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2026-11-06
◂ Monitor CYL ASX

Catalyst Metals Limited

Producer · Gold · AU Rating locked: sign in to view v8.1 · cyl-20261031t172755-full
Last 2026-11-06
A$4.08
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$1.1B
EV
A$731.7M
Cash
A$371M
Debt
A$24.2M
1 newer ASX announcement not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$371M2025-03-31: 98,000,000 A$2025-06-30: 230,000,000 A$2025-09-30: 227,000,000 A$2025-12-31: 238,000,000 A$2026-03-31: 277,000,000 A$2026-06-30: 331,000,000 A$2026-09-30: 371,000,000 A$ Self Funding
Debt A$24.2MFY25A: 14,495,000FY26A: 24,217,000 Net cash A$346.8M
Basic shares 264MFY25A: 251,782,839FY26A: 260,945,008 2026-09-30
Runway Self Funding Cash and bullion rose A$40m in the September 2026 quarter after all operating, capital and exploration spending; A$200m facility undrawn.

Liquidity

Financial position

Liquidity of A$571m (A$371m cash and bullion plus an undrawn A$200m four-year facility). Debt of A$24.2m at 30 June 2026 is equipment and insurance finance (the company reports itself as debt free). Unpaid FY26 income tax of A$53.1m and a A$21.3m capital commitment fall due in FY27.

Inventory composition3

6,394 oz of gold inventories at 30 September 2026; bullion on hand is inside the A$371m cash and bullion figure (3,710 oz at A$5,867 on 30 June 2026).

Contained gold in ore stockpiles
— carrying · 1,023 oz
Gold in circuit
— carrying · 3,560 oz
Gold in transit to refiner
— carrying · 1,812 oz

Capital structure

Ownership and dilution

Ordinary shares
264M
Fully diluted
273.6M

Quoted shares of 263,982,465 at 30 September 2026 plus 101,195 options and 9,542,688 performance rights equal 273,626,348 fully diluted. Shares rose from 260,945,008 at 30 June 2026 and 251,782,839 at 30 June 2025 through option exercises, legal-settlement issues (6.7m) and asset-acquisition scrip; no buy-back is in place.

Security classes3
ClassTypeQuantityStrikeExpiry
Unquoted options exercisable at A$2.65 to 26 May 2027Option89.3KA$2.652027-05-26
Unquoted options exercisable at A$1.79 to 18 August 2027Option11.9KA$1.792027-08-18
Unquoted performance rights (STI, LTI and production incentive rights)Performance Right9.5M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AAFY26AA
Operations
Gold produced (Plutonic, 100%)ozFY25A: 86,384 ozFY26A: 103,761 oz86,384103,761
Unit costs
AISC per oz soldAUD/ozFY25A: 2,317 AUD/ozFY26A: 2,738 AUD/oz2,3172,738
Profit and loss
RevenueAUDmFY25A: 361,412,000 AUDFY26A: 631,938,000 AUD361.4631.9
Operating costs and royaltiesAUDmFY25A: 198,863,000 AUDFY26A: 329,204,000 AUD198.9329.2
EBITDAAUDmFY25A: 162,549,000 AUDFY26A: 302,734,000 AUD162.5302.7
Depreciation and amortisationAUDm—63.6
Net profit after taxAUDmFY25A: 119,272,000 AUDFY26A: 171,120,000 AUD119.3171.1
Cash flow
Operating cash flowAUDmFY25A: 196,083,000 AUDFY26A: 277,624,000 AUD196.1277.6
Exploration (capitalised)AUDmFY25A: 76,309,000 AUDFY26A: 94,444,000 AUD76.394.4
Total capital expenditure incl. explorationAUDmFY25A: 159,585,000 AUDFY26A: 202,322,000 AUD159.6202.3
Free cash flowAUDmFY25A: 36,498,000 AUDFY26A: 75,302,000 AUD36.575.3
Balance sheet
Cash and bullionAUDmFY25A: 230,000,000 AUDFY26A: 331,000,000 AUD230.0331.0
BorrowingsAUDmFY25A: 14,495,000 AUDFY26A: 24,217,000 AUD14.524.2
Net debt (negative = net cash)AUDmFY25A: -215,505,000 AUDFY26A: -306,783,000 AUD(215.5)(306.8)
Per share
Ordinary shares at period endm sharesFY25A: 251,782,839 sharesFY26A: 260,945,008 shares251.8260.9
Earnings per shareAUD/shareFY25A: 0.52 AUD/shareFY26A: 0.66 AUD/share0.520.66
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY25A: 4.24 xFY26A: 2.28 x4.22.3
P / E (x, current market cap)xFY25A: 8.68 xFY26A: 6.05 x8.76.0
FCF yield (current market cap)%FY25A: 0.04 fractionFY26A: 0.07 fraction3.5%7.3%
EBITDA margin%FY25A: 0.45 fractionFY26A: 0.48 fraction45.0%47.9%
Net debt / EBITDA (x)xFY25A: -1.33 xFY26A: -1.01 x(1.3)(1.0)

