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# 200ccbfc 1361 11f1 9b9e defe097bdf23

Source: https://company-announcements.afr.com/asx/cyl/200ccbfc-1361-11f1-9b9e-defe097bdf23.pdf
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# 200ccbfc 1361 11f1 9b9e defe097bdf23
Catalyst Metals Limited
Appendix 4D
Half-year report
1. Company details
Name of entity: Catalyst Metals Limited
ABN: 54 118 912 495
Reporting period: For the half-year ended 31 December 2025
Previous period: For the half-year ended 31 December 2024
2. Results for announcement to the market
$'000
Revenues from ordinary activities (excluding discontinued operations) up 50% to 267,845
Profit from ordinary activities after tax attributable to the Owners of
Catalyst Metals Limited (excluding discontinued operations) up 40% to 59,702
Profit for the half-year attributable to the Owners of Catalyst Metals
Limited (excluding discontinued operations) up 40% to 59,702
Revenues from ordinary activities increased predominantly due to the increase in gold price.
This information should be read in conjunction with the most recent annual financial report.
3. Net tangible assets
Reporting Previous
period period
Cents Cents
Net tangible assets per ordinary security 210.5 189.4
4. Dividends
Current period
There were no dividends paid, recommended or declared during the current financial period.
Previous period
There were no dividends paid, recommended or declared during the previous financial period.
5. Details of associates and joint venture entities and associates:
The Consolidated Entity has the following direct interests in unincorporated joint operations and associates:
Principal place of
business / Country of
Joint operation project incorporation 31 Dec 2025 31 Dec 2024
% %
Bryah Basin Project Australia 80.00% 80.00%
Four Eagles Gold Project Australia 50.00% 50.00%
Boort Gold Project Australia 50.00% 50.00%
Sino Australian Resources (Laos) Co. Ltd - Joint Venture entity Laos 49.00% 49.00%
Golden Camel Joint Venture Australia 50.10% 50.10%
Macorna Bore Gold Project* Australia - 50.00%
Tandarra Gold Project* Australia - 51.00%
* These projects are no-longer joint operations at 31 December 2025.
Catalyst Metals Limited
Appendix 4D
Half-year report
Principal place of
business / Country of
Associate incorporation 31 Dec 2025 31 Dec 2024
% %
Kaiser Reef Limited Australia 19.90% -
6. Audit qualification or review
This appendix 4D is based on the attached half-year financial report which has been reviewed by the Group’s auditors
and the unqualified review report is attached as part of the half-year financial report.
7. Attachments
The half-year financial report of Catalyst Metals Limited for the half-year ended 31 December 2025 is attached.
8. Signed
___________________________ ___________________________
David Jones AM James Champion de Crespigny
Independent Non-Executive Chairman Managing Director & Chief Executive Officer
27 February 2026
Catalyst Metals Limited
ABN 54 118 912 495
Interim Report - 31 December 2025
Catalyst Metals Limited
Corporate directory
31 December 2025
DIRECTORS David Jones AM (Independent Non-Executive Chairman)
James Champion de Crespigny (Managing Director & Chief Executive Officer)
Bruce Kay (Non-Executive Director)
Robin Scrimgeour (Independent Non-Executive Director)
Anna Shave (Independent Non-Executive Director) (Appointed 8 September 2025)
COMPANY SECRETARY Emma Wates and Chelsea Sheridan
REGISTERED OFFICE Level 9, 150 St Georges Terrace
Perth WA 6000
PRINCIPAL PLACE OF Level 9, 150 St Georges Terrace
BUSINESS Perth WA 6000
Telephone: (61-8) 6324 0090
Email: admin@catalystmetals.com.au
SHARE REGISTER Automic Pty Ltd
Level 5, 126 Phillip Street
Sydney, New South Wales 2000
Telephone: 1300 288 664 or (61-2) 9698 5414
Email: hello@automicgroup.com.au
Website: www.automicgroup.com.au
AUDITORS PricewaterhouseCoopers
Level 15/125 St Georges Terrace
Perth, Western Australia 6000
STOCK EXCHANGE LISTING Catalyst Metals Limited shares are listed on the Australian Securities Exchange
(ASX code: CYL)
WEBSITE www.CatalystMetals.com.au
1
Catalyst Metals Limited
Directors' report
31 December 2025
The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter
as the 'Consolidated Entity' or 'Catalyst') consisting of Catalyst Metals Limited (referred to hereafter as the 'Company' or
'Parent Entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2025.
DIRECTORS
The following persons were Directors of Catalyst Metals Limited during the whole of the financial half-year and up to the
date of this report, unless otherwise stated:
David Jones AM (Independent Non-Executive Chairman)
James Champion de Crespigny (Managing Director & Chief Executive Officer)
Bruce Kay (Non-Executive Director)
Robin Scrimgeour (Independent Non-Executive Director)
Anna Shave (Independent Non-Executive Director) (Appointed 8 September 2025)
COMPANY SECRETARY
Emma Wates and Chelsea Sheridan
PRINCIPAL ACTIVITIES
During the financial half-year the principal continuing activities of the Consolidated Entity consisted of:
● Mineral exploration and evaluation
● Mine development
● Production of gold
DIVIDENDS
There were no dividends paid, recommended or declared during the current or previous financial half-year.
REVIEW OF OPERATIONS
The Consolidated Entity's profit after income tax expense for the half year to 31 December 2025 amounted to $59,702,000
(31 December 2024: $46,294,000).
