ASX:CYL
catalystmetals.com.au
2024
Annual Report
For the year ending 30 June 2024
ABN 54 118 912 495
Contents
Corporate Directory
Chairman's Letter
Directors’ Report
Auditor’s Independence Declaration
Consolidated Statement of Profit or Loss and other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Independent Audit Report
Additional Information
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86
Directors
David Jones AM
(Non-Executive Chairman)
James Champion de Crespigny
(Managing Director & Chief Executive Officer)
Bruce Kay
(Non-Executive Director)
Robin Scrimgeour
(Non-Executive Director)
Company Secretary
Frank Campagna
Registered Office
Level 1, 30 Richardson Street, West Perth WA 6005
Principal Place of Business
Level 1, 30 Richardson Street, West Perth WA 6005
T: (61-8) 6324 0090
E: admin@catalystmetals.com.au
Share Register
Automic Pty Ltd
Level 5, 126 Phillip Street, Sydney, NSW 2000
T: 1300 288 664 or (61-2) 9698 5414
E: hello@automicgroup.com.au
W: www.automicgroup.com.au
Auditors
RSM Australia Partners
Level 32/2 The Esplanade, Perth, WA 6000
Stock Exchange Listing
Catalyst Metals Limited shares are listed on the
Australian Securities Exchange (ASX code: CYL)
Website
www.catalystmetals.com.au
General Information
The financial statements cover Catalyst Metals Limited as a Consolidated Entity (“Group” or “Consolidated Entity”) consisting of Catalyst
Metals Limited and the entities it controlled at the end of, or during the year. The financial
statements are presented in Australian dollars, which is Catalyst Metals Limited’s functional and presentation currency.
Catalyst Metals Limited is a listed public company limited by shares, incorporated and domiciled in Australia.
A description of the nature of the Consolidated Entity’s operations and its principal activities are included
in the Directors’ report, which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of Directors,
on 29 August 2024. The Directors have the power to amend and reissue the financial statements.
Corporate
Directory
CATALYST METALS LTD
2024 ANNUAL REPORT 3
Chairman's
Letter
Dear Shareholder,
On behalf of your Board, thank you very much for your
support of Catalyst Metals Limited during FY2024.
2024 has been a transformative year for your Company
following the successful consolidation of the Plutonic Gold
Belt at the end of June 2023. The acquisition brought
together the operating Plutonic gold mine, and highly
prospective and underexplored neighbouring tenements.
Significant operating improvement was made during the
year as we integrated the Plutonic Gold Belt. Importantly,
these operational improvements have been achieved
with an improving safety performance.
Catalyst achieved gold production for the 2024 financial
year of 109,785oz of gold. This comprised 84,823oz from
Plutonic – it’s highest production in several years, and
record production from Henty under Catalyst’s
ownership of 24,962oz.
This operational performance translated into a maiden
profit for Catalyst of $24m and operating cashflows of
$71m. This allowed Catalyst to repay debts and resolve
a number of legacy matters inherited through the
acquisitions of Vango Mining Limited and Superior Gold
Inc. during the prior year. Catalyst ended the 2024
financial year having resolved the majority of these
matters, providing the company with a strong balance
sheet, including cash and bullion of $38m.
The stable operating platform now established at Plutonic
and Henty has allowed Catalyst to progress its organic
growth plans. At the time of writing, Catalyst has provided
its three-year guidance and roadmap to increasing Group
production to 200,000oz of gold per annum. This growth is
through the near-term development of four mining areas
on the Plutonic Belt to supplement the existing remnant
Plutonic gold mine.
A 1Moz Reserve, robust balance sheet, strong operational
cashflows and a pipeline of development opportunities
place Catalyst in a terrific position to progress these
growth plans.
This could not be possible without an exceptional
management team. Managing Director and CEO,
James Champion de Crespigny, has recruited over
the last year an outstanding team of leaders.
The Board has been delighted with how the team
has progressed against our major priorities both
in operations and development.
Critical to building a successful business over the
medium term is the retention of key senior executives.
The Board through the newly established Nominations
and Remuneration Committee (NRC) hired external
consultants who helped the Company implement during
FY2024 a market-competitive Short Term Incentive
and Long Term Incentive Scheme to drive and reward
performance against our objectives. This is an important
building block in our group development.
Another important area of corporate development was
a structured investor relations program. During the year
the Company hosted a large number of site visits,
and we attended various mining investor conferences.
This is not an insignificant investment in management
time and has pleasingly resulted in an increase in analyst
coverage of Catalyst and improved share liquidity.
Finally I would like to thank my fellow Directors, and in
particular Steve Boston who was Chairman until 8 August
2023, and then current Director Robin Scrimgeour for his
Interim Chairman role until I joined on 2 October 2023.
We are excited for the coming years ahead and remain
committed to driving operational excellence, advancing
key projects and delivering value to our shareholders.
Thank you again for your ongoing support of Catalyst.
David Jones AM
Non-Executive Chairman
CATALYST METALS LTD
4 2024 ANNUAL REPORT
4 2024 ANNUAL REPORT
CATALYST METALS LTD
A year after consolidating
the Plutonic Gold Belt,
Catalyst has a strong
balance sheet, stable
operating cashflows
and a pipeline of
low-cost developments."
– Managing Director and CEO,
James Champion de Crespigny
2024 ANNUAL REPORT 5
Directors'
Report
CATALYST METALS LTD
The Directors present their report,
together with the financial statements,
on the consolidated entity (referred to
hereafter as the 'Consolidated Entity' or
'Catalyst' or 'Group') consisting of Catalyst
Metals Limited (referred to hereafter as
the 'Company' or 'Parent Entity') and the
entities it controlled at the end of, or
during, the year ended 30 June 2024.
DIRECTORS
The following persons were Directors of Catalyst Metals
Limited during the whole of the financial year and up
to the date of this report, unless otherwise stated:
David Jones AM
Non-Executive Chairman (Appointed 2 October 2023)
James Champion de Crespigny
Managing Director and Chief Executive Officer
Bruce Kay
Non-Executive Director
Robin Scrimgeour
Non-Executive Director
Stephen Boston
Non-Executive Chairman (Retired 8 August 2023)
CATALYST METALS LTD
6 2024 ANNUAL REPORT
COMPANY SECRETARY
Frank Campagna
PRINCIPAL ACTIVITIES
During the financial year the principal continuing
activities of the Consolidated Entity consisted of:
•
Mineral exploration and evaluation
•
Production of gold
DIVIDENDS
There were no dividends paid, recommended or
declared during the current or previous financial year.
CATALYST METALS LTD
CATALYST METALS LTD
2024 ANNUAL REPORT 7
Catalyst Metals has
matured from explorer
to substantial gold
producer with an
attractive organic
growth pipeline."
– Managing Director and CEO,
James Champion de Crespigny
8 2024 ANNUAL REPORT
CATALYST METALS LTD
2024 ANNUAL REPORT 9
REVIEW OF OPERATIONS
The profit for the Consolidated Entity after providing for income tax
amounted to $23,558,000 (30 June 2023: loss of $15,628,000).
Overview
The 2024 financial year has been one of substantial
change for Catalyst following the acquisition of ASX
listed Vango Mining Limited (Vango) and TSX listed
Superior Gold Inc. (Superior) at the end of June 2023.
The acquisitions allowed Catalyst to consolidate the
Plutonic Gold Belt, which comprises the operating
Plutonic gold mine and prospective neighbouring
tenements. This is the first time the belt has been
owned by a single company since Barrick in 2010.
FY2024 marked the first full year of operation at the
Plutonic gold mine under Catalyst’s ownership. A new
management team at Plutonic drove improvements in key
operating metrics, which led to an annual gold production
of 84,823oz, the highest production in several years.
Pleasingly, Plutonic’s turnaround has been achieved
against a backdrop of improving safety, with the mine
reducing its TRIFR from 24.7 in June 2023 to 10.8 by
30 June 2024.
At the Henty Gold Mine, performance improved throughout
the year driven by investments in equipment and learnings
from the Plutonic turnaround. Henty ended 2024 achieving
its highest quarterly production under Catalyst’s ownership
and the processing plant operating at its 300,000tpa
nameplate capacity for the first time since 2008.
The improved performance at Plutonic and Henty
ultimately translated into positive operating cashflows of
$71m. These cashflows allowed Catalyst to repay debts
and resolve a number of legacy matters inherited through
the acquisition of Vango and Superior. Throughout the year
Catalyst repaid $26m in debt including $12m in convertible
notes and $8m in gold loans.
In May 2024, Catalyst paid out the last of its inherited
call options which now provides increased exposure to
prevailing gold prices. Importantly, the repayment of these
debts and removal of legacy legal matters leaves Catalyst
with a simplified capital structure and well positioned to
develop the number of exciting opportunities across the
Plutonic Gold Belt.
The acquisitions allowed Catalyst to
consolidate the Plutonic Gold Belt, which
comprises the operating Plutonic gold mine
and prospective neighbouring tenements.
Stable operating performance at Plutonic, allowed Catalyst
to adopt a more measured approach to its development
pipeline. Throughout the year, Catalyst invested $13m
advancing these development opportunities which include
Trident, Plutonic East and K2. Shallow drilling at Trident
delineated a small Ore Reserve allowing Catalyst to
revisit its development approach with a view to lowering
capital costs and reducing operating risks. Dewatering
commenced at Plutonic East with plans to commence
rehabilitation of the existing decline in the new
financial year.
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Jun 24
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Reportable Injuries
TRIFR 12 Month Moving Average
CYL
OWNERSHIP
Reportable Injuries
TRIFR
CATALYST METALS LTD
2024 ANNUAL REPORT 9
Environment, Social and Safety (ESS)
Throughout the year, Catalyst demonstrated a strong
commitment to enhancing environmental, social, and
safety (ESS) standards across its operations. At Plutonic,
the Company made notable improvements to enhance
the safety culture. Since taking control of Plutonic on
1 July 2023, Catalyst oversaw a significant improvement
in safety with the 12-month moving average TRIFR
dropping froma peak of 24.7 in September to 10.8
at the end of June.
An increasing focus on safety at Henty also saw a
considerable improvement with TRIFR improving
from 12.4 to 9.5 by the end of the year.
Catalyst remains committed to delivering a robust
safety culture and ensuring our people go home safely.
CATALYST METALS LTD
10 2024 ANNUAL REPORT
Plutonic Gold Mine
During FY2024, Catalyst’s focus at the Plutonic gold
mine was to stabilise operations at an increased and
sustainable production rate. A transition team, led by
new management David Baumgartel and Mick Garbellini
was brought in to stabilise the mine and its workforce in
July 2024. The Company made significant progress and
finished the year with an increase of 40-50% across key
operating metrics and a 46% increase in gold produced
compared to the previous 12-month period.
During the December quarter, Catalyst released an
updated Mineral Resource for Plutonic of 17.9Mt at 2.9g/t
Au for 1,654,000oz and an Ore Reserve estimate of 5.2Mt
at 2.9g/t Au for 490,000oz. An updated Mineral Resource
Estimate for the Trident deposit of 4.2Mt at 3.7g/t Au for
508,000oz was also released.
As operations began to stabilise, Catalyst was able
to invest in new equipment in the December quarter,
including two loaders and three trucks, to replace ageing
equipment and hire units. This was the first step toward
standardising the Plutonic fleet towards an owner-
operated Sandvik fleet. The benefits of standardising
the fleet include lower maintenance costs and reduced
inventory costs, with fewer spares carried.
A tailings storage facility lift commenced in the December
quarter and was completed in the March quarter. This lift
will provide Plutonic with storage capacity until late 2024,
with a subsequent lift scheduled to begin in Q1 FY2025.
The Company made significant progress
and finished the year with an increase of
40-50% across key operating metrics and
a 46% increase in gold produced compared
to the previous 12-month period.
By the June quarter, Catalyst’s new operating model
was well entrenched with four quarters of improved
operating metrics relative to the previous 12 months.
Gold production for the quarter was 24,576 ounces,
representing the highest production under Catalyst’s
ownership with an improved all-in sustaining cost
(AISC) of $2,291 per ounce.
Plutonic Operations
Sep 2023
Quarter
Dec 2023
Quarter
Mar 2024
Quarter
June 2024
Quarter
12 month
to June 2024
Mining
Ore mined (t)
285,427
312,850
317,746
299,186
1,215,209
Mine grade (g/t)
2.25
2.48
2.10
2.61
2.36
Mill processed
Processed (t)
280,204
302,126
340,960
320,785
1,244,075
Gold produced (oz)
17,091
21,904
21,252
24,576
84,823
Gold sold (oz)
15,515
21,030
23,935
20,641
81,121
Gold price realised ($/oz)
2,875
2,929
3,017
3,120
2,993
AISC ($/oz)
2,526
2,713
2,346
2,291
2,461
CATALYST METALS LTD
2024 ANNUAL REPORT 11
“FY24 is behind us, we are
looking forward to FY25 which
is focussed on realising value
from the consolidation of the
belt – doubling production for
a low capital cost of $31m."
– Managing Director and CEO,
James Champion de Crespigny
CATALYST METALS LTD
12 2024 ANNUAL REPORT
Henty Gold Mine
The Henty Gold Mine in Tasmania was acquired by
Catalyst in January 2021. It is a high-grade, underground
gold-silver mine with established infrastructure and
significant exploration upside in the mineral rich
Mt Read Volcanic Belt in West Coast Tasmania.
Throughout the year, Henty demonstrated significant
improvement in its operations. Learnings from the Plutonic
turnaround were applied at Henty and the improvement
across key operating metrics became evident from the
second quarter of FY2024. The operational improvements
resulted in increased gold production, and with Henty’s
predominantly fixed cost base, this led to reductions
in unit costs.
Henty sold 24,177 ounces of gold compared with 23,279
ounces in the previous year. All-in sustaining cost (AISC)
for the year was $2,876 per ounce and included a number
of one-off sustaining capital projects including mobile
equipment replacement and a tailings storage facility lift.
With these initiatives completed, Henty’s AISC is expected
to reduce, as was reflected in the June quarter, with an
AISC of $2,469 per ounce.
This compared favourably with an AISC of $2,576 per
ounce in the previous year. The average realised gold price
was $3,086 per ounce (2023: $2,710). Total ore mined
was 277,274 tonnes during the year at a grade of 3.2g/t.
The mill processed 263,571 tonnes with a feed grade of
2.95g/t. Recovery for the year averaged 90.9%. Gold
produced for the year was 24,962 ounces.
Henty sold 24,177 ounces of gold compared
with 23,279 ounces in the previous year.
Overall, Henty’s year was marked by significant
advancements in operational efficiency, production
capabilities, and cost management. Pleasingly the level of
operational improvements in the mining operations saw
Henty operating at its nameplate 300ktpa processing
capacity for the first time since 2008. This has positioned
Henty mine for continued success in the coming years.
Henty Operations
Sep 2023
Quarter
Dec 2023
Quarter
Mar 2024
Quarter
June 2024
Quarter
12 month
to June 2024
Mining
Ore mined (t)
57,680
61,137
80,183
78,274
277,274
Mine grade (g/t)
2.90
3.59
3.26
3.04
3.20
Mill processed
Processed (t)
53,456
63,848
71,267
75,000
263,571
Gold produced (oz)
4,563
6,640
6,833
6,926
24,962
Gold sold (oz)
3,766
5,306
7,767
7,338
24,177
Gold price realised ($/oz)
2,963
3,043
3,077
3,190
3,086
AISC ($/oz)
3,205
3,447
2,712
2,469
2,876
CATALYST METALS LTD
2024 ANNUAL REPORT 13
CATALYST METALS LTD
14 2024 ANNUAL REPORT
Exploration & Development
Plutonic Gold Belt: Developing the opportunities across
the belt is a priority for Catalyst. The opportunity to utilise
latent capacity within the existing infrastructure provides
the Company with a low-cost path to increasing production
at the Plutonic Gold Belt.
The Plutonic Gold Belt’s historical fragmented ownership
was, in part, one of the opportunities presented by the
consolidation. With nearly 40 years of geological data
from various owners, Catalyst began the laborious task
of collating, cleaning and standardising this data. This
has formed the basis of the re-estimated resources
and reserves and has allowed Catalyst to prioritise the
opportunities across its resource development pipeline.
During the September quarter, Catalyst released a
scoping study for Trident which proposed developing an
underground mine, with ore processed at the Plutonic
processing facility. As operations stabilised at Plutonic, the
urgency for Catalyst to progress Trident was reduced and
allowed the Company to take a more measured approach
to its development plans.
In the March quarter, Catalyst initiated drilling to support
the Trident studies. The drilling campaign consisted of
40 holes totalling 7,154 meters, confirming high-grade
intercepts and grade continuity. The drilling results formed
the basis of a maiden Ore Reserve Estimate for Trident
and allowed Catalyst to consider a new development plan
involving a small open pit followed by a portal and decline
above the underground orebody. The new approach to
Trident’s development results in the portal being within
30m of the orebody, making for a more manageable
project, reducing upfront capital expenditure and lowering
funding requirements. The revised portal location also
reduces operational risk and better positions the mine for
future grade control drilling, ventilation, haulage and in-
mine resource development and exploration.
In addition to Trident, Catalyst identified three high priority
near term development options. These include in-mine
opportunities at Plutonic and brownfield developments at
Plutonic East and K2. In April, dewatering of the Plutonic
East underground mine commenced in anticipation of
rehabilitation and restoration of mine services. Catalyst
targets first ore from Plutonic East in Q3 FY2025.
In the June quarter, Catalyst began drilling at the Western
Front, one of the nine high-priority exploration zones in
the Plutonic mine. These zones represent attractive areas
in close proximity to existing workings which could be
brought into production quickly and at relatively low cost.
These areas have the potential to provide clean, virgin ore
sources and progressively de-risk the Plutonic mine plan
by moving away from remnant mining.
More broadly across the belt, the exploration team has
been prioritising exploration targets. These range from
advanced exploration targets to grassroots opportunities.
A soil sampling program was commissioned in the first
quarter to refine priority exploration targets.
Victorian Gold Exploration: The Four Eagles Gold
Project is a joint venture between Catalyst’s 100%-owned
subsidiary, Kite Gold Pty Ltd and Gold Exploration Victoria
Pty Ltd (GEV). The project is managed by Catalyst and is
jointly funded (50:50) by Catalyst and GEV within the Four
Eagles Joint Venture.
Catalyst's main objective remains gaining approval for
constructing an access tunnel to enable underground
exploration. Catalyst continued collaboration with the
Victorian Government’s Earth Resources Regulation
(ERR) during the year to address requirements for an
Environmental Impact Statement (EIS). A number of
productive discussions with the government were held
during the year and Catalyst remains committed to
working with the government to progress the approvals.
Local support for the potential project remains strong.
The Tandarra Gold Project is a joint venture managed
by Catalyst and is jointly funded (51:49) with Navarre
Minerals Limited. The Tandarra Joint Venture lies within
Retention Licence RL006660 and covers an envelope
of gold mineralisation and exploration prospects
approximately 12 km long and up to 4 km wide. Within
this, Catalyst is focused on the continued evaluation of
three gold bearing structural zones trending roughly
north to south: Tomorrow; Macnaughtan; and Lawry.