KPI history

Operating metrics · Plutonic Gold Belt

Plutonic gold produced (100%) shown
08,92817,85626,78435,712Mar-25: 18,265 ozMar-25Jun-25: 23,730 ozJun-25Sep-25: 17,572 ozSep-25Dec-25: 28,176 ozDec-25Mar-26: 26,127 ozMar-26Jun-26: 31,886 ozJun-26Sep-26: 22,231 ozSep-26
MetricUnitTrendMar-25Jun-25Sep-25Dec-25Mar-26Jun-26Sep-26
Plutonic gold produced (100%)ozMar-25: 18,265 ozJun-25: 23,730 ozSep-25: 17,572 ozDec-25: 28,176 ozMar-26: 26,127 ozJun-26: 31,886 ozSep-26: 22,231 oz18,26523,73017,57228,17626,12731,88622,231
Plutonic AISC per oz soldAUD/ozSep-25: 2,877 AUD/ozDec-25: 2,776 AUD/ozMar-26: 2,853 AUD/ozJun-26: 2,734 AUD/ozSep-26: 3,512 AUD/oz——2,8772,7762,8532,7343,512
Operating metric source table25
MetricProjectPeriodPeriod typeValueStatus
Plutonic gold produced (100%)PlutonicMar-25 quarterQuarter18,265 ozReported
Plutonic gold produced (100%)PlutonicJun-25 quarterQuarter23,730 ozReported
Plutonic gold produced (100%)PlutonicSep-25 quarterQuarter17,572 ozReported
Plutonic gold produced (100%)PlutonicDec-25 quarterQuarter28,176 ozReported
Plutonic gold produced (100%)PlutonicMar-26 quarterQuarter26,127 ozReported
Plutonic gold produced (100%)PlutonicJun-26 quarterQuarter31,886 ozReported
Plutonic gold produced (100%)PlutonicSep-26 quarterQuarter22,231 ozReported
Plutonic AISC per oz soldPlutonicSep-25 quarterQuarter2,877 AUD/ozReported
Plutonic AISC per oz soldPlutonicDec-25 quarterQuarter2,776 AUD/ozReported
Plutonic AISC per oz soldPlutonicMar-26 quarterQuarter2,853 AUD/ozReported
Plutonic AISC per oz soldPlutonicJun-26 quarterQuarter2,734 AUD/ozReported
Plutonic AISC per oz soldPlutonicSep-26 quarterQuarter3,512 AUD/ozReported
Cash and bullionCompany31 Mar 2025Point In Time98,000,000 AUDReported
Cash and bullionCompany30 Jun 2025Point In Time230,000,000 AUDReported
Cash and bullionCompany30 Sep 2025Point In Time227,000,000 AUDReported
Cash and bullionCompany31 Dec 2025Point In Time238,000,000 AUDReported
Cash and bullionCompany31 Mar 2026Point In Time277,000,000 AUDReported
Cash and bullionCompany30 Jun 2026Point In Time331,000,000 AUDReported
Cash and bullionCompany30 Sep 2026Point In Time371,000,000 AUDReported
Plutonic gold produced FY25 (excludes Henty)PlutonicFY25Year86,384 ozReported
Plutonic gold produced FY26PlutonicFY26Year103,761 ozReported
Plutonic AISC per oz sold FY26PlutonicFY26Year2,738 AUD/ozReported
Revenue, continuing operationsCompanyFY25Year361,412,000 AUDReported
Revenue, continuing operationsCompanyFY26Year631,938,000 AUDReported
Segment EBITDA after A$49.4m legal settlementCompanyFY26Year302,734,000 AUDReported
Company guidance9
MetricProjectPeriodLowHighStatus
ProductionplutonicFY26100,000110,000 ozAchieved
AISCplutonicFY262,2002,650 AUD/ozSuperseded
AISCplutonicFY262,7502,950 AUD/ozAchieved
ProductionplutonicFY2790,000105,000 ozCurrent
AISCplutonicFY273,6004,100 AUD/ozCurrent
Growth CAPEXplutonicFY2770,000,00080,000,000 AUDCurrent
Non Discretionary CAPEXplutonicFY2730,000,00040,000,000 AUDCurrent
ExplorationplutonicFY2780,000,00090,000,000 AUDCurrent
ProductionplutonicSteady state from about FY2030 (September 2025 vision; re-organised, not withdrawn)200,000215,000 ozCurrent