OVERVIEW
During the six-month period to 31 December 2025, Catalyst focused on the delivery of its three-year organic growth
strategy in which it aims to double production across the Plutonic Gold Belt over the next three years. A key milestone in
achieving this strategy was reached during the half-year as Catalyst doubled the Reserve on the Plutonic Gold Belt to
1.5Moz1 . Open pit mining commenced at the Trident Gold Project, the third source of ore feeding the underutilised Plutonic
Processing Plant. Catalyst also settled a historical legal dispute on the K2 Project, paving the way for the acceleration of
mining and exploration at Plutonic Gold Belt’s fourth ore source.
During the period Catalyst recorded the strongest quarterly performance of the Plutonic operation with 28,176oz of gold
produced in the 31 December 2025 quarter. This resulted in 45,586oz of gold sold during the 6-month period (an increase
of 9% compared to the gold sold from Plutonic over the previous six-month period), at an average price of $5,855/oz and
an average AISC of $2,821/oz sold.
1
ORE includes probable Reserves of 18.1Mt at 2.6g/t for 1.5Moz. Refer to ASX announcement 14 October 2025 “Annual Report to shareholders”
2
Catalyst Metals Limited
Directors' report
31 December 2025
PLUTONIC GOLD MINE
The focus of this half-year period was to maintain a strong operational performance over the existing two operating mines
(Plutonic Main and Plutonic East) while commencing open pit mining at Trident and accelerating the development of K2
as historical legal issues were resolved. This allowed Catalyst to take advantage of the favourable gold price and generate
strong cashflow to support its organic growth strategy, underpinned by an ambitious exploration program across the
Plutonic Gold Belt.
Plutonic recorded improvements in all key performance indicators across the operations and produced gold of 45,748oz
for the period. Gold sold for the half-year was 45,586oz. A total of 855,196 tonnes of ore were processed at a head grade
of 2.39 g/t.
During the period, Catalyst continued investing in the development of its third (Trident) and fourth (K2) mines, while also
financing upgrades in its power station, processing plant, and camp.
EXPLORATION - PLUTONIC
Catalyst is currently undertaking a +$90m FY26 drilling program focused on (1) growing Reserves and extending mine
lives by targeting down-dip extensions of known deposits; and (2) targeting previously underexplored areas of the Plutonic
Gold Belt.
Drilling was primarily performed at Trident, Cinnamon and Old Highway, with a new high-grade zone discovered beneath
the Cinnamon Resource confirming the potential for Cinnamon to become the sixth underground ore source on the
Plutonic Gold Belt.
PRODUCTION RESULTS FOR PLUTONIC GOLD MINE
September December
2025 2025
6 months ended 31 December 2025 Units Quarter Quarter Total
Mining
Ore Mined tonnes 333,584 521,612 855,196
Mill production
Processed tonnes 298,280 390,614 688,894
Average Head Grade g/t Au 2.13 2.59 2.39
Recovery Gold % 85.80 86.60 86.30
Gold Produced ounces 17,572 28,176 45,748
Gold Sold ounces 20,740 24,846 45,586
Average Gold Price Realised A$/oz sold 5,295 6,322 5,855
Costs
Underground Mining A$/oz sold 1,736 1,790 1,765
Processing A$/oz sold 560 503 529
General & Administrative A$/oz sold 367 328 346
Ore Stock & GIC Movements A$/oz sold (102) (220) (167)
Cash Operating Cost A$/oz sold 2,561 2,401 2,473
Royalties A$/oz sold 105 162 136
Rehabilitation A$/oz sold 15 13 14
Sustaining Capital A$/oz sold 196 200 198
All-in Sustaining Cost A$/oz sold 2,877 2,776 2,821
3
Catalyst Metals Limited
Directors' report
31 December 2025
VICTORIAN GOLD EXPLORATION
Catalyst controls a 75km tenement package immediately north, along strike of the historic 22Moz Bendigo Goldfields. The
Four Eagles Gold Project comprises a Resource of 163,000oz at 7.7g/t Au, including the Iris Zone of 70,000 at 26g/t Au 2.
It also includes numerous gold prospects, four of which are Boyd’s Dam, Hayanmi, Pickles and the Iris Zone.
Over the last few years, Catalyst has been gradually putting together the key elements needed to demonstrate a realistic
and commercially viable gold project at Four Eagles. After delineating a maiden high-grade gold Resources in 2023,
significant milestones were reached in 2025:
- In May 2025, Catalyst secured a 17-year option to buy a 50% interest in the Maldon Processing Facility, a
permitted and fully operational 200,000t p.a. processing plant 100km south of Catalyst’s high grade Four Eagles
Gold Project;
- In October 2025, approval was obtained from the Victorian government department of Resources Victoria for the
Works Plan related to the exploration tunnel at the Four Eagles “Boyd’s Dam” Project; and
- In November 2025, Catalyst acquired the remaining 49% interest in the Tandarra Project and consolidated its
ownership on the Bendigo Belt.
This provides a pathway for Catalyst to create value for shareholders in an asset that was not being valued by the broader
market.
A drilling program commenced across Catalyst’s Victorian projects during the previous quarter with a view to increasing
the high-grade gold Resource across the belt.
JORC 2012 MINERAL RESOURCES AND RESERVES
The information in this report that relates to exploration results or estimates of mineral resources and ore reserves are
extracted from ASX announcements referenced and are available on the Company website www.catalystmetals.com.au
and the ASX website (ASX code: CYL).
Catalyst confirms that it is not aware of any new information or data that materially affects the information included in the
original market announcements and that all material assumptions and technical parameters underpinning the estimates
in the relevant market announcements continue to apply and have not materially changed. The Company confirms that
the form and context in which the Competent Persons findings are presented have not been materially modified from the
original market announcements.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There were no significant changes in the state of affairs of the Consolidated Entity during the financial half-year.
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
No matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect
the Consolidated Entity's operations, the results of those operati

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