Exploration at Tandarra in FY2024 included soil
sampling, and limited air core and diamond drilling.
CATALYST METALS LTD
2024 ANNUAL REPORT 15
JORC 2012 MINERAL
RESOURCES AND RESERVES
Catalyst confirms that it is not aware of any new
information or data that materially affects the information
included in the original market announcements and
that all material assumptions and technical parameters
underpinning the estimates in the relevant market
announcements continue to apply and have not materially
changed. The Company confirms that the form and context
in which the Competent Persons findings are presented
have not been materially modified from the original
market announcements.
SIGNIFICANT CHANGES
IN THE STATE OF AFFAIRS
There were no significant changes in the state of affairs
of the Consolidated Entity during the financial year.
MATTERS SUBSEQUENT TO THE
END OF THE FINANCIAL YEAR
No matter or circumstance has arisen since 30 June 2024
that has significantly affected, or may significantly affect
the Consolidated Entity's operations, the results of those
operations, or the Consolidated Entity's state of affairs in
future financial years.
LIKELY DEVELOPMENTS AND
EXPECTED RESULTS OF OPERATIONS
Information on likely developments in the operations of the
Consolidated Entity and the expected results of operations
have not been included in this report because the Directors
believe it would be likely to result in unreasonable
prejudice to the Consolidated Entity.
MATERIAL BUSINESS RISKS
Catalyst operates in an uncertain economic environment, which can impact its ability to deliver results in accordance with
its strategic plan and objectives. Its financial results are subject to various risks and uncertainties, which may not be within
the reasonable control of the Consolidated Entity. The material business risks, which may have a material adverse impact
on the Consolidated Entity’s business, results and prospects for future financial years include:
Gold prices
The Consolidated Entity generates revenues and cashflows
primarily from the sale of gold and is therefore exposed
to fluctuations in the Australian dollar gold price. Volatility
in the gold price creates revenue uncertainty and requires
careful management of business performance to ensure
that operating cash margins are maintained. Declining
gold price can also impact operations by requiring a
reassessment of the feasibility of a particular exploration
or development project which would cause delays and
potentially have a material adverse effect on results of
operations and financial conditions forward contracts.
Ore Reserve
Mineral Resource and Ore Reserve are expressions of
judgement based on knowledge, experience, and industry
practice, and no assurance can be given that the Mineral
Resource and Ore Reserve estimates and the underlying
assumptions will be realised. Estimates, which were
valid when originally calculated, may alter when new
information or techniques become available.
In addition, by their very nature, Mineral Resource and
Ore Reserve estimates are imprecise and depend to
some extent on interpretations, which may prove to be
inaccurate. As further information becomes available
through additional fieldwork and analysis, the Mineral
Resource and Ore Reserve estimates may change.
Actual mineralisation of ore bodies may differ from those
predicted, and any material variation in the estimated
Ore Reserves may have a material adverse impact on the
group’s results of operations, financial condition,
and prospects.
Production, operating
and capital cost estimates
The group prepares estimates of future production,
operating costs and capital expenditure relating to
production at its operations. No assurance can be given
that such estimates will be achieved. Failure to achieve
production or cost estimates or material increases in
costs could have an adverse impact on the group’s
future cash flows, profitability, results of operations
and financial condition.
The Consolidated Entity’s actual production and costs
may vary from the estimates due to a variety of reasons
including variances in actual ore mined due to varying
estimates of grade, tonnage, dilution, metallurgical and
other characteristics; revision of mine plans; changing
ground conditions; labour availability and costs; energy
costs; and general inflationary pressures being felt
across the industry.
The development of estimates is managed by
Catalyst using a rigorous planning, budgeting
and forecasting process.
16 2024 ANNUAL REPORT
CATALYST METALS LTD
Operating risks
The Group’s mining operations are subject to all the
hazards and risks normally encountered in the exploration,
development, and production of gold that could result
in decreased production, increased costs and reduced
revenues. The operation may be affected by equipment
failure, toxic chemical leakage, labour disruptions and
availability, residue and tailings dam failures, rain and
seismic events which may result in environmental pollution
and consequent liability. The impact of these events could
lead to disruptions in production and scheduling, increased
costs and loss of facilities, which may have a material
adverse impact on the Consolidated Entity's results.
To manage this risk Catalyst seeks to attract and retain
high calibre employees and implement suitable systems
and processes to ensure production targets are achieved.
Employee workforce
Competition for human resources continues to be very
high in Australia (and in particular in Western Australia).
Retention strategies and incentive schemes, and a focus
on organisational culture, employee health and wellbeing
continue to be a focus to address human resource risk.
Exploration and development risks
An ability to sustain or increase the current level of
production in the longer term is in part dependent on the
success of Catalyst's exploration activities. Exploration
is a high-risk activity that requires large amounts of
expenditure over extended periods of time. Few properties
that are explored subsequently have economic deposits of
gold identified, and even fewer are ultimately developed
into producing mines.
Conclusions drawn during exploration and development
are subject to the uncertainties associated with all
sampling techniques and to the risk of incorrect
interpretation of geological, geochemical, geophysical,
drilling and other data.
In addition, development of properties that are explored
into producing mines requires to source appropriate
level of funding. The Company has been successful in
the past in securing funding through equity or debt to
fund exploration and development programs but there is
no assurance that funding will be secured for all future
expansion projects.
Climate change
Catalyst recognises that climate change poses a key
environmental and social risk to our business, and the
markets in which the group operates in. The highest
priority climate related risks include reduced water
availability, extreme weather events, changes in legislation
and regulation, reputational risk, and technological and
market changes. While Catalyst proposes to comply with
applicable laws and regulations and conduct its programs
in a responsible manner regarding the environment, there
is the risk that Catalyst may incur liability for any breaches
of these laws and regulations.
Licenses, permits and approvals
To operate its mines and undertake its exploration
program, Catalyst needs to comply with applicable
environment and planning laws, regulations and permitting
requirements. The Consolidated Entity has in place the
necessary approvals and licences to operate its mine
sites and to undertake its exploration activities.
In the ordinary course of business, mining companies
are required to seek government permits for exploration,
expansion of existing operations or for the commencement
of new operations. The duration and success of permitting
efforts are contingent upon many variables not within the
controls of the Group. There can be no assurance that all
necessary permits will be obtained, and, if obtained, that
the costs involved will not exceed those estimated by
the Group.
Information technology
and cyber security risk
Catalyst’s operations are supported by information
technology systems that are subject to interference or
disruptions resulting in production downtime, operational
delays, destruction or corruption of data, disclosure of
sensitive information and data breaches. The Company
has established disaster recovery plans and cyber
security monitoring systems to manage this risk.
CATALYST METALS LTD
2024 ANNUAL REPORT 17
Community relations
Community relations is about people connecting with
people. Maintaining trusted relationships with our local
community stakeholders throughout the entire mining
cycle is an essential part of securing and maintaining our
social licences to operate.
Catalyst recognises that a failure to appropriately
manage local community stakeholder expectations may
lead to dissatisfaction which has the potential to disrupt
production and exploration activities.
Government regulation and taxation
The Consolidated Entity’s mining, processing, development
and exploration activities are subject to various laws and
statutory regulations governing prospecting, development,
production, taxes, royalty payments, labour standards
and occupational health, mine safety, toxic substances,
land use, water use, communications, land claims of local
people and other matters.
No assurance can be given that new laws, rules and
regulations will not be enacted or that existing laws, rules
and regulations will not be applied in a manner which
could have an adverse effect on the group’s financial
position and results of operations. Any such amendments
to current laws, regulations and permits governing
operations and activities of mining and exploration, or
more stringent implementation thereof, could have a
material adverse impact on the Consolidated Entity.
The gold mining industry is subject to several Government
taxes, royalties and charges. Changes to the rates of
taxes, royalties and charges can impact the profitability
of the Consolidated Entity.
Funding and debt covenants
The Consolidated Entity has entered into agreements
with financiers and customers that contain various
undertakings and financial covenants. Non-compliance
with the undertakings and covenants contained in these
agreements could lead to a default event resulting in the
debt becoming due and payable with potentially adverse
effects on the financial position of the group. Management
continually monitors for compliance with the required
undertakings and covenants.
18 2024 ANNUAL REPORT
CATALYST METALS LTD
ENVIRONMENTAL REGULATION
The Consolidated Entity is subject to and is compliant with all aspects of environmental regulation
of its exploration and mining activities. Throughout the year there were no material environmental impacts.
Through ongoing planning and review of management practices Catalyst continues to assess any potential
impacts and ensure these risks are managed. Annually a simulation exercise is undertaken in consultation
and involvement with regulatory and other constituency interests to ensure the Consolidated Entity and
supporting services are appropriately trained and equipped to manage any event. This is part of
Catalyst's continuous improvement programme.
CATALYST METALS LTD
2024 ANNUAL REPORT 19
Catalyst Metals Limited
Directors' report
30 June 2024
1
INFORMATION ON DIRECTORS
Name:
David Jones AM (Appointed 2 October 2023)
Title:
Non-Executive Chairman
Experience and expertise:
David has more than 30 years' experience in investment markets, the majority as a
general partner in private equity firms, and prior to that in general management and
management consulting. David has been a board member of numerous private and
public businesses, and has been a member of the Investment Committee of EMR
Capital, a resources private equity firm, since 2012.
David was a Managing Director at CHAMP Private Equity, Executive Director and
Country Head of UBS Capital and a Division Director at Macquarie Direct Investment.
He holds a Mechanical Engineering degree from the University of Melbourne (First
Class Honours) and a Master of Business Administration from Harvard Business
School.
In 2021, David was made a Member of the Order of Australia for significant service
to the museums and galleries sector, and to the community.
Other current directorships:
Chair of VGI Partners Global Investments Limited (ASX: VG1), and a director of Regal
Asian Investments Limited (ASX: RG8).
Former directorships (last 3 years): None
Special responsibilities:
Chairman
Interests in shares:
66,666
Interests in options:
2,000,000
Name:
Robin Scrimgeour
Title:
Non-Executive Director (and interim Chair following the retirement of Mr Boston)
Experience and expertise:
Mr Scrimgeour spent 17 years working for Credit Suisse in London, Tokyo, Hong
Kong and Singapore. His most recent experience has been providing structured
hybrid financing for corporates in Asia for project and acquisitions concentrated in the
primary resources sector. Mr Scrimgeour’s previous experience was as a senior
equity derivatives trader involved in the pricing of complex structured equity derivative
instruments for both private and corporate clients focused in Asia. Mr Scrimgeour
holds a Bachelor of Economics with Honours from the University of Western Australia.
Other current directorships:
None
Former directorships (last 3 years): None
Special responsibilities:
None
Interests in shares:
5,559,499
Name:
Bruce Kay
Title:
Non-Executive Director
Experience and expertise:
Mr Kay is a qualified geologist and former head of worldwide exploration for Newmont
Mining Corporation. He is a highly experienced geologist with a resource industry
career spanning more than 30 years in international exploration, mine, geological,
project evaluation and corporate operations. Mr Kay retired from Newmont in 2003.
Based in Denver, Colorado, USA, he managed worldwide exploration for that Group.
Prior to this appointment Mr Kay was group Executive and Managing Director of
exploration at Normandy Mining Limited where he was responsible for managing its
global exploration program from 1989 until 2002.
Other current directorships:
None
Former directorships (last 3 years): None
Special responsibilities:
Technical Director
Interests in shares:
2,472,169
Interests in performance rights
800,000
20 2024 ANNUAL REPORT
CATALYST METALS LTD
Directors' Report (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Directors' report
30 June 2024
2
Name:
James Champion de Crespigny
Title:
Managing Director and Chief Executive Officer
Experience and expertise:
Mr Champion de Crespigny is a qualified chartered accountant with extensive
experience in capital markets, financing and mergers and acquisitions, primarily in
the mining sector. His most recent experience was a Director of Cutfield Freeman &
Co., a global boutique financial advisor specialising in the mining industry. Prior to
this, he was an Associate Director at Mining Private Equity firm, EMR Capital.
Other current directorships:
None
Former directorships (last 3 years): None
Interests in shares:
3,700,612
Interests in Performance Rights:
1,000,000
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of
all other types of entities, unless otherwise stated.
'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and
excludes directorships of all other types of entities, unless otherwise stated.
COMPANY SECRETARY
Frank Campagna B.Bus (Acc), CPA
Company Secretary of Catalyst Metals Limited since November 2009. Mr Campagna is a Certified Practising Accountant
with over 25 years’ experience as Company Secretary, Chief Financial Officer and Commercial Manager for listed
resources and industrial companies. He currently operates a corporate consultancy practice which provides corporate
secretarial services to both listed and unlisted companies.
CATALYST METALS LTD
2024 ANNUAL REPORT 21
Directors' Report (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Directors' report
30 June 2024
3
MEETINGS OF DIRECTORS
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2024, and
the number of meetings attended by each Director were:
Board Meetings
Audit Committee Meetings
Attended
Held
Attended
Held
David Jones
8
8
1
1
James Champion de Crespigny
12
12
-
-
Bruce Kay
11
12
-
-
Robin Scrimgeour
12
12
1
1
Stephen Boston
1
1
-
-
Held: represents the number of meetings held during the time the Director held office.
REMUNERATION REPORT (audited)
The remuneration report details the remuneration arrangements for the Directors and Key Management Personnel
(KMP). It also outlines the overall remuneration strategy, framework and practices adopted by the Company in accordance
with the requirements of the Corporations Act 2001 and its Regulations.
For the purposes of this report, KMP are defined as those persons having authority and responsibility for planning, directing
and controlling the activities of the Company and the Group, directly or indirectly, including any Director of the Company
(whether Executive or otherwise).
The remuneration report is set out under the following main headings:
(1) Key Management Personnel
(2) Remuneration governance
(3) Remuneration overview
(4) Managing Director and CEO and other KMP remuneration
(5) Service agreements
(6) Short-Term Incentive Plan
(7) Long-Term Incentive Plan
(8) Non-Executive Director remuneration
(9) Details of remuneration
(10) Other additional information
(11) Additional disclosures relating to key management personnel
1. Key Management Personnel
The KMP of the Company and the positions held are summarized below:
Non-Executive Director
Position
Term
David Jones
Non-Executive Chairman
Appointed 2 October 2023
Bruce Kay
Non-Executive Director
Full Year
Robin Scrimgeour
Non-Executive Director
Full Year
Interim Chair
8 August 2023 - 2 October 2023
Stephen Boston
Non-Executive Chairman
Retired 8 August 2023
Executive Directors
James Champion de Crespigny
Managing Director and Chief Executive
Officer
Full Year
Other KMP
Donna Thornton
Chief Financial Officer
Full Year
2. Remuneration governance
As part of its Corporate Governance framework, following the increase in the size of the Company’s operations and
workforce, a Nomination and Remuneration Committee (NRC) was established in March 2024. Membership of the NRC
currently comprises two Non-Executive Directors, Mr David Jones and Mr Robin Scrimgeour. The composition of the NRC
will continue to be reviewed as the size and structure of the Board evolves with the growth of the Company. No meetings
of the NRC were held until after the end of the financial year.
22 2024 ANNUAL REPORT
CATALYST METALS LTD
Directors' Report (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Directors' report
30 June 2024
4
The NRC operates in accordance with a formal written charter. The NRC advises the Board on remuneration and incentive
policies and practices generally and makes specific recommendations in relation to compensation arrangements for
executive and Non-Executive Directors and in respect of all equity-based remuneration plans. The NRC also sets the
budget for any annual salary increases for the Group.
Remuneration consultants
The NRC considers whether to appoint an independent remuneration consultant and, if so, their scope of work. Such
engagements are completed in accordance with:
●
the requirements of the Corporations Act 2001 for remuneration consultants and recommendations, and
●
established governance procedures including direct reporting to the Board to ensure that any remuneration
recommendations are free from undue influence.
During the financial year ended 30 June 2024, the Group engaged Ernst & Young, remuneration consultants, to review its
existing remuneration policies and provide recommendations on how to improve both the STI and LTI programs. This has
resulted in share-based payments remuneration in the form of new programmes being implemented which apply to KMP’s
during FY2024.
As this review was undertaken prior to the establishment of the NRC, the full Board considered and approved the
appointment and scope of the remuneration consultants. The recommendations were provided by Ernst & Young to the
Non-Executive Directors. Ernst & Young were paid $105,788 for these services.
3. Remuneration overview
During the year the Company implemented a new remuneration scheme recognising that the Company has grown
considerably through acquisitions over the past two years. Employees have increased from approximately 150 employees
in 2022 to nearly 500 in 2024. Catalyst now operates across three states and has an expanding production profile and
increasing market presence, with two operating assets and an exciting exploration footprint.
This growth has been achieved with minimal issuances of new capital, either debt or equity, considerably changing the
prospects of Catalyst for its shareholders. Management have demonstrated to the Board that it is capable of acquiring,
operating and exploring – three core competencies of any well-respected mining company of its size.
The objective of Catalyst's remuneration framework is to ensure remuneration for performance is competitive and
appropriate for the results delivered. The framework aligns remuneration with the achievement of strategic objectives and
the creation of value for Shareholders, and it is considered to conform to best market practice. The Board of Directors
('the Board') ensures that reward satisfies the following key criteria for good remuneration governance practices:
●
competitiveness and reasonableness
●
acceptability to Shareholders
●
performance linkage / alignment of compensation
●
transparency
The reward framework is designed to align each individual’s remuneration outcomes with the Company’s strategic
business objectives and thus Shareholders' interests. The Board have considered that it should seek to enhance
Shareholders' interests by:
●
having economic profit as a core component of plan design
●
focusing on sustained growth in Shareholder wealth, consisting of dividends and growth in share price, and delivering
constant or increasing return on assets as well as focusing the executive on key non-financial drivers of value
●
attracting, motivating and retaining high calibre executives
●
incorporating service period vesting conditions to encourage retention of executives
Additionally, the reward framework should seek to enhance employees' interests by:
●
rewarding capability and experience
●
reflecting competitive reward for contribution to growth in Shareholder wealth
●
providing a clear structure for earning rewards
CATALYST METALS LTD
2024 ANNUAL REPORT 23
Directors' Report (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Directors' report
30 June 2024
5
4. Managing Director and CEO and other KMP remuneration
The Company aims to reward executives based on their position and responsibility, with a level and mix of remuneration
which has both fixed and variable components. Total Remuneration (TR) for all executive KMP consists of the following
key elements.
Element
Objective
Description
Total Fixed
Remuneration
(TFR)
The remuneration objective is to attract, engage and retain high
calibre executives.
Benchmarking data, internal relativities and executive
performance are taken into consideration when setting TFR.
The purpose of the TFR is to provide a base level of
remuneration which is market competitive and appropriate.
