OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06

← VAL management

Full background report

Donna Thornton

Chief Financial Officer

Career chronology

Contributions and company outcomes

Catalyst operating outcome during CFO tenure

FY2025 · issuer reported · medium materiality

Catalyst reported FY2025 gold production of 108,018 ounces versus 109,785 in FY2024, attributing the decrease to the May 2025 Henty sale; its report lists Thornton as CFO. In FY2026, after Thornton’s CFO departure, Catalyst reported 103,761 ounces at Plutonic versus 86,384 ounces in FY2025; these Plutonic-only figures exclude Henty and are not group totals.

Attribution: Role overlaps event; causation unproven. Thornton held the CFO role; the operating result is the company’s and no individual causal contribution is established.

Relevance: Provides quantified employer context for financial leadership experience.

Annual report 2025 (PDF p.3, operational summary; p.21 remuneration table); FY2026 Appendix 4E and annual financial statements (PDF p.9, Plutonic operating results)

Alkane Tomingley production context

FY2022; appointment announcement January 2023 · issuer reported · medium materiality

Catalyst’s 2023 appointment announcement attributes to Thornton finance-team assistance during Alkane’s Tomingley underground development and demerger. Alkane reported 66,804 ounces of FY2022 gold against guidance of 55,000–60,000 ounces.

Attribution: Employer context; no individual link established. Catalyst describes her finance contribution generally; her exact Alkane start date and any individual responsibility for FY2022 operating output are not independently established.

Relevance: Former-employer financial and operational context.

Catalyst CFO appointment (PDF p.1, prior finance role and claimed assistance); Tomingley FY2022 production (Highlights, FY2022 actual and guidance)

Industrial safety

Catalyst safety rate after CFO departure

FY2026 · issuer reported · low materiality

Catalyst reported that its twelve-month rolling TRIFR rose from 6.3 at 30 June 2025 to 10.4 at 30 June 2026.

Attribution: Employer context; no individual link established. The rise occurred after the July 2025 CFO succession; no personal responsibility or causation is established.

Relevance: Later former-employer context prevents treating the earlier safety period as the latest result.

FY2026 Appendix 4E and annual financial statements (PDF p.9, safety)

Governance and interests

Catalyst obtained disclosure relief

FY2024–August 2025 · documented · medium materiality

During the period of Thornton’s Catalyst CFO role, Catalyst issued its FY2024 consolidated entity disclosure statement. In August 2025 the Federal Court validated specified documents and notices and granted civil relief concerning omitted subsidiary tax-residency information.

Attribution: Role overlaps event; causation unproven. Catalyst’s annual report identifies her CFO role; the opened orders do not name her or establish personal fault. The full judgment reasons remain inaccessible.

Relevance: Relevant former-employer reporting context, with material attribution limits.

Annual report 2024 (printed p.25, CFO agreement); Court orders confirmed (pp.1–3, court orders)

Suitability for the current role

Role-relevant experience

Before and during Valiant role · analyst inference · medium materiality

The issuer reports chartered-accountant status and former Catalyst, Alkane, Consolidated Minerals and Macmahon roles; qualifications and most dates have not been independently verified.

Attribution: Responsibility not applicable. The description comes from the issuer and does not independently establish performance or credentials.

Relevance: Relevant to the present role, subject to verification.

Investor presentation October 2026 (PDF p.4, CFO biography)

Evidence gaps

  • Person-specific topic and indexed regulator searches were performed; complete prior-employer chronology, underlying regulator/court registers and independently verified qualifications remain incomplete.

  • The issuer presentation identifies four directors and two officers on page 4 and the exploration manager on page 2; other unannounced senior roles cannot be excluded.

  • The presentation p.4 and annual report p.15 were visually inspected; other cached PDF pages cited were not visually inspected.

  • Full reasons in Catalyst Metals [2025] FCA 1052 could not be opened; the search-index lead concerning report preparation was not treated as reviewed evidence, and no individual fault is inferred.

  • Catalyst’s 31 January 2023 release states a 27 February 2023 CFO effective date, while its 24 July 2025 succession release says she led finance from late 2022; earlier service and formal appointment may differ, but the discrepancy is unresolved.