CATALYST METALS LIMITED (CYL)
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06/11/2025

1

Buy

$10.58

62.27%

Morgans points to a weaker-than-anticipated 1Q26 result from Catalyst Metals, which can be attributed to mill maintenance.

Group gold sales of 21koz were a beat on consensus by 5% but were lower than the analyst's estimate by -15%. Lower mill throughput resulted in higher unit costs of $2,887/oz, though this largely met forecasts from both the broker and consensus.

The miner has maintained FY26 guidance of 100–110koz Au with an AISC of $2,200–$2,650/oz, with Morgans suggesting the midpoint of guidance is more likely to be achieved.

A Buy rating is retained, with a target price of $10.58, down slightly from the prior target of $11.

FORECAST
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of 79.00 cents.
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of 86.00 cents.

08/10/2025

1

Buy

$11.80

80.98%

Catalyst Metals reported 17.6koz production in the preliminary 1Q26 report, slightly below Canaccord Genuity's forecast and well below consensus. Production was impacted by crushing circuit downtime and mill changeovers.

Cash and bullion stood at $227m, with total liquidity of $327m, no debt, and full exposure to spot gold. Cost details will be reported in the full quarterly later this month.

The broker notes mining development at Trident, K2, and Plutonic East progressed as planned, while exploration ramped up with 21 rigs on site. FY26 production guidance of 100-110koz at cost of $2,200-2,650/oz was reaffirmed.

The broker forecasts 2Q26 production of 26.8koz and free cash flow $22m ($33m at spot), with stronger output expected in 2H26.

Buy. Target unchanged at $11.80.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 69.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 97.00 cents.