Announcement • Aug 09

Catalyst Metals Li Provides Updated Mineral Resource Estimates for the K2 and Plutonic East Underground Mines

Catalyst Metals Limited provided updated Mineral Resource Estimates for the K2 and Plutonic East underground mines. Plutonic East and K2 represent near term developments for Catalyst. These Resources provide the foundation for Catalyst's approach to developing and mining these deposits. The Mineral Resource Statement for the K2 Underground Mineral Resource estimate was prepared during July 2024 and is reported according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the 'JORC Code') 2012 edition. The Mineral Resource estimate includes 81,734 m of drilling from 844 reverse circulation (RC) drill holes and 78 diamond drillholes (DD) including RC holes with diamond tails (RCD, DD/RC) completed since 1990. The depth from surface to the current vertical limit of the K2 Underground Mineral Resources is approximately 250m (390 mRL). In the opinion of Catalyst, the resource evaluation reported herein is a reasonable representation of the global gold Mineral Resources within the K2 underground deposit, based on sampling data from RC, RCD, RC/DD and DD drilling available as of 2 May 2024. Mineral Resources are reported below topography and comprise only fresh rock. The K2 Underground Mineral Resource (MRE) has been undertaken with a focus on delineating areas of the MRE with Reasonable Prospects for Eventual Economic Extraction (RPEEE) by underground mining methods. The MRE has been constrained within an underground Stope Optimiser (SO) evaluation from the depleted resource model. SO input parameters include a 1.5 g/t Au cut-off, minimum mining width of 1.5m, minimum stope length of 5m and minimum stope height of 5m. The orientation of SO's is variable depending on the geometry of the mineralisation resource model. The entire MRE consists of Indicated and Inferred Mineral Resources. No Measured Mineral Resources have been reported at this stage of the project. The depth from surface to the current vertical limit of the Mineral Resources is approximately 600 m (1110 mRL). In the opinion of Catalyst, the resource evaluation reported herein is a reasonable representation of the global gold Mineral Resources within the Plutonic East underground deposit, based on sampling data from Face Samples, RC and DD drilling available as of 6 June 2024. Mineral Resources are reported below topography and comprise only fresh rock. Historic open pit and underground mining depletion has been removed. The Plutonic East Underground Mineral Resource (MRE) has been undertaken with a focus on delineating areas of the MRE with Reasonable Prospects for Eventual Economic Extraction (RPEEE) by underground mining methods. The MRE has been constrained within an underground Stope Optimiser (SO) evaluation from the depleted resource model. SO input parameters include a 1.5 g/t Au cut-off, minimum mining width of 2.5m, minimum stope length of 5m and minimum stope height of 5m. The orientation of SO's is variable depending on the geometry of the mineralisation resource model. The entire MRE consists of Indicated and Inferred Mineral Resources. No Measured Mineral Resources have been reported at this stage of the project. MINERAL RESOURCE ESTIMATE (K2): All drilling data used in this Mineral Resource Estimate were from Diamond and Reverse Circulation methods. The sampling database has been compiled from information collected when the Project was under ownership of numerous companies including (listed from most recent): Catalyst Metals (2022 to current), Vango (2013 to 2023), Dampier Gold (2012 to 2013), Barrick Gold (2001 to 2012), Homestake (1999 to 2001), Resolute (1990 to 1999). For the most recent drilling completed by Vango, planned drill hole collars were pegged with a DGPS and marked with wooden pegs hammered into the ground and flagged with high visibility flagging tape. On completion of drilling, the actual drill hole collar position is measured by survey staff using a DGPS working off a network control of survey stations, to an accuracy of 20 mm from the nearest survey station. These coordinates replace the planned coordinates in the geological database. All reported coordinates are referenced to grid system MGA_GDA94 Zone 50. The topography is relatively flat at the location of drilling. The survey station network meets the Mine Safety and Inspection Regulations 1995, section 3.49, where the accuracy of a survey must be not less than 1:5000. The collar locations of historic drill holes were validated from geological logging information from annual reports and the original database when Vango acquired the tenure. The majority of drill holes used in the resource estimate have been accurately surveyed by qualified surveyors using DGPS. Downhole surveys have been conducted at regular intervals using industry-standard equipment. Some magnetic units have affected the azimuth readings where single shot cameras were used and these records have not been used. Many holes have been surveyed using Gyro tools. All Vango holes used in the resource estimate have some form of down hole survey. Recent (2023) downhole survey data was collected by Westdrill using an Axis Mining Technology Champ North Seeking Gyro tool. Surveys are conducted at EOH using a north seeking gyroscope reading every 5 m. If early drilling finds strong hole deviation, then surveys are conducted during drilling (collar, 30 m, 60 m, 90 m etc. to EOH). Survey deviation is supervised by the geologist onsite, with major deviation discussed with the driller at the time. Previous downhole survey data was collected using a REFLEX gyro tool and historically with Eastman cameras, with follow-up downhole surveys carried out by Surtron using gyroscopic survey equipment. Historical downhole surveys were reviewed and verified where information was available through direct comparison within the database. Recent Vango RC drilling was conducted utilizing 5.75 inch face sampling bit. Diamond drilling was conducted utilising NQ2 core. Core was orientated by spear methodology. Historical Diamond holes utilised PQ3, HQ3 or NQ2 core diameter, RC drilling utilised a 5.5 inch drill bit. Historical Drilling: Extensive previous work has been completed by Resolute Mining, Homestake Gold, Battle Mountain Australia, Barrick Mining and Dampier Gold. Previous metallurgical and resource work has been completed by Resolute Mining, Barrick Mining and Dampier Gold. Quality of historical drilling information is varied, but all of the above companies used high quality methodology at the time. Catalyst consolidated the belt in 2023 following the successful acquisition of Vango Mining and the merger with Superior Gold Inc. Sampling and Sub-Sampling Techniques: Recent Vango RC drilling assays are from 1 m samples split on the cyclone (using a cone splitter).