TFR includes a base pay component and
superannuation. Executives may receive their TFR in the
form of cash or other fringe benefits where it does not create
any additional costs to the Group and provides additional
value to the executive.
Short-Term
Incentive (STI)
The STI is an ‘at-risk’ component of TR. The performance
measures set have a one-year horizon.
The objective of Short-Term Incentives is to link achievement of
the Group’s operational targets with the remuneration received
by executives charged with meeting those targets.
The STI program is designed to retain and reward exceptional
performance, dedication and contributions to the Group.
The key focus of the performance measures set is to build and
deliver superior shareholder returns.
The key performance indicators (KPI’s) are set at the start of
each year with a one-year performance period.
KPI's are set for the performance of Company, business
units/team and at an individual level. The KPI’s will typically
include targets for safety, production, underground
development, operating costs and leadership
contribution. Company performance is measured by the
ability, in the short term, to grow reserves, deliver relative
shareholder returns and build gold production.
The three components are equally weighted and are applied
as a percentage of the employees TFR, based on the role
and level of the employee. NRC has discretion to adjust these
weightings. No adjustments have been done for FY2024.
75% of the achieved STI is paid in cash, with the remaining
25% paid in shares, granted as performance rights with a
vesting condition of two years’ service from the end of the
performance period (i.e. FY2024 will be through to 30 June
2026).
The Board has discretion to approve ad-hoc incentives to
certain employees. Examples may include where the
intellectual property they hold is both important and
unquantifiable to their value to the business or execution of
transformative business transactions.
Long-Term
Incentive (LTI)
The LTI is an ‘at-risk’ component of TR. The performance
measures set have a three year horizon.
The objective of Long-Term Incentives is to motivate, reward and
retain executives in a manner which aligns this element of their
remuneration with the creation of shareholder wealth through
long-term performance and growth of the Company.
The LTI program is designed to motivate key talent by
emphasising the connection between individual performance,
organisational success, and long-term shareholder value.
It enables executives to participate in the growth and
development of the Company.
The LTI is granted annually in the form of Performance
Rights. The key performance indicators (KPI’s) conditions are
set at the start of each year with a three-year performance
period.
KPI’s are set based on the key measures for driving long-
term shareholder wealth. These include:
•
Reserve Growth,
•
Relative Total Shareholder Returns to a
comparator peer group1 and
•
Gold Production Growth.
The three components are equally weighted and are applied
as a percentage of the employees TFR, based on the role
and level of the employee.
(1) Comparator peer group includes: Bellevue Gold Ltd, Black Cat Syndicate Ltd, Calidus Resources Limited, AIC Mines Limited, St Barbara Limited,
Pantoro Limited, Ora Banda Limited, Spartan Resources Limited, Alkane Resources Limited, Westgold Resources Limited, Red 5 Limited, Regis
Resources Limited, Genesis Minerals Limited, Capricorn Metals Limited, Ramelius Resources Ltd, Gold Road Resources Ltd. Where a peer is no
longer publicly trading, that entity is removed from the group.
In addition to Executive TR, the Company introduced an executive loan scheme in FY2024 whereby selected KMP and
senior employees are offered an opportunity to purchase shares in the Company. No loans were issued in FY2024.
24 2024 ANNUAL REPORT
CATALYST METALS LTD
Directors' Report (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Directors' report
30 June 2024
6
Remuneration for certain individuals is directly linked to the performance of the Group. A portion of cash bonus and
incentive payments are dependent on defined earnings per share targets being met. The remaining portion of the cash
bonus and incentive payments are at the discretion of the Nomination and Remuneration Committee. Refer to the section
'Additional information' below for details of the earnings and total shareholders return for the last five years.
Fixed remuneration
At risk - STI
At risk - LTI
2024
2023
2024
2023
2024
2023
%
%
%
%
%
%
Executive Directors:
J Champion de Crespigny
34%
14%
33%
-
33%
86%
Other Key Management
Personnel:
D Thornton
34%
100%
33%
-
33%
-
5. Service agreements
Remuneration and other terms of employment for key management personnel are formalised in service agreements.
Details of these agreements are as follows:
Name:
James Champion de Crespigny
Title:
Managing Director & Chief Executive Officer
Agreement commenced:
12 October 2022
Term of agreement:
Ongoing contract
Total Fixed Remuneration:
$400,000 inclusive of superannuation
Notice period by Executive:
6 months
Notice period by Company:
6 months
Termination:
If terminated during measurement period for any other reason other than cause or
due to resignation, all unvested performance rights will vest and become
exercisable
Name:
Donna Thornton
Title:
Chief Financial Officer
Agreement commenced:
27 February 2023
Term of agreement:
Ongoing contract
Total Fixed Remuneration:
$300,000 inclusive of superannuation
Notice period by Executive:
4 months
Notice period by Company:
3 months
Key management personnel have no entitlement to termination payments in the event of removal for misconduct.
Shareholder approved the issue of securities pursuant to the Employee Incentive Plan, at the Annual General Meeting
on 17 November 2023. Details of the performance rights and milestones are below.
CATALYST METALS LTD
2024 ANNUAL REPORT 25
Directors' Report (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Directors' report
30 June 2024
7
6. Short-Term Incentive Plan
The award of the STI payment is assessed at the end of the financial year and, if applicable, is only paid after the NRC
has reviewed and made recommendations to the Board for approval. This includes assessment of achievement against
applicable KPI’s and individual performance.
The Board has determined and approved the award for the FY2024 STI for both the Managing Director & Chief Executive
Officer and the Chief Financial Officer as 100% achievement of the company, team, and individual objectives (which are
equally weighted per section 4).
Total STI
awarded
Cash
Number of
Performance
Fair Value
Performance
% of
Name
$
$
Rights
Rights
$
STI awarded
J Champion de Crespigny
400,000
300,000
*106,838
100,000
100%
D Thornton
300,000
225,000
80,128
75,000
100%
*Subject to shareholder approval at FY2024 Annual General Meeting.
The above FY2024 STI awards have been accrued (other than amounts requiring shareholder approval) in FY2024 and
the cash component will be payable in FY2025. The STI Performance Rights were granted under the Catalyst Metals
Employee Incentive Plan. Each Performance Right will entitle the holder to one share upon satisfaction of certain vesting
conditions. The STI performance rights will vest on 30 June 2026 provided continuous employment is maintained
throughout.
7. Long-Term Incentive Plan
The award of the LTI payment is assessed at the end of the performance period and, if applicable, is only awarded after
the NRC has reviewed and made recommendations to the Board for approval. This includes assessment of achievement
against the applicable performance measure (measures described in section 4).
The table below sets out the Performance Rights (Class FY24) that were granted to the Managing Director & Chief
Executive Officer and the Chief Financial Officer under the Catalyst Metals Employee Incentive Plan during FY2024. The
performance rights are yet to vest and will be tested at the end of the three-year measurement period which ends on 30
June 2026.
Name
FY2024
LTI Performance
Rights granted
FY2024
LTI Performance
Rights lapsed
Unvested FY2024
LTI Performance
Rights
J Champion de Crespigny
D Thornton
*427,350
320,513
-
-
427,350
320,513
*Subject to shareholder approval at FY2024 Annual General Meeting.
8. Non-Executive Director remuneration
Fees and payments to Non-Executive Directors reflect the demands and responsibilities of their role. Non-Executive
Directors' fees and payments are reviewed by the Nomination and Remuneration Committee (NRC) annually. As the NRC
was not established for the full year, the Board was responsible for making these assessments for FY2024. The
Chairman's fees are determined independently to the fees of other Non-Executive Directors based on comparative roles
in the external market. The Chairman is not present at any discussions relating to the determination of his own
remuneration.
Non-Executive Directors may be entitled to participate in equity-based remuneration schemes. Shareholders must
approve the framework for any equity-based compensation schemes and if a recommendation is made for a Director to
participate in an equity scheme, that participation must be specifically approved by the shareholders.
ASX listing rules require the aggregate Non-Executive Directors' remuneration be determined periodically by a general
meeting. The most recent determination was at the Annual General Meeting held on 13 November 2019, where the
Shareholders approved a maximum annual aggregate remuneration of $550,000.
26 2024 ANNUAL REPORT
CATALYST METALS LTD
Directors' Report (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Directors' report
30 June 2024
8
The Board approves any consultancy arrangements for Non-Executive Directors who provide services outside of and in
addition to their duties as Non-Executive Directors.
In accordance with best practice corporate governance, the structure of Non-Executive Director and Executive Director
remuneration is separate.
9. Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the Consolidated Entity are set out in the following tables.
The key management personnel of the Consolidated Entity consisted of the following Directors of Catalyst Metals Limited:
●
D Jones (Appointed 2 October 2023)
●
J Champion de Crespigny
●
B Kay
●
R Scrimgeour
●
S Boston (retired 8 August 2023)
And the following person:
●
D Thornton (Chief Financial Officer)
Statutory (IFRS)
Realised4
(Non-IFRS)
Short-term
benefits
FY2023
Cash bonus
FY2024
Cash STI
Post -
employment
Statutory
share-based
Total
Realised
share-based
Total
paid
accrued
benefits
payments
Statutory
vesting
Realised
Cash salary
and fees
Super-
annuation
Equity-
settled
Re-
muneration
Equity-
settled
Re-
muneration
2024
$
$
$
$
$
$
$
$
Non-Executive Directors:
D Jones2
65,065
-
-
7,157
780,000
852,222
-
72,222
B Kay3
334,405
-
-
24,540
384,303
743,248
369,780
728,725
R Scrimgeour
81,400
-
-
-
-
81,400
-
81,400
S Boston
14,868
-
-
1,635
-
16,503
-
16,503
Executive Director:
J Champion de Crespigny
(MD & CEO)1
370,477
200,0001
300,000
29,523
1,504,873
2,404,873
1,698,100
2,598,100
Other Key Management
Personnel:
D Thornton (CFO)
272,500
-
225,000
27,500
33,504
558,504
-
525,000
1,138,715
200,000
525,000
90,355
2,702,680
4,656,750
2,067,880
4,021,950
(1)
(2) Mr Champion de Crespigny was awarded and paid a $200,000 bonus in the current year in relation to 30 June 2023.
Mr Jones was appointed on 2 October 2023 with a TFR of $100,000 annual fees inclusive of superannuation.
Mr Jones was granted 2,000,000 options over ordinary shares by shareholder approval on 17 November 2023 at the FY2023 AGM. Mr Jones will
have to pay Catalyst $1,700,000 in cash to exercise all options over ordinary shares. There are no vesting conditions on the options and hence
the share-based payment expense has been fully expensed in FY2024.
See ‘Issue of Options’ section further below for disclosure on the valuation inputs.
(3) In the year ended 30 June 2024, Mr Kay received $74,000 (2023: $74,000) in Directors' fees and was paid $260,405 (2023: $179,286) extra fees
for managing the Company's exploration programmes. Of the $260,405, $98,800 was paid in relation to an increase in the consultancy fee rate
that was agreed in FY2024 for the period January - June 2023.
(4) Realised share-based vesting reflects the value of the equity at vesting date and total realised remuneration removes the statutory share-based
payments expense and replaces with this. It is a non-IFRS measure and reflects the value of the equity received at the time of vesting.
CATALYST METALS LTD
2024 ANNUAL REPORT 27
Directors' Report (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Directors' report
30 June 2024
9
Statutory (IFRS)
Realised4
(Non-IFRS)
Short-term
Post-
Share-based
Total
Realised
share-based
Total
benefits
employment
payments
Statutory
vesting
Realised
Cash salary
and fees
benefits
Superannuation
Equity-settled
Re-numeration Equity-settled
Remuneration
2023
$
$
$
$
$
$
Non-Executive Directors:
S Boston
106,400
11,172
-
117,572
-
117,572
B Kay
253,286
26,595
-
279,881
-
279,881
R Scrimgeour
81,400
-
-
81,400
-
81,400
Executive Director:
J Champion de Crespigny
(MD & CEO)1
265,994
27,929
1,870,1271
2,164,050
692,7001
986,623
J McKinstry (CEO)2
128,898
10,128
-
139,026
-
139,026
Other Key Management Personnel:
D Thornton (CFO)3
73,986
7,047
-
81,033
-
81,033
909,964
82,871
1,870,127
2,862,962
692,700
1,685,535
(1)
Mr Champion de Crespigny was appointed as Managing Director and Chief Executive Officer on 12 October 2022. The remuneration includes the
entire year of remuneration including remuneration received as a Non-Executive Director.
The realised expense ($692,700) is the value of the shares that vested in the financial year. The share price at grant date (used for accounting)
was $1.35 and the share-based payment expense reflects the pro-rated expense based on the expected vesting period. The $1,870,127 share-
based payment expense relates to the 2,500,000 performance rights granted on 17 November 2022.
(2)
Mr McKinstry was Chief Executive Officer until 12 October 2022. The remuneration covers the period he was a Key Management Personnel.
(3)
Ms Thornton was appointed as Chief Financial Officer on 27 February 2023.
(4)
Realised share-based vesting reflects the value of the equity at vesting date and total realised remuneration removes the statutory share-based
payments expense and replaces with this. It is a non-IFRS measure and reflects the value of the equity received at the time of vesting.
Issue of Options
Shareholders approved the granting of options to the Chairman, David Jones, at the Annual General Meeting on
17 November 2023. The terms and conditions of each grant of options over ordinary shares affecting the remuneration of
Directors and other key management personnel in this financial year or future reporting years are as follows:
Name
Number of
options
granted
Grant date
Vesting date
and exercisable
date
Expiry date
Exercise
price
Fair value
per option at
grant date
D Jones
1,000,000
17/11/2023
06/12/2023
30/11/2028
$0.70
$0.41
D Jones
500,000
17/11/2023
06/12/2023
30/11/2028
$0.90
$0.38
D Jones
500,000
17/11/2023
06/12/2023
30/11/2028
$1.10
$0.36
Options granted carry no dividend or voting rights. The Company has valued the Director Options using the Black-Scholes
model. The valuation of the Director Options for the grant has been prepared using the following assumptions:
Variable
Input
Share price
$0.80
Exercise prices
$0.70, $0.90, $1.10
Risk free interest rate
4.14%
Volatility
66.63%
Time (months to expiry)
60 months
The Catalyst share price value used when the proposed grant was included in the Company's FY2023 Notice of AGM was
$0.49. At the date of the AGM on 17 November 2023, being the accounting grant date and valuation date, the share price
was $0.80.
28 2024 ANNUAL REPORT
CATALYST METALS LTD
Directors' Report (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Directors' report
30 June 2024
10
Issue of Performance Rights – Technical Director
Shareholders approved the granting of performance rights to the Technical Director, Bruce Kay, at the Annual General
Meeting on 17 November 2023. Details of the performance rights and milestones are below:
Number of
Fair value
per right
Name
rights
granted
Grant date
Expected
vesting date
Expiry date
at grant
date
B Kay
200,000
17/11/2023
15/04/2024
30/06/2028
$0.80
B Kay
200,000
17/11/2023
30/06/2024
30/06/2028
$0.80
B Kay
200,000
17/11/2023
30/06/2026
30/06/2028
$0.80
B Kay
200,000
17/11/2023
30/06/2026
30/06/2028
$0.80
B Kay
200,000
17/11/2023
30/06/2026
30/06/2028
$0.80
The key terms of Performance Rights granted to Technical Director are as follows:
Each Performance Right will entitle the holder to one Share upon satisfaction of certain vesting conditions.
The measurement period applicable to each tranche in each offer of Performance Rights is from the date of issue of the
Performance Rights to 30 June 2028 ("Measurement Period").
●
Tranche 1 - Performance Rights will vest upon the Company achieving 75,000 ounces of annual gold production
(vested April 2024)
●
Tranche 2 - Performance Rights will vest upon the Company achieving 100,000 ounces of annual gold production
(vested June 2024)
●
Tranche 3 - Performance Rights will vest upon the Company achieving 150,000 ounces of annual gold production
●
Tranche 4 - Performance Rights will vest upon the Company achieving 175,000 ounces of annual gold production
●
Tranche 5 - Performance Rights will vest upon the Company achieving an ore reserve at the Company's Bendigo
project of at least 200,000 ounces of gold at a grade of at least 10.0 g/t gold
Performance Rights Summary
The following table details the terms and conditions of each grant of performance rights over ordinary shares affecting
remuneration of Directors and other key management personnel in this financial year or future reporting years are as
follows:
Fair value
Number of
per right
Name
rights
granted
Grant date
Expected
vesting date
Expiry date
at grant
date
J Champion de Crespigny
700,000
17/11/2022
10/03/2023
30/09/2026
$1.351
J Champion de Crespigny
800,000
17/11/2022
30/06/2024
30/09/2026
$1.351
J Champion de Crespigny
1,000,000
17/11/2022
30/06/2024
30/09/2026
$1.351
B Kay
1,000,000
17/11/2023
various - see above
30/06/2028
$0.801
D Thornton
80,128
14/03/2024
30/06/2026
30/06/2026
$0.691
D Thornton
213,676
14/03/2024
30/06/2026
30/06/2026
$0.691
D Thornton
106,837
14/03/2024
30/06/2026
30/06/2026
$0.402
J Champion de Crespigny
106,838
30/06/20243
30/06/2026
30/06/2026
$0.693
J Champion de Crespigny
142,450
30/06/20243
30/06/2026
30/06/2026
$0.693
J Champion de Crespigny
284,900
30/06/20243
30/06/2026
30/06/2026
$0.403
(1) Fair value based on closing share price at grant date (as no market-based performance hurdle).
(2) Fair value based on independent valuation (as tranche of LTI has a market based relative Total Shareholder Return (TSR) hurdle - see below).
(3) Performance rights for Mr Champion de Crespigny are subject to shareholder approval at FY2024 Annual General Meeting at which point the grant
date and fair value will be updated.
Performance rights granted carry no dividend or voting rights.
CATALYST METALS LTD
2024 ANNUAL REPORT 29
Directors' Report (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Directors' report
30 June 2024
11
Relative TSR (Tranche 2)
Input
Variable
Share price
$0.69
Exercise price
nil
Risk free interest rate
3.74%
Volatility
60%
Time (months to expiry)
24 months
Fair value per performance right
$0.40
10. Other additional information
Voting and comments made at the Company's 17 November 2023 Annual General Meeting ('AGM')
At the 2023 AGM, 95.1% of the votes received supported the adoption of the remuneration report for the year ended 30
June 2023. The Company did not receive any specific feedback at the AGM regarding its remuneration practices.
The earnings of the Consolidated Entity for the five years to 30 June 2024 are summarised below:
2024
2023
Restated*
2022
2021
2020
$'000
$'000
$'000
$'000
$'000
Sales revenue
317,014
63,944
63,330
28,508
-
EBITDA1
62,735
(813)
7,376
6,003
-
EBIT1
30,693
(15,236)
2,033
846
-
Profit/(loss) after income tax
23,558
(15,628)
2,091
935
(1,748)
(1)
Measure of the Consolidated Entity performance was updated in FY2021 to better reflect the stage of the operations. EBITDA and EBIT were not
considered appropriate performance measures in the previous years as the Consolidated Entity was primarily undertaking exploration and
evaluation activities and therefore have not been presented in the above table. With the acquisition of Henty during the year ended 30 June 2021
and Superior in the previous financial year, the activities of the group have a great focus on mining operations, which are better measured using
EBITDA and EBIT.
