Slide 1: A New Plutonic
A New Plutonic New deposits, never before paired with Plutonic’s processing facility, leading to a revitalisation of the belt Catalyst Metals Limited May 2025 ASX:CYL catalystmetals.com.au Not for release to US wire services or distribution in the United States
Slide 2: Investment Highlights
Investment Highlights CATALYST METALS LIMITED Foundations in place with a vision to transition into a ~200koz pa gold producer at ~A$2,000/oz AISC* Two Australian • The company has a controlling position across two Australian gold belts – Plutonic (Western Australia) and Bendigo (Victoria) Gold Belt
Slide 3: Simple portfolio – two large strategic gold belts underpinning long-term organic growth
Simple portfolio – two large strategic gold belts underpinning long-term organic growth CATALYST METALS LIMITED Operating platform provides a stable foundation for organic growth Group Production AISC Group Reserves Group Resources ~100koz pa1 (FY25) A$2,303/oz1 0.9Moz @ 2.8g/t2 3.2Moz @ 2.9g/t3 (un
Slide 4: Corporate Overview
Corporate Overview CATALYST METALS LIMITED Capital Structure Post-Raise Board of Directors Share Price (at Offer Price) A$6.00 David Jones AM Robin Scrimgeour Shares on Issue 252m Non-Executive Chairman Non-Executive Director Market Capitalisation (undiluted at Offer Price) A$1.5bn James Champion de
Slide 5: Track record
Track record Core team that has been together for 24 months
Slide 6: Track record and milestones to date
Track record and milestones to date CATALYST METALS LIMITED To date, Catalyst has met a number of milestones which have in turn improved its valuation M&A Plutonic Operational Operations Mine M&A Mine Development Consolidation of the Turnaround 18 months of stable Development Henty Disposal / Victor
Slide 7: Brief history of the consolidation of the Plutonic Gold Belt
Brief history of the consolidation of the Plutonic Gold Belt CATALYST METALS LIMITED Three acquisitions over two years to consolidate the belt March 2023 Acquisition of Vango Mining A$66m2 (~25% of CYL scrip) Great Northern June 2023 Highway Acquisition of Superior Gold Vango Mining A$60m3 (~25% of
Slide 8: Stable foundation supporting growth and exploration
Stable foundation supporting growth and exploration CATALYST METALS LIMITED Operating cashflows provides a stable backbone for multi-deposit expansion Funding 320,000m of exploration Drill rig count 12 8 6 Period of increased exploration and development spend No exploration rigs 2 2 2 2 Consistent c
Slide 9: Core team executing across a number of disciplines
Core team executing across a number of disciplines CATALYST METALS LIMITED Over the last two years, Catalyst’s core team has demonstrated a track record in: (1) Operations; (2) Mine development; (3) Exploration and (4) M&A Catalyst Board Senior leadership team of 20 key individuals, delivering outco
Slide 10: Key management team
Key management team CATALYST METALS LIMITED Plutonic’s turnaround driven by experienced leadership group Catalyst Board Group Projects Group Operations General Manager Managing Director & Chief Financial Exploration Manager Manager Plutonic Belt CEO Officer Manager Anthony Buckingham Mick Garbellini
Slide 11: Capital Raising Information
Capital Raising Information Underwriting organic growth, strengthening balance sheet and providing capital flexibility to pursue growth initiatives
Slide 12: Equity Raising Highlights
Equity Raising Highlights CATALYST METALS LIMITED Capital raising underwrites Catalyst’s organic growth strategy and strengthens the company’s balance sheet Proactive Funding • Pro-forma cash & bullion balance of A$230m1 provides a de-risked pathway to achieving the Plutonic Belt’s organic for Pluto
Slide 13: Sources & Uses of Funds
Sources & Uses of Funds CATALYST METALS LIMITED Funds to be deployed across Plutonic development projects and exploration programs, while strengthening the balance sheet 1 Key Plutonic development projects & capital expenditure Sources of funds A$m • Underwrites funding of K2, Trident, Old Highway a
Slide 14: Overview of equity raising
Overview of equity raising CATALYST METALS LIMITED Firm commitments received to raise A$150.0 million • Firm commitments received from sophisticated and professional investors to raise $150.0 million (before costs) Offer structure and (Placement or Offer) through the issue of 25.0m shares (New Share
Slide 15: Indicative timetable
Indicative timetable CATALYST METALS LIMITED Event Date Announcement of Placement, trading halt lifted and recommencement of trading Friday, 23 May 2025 Settlement of New Shares under the Placement Wednesday, 28 May 2025 Allotment, quotation and trading of New Shares under the Placement Thursday, 29