Announcement • Dec 07

Catalyst Metals Limited Provides an Update on Mineral Resource & Ore Reserve Statement for its Plutonic Gold Mine and an Update on Mineral Resource for the Trident Deposit

Catalyst Metals Limited provided an updated Mineral Resource & Ore Reserve statement for its Plutonic Gold Mine, and an updated Mineral Resource for the Trident deposit. Importantly, the updates presented in this release relate to the Plutonic Main and Trident deposits only. The Plutonic Gold Belt hosts numerous open pit and underground deposits that have previously been estimated by other competent persons. Those deposits are yet to be re-estimated. The updated Trident Resource estimate is different than expected. It now reflects what Catalyst believe is an improved approach to estimating such a deposit, updated drilling and a lower cut-off grade in this higher gold price environment. This Resource will form the basis of the pending Trident Definitive Feasibility Study. That study is well progressed and the Company remains committed to its development as quickly as possible given its high grade and the latent mill capacity that currently exists at Plutonic. The Mineral Resource & Ore Reserve sit within the existing mining footprint and do not include virgin zones. The previously reported NI 43-101 Ore Reserves and Mineral Resources for the Plutonic Operations included satellite deposits such as Plutonic East, Plutonic West, Hermes and Perch. These remain NI 43-101 compliant, but not JORC compliant. Catalyst will review these estimates in due course. The Mineral Resources and Ore Reserves for the Plutonic Underground Mine and Mineral Resources for the Trident deposit have been estimated for the first time by Catalyst following the acquisition of Superior Gold and Vango Mining. Catalyst undertook a comprehensive re-estimation and classification of the entire Plutonic Main deposit Mineral Resources. This included the Plutonic Main underground and open pit areas. The previously reported Plutonic Main open pit Mineral Resources have now been incorporated into the Plutonic underground Mineral Resource inventory. Further work is planned to re-evaluate the Plutonic Main open pit potential. The re-estimation and classification of the Plutonic Mineral Resources followed an extensive review of the geological and geostatistical behaviour of the Plutonic mineralisation together with mine production reconciliation. Catalyst has implemented a resource modelling technique that is well suited to estimating highly variable gold mineralisation. The modelling parameters were optimised so that the final Mineral Resource was well aligned with recent and historic production reconciliation performance. The Mineral Resource Estimate (MRE) for Plutonic Underground has been undertaken with a focus on delineating areas of the MRE with Reaonable Prospects for Eventual Economic Extraction (RPEEE). Catalyst has applied a approach to historic mining depletion to ensure that the inclusion of potential 'un-mineable' remnants has been minimised. In addition, an underground Shape Optimiser (SO) evaluation has been applied to ensure that only cohesive groups of blocks that satisfy RPEEE are included in the MRE. The previous combined Measured, Indicated and Inferred NI 43-101 MRE as at 31 December 2021 for the Plutonic Main underground and open pit contained 4.97Moz. Mine production depletion to 30 November 2023 accounts for 123Koz whilst changed modelling methodology, resource classification, historic depletion and RPEEE considerations has accounted for a reduction of 3.2Moz. A high proportion of the resource reduction is due to a grade reduction from 4.6g/t Au (Measured and Indicated) and 5.2g/t (Inferred) to the current 2.9g/t Au (and 2.6g/t Au for Inferred). Following is a summary of the Plutonic Underground Mineral Resources, as at 30 November 2023. The Trident deposit sits approximately 25km to the north-east of the Plutonic Gold Mine and the planned development in 2024 has been made possible by the recently completed consolidation of the Plutonic Gold Belt. The estimation approach for the updated Trident MRE was primarily based on domains defined by geological, structural and mineralisation characteristics. This differs from the previous MRE approach where the continuity and volume of estimation domains were largely subjected to pseudo economic and mining criteria at an elevated cut-off grade. The Catalyst estimation approach has allowed the full grade-tonnage distribution of the mineralised domains, including additional lower grade material, to be incorporated into the MRE. The Trident MRE has been undertaken with a focus on delineating areas of the MRE with Reasonable Prospects for Eventual Economic Extraction (RPEEE). An underground Shape Optimiser (SO) evaluation has been applied to ensure that only cohesive groups of blocks that satisfy RPEEE are included in the MRE.