The factors that are considered to affect total shareholders return ('TSR') are summarised below:
2024
2023
Restated*
2022
2021
2020
Share price at financial year end ($)
1.13
0.77
1.20
1.95
2.75
Basic earnings per share (cents per share)
10.69
(12.66)
2.13
1.04
(2.20)
Diluted earnings per share (cents per share)
10.48
(12.66)
2.12
0.96
(2.20)
* Refer to note 44 to the consolidated financial statements for detailed information on Restatement of comparatives.
30 2024 ANNUAL REPORT
CATALYST METALS LTD
Directors' Report (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Directors' report
30 June 2024
12
11. Additional disclosures relating to key management personnel
Shareholding
The number of shares in the Company held during the financial year by each Director and other members of key
management personnel of the Consolidated Entity, including their personally related parties, is set out below:
Balance at
Exercised
Balance at
the start of
performance Disposals/ the end of
the year
Purchases
rights
other
the year
Ordinary shares
S Boston
5,800,727
-
-
(5,800,727)
-
R Scrimgeour
5,559,499
-
-
-
5,559,499
B Kay
2,222,169
50,000
200,000
-
2,472,169
J Champion de Crespigny
867,279
1,333,333
1,500,000
-
3,700,612
D Jones
-
66,666
-
-
66,666
14,449,674
1,449,999
1,700,000
(5,800,727)
11,798,946
Option holding
The number of options over ordinary shares in the Company held during the financial year by each Director and other
members of key management personnel of the Consolidated Entity, including their personally related parties, is set out
below:
Balance at
Expired/
Balance at
the start of
forfeited/ the end of
the year
Granted
Exercised
other
the year
Options over ordinary shares
D Jones
-
2,000,000
-
-
2,000,000
Performance rights holding
The number of performance rights over ordinary shares in the Company held during the financial year by each Director
and other members of key management personnel of the Consolidated Entity, including their personally related parties, is
set out below:
Balance at
Balance at
Vested
Expired/
the end of
the start of
the year
Granted
and
exercised
forfeited
other
the year
(unvested)
Performance rights over ordinary shares
B Kay
-
1,000,000
(200,000)
-
800,000
J Champion de Crespigny
2,500,000
-
(1,500,000)
-
1,000,000
D Thornton
-
400,641
-
-
400,641
2,500,000
1,400,641
(1,700,000)
-
2,200,641
Other transactions with key management personnel and their related parties
Mr Boston is also a Director of Raisemetrex Pty Ltd which was paid $nil (2023: $45,000) by the Company to provide an
online platform for the administration of capital raisings and electronic communications with shareholders.
This concludes the remuneration report, which has been audited.
CATALYST METALS LTD
2024 ANNUAL REPORT 31
Directors' Report (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Directors' report
30 June 2024
13
SHARES UNDER OPTION
Unissued ordinary shares of Catalyst Metals Limited under option at the date of this report are as follows:
Exercise
Number
Grant date
Expiry date
price
under option
4 January 2021
30 November 2024
$3.00
250,000
29 June 20231
4 August 2025
$3.48
357,100
29 June 20231
13 August 2026
$1.98
446,375
29 June 20231
15 August 2024
$3.06
17,855
29 June 20231
14 April 2026
$2.27
71,420
29 June 20231
19 August 2027
$1.79
71,420
29 June 20231
27 May 2027
$2.65
89,275
29 June 20231
13 May 2025
$2.39
53,565
17 November 2023
30 November 2028
$0.70
1,000,000
17 November 2023
30 November 2028
$0.90
500,000
17 November 2023
30 November 2028
$1.10
500,000
3,357,010
(1) Options inherited in relation to the Superior Gold acquisition
No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of
the Company or of any other body corporate.
SHARES UNDER PERFORMANCE RIGHTS
Unissued ordinary shares of Catalyst Metals Limited under performance rights at the date of this report are as follows:
Exercise
Number
Grant date
Expiry date
price
under rights
17 November 2023
30 June 2028
$0.00
600,000
22 November 2023
30 June 2026
$0.00
300,000
14 March 2024
30 June 2026
$0.00
3,841,354
4,741,354
No person entitled to exercise the performance rights had or has any right by virtue of the performance right to participate
in any share issue of the Company or of any other body corporate.
INDEMNITY AND INSURANCE OF OFFICERS
The Company has entered into indemnity agreements with each of the Directors and Executives of the Company. Under
the agreements, the Group will indemnify those officers against any claim or for any costs which may arise as a result of
work performed in their capacity as a Director or Executive and for which they may be held personally liable, except where
there is a lack of good faith.
During the financial year, the Company paid a premium in respect of a contract to insure the Directors and executives of
the Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits
disclosure of the nature of the liability and the amount of the premium.
INDEMNITY AND INSURANCE OF AUDITOR
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the
Company or any related entity against a liability incurred by the auditor.
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the
Company or any related entity.
32 2024 ANNUAL REPORT
CATALYST METALS LTD
Directors' Report (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Directors' report
30 June 2024
14
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on
behalf of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking
responsibility on behalf of the Company for all or part of those proceedings.
NON-AUDIT SERVICES
Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor
are outlined in note 30 to the financial statements.
The Directors are satisfied that the provision of non-audit services during the financial year, by the auditor (or by another
person or firm on the auditor's behalf), is compatible with the general standard of independence for auditors imposed by
the Corporations Act 2001.
The Directors are of the opinion that the services as disclosed in note 30 to the financial statements do not compromise
the external auditor's independence requirements of the Corporations Act 2001 for the following reasons:
●
all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity
of the auditor; and
●
none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code
of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board, including
reviewing or auditing the auditor's own work, acting in a management or decision-making capacity for the Company,
acting as advocate for the Company or jointly sharing economic risks and rewards.
OFFICERS OF THE COMPANY WHO ARE FORMER PARTNERS OF RSM AUSTRALIA PARTNERS
There are no officers of the Company who are former partners of RSM Australia Partners.
ROUNDING OF AMOUNTS
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and
Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that
Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.
AUDITOR'S INDEPENDENCE DECLARATION
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out
immediately after this Directors' report.
AUDITOR
RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001.
This report is made in accordance with a resolution of Directors, pursuant to section 298(2)(a) of the Corporations Act
2001.
On behalf of the Directors
___________________________
David Jones AM
Chairman
29 August 2024
CATALYST METALS LTD
2024 ANNUAL REPORT 33
Directors' Report (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Auditor's independence declaration
15
[This page has intentionally been left blank for the insertion of the auditor's independence declaration]
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the
members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm
which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Catalyst Metals Limited for the year ended 30 June 2024, I
declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
The auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
Any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA
MATTHEW BEEVERS
Perth, Western Australia
29 August 2024
Partner
34 2024 ANNUAL REPORT
CATALYST METALS LTD
Auditor's independence declaration
Financial
Report
CATALYST METALS LTD
2024 ANNUAL REPORT 35
Catalyst Metals Limited
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2024
Consolidated
Note
2024
2023
Restated*
$'000
$'000
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with
the accompanying notes
17
Revenue from continuing operations
Revenue
4
317,014
63,944
Cost of sales
5
(258,018)
(67,450)
Gross profit
58,996
(3,506)
Other income
6
2,372
821
Interest revenue
549
171
Other expenses
7
(20,002)
(12,551)
Impairment of exploration and evaluation assets
16
(10,355)
-
Impairment of property, plant and equipment
15
(317)
-
Finance costs
8
(5,906)
(563)
Profit/(loss) before income tax expense
25,337
(15,628)
Income tax expense
9
(1,779)
-
Profit/(loss) after income tax expense for the year attributable to the Owners
of Catalyst Metals Limited
27
23,558
(15,628)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
(19)
-
Other comprehensive income for the year, net of tax
(19)
-
Total comprehensive income for the year attributable to the Owners of
Catalyst Metals Limited
23,539
(15,628)
Cents
Cents
Basic earnings per share
42
10.69
(12.66)
Diluted earnings per share
42
10.48
(12.66)
* Refer to note 44 for detailed information on Restatement of comparatives as a result of the Purchase Price Allocation being finalised (note 36).
36 2024 ANNUAL REPORT
CATALYST METALS LTD
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2024
Catalyst Metals Limited
Consolidated statement of financial position
As at 30 June 2024
Consolidated
Note
2024
2023
Restated*
$'000
$'000
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
18
Assets
Current assets
Cash and cash equivalents
10
30,895
28,791
Trade and other receivables
11
7,487
5,578
Inventories
12
29,779
17,785
Other financial assets
14
8,141
3,190
Total current assets
76,302
55,344
Non-current assets
Property, plant and equipment
15
83,999
68,361
Right-of-use assets
13
5,607
7,466
Exploration and evaluation
16
110,867
114,950
Mining development assets
17
63,625
69,630
Receivables
14
81
48
Total non-current assets
264,179
260,455
Total assets
340,481
315,799
Liabilities
Current liabilities
Trade and other payables
18
53,802
47,876
Borrowings
19
10,347
23,195
Lease liabilities
20
5,612
2,126
Derivative financial instruments
-
1,956
Employee benefits
21
10,231
9,200
Provisions
22
800
800
Other advances
23
899
8,243
Deferred revenue
24
8,188
6,316
Total current liabilities
89,879
99,712
Non-current liabilities
Borrowings
19
9,994
2,517
Lease liabilities
20
360
5,979
Deferred tax liability
9
1,779
-
Employee benefits
21
1,015
1,035
Provisions
22
35,474
34,770
Total non-current liabilities
48,622
44,301
Total liabilities
138,501
144,013
Net assets
201,980
171,786
Equity
Issued capital
25
206,811
200,989
Reserves
26
3,251
2,437
Accumulated losses
27
(8,082)
(31,640)
Total equity
201,980
171,786
* Refer to note 44 for detailed information on Restatement of comparatives as a result of the Purchase Price Allocation being finalised (note 36).
CATALYST METALS LTD
2024 ANNUAL REPORT 37
Consolidated statement of financial position
As at 30 June 2024
Catalyst Metals Limited
Consolidated statement of changes in equity
For the year ended 30 June 2024
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
19
Foreign
currency
Total equity
Issued
capital
Reserves
translation
reserve
Accumulated
losses
Consolidated
$'000
Restated*
$'000
$'000
Restated*
$'000
$'000
Balance at 1 July 2022
73,239
493
-
(16,012)
57,720
Loss after income tax expense for the year
-
-
-
(15,628)
(15,628)
Other comprehensive income for the year,
net of tax
-
-
-
-
-
Restated total comprehensive income for the
year
-
-
-
(15,628)
(15,628)
Transactions with Owners in their capacity as
Owners:
Share-based payments (note 43)
-
1,870
-
-
1,870
Issue of shares (note 25)
129,191
-
-
-
129,191
Cost of share issue
(1,441)
-
-
-
(1,441)
Issue of options (Restated*)
-
74
-
-
74
Restated balance at 30 June 2023
200,989
2,437
-
(31,640)
171,786
Foreign
currency
Total equity
Issued
capital
Reserves
translation
reserve
Accumulated
losses
Consolidated
$'000
$'000
$'000
$'000
$'000
Restated balance at 1 July 2023
200,989
2,437
-
(31,640)
171,786
Profit after income tax expense for the year
-
-
-
23,558
23,558
Other comprehensive income for the year,
net of tax
-
-
(19)
-
(19)
Total comprehensive income for the year
-
-
(19)
23,558
23,539
Transactions with Owners in their capacity as
Owners:
Share-based payments (note 43)
91
3,343
-
-
3,434
Issue of shares (note 25)
3,221
-
-
-
3,221
Exercise of employee share awards
2,510
(2,510)
-
-
-
Balance at 30 June 2024
206,811
3,270
(19)
(8,082)
201,980
* Refer to note 44 for detailed information on Restatement of comparatives as a result of the Purchase Price Allocation being finalised (note 36).
38 2024 ANNUAL REPORT
CATALYST METALS LTD
Consolidated statement of changes in equity
For the year ended 30 June 2024
Catalyst Metals Limited
Consolidated statement of cash flows
For the year ended 30 June 2024
Consolidated
Note
2024
2023
$'000
$'000
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
20
Cash flows from operating activities
Receipts from customers (inclusive of GST)
317,468
64,000
Payments to suppliers and employees (inclusive of GST)
(244,597)
(56,305)
Payments for exploration and evaluation
(1,332)
(67)
71,539
7,628
Interest received
549
171
Other income
143
172
Interest and other finance costs paid
(1,525)
(112)
Net cash from operating activities
40
70,706
7,859
Cash flows from investing activities
Net of cash acquired through acquisition of subsidiaries
-
8,259
Payment for expenses relating to acquisitions
-
(592)
Payments for property, plant and equipment
(13,168)
(3,768)
Payments for exploration and evaluation
(10,321)
(6,950)
Payments for security deposits
(4,984)
-
Payments for mine development assets
(9,254)
(14,488)
Proceeds from disposal of property, plant and equipment
-
650
Net cash used in investing activities
(37,727)
(16,889)
Cash flows from financing activities
Proceeds from issue of shares
-
21,600
Proceeds from borrowings
8,428
3,730
Share issue transaction costs
-
(1,378)
Repayment of borrowings
(37,783)
(3,212)
Repayment of lease liabilities
(2,133)
(631)
Joint venture exploration advances received
1,780
-
Joint venture exploration advances expended
(1,134)
(531)
Net cash (used in)/from financing activities
(30,842)
19,578
Net increase in cash and cash equivalents
2,137
10,548
Cash and cash equivalents at the beginning of the financial year
28,791
18,243
Effects of exchange rate changes on cash and cash equivalents
(33)
-
Cash and cash equivalents at the end of the financial year
10
30,895
28,791
CATALYST METALS LTD
2024 ANNUAL REPORT 39
Consolidated statement of cash flows
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
21
Note 1. Material accounting policy information
The accounting policies that are material to the Consolidated Entity are set out either in the respective notes or below.
The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The Consolidated Entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as
appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting
Standards (‘IFRS’) as issued by the International Accounting Standards Board ('IASB').
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for, where applicable, the
revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other
comprehensive income, investment properties, certain classes of property, plant and equipment and derivative financial
instruments.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Consolidated Entity's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the
financial statements, are disclosed in note 2.
Going concern
The financial statements have been prepared on the going concern basis, which contemplates continuity of normal
business activities and the realisation of assets and discharge of liabilities in the normal course of business.
As disclosed in the financial statements, the Consolidated Entity has generated a net profit after tax of $23,558,000 during
the year ended 30 June 2024 and, as of that date, the Consolidated Entity’s current liabilities exceeded its current assets
by $13,577,000.
The Directors believe that it is reasonably foreseeable that the Consolidated Entity will continue as a going concern and
that it is appropriate to adopt the going concern basis in the preparation of the financial report after consideration of the
following factors:
●
The Directors believe that the Henty and Plutonic Gold Mines will generate sufficient cashflow based on a detailed
cashflow forecast prepared by Management. The cash flow forecast indicates that the Consolidated Entity expects
to have sufficient working capital and other funds available to continue for at least the next twelve-month period
ending 31 August 2025. The key assumptions used to derive a detailed cashflow forecast relate to future sales and
costs.
●
The Consolidated Entity is exploring alternative sources of funding and is confident that, if required, existing material
debt falling due before 30 June 2025 will be extended or replaced by reprofiled debt;
●
Short term financing facilities could also be put in place in order to support any liquidity issue; and
●
The Consolidated Entity has had strong support of key investors over time and the Directors anticipate their
continuing support should further equity raisings be required.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the Consolidated Entity
only. Supplementary information about the parent entity is disclosed in note 35.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Catalyst Metals Limited
('Company' or 'parent entity') as at 30 June 2024 and the results of all subsidiaries for the year then ended. Catalyst Metals
Limited and its subsidiaries together are referred to in these financial statements as the 'Consolidated Entity'.
40 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 1. Material accounting policy information (continued)
22
Subsidiaries are all those entities over which the Consolidated Entity has control. The Consolidated Entity controls an
entity when the Consolidated Entity is exposed to, or has rights to, variable returns from its involvement with the entity and
has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the Consolidated Entity. They are de-consolidated from the
date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Consolidated Entity are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset
transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the
policies adopted by the Consolidated Entity.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest,
without the loss of control, is accounted for as an equity transaction, where the difference between the consideration
transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity
attributable to the parent.
Where the Consolidated Entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and
non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The
Consolidated Entity recognises the fair value of the consideration received and the fair value of any investment retained
together with any gain or loss in the income statement.
Foreign currency translation
The financial statements are presented in Australian dollars, which is Catalyst Metals Limited's functional and presentation
currency.
Foreign currency transactions
Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in profit or loss.
Foreign operations
The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the
reporting date. The revenues and expenses of foreign operations are translated into Australian dollars using the average
exchange rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange
differences are recognised in other comprehensive income through the foreign currency reserve in equity.
The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the
Consolidated Entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised
within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged
or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the Consolidated Entity's normal operating
cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or
there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All
other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
CATALYST METALS LTD
2024 ANNUAL REPORT 41
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 1. Material accounting policy information (continued)
23
Joint ventures
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net
assets of the arrangement. Investments in joint ventures are accounted for using the equity method. Under the equity
method, the share of the profits or losses of the joint venture is recognised in profit or loss and the share of the movements
in equity is recognised in other comprehensive income. Investments in joint ventures are carried in the statement of
financial position at cost plus post-acquisition changes in the Consolidated Entity's share of net assets of the joint venture.
Goodwill relating to the joint venture is included in the carrying amount of the investment and is neither amortised nor
individually tested for impairment. Income earned from joint venture entities reduces the carrying amount of the investment.
Impairment of non-financial assets
Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount
exceeds its recoverable amount.
Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the
present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or
cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to
form a cash-generating unit.
Exploration and Evaluation Expenditure
Exploration and evaluation expenditure incurred by or on behalf of the Group is accumulated separately for each area of
interest. Such expenditure comprises net direct costs and an appropriate portion of related overhead expenditure. Each
area of interest is limited to a size related to a known or probable mineral resource capable of supporting a mining
operation.
Exploration expenditure for each area of interest is written off as incurred, except that it may be carried forward provided
that such costs are expected to be recouped through successful development and exploitation of the area of interest or,
alternatively, by its sale. The Group performs impairment testing when facts and circumstances suggest the carrying
amount should be impaired. If it was determined that the asset was impaired it would be immediately written off to the
income statement.
Expenditure is not carried forward in respect of any area of interest unless the Group’s right of tenure to that area of
interest is current. Expenditures incurred before the Group has obtained legal rights to explore a specific area is expensed
as incurred. Amortisation is not charged on areas under development, pending commencement of production.