Slide 16: The new Plutonic Gold Belt
The new Plutonic Gold Belt A platform set for growth to ~200kozpa
Slide 17: Low-cost organic growth
Low-cost organic growth CATALYST METALS LIMITED Reserves and existing infrastructure lays foundation for low-cost organic growth1 • Three-year forecast from the Company’s remaining projects1 has been maintained • Henty sold in May 2025 – production removed from forward estimates • Acquisition of Old
Slide 18: Old Highway – recent acquisition; new development opportunity
Old Highway – recent acquisition; new development opportunity CATALYST METALS LIMITED Development ready gold project 40km from Plutonic with 35koz pa gold production 300,000 6.0 250,000 5.0 Key Metrics – Old Highway Development1 Grade (g/t Au) 200,000 4.0 Tonnes mined Base case Spot case 150,000 3.0
Slide 19: Spare Mill Capacity
Spare Mill Capacity 2Mtpa processing plant currently processing only 1.2Mt of ore Plutonic mill throughput Prior owners Actual Actual 3 year plan Plutonic Main Plutonic East K2 Trident Other
Slide 20: Haul Road
Haul Road 40km haul road connects all future developments to central processing plant Existing infrastructure lowers future capital requirements
Slide 21: Plutonic Camp expansion complete
Plutonic Camp expansion complete 520 person camp already increased to 750 No further camp expansion required Hidden advantages of sunk capital
Slide 22: Delivering long-term, stable operations
Delivering long-term, stable operations Drilling out known deposits and filling the mill
Slide 23: The new, consolidated, Plutonic Gold Belt
The new, consolidated, Plutonic Gold Belt CATALYST METALS LIMITED The recent acquisition of Old Highway builds on strategy to consolidate the belt and leverage existing processing infrastructure 40km 40km Haul Road 30km 3 50km 6 K2 Underground Mine 20km 81koz @ 3.6g/t Au1 4 10km Cinnamon Open Pit 11
Slide 24: A new vision for Plutonic
A new vision for Plutonic CATALYST METALS LIMITED Targeting long term, stable, profitable production • With all the ore sources now consolidated, Plutonic has the ingredients for a long life, stable operation • Six deposits each with down dip extension of known Resources & Reserves Lower risk value
Slide 25: Plutonic Main – Baltic Extension Resource conversion and exploration
1 Plutonic Main – Baltic Extension Resource conversion CATALYST METALS LIMITED and exploration Exploration target of ~420koz to 610koz at ~4.2 to 5.1 g/t Au#; 39,000m drill program already underway 19m at 2.3g/t Au (incl. 2.0m at 11.3g/t Au) 11.6m at 6.6g/t Au (incl. 4.6m at 14.7g/t Au) 300m explora
Slide 26: Plutonic East Resource conversion and exploration
2 Plutonic East Resource conversion CATALYST METALS LIMITED and exploration 25,000m of drilling: (1) converting inferred Resources to indicated; (2) delineating new Resources; (3) testing extensions 6m @ 4.0 g/t Au 7m @ 2.5 g/t Au 7m @ 6.2 g/t Au Perch Open Pit A4 Open Pit 4.2Mt at 1.6g/t Au for 216
Slide 27: K2 Resource conversion and exploration
3 K2 CATALYST METALS LIMITED Resource conversion and exploration 10,000m of grade control drilling and resource definition drilling Existing portal and underground development 200m ASX:CYL 5m at 19.3g/t Au Main lode 3m at 17.8g/t Au 27 K2 Reserves and Resources2 Category Tonnes (Mt) Grade (g/t) Ounc
Slide 28: Trident Resource conversion and exploration
Resource conversion 55,000m of drilling: (1) converting inferred Resources to indicated; (2) delineating new Resources; 4 Trident and exploration PLUTONIC GOLD MINE (3) testing outside the Resource 200m Marwest untested at depth Current LOM 5 years 400m 218koz at 4.2g/t Au High grade lodes 200m 600m
Slide 29: Old Highway Resource conversion and exploration
5 Old Highway Resource conversion and exploration 42,000m drill program testing: (1) Zone 400 mine life extensions (2) underground potential of Zone 250 (3) Old Highway parallel trend 9m at 2.3g/t Au 4m at 4.0g/t Au 5m at 3.5g/t Au 11m at 8.4g/t Au 11m at 8.6g/t Au 18m at 4.6g/t Au Zone 250 open pit
Slide 30: Cinnamon corridor – an untested 3km trend
6 Cinnamon corridor – an untested 3km trend Resource conversion CATALYST METALS LIMITED and exploration 25,000m of drilling testing: (1) expansion of Cinnamon Open Pit Resource; and (2) potential mineralisation between Budgie, Cinnamon and Cobalt deposits Cobalt 2m at 28.9g/t Au (Resource Pending) 1
Slide 31: Regional Exploration
Regional Exploration A large, well understood, gold system that has been underexplored for ~20 years providing an attractive pipeline of exploration opportunities
Slide 32: How did this exploration opportunity come about?
