CATALYST METALS LIMITED (CYL)
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30/04/2025

1

Add

$7.15

27.45%

Catalyst Metals announced a stable 3Q25 result from the Plutonic Gold Mine, despite minor disruptions from Cyclone Sean, according to Morgans.

Gold sales of 24koz were above consensus and internal forecasts, though revenue of $115m and EBITDA of $51m fell short due to slightly weaker realised pricing and higher all-in-sustaining-costs of $2,765/oz.

The broker notes production started at Plutonic East, supporting its growth plan, while divesting the high-cost Henty asset allowed focus on Plutonic and Victorian exploration potential.

Management's FY25 guidance of 105–120koz at all-in-sustaining-costs of $2,300–2,500/oz was reiterated.

Morgans raises its target price to $7.15 from $5.69 and maintains an Add rating.

FORECAST
Morgans forecasts a full year FY25 dividend of 0.00 cents and EPS of 15.00 cents.
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of 25.00 cents.

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13/04/2025

1

Speculative Buy

$4.52

-19.43%

Taylor Collison highlights Catalyst Metals' plans to double gold production to 200koz by FY27 from 100koz, and cut costs to $2,100/oz by FY27 from $2,666/oz in FY24.

The broker is optimistic this can be achieved given the company's track record of six quarters of consistent production, and a 102% increase in ore reserves.

Target price rises to $4.52 as the analyst also factored in a long-term gold price of US$2,750/oz into the forecasts.

Speculative Buy maintained.

FORECAST
Taylor Collison forecasts a full year FY25 EPS of 50.00 cents.
Taylor Collison forecasts a full year FY26 EPS of 70.00 cents.