Provisions
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the
present obligation at the balance sheet date.
Rehabilitation provision
In accordance with the Group’s environmental policy and applicable legal requirements, a provision for rehabilitation is
recognised in respect of the estimated cost of rehabilitation and restoration of the areas disturbed by mining activities up
to the reporting date, but not yet rehabilitated.
When the liability is initially recorded, the estimated cost is capitalised by increasing the carrying amount of the related
mining assets. At each reporting date the site rehabilitation provision is remeasured to reflect any changes in discount
rates and timing or amounts to be incurred.
Additional disturbances or changes in rehabilitation costs will be recognised as additions or changes to the corresponding
asset and rehabilitation provision, prospectively from the date of change. For closed sites, or where the carrying value of
the related asset has been reduced to nil either through depreciation and amortisation or impairment, changes to estimated
costs are recognised immediately in the statement of comprehensive income.
Share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
42 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 1. Material accounting policy information (continued)
24
Equity-settled transactions are awards of shares, or options over shares that are provided to employees in exchange for
the rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount
of cash is determined by reference to the share price.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined
using either the Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the
option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the
expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that
do not determine whether the consolidated entity receives the services that entitle the employees to receive payment. No
account is taken of any other vesting conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the
vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the
best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount
recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already
recognised in previous periods.
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying either the
Binomial or Black-Scholes option pricing model, taking into consideration the terms and conditions on which the award
was granted. The cumulative charge to profit or loss until settlement of the liability is calculated as follows:
●
during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by
the expired portion of the vesting period.
●
from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the
reporting date.
All changes in the liability are recognised in the income statement. The ultimate cost of cash-settled transactions is the
cash paid to settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to market
conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other
conditions are satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made.
An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair
value of the share-based compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy the condition
is treated as a cancellation. If the condition is not within the control of the consolidated entity or employee and is not
satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period,
unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining
expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and
new award is treated as if they were a modification.
Income tax
The income tax expense or benefit for the period is the tax payable on that period’s taxable income based on the applicable
income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary
differences, unused tax losses and the adjustment recognised for prior periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when
the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted,
except for:
CATALYST METALS LTD
2024 ANNUAL REPORT 43
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 1. Material accounting policy information (continued)
25
●
When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in
a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting
nor taxable profits; or
●
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and
the timing of the reversal can be controlled, and it is probable that the temporary difference will not reverse in the
foreseeable future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred
tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for
the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is
probable that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets
against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable
authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.
Catalyst Metals Ltd and its wholly owned Australian subsidiaries have formed an income tax consolidated group under the
tax consolidation regime. The head entity and each subsidiary in the tax consolidated group continue to account for their
own current and deferred tax amounts. The tax consolidated group has applied the ‘separate taxpayer within group’
approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group.
In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities (or assets)
and the deferred tax assets arising from unused tax losses and unused tax credits assumed from each subsidiary in the
tax consolidated group.
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts
receivable from or payable to other entities in the tax consolidated group. The tax funding arrangement ensures that the
intercompany charge equals the current tax liability or benefit of each tax consolidated group member, resulting in neither
a contribution by the head entity to the subsidiaries nor a distribution by the subsidiaries to the head entity.
Goods and Services Tax ('GST') and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not
recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part
of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST
recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of
financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities
which are recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
Rounding of amounts
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and
Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that
Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the Consolidated Entity for the annual reporting period ended 30 June 2024.
The Consolidated Entity has not yet assessed the impact of these new or amended Accounting Standards and
Interpretations.
44 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
26
Note 2. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that
affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates
in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates
and assumptions on historical experience and on other various factors, including expectations of future events,
management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will
seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial
year are discussed below.
Share-based payment transactions
The Consolidated Entity measures the cost of equity-settled transactions with employees by reference to the fair value of
the equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial or
Black-Scholes model taking into account the terms and conditions upon which the instruments were granted. The
accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the
carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity.
Provision for impairment of inventories
The provision for impairment of inventories assessment requires a degree of estimation and judgement. The level of the
provision is assessed by taking into account the recent sales experience, the ageing of inventories and other factors that
affect inventory obsolescence.
Fair value measurement hierarchy
The Consolidated Entity is required to classify all assets and liabilities, measured at fair value, using a three level hierarchy,
based on the lowest level of input that is significant to the entire fair value measurement, being: Level 1: Quoted prices
(unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; Level
2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly; and Level 3: Unobservable inputs for the asset or liability. Considerable judgement is required to determine
what is significant to fair value and therefore which category the asset or liability is placed in can be subjective.
The fair value of assets and liabilities classified as level 3 is determined by the use of valuation models. These include
discounted cash flow analysis or the use of observable inputs that require significant adjustments based on unobservable
inputs.
Estimation of useful lives of assets
The Consolidated Entity determines the estimated useful lives and related depreciation and amortisation charges for its
property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of
technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives
are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold
will be written off or written down.
The Group uses the unit-of-production basis when depreciating/amortising life of mine specific assets which results in a
depreciation/amortisation charge proportionate to the depletion of the anticipated remaining life of mine production. Each
asset’s economic life, which is assessed annually, has due regard for both its physical life limitations and to present
assessments of economically recoverable mine plan of the mine property at which it is located. These calculations require
the use of estimates and assumptions.
CATALYST METALS LTD
2024 ANNUAL REPORT 45
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 2. Critical accounting judgements, estimates and assumptions (continued)
27
Impairment of non-financial assets other than goodwill and other indefinite life intangible assets
The Consolidated Entity assesses impairment of non-financial assets other than goodwill and other indefinite life intangible
assets at each reporting date by evaluating conditions specific to the Consolidated Entity and to the particular asset that
may lead to impairment. If an impairment trigger exists, the recoverable amount of the asset is determined. This involves
fair value less costs of disposal or value-in-use calculations, which incorporate a number of key estimates and
assumptions.
In determining the recoverable amount of assets, key assumptions and estimates are used that require significant levels
of judgement and are subject to risk and uncertainty that are beyond the control of the Consolidated Entity, including
political risk, climate risk, and other global uncertainty risks.
Australian Accounting Standards require the Group to assess in respect of the reporting period, whether there are any
indications that an asset may be impaired, or conversely whether reversal of a previously recognised impairment may be
required. If any such indication exists, an entity shall estimate the recoverable amount of the asset or Cash Generating
Unit (CGU).
Income tax
The Consolidated Entity is subject to income taxes in the jurisdictions in which it operates. Significant judgement is required
in determining the provision for income tax. There are many transactions and calculations undertaken during the ordinary
course of business for which the ultimate tax determination is uncertain. The Consolidated Entity recognises liabilities for
anticipated tax audit issues based on the Consolidated Entity's current understanding of the tax law. Where the final tax
outcome of these matters is different from the carrying amounts, such differences will impact the current and deferred tax
provisions in the period in which such determination is made.
Recognition of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the Consolidated Entity considers it is
probable that future taxable amounts will be available to utilise those temporary differences and losses and with respect
to tax losses, whether the Group will satisfy the requirements of tax legislation such that tax losses are available.
Employee benefits provision
As discussed in note 1, the liability for employee benefits expected to be settled more than 12 months from the reporting
date are recognised and measured at the present value of the estimated future cash flows to be made in respect of all
employees at the reporting date. In determining the present value of the liability, estimates of attrition rates and pay
increases through promotion and inflation have been taken into account.
Rehabilitation provision
A provision has been made for the present value of anticipated costs for future rehabilitation of land explored or mined.
The Consolidated Entity's mining and exploration activities are subject to various laws and regulations governing the
protection of the environment. The Consolidated Entity recognises management's best estimate for assets retirement
obligations and site rehabilitations in the period in which they are incurred. Actual costs incurred in the future periods could
differ materially from the estimates. Additionally, future changes to environmental laws and regulations, life of mine
estimates and discount rates could affect the carrying amount of this provision.
Exploration and evaluation costs
Exploration and evaluation costs have been capitalised on the basis that the Consolidated Entity will commence
commercial production in the future, from which time the costs will be amortised in proportion to the depletion of the mineral
resources. Key judgements are applied in considering costs to be capitalised which includes determining expenditures
directly related to these activities and allocating overheads between those that are expensed and capitalised. In addition,
costs are only capitalised that are expected to be recovered either through successful development or sale of the relevant
mining interest. Factors that could impact the future commercial production at the mine include the level of reserves and
resources, future technology changes, which could impact the cost of mining, future legal changes and changes in
commodity prices. To the extent that capitalised costs are determined not to be recoverable in the future, they will be
written off in the period in which this determination is made.
46 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 2. Critical accounting judgements, estimates and assumptions (continued)
28
Business combinations
As discussed in note 36, business combinations are initially accounted for on a provisional basis. The fair value of assets
acquired, liabilities and contingent liabilities assumed are initially estimated by the Consolidated Entity taking into
consideration all available information at the reporting date. Fair value adjustments on the finalisation of the business
combination accounting is retrospective, where applicable, to the period the combination occurred and may have an impact
on the assets and liabilities, depreciation and amortisation reported.
Unit-of-production method of depreciation/amortisation
The Consolidated Entity uses the unit-of-production basis when depreciating/amortising life of mine specific assets which
results in a depreciation/amortisation charge proportionate to the depletion of the anticipated remaining life of mine
production. Each asset's economic life, which is assessed annually, has due regard for both its physical life limitations and
to present assessments of economically recoverable mine plan of the mine property at which it is located. These
calculations require the use of estimates and assumptions.
Note 3. Operating segments
Identification of reportable operating segments
The Consolidated Entity is organised into four operating segments:
●
Victoria
●
Tasmania
●
Western Australia
●
Corporate and unallocated
These operating segments are based on the internal reports that are reviewed and used by the Board of Directors (who
are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the
allocation of resources. There is no aggregation of operating segments.
The CODM reviews EBITDA (earnings before interest, tax, depreciation and amortisation). The accounting policies
adopted for internal reporting to the CODM are consistent with those adopted in the financial statements.
Types of products and services
The principal products and services of each of these operating segments are mining and exploration and evaluation
activities.
Intersegment receivables, payables and loans
Intersegment loans are initially recognised at the consideration received. Intersegment loans receivable and loans payable
that earn or incur non-market interest are not adjusted to fair value based on market interest rates. Intersegment loans
are eliminated on consolidation.
Major customers
During the year ended 30 June 2024 approximately $316.7 million of the Consolidated Entity's external revenue was
derived from sales of gold and silver to two customers, $272.9 million and $43.8 million respectively. (2023: $63.9 million
from one customer). No other single customer contributed 10% or more to the Group's revenue for the year.
CATALYST METALS LTD
2024 ANNUAL REPORT 47
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 3. Operating segments (continued)
29
Operating segment information
Victoria
Tasmania
Western
Australia
Corporate/
Unallocated
Total
Consolidated - 2024
$'000
$'000
$'000
$'000
$'000
Revenue
Sales to external customers
-
75,063
241,951
-
317,014
Other income
-
18
1,819
535
2,372
Total revenue
-
75,081
243,770
535
319,386
EBITDA
(63)
21,574
52,360
(11,136)
62,735
Depreciation and amortisation
(32,041)
Interest revenue
549
Finance costs
(5,906)
Profit before income tax expense
25,337
Income tax expense
(1,779)
Profit after income tax expense
23,558
Assets
Segment assets
17,007
49,778
253,245
20,451
340,481
Total assets
340,481
Liabilities
Segment liabilities
1,091
23,473
97,006
16,931
138,501
Total liabilities
138,501
Victoria
Tasmania
Western
Australia
Corporate/
Unallocated
Restated*
Total
Consolidated - 2023
$'000
$'000
$'000
$'000
$'000
Revenue
Sales to external customers
-
63,944
-
-
63,944
Other income
92
128
1
600
821
Total revenue
92
64,072
1
600
64,765
EBITDA (Restated*)
73
10,902
(255)
(11,533)
(813)
Depreciation and amortisation
(14,423)
Interest revenue
171
Finance costs
(563)
Loss before income tax expense
(15,628)
Income tax expense
-
Loss after income tax expense
(15,628)
Assets
Segment assets (Restated*)
23,291
45,699
228,516
18,293
315,799
Total assets
315,799
Liabilities
Segment liabilities (Restated*)
589
14,128
91,225
38,071
144,013
Total liabilities
144,013
* Refer to note 44 for detailed information on Restatement of comparatives.
48 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 3. Operating segments (continued)
30
Accounting policy for operating segments
Operating segments are presented using the 'management approach', where the information presented is on the same
basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the
allocation of resources to operating segments and assessing their performance.
Note 4. Revenue
Consolidated
2024
2023
$'000
$'000
Sale of gold
315,941
63,148
Sale of silver
1,073
796
317,014
63,944
Geographical regions
Australia
317,014
63,944
Timing of revenue recognition
Goods transferred at a point in time
317,014
63,944
Sale of gold and other metals
Sale of gold and other metals is recognised at the point of sale, which is where the customer has taken delivery of the
goods, the risks and rewards are transferred to the customer and there is a valid sales contract. Amounts disclosed as
revenue are net of sales returns and trade discounts.
Note 5. Cost of sales
Consolidated
2024
2023
$'000
$'000
Mining and processing costs
(99,920)
(28,321)
Employee benefits expense
(93,347)
(19,152)
Administration
(22,250)
(1,984)
Royalties
(10,655)
(3,648)
Depreciation and amortisation
(31,846)
(14,345)
(258,018)
(67,450)
Note 6. Other income
Consolidated
2024
2023
$'000
$'000
Other income
143
129
Administration recovery fees
132
92
Mark-to-market of financial instruments
2,097
600
2,372
821
CATALYST METALS LTD
2024 ANNUAL REPORT 49
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
31
Note 7. Other expenses
Consolidated
2024
2023
Restated*
$'000
$'000
Employee benefits expense
(2,442)
(2,809)
Corporate administration
(9,429)
(7,723)
Share-based payments expense
(3,434)
(1,870)
Exploration and evaluation expenditure
(1,548)
(71)
Write off of exploration and evaluation assets
(2,954)
-
Depreciation and amortisation
(195)
(78)
(20,002)
(12,551)
* Refer to note 44 for detailed information on Restatement of comparatives.
Note 8. Finance costs
Consolidated
2024
2023
$'000
$'000
Interest expense
(5,906)
(563)
50 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
32
Note 9. Income tax
Consolidated
2024
2023
Restated*
$'000
$'000
Numerical reconciliation of income tax expense and tax at the statutory rate
Profit/(loss) before income tax expense
25,337
(15,628)
Tax at the statutory tax rate of 30%
7,601
(4,688)
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Non-deductible expenses (non-assessable income)
4,590
567
Capital raising costs
-
(162)
Temporary differences and tax losses not brought to account as a deferred tax balance
-
4,283
Non-assessable income
(774)
-
Movement in unrecognised temporary differences
959
-
Utilisation of previously unrecognised tax losses
(12,382)
-
Current year tax losses not recognised
1,785
-
Income tax expense
1,779
-
Deferred tax assets
Employee provisions
3,337
2,603
Other provisions and accruals
1,774
324
Rehabilitation provision
12,777
10,680
Right-of-use assets
14
2,271
Equity raising costs
618
887
Tax losses
14,698
1,345
33,218
18,110
Set-off of deferred tax liabilities
(33,218)
(18,110)
Deferred tax liabilities
Financial instruments
(403)
-
Exploration
(4,400)
(6,961)
Mine development
(26,492)
(6,842)
Property, plant and equipment
(3,442)
(4,214)
Other
(260)
(93)
Gross deferred tax liabilities
(34,997)
(18,110)
Set-off of deferred tax assets
33,218
18,110
Net deferred tax liabilities
(1,779)
-
* Refer to note 44 for detailed information on Restatement of comparatives.
CATALYST METALS LTD
2024 ANNUAL REPORT 51
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 9. Income tax (continued)
33
2024
2023
$'000
$'000
Deferred tax assets have not been recognised in respect of the following using corporate
tax rates of:
30.00%
30.00%
Other temporary differences
959
-
Tax revenue losses
38,038
89,211
Tax capital losses
261
271
39,258
89,482
At the time of acquiring Catalyst (Plutonic) Pty Ltd, a deferred tax asset in relation to unutilised tax losses was not
recognised due to the ability to satisfy the relevant recognition criteria. In the financial year ended 30 June 2024, tax losses
of Catalyst (Plutonic) Pty Ltd have been recognised to the extent of generated taxable profits.
Deferred tax assets are recognised for other temporary differences and unused tax losses only if it is probable that future
taxable amounts will be available to utilise those differences and losses. Deferred tax assets that have not been recognised
are not considered probable at the date of this report.
Note 10. Cash and cash equivalents
Consolidated
2024
2023
$'000
$'000
Current assets
Cash at bank
30,895
28,791
Accounting policy for cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly
liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash
and which are subject to an insignificant risk of changes in value.
The cash at bank includes $465,000 (2023 : $1,196,000) held by Catalyst’s subsidiaries, Kite Gold Pty Ltd, Kite Operations
Pty Ltd, Silkfield Holdings Pty Ltd (advanced by Gold Exploration Victoria Pty Ltd as funds provided in advance for
exploration expenditure on the Four Eagles Gold Project joint venture, Macorna Bore joint venture and Boort Project joint
venture) and Tandarra Management Pty Ltd (advanced by Navarre Minerals Limited as funds provided in advance for
exploration expenditure on the Tandarra Gold Project joint venture).
Note 11. Trade and other receivables
Consolidated
2024
2023
Restated*
$'000
$'000
Current assets
Other receivables
1,134
1,112
Prepayments
4,769
2,896
GST receivable
1,584
1,570
7,487
5,578
* Refer to note 44 for detailed information on Restatement of comparatives.
52 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 11. Trade and other receivables (continued)
34
Accounting policy for trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective
interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within
30 days.
Due to the short-term nature of the receivables, their carrying value is assumed to approximate their fair value.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
Note 12. Inventories
Consolidated
2024
2023
Restated*
$'000
$'000
Current assets
Ore stockpiles
2,957
146
Gold in circuit
6,615
5,007
Bullion on hand
6,869
64
Consumable stores
13,338
12,568
29,779
17,785
* Refer to note 44 for detailed information on Restatement of comparatives.
Accounting policy for inventories
Ore stockpiles, gold in circuit and bullion on hand are stated at the lower of cost and net realisable value. Cost comprises
direct materials and delivery costs, direct labour and other taxes, an appropriate proportion of variable and fixed overhead
expenditure based on normal operating capacity, and, where applicable, transfers from cash flow hedging reserves in
equity. Costs of purchased inventory are determined after deducting rebates and discounts received or receivable.
Consumable stores are stated at the lower of cost and net realisable value. Cost comprises purchase and delivery costs,
net of rebates and discounts received or receivable.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion
and the estimated costs necessary to make the sale.
