 2025. Current portfolio is the Plutonic Gold Belt (Plutonic Main, Plutonic East, Trident, K2, Old Highway) plus the Victorian/Bendigo projects. · Source
3. Construction start

   Jan 1996 · K2 Deeps underground decline development, 1996 (year precision only -- no source gives month/day). K2 was mined by Resolute Resources Ltd (75%) / Titan Resources NL (25%) as part of their own, separately-named Marymia Project: open pit 1992-1995 (964,000t @ 4g/t Au, ~124,600oz), decline development at K2 Deeps commencing 1996 from the base of the open pit, closed 1998 (3,700t @ 1.9g/t Au, 226oz). Source: Catalyst Metals' own PRNewswire release, 'Plutonic Gold Belt -- Plutonic East and K2 Mineral Resource Update' (https://www.prnewswire.com/news-releases/plutonic-gold-belt---plutonic-east-and-k2-mineral-resource-update-302218703.html), which states verbatim: 'Historical mining has been undertaken at K2 by Resolute Mining as part of their Marymia Project.' This is a GENUINELY DISTINCT ASSET from Plutonic Main (this miner's FIRST_PRODUCTION row, still undated -- Plutonic Main's own 1990 first pour under original owner Plutonic Resources NL), not a phase of the same operation: K2/Marymia and Plutonic Main were never under common ownership until Catalyst's 2023 double-acquisition (Superior Gold, holding Plutonic Main; Vango Mining, holding the Marymia tenements including K2). See REVIEWED_INVERSION_EXCEPTIONS["CYL"] in src/lib/milestone-chronology-rules.ts for the full ownership-chain sourcing and the continuity-is-the-discriminator ruling. Task #700 (2026-08-25) and Task #742 (2026-08-27) both found and dated this same 1996 event but declined to write it pending an asset-identity ruling; Task #794 (2026-08-29) did that research and confirmed K2 is genuinely distinct; Task #796 added the reviewed-exception entry and wrote this row in the same change. · Source
4. First pour / production

   Reached — date not disclosed · The Plutonic gold mine has produced since 1990 (~5.5M oz to date) under original owner Plutonic Resources / Great Central Mines. Catalyst only took operatorship via its June 2023 merger with Superior Gold; no primary source with the original 1990 pour date is accessible online. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists: Catalyst's Plutonic Gold Operations (Western Australia) has a continuous processing history since 1990 under a succession of prior owners (including Barrick/Homestake-era predecessors) before Catalyst's ownership, and the company also operates the Four Eagles project, a separately-developed asset. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.