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- 2 - CATALYST METALS LIMITED CHAIR’S ADDRESS ANNUAL GENERAL MEETING 13 NOVEMBER 2025 AT 10.00 A.M. I am pleased to present my third Annual General Meeting Address. Two years ago at my first Catalyst AGM we were only a few months into our operating turnaround, however we laid out a broad vision then for how we hoped to develop further deposits on the Plutonic Belt. It is pleasing to be here today and see the substan tial progress the team has achieved towards this goal. This past has been another year of execution and transformation for our company. Building on the foundation established in FY2024, we made significant strides in simplifying our asset portfolio, strengthening our balance sheet, and advancing our organic growth strategy. For personal use only
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- 3 - Two years ago we decided the best way to develop Catalyst for the benefit of all shareholders was sequentially: drive an operating turnaround, then strengthen the balance sheet, then build head office and further develop our board and governance. We are p leased today that we are well down this path, and shareholders are seeing the benefit of that. 1. Operating progress Our flagship asset, the Plutonic Gold Belt in Western Australia, has been the key driver of our success to date. The operational improvements initiated in FY2024 have continued to deliver strong performance. Gold production for FY2025 was 86,384 ounces at an all-in sustaining cost of A$2,317/oz – in line with guidance . Consistent gold production and cashflows have allowed us to not only fund growth plans but also simplify the business. Figure 1: Plutonic TRIFR and reportable injuries under Catalyst ownership Importantly, this performance was achieved whilst maintaining our safety record. This is something we remain proud of but never satisfied. For personal use only
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- 4 - A number of key transactions through the year have simplified the Catalyst business and set up the Company to deliver its 200,000oz growth plan at Plutonic. The first of these was the successful divestment of the Henty Gold Mine in Tasmania to Kaiser Reef Limited in May 2025. Importantly, this allowed increased management focus at Plutonic – the key driver of Catalyst’s value in the medium term. Catalyst remains invested in the future success of Henty as a 19.9% shareholder of Kaiser. We also acquired the final piece of our Plutonic consolidation , with the acquisition of the Old Highway Gold Project. Old Highway will be the fifth mine to be developed as part of Plutonic’s hub and spoke model. Exploration and development of growth projects were two areas that ramped up significantly during the year. Today we have 13 drill rigs across the Belt. On the project development front, Plutonic East is now operational and continuing to ramp up. First ore at the Trident open pit has been mined and we are seeing good progress across our other projects. This is an exciting part of our business today: to be able to fund this many rigs spinning on the Belt. We don’t know what we will find, but what we do know is there is lot of ground that has not been explored at depth, particularly below the previously developed open pits, and adjacent areas. For personal use only
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- 5 - 2. Strengthen the balance sheet We completed a A$150m placement to institutional investors in May this year. This introduced a number of high -quality, supportive institutions to our register and ensured Catalyst has the balance sheet to execute its growth plan over the coming years. Operational cash build and this $150 million placement allowed the Company to end the year with A$230m in cash and bullion. In June 2025 we established a new A$100 million undrawn revolving credit facility will allow Catalyst t o confidently execute our organic growth and exploration plans without placing pressure on the balance sheet. 3. Develop the head office and board The business has continued to invest in head office capabilities, including Elena O’Connor as CFO, and various other roles. As the business matures, the Board is conscious of the need for our governance to also evolve. Board renewal is one area of this and is underway. W e are pleased to welcome Anna Shave to the Board as an Independent Non -Executive Director. Anna brings over 25 years of experience across corporate leadership, investment management, and global capital markets, and will serve as Chair of Catalyst’s Audit and Risk, and Nomination and Remuneration Committees. All this has resulted in good outcomes for shareholders. For personal use only
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- 6 - Figure 2: FY25 financial results summary During the year, Catalyst was elevated to the ASX 300 index in March 2025, and subsequently to the S&P Dow Jones ASX 200 index, in early September 2025. These developments further enhance the quality of our share register as more institutions come on board, and further increase the liquidity for all shareholders. To be clear, t his benchmark index inclusion comes as a result of the significant growth in the Catalyst business and is a reflection of the hard work and dedication of the entire Catalyst team. Finally, looking forward, we have high hopes for what the Plutonic Belt can deliver. FY25 marked our second year of ownership of Plutonic. Pleasingly, the operations delivered another year of consistent quarterly production. More interestingly, as shown in this chart, we intend to drive the Belt towards a target of 200,000 oz in annual production, with a target of 2 million oz in reserves. You can see the Belt has historically produced at above this rate two decades ago. As such we see exciting times ahead for your Company. For personal use only
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- 7 - Figure 3: Catalyst’s 10-year production plan for the Plutonic Belt The Board is incredibly proud of the progress made by James and the management team in delivering on our major priorities. They have built an outstanding team that is focused on safety, operational excellence and value creation for shareholders. Thank you for your ongoing support of Catalyst Metals. We look forward to continuing this journey with you as shareholders. That concludes my Chairman’s address. I will now ask James to present his Managing Director’s Report. For personal use only
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- 8 - Thank you David. And welcome shareholders to the Annual General Meeting. 2025 has been a year of significant growth for our business. With us today are members of our senior management team who have been responsible for driving that growth. Anthony Buckingham, our Head of Projects leads the team responsible for bringing on-line three new mines in 12 months. This is no mean feat. To bring on-line, so many projects simultaneously, is key to speeding up our growth and de-risking our broader business. Also with us today is Andrew Finch, our Head of Exploration and Geology. Andrew is responsible for one of the largest exploration budgets on the ASX. To date, this has yielded good results with significant growth of the high-grade Trident Resource, a doubling of Reserves and some exciting results across the belt, including Cinnamon. For personal use only