How did this exploration opportunity come about? CATALYST METALS LIMITED A 20-year history of fractured foreign ownership and underfunded junior companies created an opportunity Fractured foreign ownership suffocated historical exploration Marymia Titan/Resolute/ Resolute owner Battle Mountain Pluto
Slide 33: Regional exploration pipeline
Regional exploration pipeline CATALYST METALS LIMITED Numerous opportunities on the belt supporting long term organic growth Target Resource Project Exploration Production identification definition development Callop Fifi Catfish Overthrust Corridor Barramundi Big Fish Wedgetail Bream Speckled Cinna
Slide 34: Exploration guided by historical open pit deposits
Exploration guided by historical open pit deposits CATALYST METALS LIMITED Over 40 open pits expressing mineralisation coming from depth to surface 1 Triple P 2 Rosella 4 1 3 2 5 3 Parrot 4 Tomahawk ASX:CYL 6 34 34
Slide 35: Timor Offset
5 Timor Offset CATALYST METALS LIMITED Surface drilling to test for extensions to 1.5Moz Timor deposit Timor fault target Timor offset target Timor 1.5Moz at 7.3 g/t1 Timor orebody structurally disrupted on northern extent. Area of focus ASX:CYL Very limited drilling beyond Timor boundary 35 3 35 (1
Slide 36: Kingston Plutonic overthrust
Kingston 5 Plutonic overthrust PLUTONIC PROJECT DEVELOPMENT Surface drilling testing beneath granite overthrust No drilling despite corridor of shallow granite Plutonic North Mine mafic continues beneath granite overthrust Timor offset ASX:CYL 2km Baltic Deeps 36 36 Baltic West
Slide 37: Hermes
6 Hermes CATALYST METALS LIMITED Initial step out drilling by Catalyst confirmed extensions, further drill programs planned to test depth extensions Klinger Hawkeye Trapper Historic open pit production1 Historic open pit production1 Historic open pit production1 114kt at 1.6g/t for 6koz 434kt at 1.4
Slide 38: Bendigo Gold Project
Bendigo Gold Project Recent steps have materially changed Bendigo’s value proposition Maldon Processing Plant
Slide 39: Bendigo Gold Belt – creating value through small incremental steps
Bendigo Gold Belt – creating value through small incremental steps CATALYST METALS LIMITED Since securing a processing solution, the high grade Four Eagles gold project is becoming a more realistic proposition Processing facility secured at Maldon High grade Resource discovered – 70koz at 26g/t Au w
Slide 40: Four Eagles Gold Project – new trend identified parallel to Boyd's Dam trend
Four Eagles Gold Project – new trend identified parallel to Boyd’s Dam trend CATALYST METALS LIMITED Cunneen’s is a 1.4km trend, parallel to Boyd’s Dam 5m @ 13.1 g/t Au 1m @ 5.4 g/t Au 3m @ 2.5 g/t Au Cunneens Trend ASX:CYL 40 JORC resource1 Iris Zone 70koz @ 26g/t 40 Boyd’s Dam 93koz @ 5g/t (1) JOR
Slide 41: Appendices
catalyst Appendices
Slide 42: Group Reserves and Resources
Group Reserves and Resources APPENDICES Reserves Proven Probable Total Ore Reserve Tonnes (kt) Grade (g/t Au) Ounces (koz) Tonnes (kt) Grade (g/t Au) Ounces (koz) Tonnes (kt) Grade (g/t Au) Ounces (koz) Plutonic Underground5 - - - 7,448 2.6 616 7,448 2.6 616 Plutonic East Underground5 - - - 456 2.5
Slide 43: Key Risks
Key Risks CATALYST METALS LIMITED There are a number of risks, both specific to the Company and of a general nature which may, either individually or in combination, affect the future operational and financial performance of the Company and the mining industry in which it operates, and the value of
Slide 44: Key Risks
Key Risks CATALYST METALS LIMITED Uncertainty of development of projects and exploration risk Mineral exploration and development are high risk undertakings and involve significant risks. The Company’s performance depends on the successful exploration and/or acquisition of resources or reserves and
Slide 45: Key Risks
Key Risks CATALYST METALS LIMITED Contractual and joint venture risks Catalyst’s ability to efficiently conduct its operations in a number of respects depends upon third party product and service providers and contracts. Accordingly, in some circumstances, contractual arrangements have been entered