Note 13. Right-of-use assets
Consolidated
2024
2023
$'000
$'000
Non-current assets
Right-of-use assets
9,318
12,981
Less: Accumulated depreciation
(3,711)
(5,515)
5,607
7,466
Additions to the right-of-use assets during the year were $nil (2023: $12,981,000).
CATALYST METALS LTD
2024 ANNUAL REPORT 53
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 13. Right-of-use assets (continued)
35
Amounts recognised in the statement of profit or loss
Consolidated
2024
2023
$'000
$'000
Depreciation charge of right-of-use assets
Buildings
180
-
Equipment
1,679
-
1,859
-
The Consolidated Entity leases land and buildings for its offices, with, in some cases, options to extend. The leases have
various escalation clauses. On renewal, the terms of the leases are renegotiated. The Consolidated Entity also leases
plant and equipment under various agreements of between 1 and up to 5 years.
The Consolidated Entity leases office equipment under agreements of less than 1 year. These leases are either short-
term or low-value, so have been expensed as incurred and not capitalised as right-of-use assets.
Accounting policy for right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which
comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the
commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in
the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset,
and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful
life of the asset, whichever is the shorter. Where the Consolidated Entity expects to obtain ownership of the leased asset
at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment
or adjusted for any remeasurement of lease liabilities.
The Consolidated Entity has elected not to recognise a right-of-use asset and corresponding lease liability for short-term
leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to
profit or loss as incurred.
Note 14. Other financial assets
Consolidated
2024
2023
$'000
$'000
Current assets
Term deposits & security deposits
8,141
3,190
Non-current assets
Environmental rehabilitation bonds
81
48
8,222
3,238
54 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
36
Note 15. Property, plant and equipment
Consolidated
2024
2023
Restated*
$'000
$'000
Non-current assets
Land and buildings - at cost
1,906
1,876
Less: Accumulated depreciation
(166)
(110)
1,740
1,766
Plant and equipment - at cost
108,424
75,514
Less: Accumulated depreciation
(26,936)
(12,169)
81,488
63,345
Capital WIP - at cost
771
3,250
83,999
68,361
* Refer to note 44 for detailed information on Restatement of comparatives.
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below:
Land and
Plant and
Capital
buildings
equipment
WIP
Total
Consolidated
$'000
Restated*
$'000
Restated*
$'000
Restated*
$'000
Balance at 1 July 2022
1,504
9,366
196
11,066
Additions
-
1,510
2,264
3,774
Additions through business combinations (note 36)
(Restated*)
303
55,119
790
56,212
Additions through asset acquisition
-
1,797
-
1,797
Depreciation expense
(41)
(3,847)
-
(3,888)
Disposals
-
(600)
-
(600)
Restated balance at 30 June 2023
1,766
63,345
3,250
68,361
Additions
-
-
31,247
31,247
Transfer
30
33,696
(33,726)
-
Depreciation expense
(56)
(15,034)
-
(15,090)
Impairment of assets
-
(317)
-
(317)
Disposals
-
(202)
-
(202)
Balance at 30 June 2024
1,740
81,488
771
83,999
* Refer to note 44 for detailed information on Restatement of comparatives.
Accounting policy for property, plant and equipment
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes
expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment
(excluding land) over their expected useful lives as follows:
Buildings
40 years
Plant and equipment
3-7 years or unit of production
CATALYST METALS LTD
2024 ANNUAL REPORT 55
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 15. Property, plant and equipment (continued)
37
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting
date.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to
the Consolidated Entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or
loss.
Note 16. Exploration and evaluation
Consolidated
2024
2023
Restated*
$'000
$'000
Non-current assets
Exploration and evaluation - at cost
110,867
114,950
* Refer to note 44 for detailed information on Restatement of comparatives.
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below:
Consolidated
Restated*
$'000
Balance at 1 July 2022
17,508
Additions
6,453
Additions through asset acquisition
94,238
Amortisation expense through JV
(3,249)
Restated balance at 30 June 2023
114,950
Additions
10,878
Rehabilitation asset movement
(518)
Impairment of assets
(10,355)
Write off of assets
(2,954)
Amortisation expense through JV
(1,134)
Balance at 30 June 2024
110,867
* Refer to note 44 for detailed information on Restatement of comparatives.
Note 17. Mining development assets
Consolidated
2024
2023
Restated*
$'000
$'000
Non-current assets
Mining development assets - at cost
101,922
92,835
Less: Accumulated amortisation
(38,297)
(23,205)
63,625
69,630
* Refer to note 44 for detailed information on Restatement of comparatives.
56 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 17. Mining development assets (continued)
38
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below:
Consolidated
Restated*
$'000
Balance at 1 July 2022
20,428
Additions through business combinations (note 36)
46,967
Expenditure during the year
12,755
Amortisation expense
(10,520)
Restated balance at 30 June 2023
69,630
Expenditure during the year
9,254
Rehabilitation asset movement
(167)
Amortisation expense
(15,092)
Balance at 30 June 2024
63,625
* Refer to note 44 for detailed information on Restatement of comparatives.
Accounting policy for mining assets
Capitalised mining development costs include expenditures incurred to develop new ore bodies to define further
mineralisation in existing ore bodies, to expand the capacity of a mine and to maintain production. Mining development
also includes costs transferred from the exploration and evaluation phase once production commences in the area of
interest.
Amortisation of mining development is computed by the units of production basis over the estimated Mineral Resource
and Ore Reserve. Proved and probable ore reserves reflect estimated quantities of economically recoverable ore reserves
which can be recovered in the future from known mineral deposits. These ore reserves are amortised from the date on
which production commences. The amortisation is calculated from recoverable proven and probable ore reserves and a
predetermined percentage of the recoverable measured, indicated and inferred mineral resource. This percentage is
reviewed annually.
Restoration costs expected to be incurred are provided for as part of development phase that give rise to the need for
restoration.
Note 18. Trade and other payables
Consolidated
2024
2023
Restated*
$'000
$'000
Current liabilities
Trade creditors
35,300
20,348
Accruals
17,218
26,303
Other payables
1,284
1,225
53,802
47,876
* Refer to note 44 for detailed information on Restatement of comparatives.
Accounting policy for trade and other payables
These amounts represent liabilities for goods and services provided to the Consolidated Entity prior to the end of the
financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not
discounted.
CATALYST METALS LTD
2024 ANNUAL REPORT 57
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
39
Note 19. Borrowings
Consolidated
2024
2023
Restated*
$'000
$'000
Current liabilities
Convertible notes payable
-
11,346
Loan denominated in CAD$
-
5,664
Other loans1
3,655
2,496
Hire Purchase2
6,692
3,689
10,347
23,195
Non-current liabilities
Hire Purchase2
9,994
2,517
20,341
25,712
* Refer to note 44 for detailed information on Restatement of comparatives.
(1) Other loans include interest-bearing liability associated with insurance premium funding and other loans. They bear
interest at an average of 4.26% and are repayable by May 2025.
(2) The Hire Purchase loans are secured over the respective equipment.
Assets pledged as security
As part of the acquisition of Superior Gold Inc (note 36) the Gold Loan with Auramet was secured by a first priority security
interest over all of the subsidiary Catalyst (Plutonic) Pty Ltd's assets, with certain exclusions, an assignment over all
pertinent mining leases and a Guarantee from the Company, which was secured by a pledge of its shares in Catalyst
(Plutonic) Pty Ltd.
Under the Gold Loan (note 24), the Company is subject to financial covenants requiring it to maintain a total minimum
balance of cash, cash equivalents and undrawn lines of credit of AUD$5.0 million and a restriction on additional
indebtedness, except for permitted indebtedness as agreed to between the Company and Auramet. The Company was
also subject to non-financial covenants, along with a restriction on liens. At 30 June 2024, the Gold Loan was in compliance
with all covenants.
Finance costs
Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are expensed
in the period in which they are incurred.
Accounting policy for borrowings
Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction costs. They
are subsequently measured at amortised cost using the effective interest method.
Note 20. Lease liabilities
Consolidated
2024
2023
$'000
$'000
Current liabilities
Lease liability
5,612
2,126
Non-current liabilities
Lease liability
360
5,979
5,972
8,105
58 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 20. Lease liabilities (continued)
40
Accounting policy for lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present
value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease
or, if that rate cannot be readily determined, the Consolidated Entity's incremental borrowing rate. Lease payments
comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a
rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise
of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that
do not depend on an index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured
if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual
guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an
adjustment is made to the corresponding right-of-use asset, or to profit or loss if the carrying amount of the right-of-use
asset is fully written down.
Note 21. Employee benefits
Consolidated
2024
2023
Restated*
$'000
$'000
Current liabilities
Annual leave
7,618
9,074
Long service leave
2,613
126
10,231
9,200
Non-current liabilities
Long service leave
1,015
1,035
11,246
10,235
* Refer to note 44 for detailed information on Restatement of comparatives.
Amounts not expected to be settled within the next 12 months
The current provision for employee benefits includes all unconditional entitlements where employees have completed the
required period of service and also those where employees are entitled to pro-rata payments in certain circumstances.
The entire amount is presented as current, since the Consolidated Entity does not have an unconditional right to defer
settlement. However, based on past experience, the Consolidated Entity does not expect all employees to take the full
amount of accrued leave or require payment within the next 12 months.
Accounting policy for employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be
settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities
are settled.
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are
measured at the present value of expected future payments to be made in respect of services provided by employees up
to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary
levels, experience of employee departures and periods of service. Expected future payments are discounted using market
yields at the reporting date on high quality corporate bonds with terms to maturity and currency that match, as closely as
possible, the estimated future cash outflows.
CATALYST METALS LTD
2024 ANNUAL REPORT 59
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
41
Note 22. Provisions
Consolidated
2024
2023
$'000
$'000
Current liabilities
Deferred consideration
800
800
Non-current liabilities
Rehabilitation provision
35,474
34,770
36,274
35,570
Rehabilitation
The provision for rehabilitation represents the present value of estimated costs for future rehabilitation of land explored or
mined by the Consolidated Entity at the end of the exploration or mining activity.
The Consolidated Entity assesses its rehabilitation provision annually. Significant judgment is required in determining the
provision for mine rehabilitation and closure as there are many factors that will affect the ultimate liability payable to
rehabilitate the mine sites, including future disturbances caused by further development, changes in technology, changes
in regulations, price increases, changes in timing of cash flows which are based on life of mine plans and changes in
discount rates. When these factors change or become known in the future, such differences will impact the mine
rehabilitation provision in the period in which the change becomes known.
Movements in provisions
Movements in each class of provision during the current financial year, other than employee benefits, are set out below:
Rehabilitation
Deferred
consideration
Consolidated
$'000
$'000
Balance at 1 July 2023
34,770
800
Revaluation
(685)
-
Unwinding of discount
1,389
-
Balance at 30 June 2024
35,474
800
Accounting policy for provisions
Provisions are recognised when the Consolidated Entity has a present (legal or constructive) obligation as a result of a
past event, it is probable the Consolidated Entity will be required to settle the obligation, and a reliable estimate can be
made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration
required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding
the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the
liability. The increase in the provision resulting from the passage of time is recognised as a finance cost.
Deferred consideration
On 20 January 2021, the group acquired 100% of the shares and voting rights in Unity Mining Pty Ltd and its 100% owned
subsidiary, Henty Gold Pty Ltd (the entity that owns the Henty Gold Mine asset).
Deferred share consideration on the purchase has been deferred for a minimum of 3 years after purchase at a value of
$800,000. The deferred consideration has been reclassified as a current liability as at 30 June 2023.
60 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
42
Note 23. Advances
Consolidated
2024
2023
$'000
$'000
Current liabilities
Advances from joint venture partners
899
253
Advances on gold sales
-
7,990
899
8,243
The advance from Joint Venture Partners relate to monies advanced to Kite Gold Pty Ltd, Tandarra Management Pty Ltd,
Kite Operations Pty Ltd and Silkfield Holdings Pty Ltd for their contribution to exploration expenditure on Four Eagles,
Tandarra, Boort and Drummartin projects respectively.
Note 24. Deferred revenue
Consolidated
2024
2023
$'000
$'000
Current liabilities
Deferred revenue - gold sales
2,445
-
Deferred revenue - Gold Loan
5,743
6,316
8,188
6,316
Gold sales
The Company has received cash in advance from a customer for the delivery of gold that occurred after the reporting
period.
Senior secured Gold Loan agreement
The Company, and its wholly-owned subsidiaries Superior Gold Inc. ('Superior') and Catalyst (Plutonic) Pty Ltd ('Plutonic')
(formerly known as Billabong Gold Pty Ltd up to 22 January 2024) entered into a Senior Secured Gold Loan ('Gold Loan')
agreement (dated 20 December 2023) under which they reprofiled their existing Gold Loan agreement to $7,285,000.
In connection with the Gold Loan, Superior:
●
Is required to deliver a total of 3,330 ounces of gold over 9 equal monthly instalments beginning on 30 April 2024 and
terminating on 30 December 2024.
As at 30 June 2024, 2,220 ounces of gold are deliverable under the Gold Loan, with 2,220 ounces classified as current.
Note 25. Issued capital
Consolidated
2024
2023
2024
2023
Shares
Shares
$'000
$'000
Ordinary shares - fully paid
224,582,544 219,062,544
206,653
200,831
Options - listed
-
-
158
158
224,582,544 219,062,544
206,811
200,989
CATALYST METALS LTD
2024 ANNUAL REPORT 61
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 25. Issued capital (continued)
43
Movements in ordinary share capital
Details
Shares
$'000
Balance as at 1 July 2022
98,456,148
73,081
Issue of shares - capital raising
21,600,000
21,600
Less: transaction costs arising on share issue
-
(1,441)
Acquisition of Vango Mining
54,778,675
74,420
Acquisition of Superior Gold Inc.
44,227,721
33,171
Balance as at 30 June 2023
219,062,544
200,831
Issue of shares - fulfill financial advisory fee
250,000
196
Issue of shares - employee share plan
2,245,000
2,601
Issue of shares - convertible note
3,025,000
3,025
Balance as at 30 June 2024
224,582,544
206,653
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in
proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and
the Company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each
share shall have one vote.
Share buy-back
There is no current on-market share buy-back.
Capital risk management
The Consolidated Entity's objectives when managing capital is to safeguard its ability to continue as a going concern, so
that it can provide returns for Shareholders and benefits for other stakeholders and to maintain an optimum capital
structure to reduce the cost of capital.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated
as total borrowings less cash and cash equivalents.
In order to maintain or adjust the capital structure, the Consolidated Entity may adjust the amount of dividends paid to
Shareholders, return capital to Shareholders, issue new shares or sell assets to reduce debt.
The Consolidated Entity would look to raise capital when an opportunity to invest in a business or company was seen as
value adding relative to the current Company's share price at the time of the investment. The Consolidated Entity is not
actively pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in
order to maximise synergies.
The Consolidated Entity is subject to certain financing arrangements covenants and meeting these is given priority in all
capital risk management decisions. There have been no events of default on the financing arrangements during the
financial year.
The capital risk management policy remains unchanged from the 2023 Annual Report.
Accounting policy for issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax,
from the proceeds.
62 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
44
Note 26. Reserves
Consolidated
2024
2023
Restated*
$'000
$'000
Foreign currency reserve
(19)
-
Share-based payments reserve
3,270
2,437
3,251
2,437
* Refer to note 44 for detailed information on Restatement of comparatives.
Foreign currency reserve
The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign
operations to Australian dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign
operations.
Share-based payments reserve
The reserve is used to recognise the value of equity benefits provided to employees and Directors as part of their
remuneration, and other parties as part of their compensation for services.
Refer to note 43 for details on share-based payments.
Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:
Share-based
payments
reserve
Foreign
currency
reserve
Consolidated
Restated*
$'000
$'000
Balance at 1 July 2022
493
-
Issue of replacement options (Restated*)
74
-
Issue of performance rights - to Managing Director
1,870
-
Restated balance at 30 June 2023
2,437
-
Issue of performance rights - employee share plan
3,343
-
Exercise of employee share awards
(2,510)
-
Foreign currency translation
-
(19)
Balance at 30 June 2024
3,270
(19)
* Refer to note 44 for detailed information on Restatement of comparatives.
Note 27. Accumulated losses
Consolidated
2024
2023
Restated*
$'000
$'000
Accumulated losses at the beginning of the financial year
(31,640)
(16,012)
Profit/(loss) after income tax expense for the year
23,558
(15,628)
Accumulated losses at the end of the financial year
(8,082)
(31,640)
* Refer to note 44 for detailed information on Restatement of comparatives.
CATALYST METALS LTD
2024 ANNUAL REPORT 63
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
45
Note 28. Financial instruments
Financial risk management objectives
The Consolidated Entity's activities expose it to a variety of financial risks: market risk (including foreign currency risk,
price risk and interest rate risk), credit risk and liquidity risk. The Consolidated Entity's overall risk management program
focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial
performance of the Consolidated Entity. The Consolidated Entity uses derivative financial instruments such as forward
foreign exchange contracts to hedge certain risk exposures. Derivatives are exclusively used for hedging purposes, i.e.
not as trading or other speculative instruments. The Consolidated Entity uses different methods to measure different types
of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate, foreign exchange and
other price risks, ageing analysis for credit risk and beta analysis in respect of investment portfolios to determine market
risk.
Risk management is carried out by senior finance executives ('Finance') under policies approved by the Board of Directors
('the Board'). These policies include identification and analysis of the risk exposure of the Consolidated Entity and
appropriate procedures, controls and risk limits. Finance identifies, evaluates and hedges financial risks within the
Consolidated Entity's operating units. Finance reports to the Board on a monthly basis.
Market risk
Foreign currency risk
The Consolidated Entity undertakes certain transactions denominated in foreign currency and is exposed to foreign
currency risk through foreign exchange rate fluctuations.
Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities
denominated in a currency that is not the entity's functional currency. The risk is measured using sensitivity analysis and
cash flow forecasting.
The carrying amount of the Consolidated Entity's foreign currency denominated financial assets and financial liabilities at
the reporting date were as follows:
Assets
Liabilities
2024
2023
2024
2023
Consolidated
$'000
$'000
$'000
$'000
Canadian dollars
690
1,955
316
6,164
The Consolidated Entity had net assets denominated in foreign currencies of $374,000 (assets of $690,000 less liabilities
of $316,000) as at 30 June 2024 (2023: net liabilities of $4,209,000).
Price risk
The Consolidated Entity is exposed to commodity price risk arising from gold and other metals held for sales.
The policy of the Consolidated Entity is to sell gold and other metals at the spot price, but it may enter into hedging
contracts from time to time. The Consolidated Entity's revenues are exposed to fluctuations in the price of these metals.
If the average selling price of gold of $3,011/oz (2023: $2,710/oz) for the financial year had increased/decreased by 10%,
the change in the loss before income tax for the Consolidated Entity would have been an increase/decrease of
$31,713,054 (2023: $6,946,274).