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- 9 - Today, Catalyst is a simplified business. Plutonic forms a primary pillar of our business, producing some 100koz pa at an AISC of around A$2,300/oz. In Victoria, we have made significant strides in 2025 pulling together a number of the pieces of the puzzle to advance the Bendigo Gold Project. For personal use only
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- 10 - We have long felt that Plutonic has the foundations to be a 200,000oz gold producing asset. As we spend more time with the asset, we become more comfortable that this is achievable. Our target is to delineate 2Moz of Reserves to support a 10 -year production rate at 200,000oz. This visibility is unique amongst Western Australian underground gold mines. Five mines will support this initially – Plutonic, Plutonic East, Trident, K2 and Old Highway. By filling the processing plant and developing ROM stocks, Catalyst will reduce pressure on the mines and de -risk operations. In doing so, Catalyst expects the Plutonic hub to be in a better position to maintain stable production rates. Today, we are producing from three of these – Plutonic, Plutonic East and Trident. Dewatering and rehabilitation activities are on-track at K2, and our approvals are progressing at Old Highway. For personal use only
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- 11 - It has been a two year journey to this point. Central to everything that has been achieved to date was turning around operations at Plutonic. Stable production has delivered consistent cashflows which, in the first 12 months, were reinvested in the business to address historical underinvestment and repair the balance sheet. As these issues were progressively resolved we have been able to invest in projects and exploration. For personal use only
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- 12 - In September 2025, we announced a doubling of Reserves . This is the second year Catalyst has doubled Reserves and we are well on our way to achieving our target of 2Moz of Reserves. For personal use only
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- 13 - These Reserves underpin our long-term production target at the Plutonic Gold Belt. Through our ongoing drilling, we are targeting 2Moz of Reserves to underpin 10 years of production at 200,000koz per annum. As new projects are brought on-line – Trident, K2, Old Highway – we hope to see processed grade lift as we fill the mill. As the grade lifts, and the site benefits from economies of scale arising from higher throughput rates, costs should fall. Longer term we believe a stable ±200,000oz production rate at a ±A$2,000/oz all-in sustaining cost is achievable. The development of our five key projects are progressing well. We are pleased with the progress over the past 12 months. For personal use only
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- 14 - At Trident, mining of the open pit has commenced. Over the next 9-12 months we will mine the Trident open pit before transitioning to the higher grade underground mine. At K2, dewatering and rehabilitation of the underground workings is progressing well. We look forward to mining commencing here. For personal use only
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- 15 - Old Highway is an advanced exploration deposit acquired from Sandfire Resources in May 2025. We were fortunate to inherit a number of studies which we have been able to leverage off. Our existing relationships with Traditional Owners has allowed us to pr ogress surveys in recent months and we thank the Jidi Jidi for their ongoing support. For personal use only
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- 16 - Across the belt, we have a A$90m exploration program for the coming 12 months. The purpose of this program is two-fold: 1. Drilling down -dip extensions of known deposits to grow R esources, and ultimately Reserves to 2Moz 2. Drilling at previously underexplored areas of the Plutonic Belt. Trident was the main focus of our drilling activities in FY25. We successfully grew Resources and Reserves at Trident and now have visibility to our target 10-year mine plan. The Resource is not yet closed off. A number of high -grade intercepts outside of the resource show the potential for the Trident Resource to continue to grow. For personal use only
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- 17 - At Plutonic we are focused on defining and developing virgin ore sources. One area of focus is the Baltic Zone. A drill drive has been established to drill out the lower portions of Baltic, creatively named “Baltic Deeps”. Areas such as Baltic represent new ore source which, if successful, will allow greater efficiency, and potentially lower cost and higher productivity at Plutonic. For personal use only
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- 18 - Drilling has recently started at Old Highway. Drilling is focused on growing the existing Resources and extending mine life from the current four years, to ten years. We look forward to updating the market as results come in. CYL announcement 23 Oct 2025 "Gold intersected along strike and below Cinnamon Resource" For personal use only
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- 19 - Cinnamon is an exciting prospect. The open pit potential of Cinnamon has long been recognized, but like much of the belt, drilling in this corridor was old and shallow. Drilling by Catalyst has identified a number of high-grade hits including 22m at 14g/t beneath the current open pit. 1km to the south-west an intercept of 7m at 29.8g/t Au, within 200m of surface has opened up the strike length of Cinnamon to some now 3km. Interestingly, Cinnamon is hosted in a completely different host rock. Plutonic is hosted in the mine mafic, Trident in the ultramafic and Cinnamon is conglomerate hosted. We don’t yet know the implications of this results, however it does open up new search areas across the belt. 2025 has been a significant year for our Bendigo Gold Project. For personal use only
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- 20 - A number of key achievements through the year have brought together the pieces of the puzzle to allow Catalyst to begin to realise value from Bendigo. In May, a processing solution was secured with Kaiser Reef, following the sale of Henty. In more recent months, approvals from the Victorian government has for an exploration tunnel have taken a significant step forward. For personal use only
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- 21 - The focus at Bendigo now turns to drilling. The drilling season recently started and a program of works will be undertaken to follow up on numerous high -grade intercepts around Boyd’s Dam. We look forward to updating the market as this drilling progresses. For personal use only
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