Slide 46: Key Risks
Key Risks CATALYST METALS LIMITED Additional requirements for capital The Company’s capital requirements depend on numerous factors including: • the operating revenue received from its operations relative to costs; • the outcome of the Company’s exploration programs; and • the availability of debt f
Slide 47: Key Risks
Key Risks CATALYST METALS LIMITED General economic conditions Changes in the general economic climate in which Catalyst operates may adversely affect the financial performance of Catalyst. Factors that may contribute to that economic climate include the general level of economic activity, interest r
Slide 48: Key Risks
Key Risks CATALYST METALS LIMITED Insurance risk The Company maintains insurance within ranges of coverage the Company believes to be consistent with industry practice and having regard to the nature of activities being conducted. No assurance, however, can be given that the Company will be able to
Slide 49: International offer restrictions
International offer restrictions CATALYST METALS LIMITED This document does not constitute an offer of new ordinary shares (New Shares) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be o
Slide 50: International offer restrictions (cont.)
International offer restrictions (cont.) CATALYST METALS LIMITED Statutory rights of action for damages and rescission. Securities legislation in certain Provinces may provide a purchaser with remedies for rescission or damages if an offering memorandum contains a misrepresentation, provided the rem
Slide 51: International offer restrictions (cont.)
International offer restrictions (cont.) CATALYST METALS LIMITED Japan The New Shares have not been, and will not be, registered under Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948), as amended (the FIEL) pursuant to an exemption from the registrat
Slide 52: International offer restrictions (cont.)
International offer restrictions (cont.) CATALYST METALS LIMITED Singapore (cont.) This presentation has been given to you on the basis that you are an “institutional investor” or an “accredited investor” (as such terms are defined in the SFA). If you are not such an investor, please return this pre
Slide 53: International offer restrictions (cont.)
International offer restrictions (cont.) CATALYST METALS LIMITED United Kingdom (cont.) In the United Kingdom, this presentation is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments falling within Article 19(5) (investment
Slide 54: Disclaimers
Disclaimers CATALYST METALS LIMITED EXPLORATION TARGETS Methodology Exploration targets for Baltic Deeps were generated as follows: • Each exploration area used an adjacent portion (with similar scale extents) of the 2023 Plutonic MRE as a proxy for total mineralization endowment. • As Plutonic is a
Slide 55: Production Targets
Disclaimers CATALYST METALS LIMITED PRODUCTION TARGETS Production Targets The Company’s production targets and forecast financial is extracted from the Company’s following ASX announcements: • “1Moz Reserve allows Catalyst to double production for A$31m” on 11 September 2024 which outlines the Compa
Slide 56: Future Performance and Forward-Looking Statements
Disclaimers CATALYST METALS LIMITED FUTURE PERFORMANCE AND FORWARD-LOOKING STATEMENTS Some statements in this Presentation regarding estimates or future events are forward-looking statements. They include indications of, and guidance on, future matters. Forward-looking statements include, but are no
Slide 57: Important Notice and Disclaimer
Disclaimers CATALYST METALS LIMITED IMPORTANT NOTICE AND DISCLAIMER This investor presentation (the Presentation) has been prepared by Catalyst Metals Limited (ASX: CYL) (Catalyst or the Company). SUMMARY INFORMATION This Presentation contains summary information about Catalyst its respective subsid
Slide 58: Contact
Contact Craig Dingley Catalyst Metals E: investors@catalystmetals.com.au T: +61 8 6324 0090