Interest rate risk
The Consolidated Entity's main interest rate risk arises from the Consolidated Entity's short-term deposits with floating
interest rates. These financial assets with variable rates expose the Consolidated Entity to cash-flow interest rate risk. The
Consolidated Entity's interest-bearing liabilities all have a fixed interest rate and therefore do not expose the Consolidated
Entity to cash-flow interest rate risk. All other financial assets and liabilities in the form of receivables and payables are
non-interest bearing. The Consolidated Entity does not engage in any hedging or derivative transactions to manage
interest rate risk.
64 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 28. Financial instruments (continued)
46
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Consolidated Entity. The Consolidated Entity has a strict code of credit, including obtaining agency credit information,
confirming references and setting appropriate credit limits. The Consolidated Entity obtains guarantees where appropriate
to mitigate credit risk. The maximum exposure to credit risk at the reporting date to recognised financial assets is the
carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position
and notes to the financial statements. The Consolidated Entity does not hold any collateral.
The Consolidated Entity has adopted a lifetime expected loss allowance in estimating expected credit losses to trade
receivables through the use of a provisions matrix using fixed rates of credit loss provisioning. These provisions are
considered representative across all customers of the Consolidated Entity based on recent sales experience, historical
collection rates and forward-looking information that is available.
The Consolidated Entity's credit exposure as at 30 June 2024 is relatively minimal, with trade receivables kept at a low
level (refer note 11 for a breakdown of Trade and Other receivables).
Liquidity risk
Vigilant liquidity risk management requires the Consolidated Entity to maintain sufficient liquid assets (mainly cash and
cash equivalents) and available borrowing facilities to be able to pay debts as and when they become due and payable.
The Consolidated Entity manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities
by continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and
liabilities.
Remaining contractual maturities
The following tables detail the Consolidated Entity's remaining contractual maturity for its financial instrument liabilities.
The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on
which the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as
remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of
financial position.
Weighted
average
interest rate
1 year or
less
Between 1
and 5 years
Remaining
contractual
maturities
Consolidated - 2024
%
$'000
$'000
$'000
Non-derivatives
Non-interest bearing
Trade payables
-
53,802
-
53,802
Advances
-
899
-
899
Deferred consideration
-
800
-
800
Deferred revenue - gold sales
-
2,445
-
2,445
Interest-bearing - fixed rate
Deferred revenue - Gold Loan
16.24%
6,473
-
6,473
Hire purchase
7.18%
7,664
10,645
18,309
Lease liability
6.95%
5,795
360
6,155
Premium insurance funding
4.26%
3,769
-
3,769
Total non-derivatives
81,647
11,005
92,652
CATALYST METALS LTD
2024 ANNUAL REPORT 65
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 28. Financial instruments (continued)
47
Weighted
average
interest rate
1 year or
less
Between 1
and 5 years
Remaining
contractual
maturities
Consolidated - 2023
%
Restated*
$'000
$'000
$'000
Non-derivatives
Non-interest bearing
Trade payables
-
47,876
-
47,876
Advances
-
8,243
-
8,243
Deferred consideration
-
800
-
800
Interest-bearing - fixed rate
Deferred revenue - Gold Loan
13.87%
6,316
-
6,316
Hire purchase
5.40%
3,689
2,517
6,206
Lease liability
6.50%
2,126
5,979
8,105
Other loans
10.54%
19,506
-
19,506
Total non-derivatives
88,556
8,496
97,052
Derivatives
Call options
-
1,553
-
1,553
Derivative instruments - Convertible Notes
-
403
-
403
Total derivatives
1,956
-
1,956
* Refer to note 44 for detailed information on Restatement of comparatives.
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed
above.
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
Note 29. Key management personnel disclosures
Disclosures relating to key management personnel are set out in the remuneration report included in the Directors' Report.
Compensation
The aggregate compensation made to Directors and other members of key management personnel of the Consolidated
Entity is set out below:
Consolidated
2024
2023
$'000
$'000
Short-term employee benefits
1,864
910
Post-employment benefits
90
83
Share-based payments
2,703
1,870
4,657
2,863
Detailed remuneration disclosures are provided in the Remuneration Report section of the Directors' Report.
Consolidated
2024
2023
$'000
$'000
Payment for services from Raisemetrex Pty Ltd (Company related to Mr Boston)
-
45
66 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 29. Key management personnel disclosures (continued)
48
Receivable from and payable to related parties
There were no transactions with related parties during the current financial year. In the previous financial year there was
$177,600 relating to Catalyst's Managing Director Mr Champion de Crespigny for consulting services provided to the
Consolidated Entity.
Terms and Conditions
All transactions with related parties were made on normal commercial terms and conditions and at market rates.
Note 30. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by RSM Australia Partners, the
auditor of the Company:
Consolidated
2024
2023
Audit services - RSM Australia Partners
Audit or review of the financial statements
246,000
292,000
Other services - RSM Australia Partners
Audit of joint venture financial statements
23,100
21,000
Audit of subsidiary statutory financial statements
60,000
-
Other assurance services - agreed-upon procedures engagements
-
27,000
83,100
48,000
329,100
340,000
Note 31. Contingent assets
The Group does not have any contingent assets as at 30 June 2024.
Note 32. Contingent liabilities
A subsidiary of Vango Mining Pty Ltd (Vango), Sino Australia Resources (Laos) Co., Ltd (SARCO) is a joint venture project
between Vango (49%) and China Nonferrous Metal Industry’s Foreign Engineering and Construction Co., Ltd (NFC)
(51%). Until 30 September 2009, Vango solely funded all exploration activities conducted by SARCO in Laos and since 1
October 2010 NFC has been funding ongoing exploration activities. In accordance with the Joint Venture agreement, at
the time NFC’s contribution had reached the level of Vango’s initial contribution, both Vango and NFC are obliged to
contribute their respective share of funding requirements for any further activity. An audit of Vango’s contributions to
SARCO JV expenditures from inception to 30 September 2009 was performed by NFC in 2012. On completion, NFC
challenged a total of $1.1 million in expenditure that is currently included as part of the total Company contribution by the
Consolidated Entity, although no formal claim has been made by NFC. The amount in dispute is $1,109,000 which forms
the contingent liability. Vango has the right to audit the NFC contributions. At this time no such audit has been undertaken,
although any findings from such an audit may constitute a future claim by Vango on NFC.
Contingent Consideration
As part of the acquisition of the Plutonic Gold Operations by Superior Gold Inc., Superior agreed to pay Northern Star
Resources Inc. milestone payments (“Milestone Payments”) of AUD$2.5 million for every 250,000 ounces of NI 43-101
compliant measured and indicated resources identified at the Plutonic Gold Operations in excess of the 1,717,000 ounces
of Joint Ore Reserves Committee 2012 compliant measured, indicated and inferred resources. The aggregate of the
Milestone Payments are capped at AUD$10 million.
The fair value of the Milestone Payments was determined to have $nil value at the date of acquisition of Superior Gold
Inc. by Catalyst and as at 30 June 2024 as Management determined the Plutonic Gold Operations do not currently meet
the stated threshold and that it is uncertain that the threshold outlined in the Acquisition Agreement of 1,717,000 ounces
of Joint Ore Reserves Committee 2012 compliant measured, indicated and inferred resources will be reached.
CATALYST METALS LTD
2024 ANNUAL REPORT 67
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 32. Contingent liabilities (continued)
49
K2 earn-in dispute
On 25 May 2020, Zuleika Gold commenced legal proceedings against Vango Mining Pty Ltd ("Vango") and Dampier
(Plutonic) Gold Pty Ltd ("Dampier") (now both wholly owned subsidiaries of Catalyst), seeking a determination that Vango
and Dampier (Plutonic) Pty Ltd had (allegedly) breached a binding term sheet dated 12 May 2017 which allowed Zuleika
to earn up to a 50% interest in the K2 gold deposit and that Zuleika had in fact earned an interest. On 31 October 2022,
the WA Supreme Court determined that Zuleika had earned a 4.1% interest in M52/183 (the K2 gold deposit tenement).
Vango and Dampier's appeal of this finding was dismissed by the Court of Appeal on 16 May 2024. The issue of damages
arising out of this matter is now underway and the outcome is yet to be determined.
Note 33. Commitments
Capital Expenditure Commitments
Consolidated Consolidated
2024
2023
$'000
$'000
Capital expenditure contracted but not provided for in the financial statements:
Within one year
3,266
-
3,266
-
Minimum Exploration and Evaluation Commitments
In order to maintain current rights of tenure to exploration tenements, the Group is required to perform minimum exploration
work to meet minimum expenditure requirements.
Consolidated Consolidated
2024
2023
$'000
$'000
Committed at the reporting date but not recognised as liabilities, payable:
Within one year
6,458
6,892
one to five years
22,012
5,610
28,470
12,502
Note 34. Related party transactions
Parent entity
Catalyst Metals Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 37.
Key management personnel
Disclosures relating to key management personnel are set out in note 29 and the remuneration report included in the
Directors' Report.
Transactions with related parties
There were no transactions with related parties during the current and previous financial year.
Receivable from and payable to related parties
There were no trade receivables from or trade payables to related parties at the current and previous reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
68 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
50
Note 35. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Parent
2024
2023
$'000
$'000
Loss after income tax
(3,969)
(15,139)
Total comprehensive income
(3,969)
(15,139)
Statement of financial position
Parent
2024
2023
Restated*
$'000
$'000
Total current assets (Restated*)
45,447
71,372
Total assets (Restated*)
190,321
194,504
Total current liabilities
14,968
21,855
Total liabilities
15,818
22,688
Equity
Issued capital
206,811
200,988
Reserves
3,271
2,438
Accumulated losses
(35,579)
(31,610)
Restated total equity
174,503
171,816
* Refer to note 44 for detailed information on Restatement of comparatives.
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2024 and 30 June 2023.
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2024 and 30 June 2023.
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2024 and 30 June 2023.
Material accounting policy information
The accounting policies of the parent entity are consistent with those of the Consolidated Entity, as disclosed in note 1,
except for the following:
●
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
●
Investments in associates are accounted for at cost, less any impairment, in the parent entity.
●
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an
indicator of an impairment of the investment.
Note 36. Business combinations
On 29 June 2023, the Consolidated Entity acquired 100% of the ordinary shares of Superior Gold Inc., a Canadian-based
gold producer that owns 100% of the Plutonic Gold Operations located in Western Australia, through its wholly-owned
subsidiary Billabong Gold Pty Ltd (renamed Catalyst (Plutonic) Pty Ltd).
CATALYST METALS LTD
2024 ANNUAL REPORT 69
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 36. Business combinations (continued)
51
The Plutonic Gold Operations include the Plutonic underground gold mine and central mill, numerous open-pit projects,
and an interest in the Bryah Basin joint venture. It was acquired with a view to create a robust mid-tier gold producer,
mainly through the consolidation of the Plutonic-Marymia gold belt.
As at 30 June 2023, the acquisition had been accounted for as a business combination on a provisional basis. In the
current reporting period, the remeasurement of the consideration paid/payable and fair value of assets and liabilities
acquired have been finalised. As a consequence of finalising the acquisition amounts, the following balances previously
reported on a provisional basis have been restated.
Details of the acquisition are as follows:
Fair value
$'000
Cash and cash equivalents
5,265
Trade and other receivables
4,100
Inventories
13,008
Other current assets
172
Plant and equipment
56,212
Right-of-use assets
7,466
Mining development assets
46,967
Trade and other payables
(35,401)
Other payables
(1,225)
Borrowings
(11,541)
Derivative financial instruments
(1,553)
Employee benefits provisions
(8,048)
Rehabilitation provisions
(27,878)
Deferred revenue
(6,317)
Lease liability
(7,982)
Acquisition-date fair value of the total consideration transferred
33,245
Representing:
Catalyst Metals Limited shares issued to vendor 1
33,171
Replacement options issued
74
33,245
Consolidated
2023
$'000
Cash used to acquire business, net of cash acquired:
Acquisition-date fair value of the total consideration transferred
33,245
Less: cash and cash equivalents
(5,265)
Less: shares issued as part of consideration
(33,171)
Less: replacement options issued as part consideration
(74)
Net cash received
(5,265)
(1) 44,227,721 ordinary shares issued at $0.75 per share
Accounting policy for business combinations
The acquisition method of accounting is used to account for business combinations regardless of whether equity
instruments or other assets are acquired.
70 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 36. Business combinations (continued)
52
The consideration transferred is the sum of the acquisition-date fair values of the assets transferred, equity instruments
issued or liabilities incurred by the acquirer to former owners of the acquiree and the amount of any non-controlling interest
in the acquiree. For each business combination, the non-controlling interest in the acquiree is measured at either fair value
or at the proportionate share of the acquiree's identifiable net assets. All acquisition costs are expensed as incurred to
profit or loss.
On the acquisition of a business, the Consolidated Entity assesses the financial assets acquired and liabilities assumed
for appropriate classification and designation in accordance with the contractual terms, economic conditions, the
Consolidated Entity's operating or accounting policies and other pertinent conditions in existence at the acquisition-date.
Where the business combination is achieved in stages, the Consolidated Entity remeasures its previously held equity
interest in the acquiree at the acquisition-date fair value and the difference between the fair value and the previous carrying
amount is recognised in profit or loss.
Contingent consideration to be transferred by the acquirer is recognised at the acquisition-date fair value. Subsequent
changes in the fair value of the contingent consideration classified as an asset or liability is recognised in profit or loss.
Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within
equity.
The difference between the acquisition-date fair value of assets acquired, liabilities assumed and any non-controlling
interest in the acquiree and the fair value of the consideration transferred and the fair value of any pre-existing investment
in the acquiree is recognised as goodwill. If the consideration transferred and the pre-existing fair value is less than the
fair value of the identifiable net assets acquired, being a bargain purchase to the acquirer, the difference is recognised as
a gain directly in profit or loss by the acquirer on the acquisition-date, but only after a reassessment of the identification
and measurement of the net assets acquired, the non-controlling interest in the acquiree, if any, the consideration
transferred and the acquirer's previously held equity interest in the acquirer.
Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively adjusts the
provisional amounts recognised and also recognises additional assets or liabilities during the measurement period, based
on new information obtained about the facts and circumstances that existed at the acquisition-date. The measurement
period ends on either the earlier of (i) 12 months from the date of the acquisition or (ii) when the acquirer receives all the
information possible to determine fair value.
CATALYST METALS LTD
2024 ANNUAL REPORT 71
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
53
Note 37. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 1:
Ownership interest
Principal place of business /
2024
2023
Name
Country of incorporation
%
%
Catalyst (Plutonic) Holdings Pty Ltd 1
Australia
100%
-
Catalyst (Plutonic) Pty Ltd 2
Australia
100%
100%
Catalyst (Infrastructure) Pty Ltd 1
Australia
100%
-
Catalyst Equipment Pty Ltd 3
Australia
100%
-
Henty Gold Pty Ltd
Australia
100%
100%
Unity Mining Pty Ltd
Australia
100%
100%
Vango Mining Pty Ltd
Australia
100%
100%
Kite Gold Pty Ltd
Australia
100%
100%
Kite Operations Pty Ltd
Australia
100%
100%
Silkfield Holdings Pty Ltd
Australia
100%
100%
Tandarra Management Pty Ltd
Australia
100%
100%
Nomad Metals Pty Ltd
Australia
100%
100%
Dampier (Plutonic) Pty Ltd
Australia
100%
100%
Four Eagles JV Property Pty Ltd
Australia
50%
50%
Superior Gold Inc.
Canada
100%
100%
Aileigh Pty Ltd
British Virgin Islands
100%
100%
Carpe Diem Limited
Papua New Guinea
100%
100%
Rotokas Limited
Papua New Guinea
100%
100%
Tampara Limited
Papua New Guinea
100%
100%
Tanami Northern Gold Pty Ltd 4
Australia
-
100%
Nicholson East Pty Ltd 4
Australia
-
100%
Nicholson West Pty Ltd 4
Australia
-
100%
Suplejack Pty Limited 4
Australia
-
100%
Coolan Yard Pty Limited 4
Australia
-
100%
Ord River Resources (PNG) Pty Ltd 4
Australia
-
100%
1. Incorporated on 19 January 2024.
2. Formerly known as Billabong Gold Pty Ltd up to 22 January 2024.
3. Incorporated on 14 August 2023.
4. Deregistered on 4 September 2023.
Note 38. Interests in joint ventures
Ownership
interest
Ownership
interest
Principal place of business /
2024
2023
Name
Country of incorporation
%
%
Bryah Basin Joint Venture
Australia
80.00%
80.00%
Four Eagles Joint Venture
Australia
50.00%
50.00%
Boort Joint Venture
Australia
50.00%
50.00%
Macorna Bore Joint Venture
Australia
50.00%
50.00%
Tandarra Joint Venture
Australia
51.00%
51.00%
Sino Australian Resources (Laos) Co. Ltd - Joint
Venture entity
Laos
49.00%
49.00%
Golden Camel Joint Venture
Australia
50.10%
50.10%
72 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
54
Note 39. Events after the reporting period
No matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly affect the
Consolidated Entity's operations, the results of those operations, or the Consolidated Entity's state of affairs in future
financial years.
Note 40. Cash flow information
Reconciliation of profit/(loss) after income tax to net cash from operating activities
Consolidated
2024
2023
Restated*
$'000
$'000
Profit/(loss) after income tax expense for the year
23,558
(15,628)
Adjustments for:
Depreciation and amortisation
32,041
14,422
Impairment of exploration and evaluation assets
10,355
-
Impairment of property, plant and equipment
317
-
Write off of exploration and evaluation assets
2,954
-
Disposals of property, plant and equipment
202
-
Unwinding of the discount on provisions
1,389
-
Finance charges (non-cash)
1,526
430
Share based payments
3,434
1,870
Exploration costs (expensed)
1,548
67
Mark-to-market of derivative financial instruments
(2,097)
(600)
Change in operating assets and liabilities:
Decrease/(increase) in trade and other receivables
(1,909)
1,983
Decrease/(increase) in inventories
(11,994)
1,117
Increase in trade and other payables
5,926
2,630
Increase in deferred revenue - gold sales
2,445
-
Increase in other provisions
1,011
1,568
Net cash from operating activities
70,706
7,859
* Refer to note 44 for detailed information on Restatement of comparatives.
Note 41. Changes in liabilities arising from financing activities
Borrowings
Lease
liabilities
Other
advances
Deferred
revenue -
Gold Loan
Total
Consolidated
$'000
$'000
$'000
$'000
$'000
Balance at 30 June 2023
25,712
8,105
8,243
6,316
48,376
Net cash from/ (used in) financing activities
(15,268)
(2,133)
(7,344)
(6,097)
(30,842)
Loan transferred to Gold Loan
(5,664)
-
-
5,664
-
Other changes
1,024
-
-
(140)
884
Settled through issued shares
(3,025)
-
-
-
(3,025)
Equipment acquired through Hire Purchase
17,562
-
-
-
17,562
Balance at 30 June 2024
20,341
5,972
899
5,743
32,955
CATALYST METALS LTD
2024 ANNUAL REPORT 73
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
55
Note 42. Earnings per share
Consolidated
2024
2023
Restated*
$'000
$'000
Earnings per share for profit/(loss) from continuing operations
Profit/(loss) after income tax attributable to the Owners of Catalyst Metals Limited
23,558
(15,628)
* Refer to note 44 for detailed information on Restatement of comparatives.