Snowflake Score
Valuation	4/6
Future Growth	6/6
Past Performance	3/6
Financial Health	5/6
Dividends	0/6

Historical stock prices
Current Share Price	AU$5.86
52 Week High	AU$9.80
52 Week Low	AU$4.56
Beta	1.24
1 Month Change	-13.06%
3 Month Change	-22.18%
1 Year Change	-10.40%
3 Year Change	666.01%
5 Year Change	194.47%
Change since IPO	1,992.86%

	CYL	AU Metals and Mining	AU Market
7D	9.3%	7.6%	-1.7%
1Y	-10.4%	61.9%	3.8%

CYL volatility
CYL Average Weekly Movement	10.7%
Metals and Mining Industry Average Movement	12.2%
Market Average Movement	10.3%
10% most volatile stocks in AU Market	17.1%
10% least volatile stocks in AU Market	4.4%

CYL fundamental statistics
Market cap	AU$1.48b
Earnings (TTM)	AU$109.42m
Revenue (TTM)	AU$451.28m

CYL income statement (TTM)
Revenue	AU$451.28m
Cost of Revenue	AU$238.45m
Gross Profit	AU$212.83m
Other Expenses	AU$103.41m
Earnings	AU$109.42m

Earnings per share (EPS)	0.42
Gross Margin	47.16%
Net Profit Margin	24.25%
Debt/Equity Ratio	1.9%

Data	Last Updated (UTC time)
Company Analysis	2026/05/14 14:47
End of Day Share Price	2026/05/14 00:00
Earnings	2025/12/31
Annual Earnings	2025/06/30

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Bradley Watson	Bell Potter
Todd Lewis	Bell Potter
Thomas Prendiville	Canaccord Genuity

Catalyst Metals (CYL) Stock Overview

Rewards

Risk Analysis

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Price History & Performance

Recent News & Updates

Consensus EPS estimates fall by 11%

Investor sentiment deteriorates as stock falls 21%

Catalyst Metals Limited (ASX:CYL) completed the acquisition of West Bryah Basin copper-gold project in Australia from Star Minerals Limited (ASX:SMS).

Catalyst Metals Limited (ASX:CYL) completed the acquisition of 50% stake in Bryah Basin exploration tenements in Australia from Albright Metals Ltd (ASX:ABR).

