Maiden Profit for Catalyst
Full year financial results – profitability driven by strong operational improvements
- Catalyst's first profit has been three years in the making. Since acquiring the Henty gold mine in
Tasmania inJanuary 2021 , Catalyst has been on a journey to become a gold producer of scale - After acquiring three companies over three years, and maturing from explorer to 110koz gold producer with two profitable gold operations, Catalyst has achieved this goal
- Full year highlights include:
- 110koz of gold production with 60koz produced in the second half of the financial year
- Revenue of
A$317 million and no hedging heading into FY2025; the realised gold price of FY2024 wasA$3,011 /oz vs. today's average spot price ofA$3,700 /oz - EBITDA of
A$63 million ;A$76 million when adding back non-cash impairment of exploration - Operating cash flows (after capital and corporate costs) of
A$71 million allowing repayment of inherited debt, investment in equipment and project development - Profit after tax but excluding impairment of exploration assets (a non-cash accounting entry) of
A$37 million ; profit after tax and impairments wasA$24 million - Liquidity at
30 June 2024 wasA$46 million ; this comprised cash and bullion ofA$38 million and undrawn facilities ofA$8 million
- These positive financial results reflect Catalyst's first 12 months of operating performance at the
Plutonic Gold Mine - Catalyst has entered the new financial year with a strong balance sheet, stable operating cashflows and full exposure to prevailing gold prices
- Catalyst is progressing near-term, low capital intensity, organic growth projects, both in-mine at Plutonic and near mine at Plutonic East, K2 and Trident (each deposits along the Plutonic Gold Belt)
Catalyst's MD & CEO,
"It is always pleasing for any company to report its maiden profit.
What we are taking most pride in is the collective efforts of the new Catalyst team over the last 12 months. They've demonstrated an ability to consolidate the Plutonic Gold Belt while improving operating efficiencies by 40%. This maiden profit is a testament to the team's persistence and we look forward to implementing the next phase in the company's life - our growth and expansion plans across the Plutonic belt.
"A few comments that might interest shareholders:
- Profit after tax of
A$24 million . Profits after tax but before impairments wereA$37 million – we think the latter is more reflective of the company's performance; - Operating cashflows (after corporate and capital costs) are similar to EBITDA. This is uncommon for underground mines. It reflects the low capital intensity of Catalyst's operations. It is also why Catalyst's AISC and AIC are similar; and
- The focus of FY2025 is expanding operations by developing projects along the Plutonic Gold Belt. This has the added benefit of derisking our current operations. We believe we are well placed to achieve this given our positive net cash position and cash generating to date."
Financial Results
Both Plutonic and Henty delivered strong operational results in FY2024. This contributed to a group net profit after tax (NPAT) of
Importantly, these results were achieved without Catalyst fully benefitting from the rising gold price during the year. In
At
Table 1: Full year results
FY2024 (A$'000) | FY2023 (A$'000) | Change (A$'000) | |
Plutonic Production (ounces) | 84,823 | - | 84,823 |
Henty Production (ounces) | 24,962 | 23,051 | 1,911 |
Total Gold Sales (ounces) | 105,298 | 23,279 | 82,019 |
Revenue | 317,014 | 63,944 | 253,070 |
EBITDA (excl impairment/write down of exploration assets) | 76,044 | (813) | 76,857 |
Profit before tax (excl impairment/write down of exploration assets) | 38,646 | (15,628) | 54,274 |
Impairment/write down of exploration assets | (13,309) | - | (13,309) |
EBITDA | 62,735 | (813) | 63,548 |
Profit before tax (PBT) | 25,337 | (15,628) | 40,965 |
Income tax expense | (1,779) | - | (1,779) |
Net profit after tax (NPAT) | 23,558 | (15,628) | 39,186 |
Cash and bullion | 37,764 | 28,855 | 8,909 |
Net cash/(debt) | 30,804 | (3,235) | 34,039 |
This announcement has been approved for release by the Board of Directors of Catalyst Metals Limited.
Catalyst Metals
Catalyst Metals produces 110koz of gold annually from two operations – Plutonic & Henty.
Its flagship asset is the 40km long Plutonic Gold Belt in
Over the next 12 to 18 months, Catalyst plans to bring four new areas online. Each of these projects have a low capital intensity and are capable of going through the existing, currently underutilised and centrally located processing plant. These new projects will contribute to Catalyst building its production profile towards 200koz of gold pa.
Catalyst also owns and operates the high-grade
Capital Structure
Shares o/s: 225.8m
Options: 3.4m
Rights: 4.7m
Reserves and Resources
MRE: 3.5Moz at 2.9g/t Au
ORE: 0.8Moz at 3.3g/t Au
Corporate Details
ASX: CYL
E: [email protected]
W: catalystmetals.com.au
View original content to download multimedia:https://www.prnewswire.com/news-releases/maiden-profit-for-catalyst-302247429.html
SOURCE Catalyst Metals LTD.
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