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-08-14DebtA$100M——Completed—
2025-11-17RaisingA$29.5M4.2M—Completed—
2025-07-24DebtA$100M——Completed—
2025-05-28Ann. 2025-05-20RaisingA$150M25M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-31

Annual report subsequent-events and notes, Henty sale terms, Old Highway and Bryah announcements and the legal settlement; no streams, third-party offtake or tolling out of Plutonic other than the Star agreement were identified.

Physically settled forward sales of 30,000 oz at A$6,075/oz, about 2% of Reserves, held for own use and not accounted as derivatives.

Commodity Hedge · Active
Counterparties
Undisclosed bullion counterparty
Applies to
Plutonic Gold Belt · Gold
Economic direction
Mixed
Period
2026-08-01 to 2027-10-31
Key terms
Volume: 30,000 oz
Fixed price: 6,075 AUD/oz
Monthly delivery: 2,000 oz/month
How it affects our valuation

No valuation treatment is available for this arrangement.

Deferred gold consideration from the Henty sale: 50 oz per month to October 2030 (carrying value A$13.0m including the discounted receivable).

Other · Active
Counterparties
Kaiser Reef Limited
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
2025-11-01 to 2030-10-31
Key terms
Delivery: 50 oz/month
Aggregate: 3,000 oz
How it affects our valuation

No valuation treatment is available for this arrangement.

0.5% NSR royalty on Henty gold retained on sale to Kaiser Reef.

Royalty · Active
Counterparties
Kaiser Reef Limited
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
From 2025-05-19; no end date stated
Key terms
NSR royalty: 0.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Option to acquire 50% of a joint venture that will hold the 200 ktpa Maldon plant, the planned processing route for Four Eagles; fair value assessed as immaterial.

Strategic Partnership · Conditional
Counterparties
Kaiser Reef Limited
Applies to
Four Eagles gold project (Bendigo Belt) · Gold
Economic direction
Benefit
Period
2025-05-19 to 2042-05-14
Key terms
Option: 50 %
Exercisable from: 2030-05-15
How it affects our valuation

No valuation treatment is available for this arrangement.

50% joint operation at Four Eagles; Catalyst consolidated 100% of Tandarra in November 2025 for A$1.3m.

Joint Venture · Active
Counterparties
JV partner (not named in documents read)
Applies to
Four Eagles gold project (Bendigo Belt) · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Catalyst interest: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Bryah Basin tenement packages acquired from Star (A$2.75m cash and scrip) and Albright (about 50% for A$1.8m, option for the rest at A$2.2m).

Joint Venture · Active
Counterparties
Albright Metals Limited · Star Minerals Limited
Applies to
Bryah Basin tenements · Gold
Economic direction
Mixed
Period
From 2026-03-05; no end date stated
Key terms
Catalyst interest: 80 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Toll treatment of Star Minerals ore through spare Plutonic mill capacity.

Tolling Or Processing · Active
Counterparties
Star Minerals Limited
Applies to
Plutonic Gold Belt · Gold
Economic direction
Benefit
Period
From 2026-03-19; no end date stated
Key terms
Volume cap: 250,000 t
How it affects our valuation

No valuation treatment is available for this arrangement.

State and third-party royalties of about 2.5-3.0% of revenue are inside AISC.

Royalty · Active
Counterparties
Western Australian Government · Third-party royalty holders
Applies to
Plutonic Gold Belt · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
FY26 royalty expense: 16,189,000 AUD
Old Highway royalties: 3 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Gold is sold into the spot market; no committed offtake beyond the forward contracts.

Offtake · Active
Counterparties
Undisclosed bullion customer
Applies to
Plutonic Gold Belt · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Customer concentration: 467,100,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Inherited tenement dispute settled in November 2025; counterparties' 4.1% tenement interest surrendered and royalty and trailing payment entitlements extinguished.

Royalty · Terminated
Counterparties
Tenement litigants (Vango acquisition)
Applies to
Plutonic Gold Belt · Gold
Economic direction
Burden
Period
2025-11-17 to 2025-11-17
Key terms
FY26 legal settlement expense: 49,424,000 AUD
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.