Investor sentiment deteriorates as stock falls 17%

Consensus EPS estimates fall by 14%

Recent updates

Consensus EPS estimates fall by 11%

Investor sentiment deteriorates as stock falls 21%

Catalyst Metals Limited (ASX:CYL) completed the acquisition of West Bryah Basin copper-gold project in Australia from Star Minerals Limited (ASX:SMS).

Catalyst Metals Limited (ASX:CYL) completed the acquisition of 50% stake in Bryah Basin exploration tenements in Australia from Albright Metals Ltd (ASX:ABR).

Investor sentiment deteriorates as stock falls 17%

Consensus EPS estimates fall by 14%

First half 2026 earnings released: EPS: AU$0.23 (vs AU$0.20 in 1H 2025)

MD, CEO & Executive Director recently sold AU$5.8m worth of stock

Investor sentiment deteriorates as stock falls 16%

Catalyst Metals Limited Announces Board Changes, Effective March 2, 2026

Independent Non-Executive Director recently sold AU$9.2m worth of stock

News Flash: Analysts Just Made A Sizeable Upgrade To Their Catalyst Metals Limited (ASX:CYL) Forecasts

Consensus revenue estimates increase by 11%

Investor sentiment improves as stock rises 24%

Investors Holding Back On Catalyst Metals Limited (ASX:CYL)

Investor sentiment improves as stock rises 18%

Independent Non-Executive Director recently sold AU$1.7m worth of stock

New minor risk - Shareholder dilution

Shareholders May Not Be So Generous With Catalyst Metals Limited's (ASX:CYL) CEO Compensation And Here's Why

Price target increased by 9.8% to AU$10.96

Investor sentiment improves as stock rises 16%

Price target increased by 11% to AU$10.56

Independent Non-Executive Chairman exercised options to buy AU$16m worth of stock.

Price target increased by 11% to AU$9.98

Board Member recently sold AU$9.4m worth of stock

Catalyst Metals Limited, Annual General Meeting, Nov 13, 2025

Consensus EPS estimates fall by 19%

Investor sentiment improves as stock rises 17%

Less than half of directors are independent

Catalyst Metals' (ASX:CYL) Solid Profits Have Weak Fundamentals

Catalyst Metals Limited (ASX:CYL) Soars 55% But It's A Story Of Risk Vs Reward

Price target increased by 12% to AU$8.00

Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind

Investor sentiment improves as stock rises 17%

Why Investors Shouldn't Be Surprised By Catalyst Metals Limited's (ASX:CYL) 26% Share Price Plunge

Investor sentiment deteriorates as stock falls 17%

Catalyst Metals Limited (ASX:CYL) completed the acquisition of Old Highway Gold Deposit from Sandfire Resources Limited (ASX:SFR).

Investor sentiment improves as stock rises 18%

Catalyst Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 150 million.

Consensus EPS estimates increase by 10%

Investor sentiment deteriorates as stock falls 16%

Price target increased by 13% to AU$6.52

Investor sentiment improves as stock rises 15%

Catalyst Metals Limited (ASX:CYL) Held Back By Insufficient Growth Even After Shares Climb 44%

Now 23% overvalued after recent price rise

Investor sentiment improves as stock rises 17%

Catalyst Metals Limited Reports Drilling Results at the Trident Gold Project on the Plutonic Gold Belt

Price target increased by 7.5% to AU$5.02

Kaiser Reef Limited (ASX:KAU) agreed to acquire Unity Mining Limited from Catalyst Metals Limited (ASX:CYL) for AUD 31.6 million.

Price target increased by 10.0% to AU$4.67

Consensus EPS estimates fall by 23%, revenue upgraded

First half 2025 earnings released: EPS: AU$0.20 (vs AU$0.029 loss in 1H 2024)

Price target increased by 9.6% to AU$4.50

Catalyst Metals Limited (ASX:CYL) Shares Fly 27% But Investors Aren't Buying For Growth

Investor sentiment improves as stock rises 19%

New minor risk - Share price stability

Consensus EPS estimates increase by 17%

Investor sentiment improves as stock rises 16%

Investor sentiment improves as stock rises 16%

Investor sentiment deteriorates as stock falls 20%

Catalyst Metals Limited's (ASX:CYL) Share Price Boosted 30% But Its Business Prospects Need A Lift Too

Investor sentiment improves as stock rises 17%

Consensus EPS estimates increase by 57%