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings per share 220,379,085 123,411,952
Adjustments for calculation of diluted earnings per share:
Performance rights
3,777,504
-
Options
565,574
-
Weighted average number of ordinary shares used in calculating diluted earnings per
share
224,722,163
123,411,952
Cents
Cents
Basic earnings per share
10.69
(12.66)
Diluted earnings per share
10.48
(12.66)
Accounting policy for earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the Owners of Catalyst Metals Limited, excluding
any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding
during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account
the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the
weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential
ordinary shares.
Note 43. Share-based payments
Employee Incentive Plan
Equity incentives (shares or options or performance rights over shares) in the Company can be granted to eligible
employees and officers of the Consolidated Entity under the Catalyst Metals Limited Employee Incentive Plan ("Incentive
Plan"). The number of equity incentives that can be issued under the plan cannot exceed 5% of the total number of shares
on issue. The terms and conditions of the equity incentives issued under the plan are at the discretion of the Board of
Directors.
74 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 43. Share-based payments (continued)
56
Options
Set out below are summaries of options granted under the plan:
Number of
options
Weighted
average
exercise
price
Number of
options
Weighted
average
exercise
price
2024
2024
2023
2023
Outstanding at the beginning of the financial year
1,357,010
$2.64
250,000
$3.00
Granted
2,000,000
$0.85
1,107,010
$2.56
Outstanding at the end of the financial year
3,357,010
$1.57
1,357,010
$2.64
2024
Balance at
Expired/ Balance at
Exercise the start of
forfeited/ the end of
Grant date Expiry date
price
the year
Granted
Exercised
other
the year
22/10/2021
30/11/2024
$3.00
250,000
-
-
-
250,000
30/06/2023
15/08/2024
$3.06
17,855
-
-
-
17,855
30/06/2023
13/05/2025
$2.36
53,565
-
-
-
53,565
30/06/2023
04/08/2025
$3.48
357,100
-
-
-
357,100
30/06/2023
14/04/2026
$2.27
71,420
-
-
-
71,420
30/06/2023
11/08/2026
$1.98
446,375
-
-
-
446,375
30/06/2023
26/05/2027
$2.65
89,275
-
-
-
89,275
30/06/2023
18/08/2027
$1.79
71,420
-
-
-
71,420
17/11/2023
30/11/2028
$0.70
-
1,000,000
-
-
1,000,000
17/11/2023
30/11/2028
$0.90
-
500,000
-
-
500,000
17/11/2023
30/11/2028
$1.10
-
500,000
-
-
500,000
1,357,010
2,000,000
-
-
3,357,010
Weighted average exercise price
$2.64
$0.85
$0.00
$0.00
$1.57
2023
Balance at
Expired/ Balance at
Exercise the start of
forfeited/ the end of
Grant date Expiry date
price
the year
Granted
Exercised
other
the year
22/10/2021
30/11/2024
$3.00
250,000
-
-
-
250,000
30/06/2023
15/08/2024
$3.06
-
17,855
-
-
17,855
30/06/2023
13/05/2025
$2.36
-
53,565
-
-
53,565
30/06/2023
04/08/2025
$3.48
-
357,100
-
-
357,100
30/06/2023
14/04/2026
$2.27
-
71,420
-
-
71,420
30/06/2023
11/08/2026
$1.98
-
446,375
-
-
446,375
30/06/2023
26/05/2027
$2.65
-
89,275
-
-
89,275
30/06/2023
18/08/2027
$1.79
-
71,420
-
-
71,420
250,000
1,107,010
-
-
1,357,010
Weighted average exercise price
$3.00
$2.56
$0.00
$0.00
$2.64
The weighted average share price during the financial year was $0.80 (2023: $1.04).
The weighted average remaining contractual life of options outstanding at the end of the financial year was 3.26 years
(2023: 2.55 years).
CATALYST METALS LTD
2024 ANNUAL REPORT 75
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 43. Share-based payments (continued)
57
For the options granted during the current financial year, the valuation model inputs used to determine the fair value at
the grant date, are as follows:
Share price
Exercise
Expected
Dividend
Risk-free
Fair value
Grant date Expiry date at grant date
price
volatility
yield
interest rate at grant date
17/11/2023
30/11/2028
$0.80
$0.70
66.63%
-
4.14%
$0.41
17/11/2023
30/11/2028
$0.80
$0.90
66.63%
-
4.14%
$0.38
17/11/2023
30/11/2028
$0.80
$1.10
66.63%
-
4.14%
$0.36
Performance rights
Set out below are summaries of performance rights granted under the Incentive Plan:
2024
Balance at
Expired/ Balance at
Share price the start of
forfeited/ the end of
Grant date
Expiry date
at grant date
the year
Granted
Exercised
other
the year
17/11/2022
30/06/2026
$1.35
700,000
-
(700,000)
-
-
17/11/2022
30/06/2026
$1.35
800,000
-
(800,000)
-
-
17/11/2022
30/06/2026
$1.35
1,000,000
-
-
-
1,000,000
17/11/2023
30/06/2028
$0.80
-
1,000,000
(200,000)
-
800,000
22/11/2023
30/06/2026
$0.81
-
700,000
(400,000)
-
300,000
14/03/2024
30/06/2026
$0.69
-
2,856,993
-
-
2,856,993
14/03/2024
30/06/2026
*$0.69
-
984,361
-
-
984,361
2,500,000
5,541,354
(2,100,000)
-
5,941,354
Vested and exercisable at 30 June 2024
1,200,000
*Fair value of LTI performance rights is $0.40 per below. All other tranches are valued at the share price at grant date.
The performance rights granted during the current financial year with a market-based hurdle had an independent valuation
performed. The valuation model inputs used to determine the fair value at the grant date, are as follows:
Share price
Exercise
Expected
Dividend
Risk-free
Fair value
Grant date
Expiry date
at grant date
price
volatility
yield
interest rate at grant date
14/03/2024
30/06/2026
$0.69
$0.00
60.00%
-
3.74%
$0.40
2023
Balance at
Expired/ Balance at
Share price the start of
forfeited/ the end of
Grant date
Expiry date
at grant date
the year
Granted
Exercised
other
the year
17/11/2022
30/06/2026
$1.35
-
700,000
-
-
700,000
17/11/2022
30/06/2026
$1.35
-
800,000
-
-
800,000
17/11/2022
30/06/2026
$1.35
-
1,000,000
-
-
1,000,000
-
2,500,000
-
-
2,500,000
Vested and exercisable at 30 June 2023
700,000
76 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
Note 43. Share-based payments (continued)
58
Expenses arising from share-based payment transactions
Total expenses arising from share-based payment transactions recognised during the period as part of employee benefit
expense were as follows:
Consolidated
2024
2023
$'000
$'000
Options
780
-
Performance rights
2,654
1,870
3,434
1,870
Note 44. Restatement of comparatives
During the period to 30 June 2024, the Company completed the Purchase Price Accounting (PPA) for the Billabong Gold
acquisition, which had been reported on a provisional basis as at 30 June 2023. The finalisation of the PPA resulted in
the restatement of certain 30 June 2023 balances.
Reported at
30 June 2023
$'000
Effect of
PPA
$'000
Restated
$'000
Trade and other receivables
5,539
39
5,578
Inventories
17,801
(16)
17,785
Property, plant and equipment
39,357
29,004
68,361
Exploration and evaluation
125,751
(10,801)
114,950
Mining development assets
87,480
(17,850)
69,630
Total assets
315,423
376
315,799
Trade and other payables
47,747
129
47,876
Employee benefits
8,966
234
9,200
Total liabilities
143,650
363
144,013
Net assets
171,773
13
171,786
Statement of changes in equity
Reported at
30 June 2023
$'000
Effect of
PPA
$'000
Restated
$'000
Issued capital
200,989
-
200,989
Reserves
2,395
42
2,437
Accumulated losses
(31,611)
(29)
(31,640)
Total equity
171,773
13
171,786
No restatement occurred to the 30 June 2022 balances.
The Company has updated the presentation of expenses to adopt the cost of sales method in the statement of profit or
loss statement in the current financial year. This method categorises expenses based on their function, such as cost of
goods sold, rather than by their nature. Comparative information for the prior year has been restated to ensure
consistency.
CATALYST METALS LTD
2024 ANNUAL REPORT 77
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Notes to the consolidated financial statements
30 June 2024
59
Note 45. Asset acquisition
On 10 January 2023, Catalyst issued a bid to acquire Vango Mining Limited (‘Vango’), offering 5 Catalyst shares for every
115 Vango shares. On 7 February 2023, Catalyst exceeded 50% ownership of Vango with the 90% compulsory acquisition
threshold met on 21 February 2023. At the close of the takeover offer period on 6 March 2023, Catalyst held a relevant
interest in 94.6% of Vango shares. Following completion of the compulsory acquisition process, Catalyst owned 100% of
Vango Shares. Catalyst completed the compulsory acquisition on the 21 March 2023.
Management has determined the acquisition of the 100% interest into Vango does not meet the definition of a business
within AASB 3 Business Combinations. This Transaction has been accounted for as an asset acquisition.
Management has considered all pertinent facts and circumstances in identifying the acquisition date and concluded the
completion of the compulsory acquisition process represents the closing date of the asset acquisition.
The fair value of the consideration paid amounted to $74,420,000 and comprised the issue of 54,778,675 shares issued
as consideration to the shareholders of Vango. Transaction costs were capitalised consistent with acquisition accounting
principles.
Details of the purchase consideration are as follows:
$'000
Ordinary shares issued
74,420
Transaction costs
5,040
79,460
The fair value of the purchase consideration has been allocated to the assets acquired and liabilities assumed as per the
table below:
$'000
Cash and cash equivalents
2,993
Other current assets
153
Plant and equipment
1,797
Exploration and evaluation
94,238
Other payables
(2,957)
Borrowings
(12,800)
Provisions
(3,964)
Net assets acquired
79,460
Other information
The acquired asset contributed nil revenue from continuing operations and loss before tax of $287,000 to Catalyst
Metals Limited for the period from 7 February 2023 to 30 June 2023.
78 2024 ANNUAL REPORT
CATALYST METALS LTD
Notes to the consolidated financial statements (Cont.)
For the year ended 30 June 2024
Catalyst Metals Limited
Consolidated entity disclosure statement
As at 30 June 2024
60
Place formed /
Ownership
interest
Entity name
Entity type
Country of
incorporation
%
Tax residency
Catalyst Metals Limited
Body corporate
Australia
100%
Australia*
Catalyst (Plutonic) Holdings Pty Ltd Body corporate
Australia
100%
Australia*
Catalyst (Plutonic) Pty Ltd
Body corporate
Australia
100%
Australia
Catalyst (Infrastructure) Pty Ltd
Body corporate
Australia
100%
Australia*
Catalyst Equipment Pty Ltd
Body corporate
Australia
100%
Australia*
Henty Gold Pty Ltd
Body corporate
Australia
100%
Australia*
Unity Mining Pty Ltd
Body corporate
Australia
100%
Australia*
Vango Mining Pty Ltd
Body corporate
Australia
100%
Australia*
Kite Gold Pty Ltd
Body corporate
Australia
100%
Australia*
Kite Operations Pty Ltd
Body corporate
Australia
100%
Australia*
Silkfield Holdings Pty Ltd
Body corporate
Australia
100%
Australia*
Tandarra Management Pty Ltd
Body corporate
Australia
100%
Australia*
Nomad Metals Pty Ltd
Body corporate
Australia
100%
Australia*
Dampier (Plutonic) Pty Ltd
Body corporate
Australia
100%
Australia*
Four Eagles JV Property Pty Ltd
Body corporate
Australia
50%
Australia*
Superior Gold Inc.
Body corporate
Canada
100%
Canada
Aileigh Pty Ltd
Body corporate
British Virgin Islands
100%
British Virgin Islands
Carpe Diem Limited
Body corporate
Papua New Guinea
100%
Papua New Guinea
Rotokas Limited
Body corporate
Papua New Guinea
100%
Papua New Guinea
Tampara Limited
Body corporate
Papua New Guinea
100%
Papua New Guinea
*Catalyst Metals Limited and its wholly-owned Australian subsidiaries have formed an income tax consolidated group under the tax consolidation regime.
CATALYST METALS LTD
2024 ANNUAL REPORT 79
Consolidated entity disclosure statement
As at 30 June 2024
Catalyst Metals Limited
Directors' declaration
30 June 2024
61
In the Directors' opinion:
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
●
the attached financial statements and notes comply with International Financial Reporting Standards as issued by
the International Accounting Standards Board as described in note 1 to the financial statements;
●
the attached financial statements and notes give a true and fair view of the Consolidated Entity's financial position as
at 30 June 2024 and of its performance for the financial year ended on that date;
●
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable; and
●
the information disclosed in the consolidated entity disclosure statement is true and correct.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the Directors
___________________________
David Jones AM
Chairman
29 August 2024
80 2024 ANNUAL REPORT
CATALYST METALS LTD
Directors' declaration
For the year ended 30 June 2024
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the
members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm
which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
www.rsm.com.au
INDEPENDENT AUDITOR’S REPORT
To the Members of Catalyst Metals Limited
Opinion
We have audited the financial report of Catalyst Metals Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2024, the consolidated
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity
and the consolidated statement of cash flows for the year then ended, and notes to the financial statements,
including material accounting policy information, the consolidated entity disclosure statement and the
directors' declaration.
In our opinion the accompanying financial report of the Group is in accordance with the Corporations Act
2001, including:
(i) giving a true and fair view of the Group's financial position as at 30 June 2024 and of its financial
performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (including independence standards) (the Code) that are
relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in
accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
CATALYST METALS LTD
2024 ANNUAL REPORT 81
Independent auditor's report to the members of Catalyst Metals Limited (Cont.)
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter
How our audit addressed this matter
Going concern
Refer to Note 1 in the financial statements
At 30 June 2024, the Group’s current liabilities
exceeded its current assets by $13,577,000.
The Directors have prepared the financial report on
the going concern basis. Mitigating factors have been
disclosed in Note 1 to the financial statements.
The achievement of the cash flow forecasts is subject
to future events, some of which are beyond the direct
control of the Group.
Our audit procedures included:
•
Assessing and discussing with management and
Directors the reasonableness of the Group’s cash
flow forecast for the 14-month period ended
31 August 2025;
•
Checking
the
mathematical
accuracy
of
management’s cash flow forecast;
•
Challenging the reasonableness of the key
assumptions and mitigating factors used by
management in the cash flow forecast by
comparison to our knowledge of the business and
supporting documentation;
•
Assessing the sensitivity of the key assumptions
within
management’s
cash
flow
forecast,
particularly in relation to forecast sales and
debt/equity funding; and
•
Assessing the adequacy of disclosures made in
the financial report.
Accounting for the acquisition of Superior Gold
Refer to Note 36 in the financial statements
On 29 June 2023, the Group acquired 100% of the
shares and voting rights in Superior Gold Inc., a
Canadian-based gold producer that owns 100% of the
Plutonic Gold Operations located in Western Australia,
through its wholly-owned subsidiary Billabong Gold
Pty Ltd.
The acquisition was determined to be a business
combination during the 30 June 2023 year end and
was accounted for on a provisional basis.
The
measurement
period
for
the
business
combination ended during the year ended 30 June
2024 and comparative balances have been restated
as set out in Note 44.
The
finalisation
of
the
business
combination
accounting for this acquisition is a key audit matter due
to the material nature of the acquisition, the related
management estimates and judgements associated
with finalising the identification and measurement of
the fair value the purchase consideration and assets
and liabilities acquired.
Our audit procedures included:
•
Assessing
the
Group’s
account
policy
for
compliance
with
the
Australian
Accounting
Standards;
•
Reading the purchase agreement and other
associated documents to obtain an understanding
of the transaction and the related accounting
considerations;
•
Testing the determination of the fair value of
consideration paid:
•
Assessing the methods, assumptions and data
utilised in determining the fair value of assets and
liabilities acquired, including evaluating the work
performed by management’s experts and the
competency and objectivity of the expert; and
•
Assessing
the
disclosures
in
the
financial
statements,
including
the
restatement
of
comparative balances.
82 2024 ANNUAL REPORT
CATALYST METALS LTD
Independent auditor's report to the members of Catalyst Metals Limited (Cont.)
Key audit matter
How our audit addressed this matter
Carrying value of Capitalised exploration and evaluation expenditure
Refer to Note 16 in the financial statements
As at 30 June 2024, the Group has capitalised
exploration and evaluation expenditure with a carrying
value of $110,867,000. For the year ended 30 June
2024, the Group recognised an impairment expense
of $10,355,000 in relation capitalised exploration and
evaluation expenditure.
We determined this to be a key audit matter due to the
significant
management
judgments
involved
in
assessing the carrying value of the asset including:
•
Determination of whether expenditure can be
associated with finding specific mineral
resources and the basis on which that
expenditure is allocated to an area of interest;
•
Determination
of
whether
exploration
activities have progressed to the stage at
which the existence of an economically
recoverable
mineral
reserve
may
be
assessed; and
•
Assessing
whether
any
indicators
of
impairment are present and, if so, judgments
applied to determine and quantify any
impairment loss.
Our audit procedures included:
•
Assessing the Group’s accounting policy for
compliance with Australian Accounting Standards;
•
On a sample basis, testing that the Group has valid
rights to explore in the specific areas of interest;
•
Agreeing, on a sample basis, additions to
supporting documentation and assessing whether
the amounts may be capitalised and relate to the
specific areas of interest;
•
With respect to areas of interest where no
impairment was recognised;
o
Evaluating management’s assessment
that no indicators of impairment existed for
those tenements where the Group has
current rights of tenure;
o
Assessing management’s determination
that exploration and evaluation activities
have not yet reached a stage where the
existence or otherwise of economically
recoverable reserves may be reasonably
determined; and
o
Enquiring with management and reading
budgets and other documentation as
evidence that active and significant
operations in, or relation to, the areas of
interest will be continued in the future.
•
For areas of interest where indicators of
impairment were identified by management,
assessing the appropriateness of the impairment
expense recorded; and
•
Assessing
the
disclosures
in
the
financial
statements.
CATALYST METALS LTD
2024 ANNUAL REPORT 83
Independent auditor's report to the members of Catalyst Metals Limited (Cont.)
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Group's annual report for the year ended 30 June 2024, but does not include the financial report and the
auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
b. the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i.
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view and is free from material misstatement, whether due to fraud or error; and
ii.
the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether
due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: https://www.auasb.gov.au/admin/file/content102/c3/ar2_2020.pdf. This
description forms part of our auditor's report.
84 2024 ANNUAL REPORT
CATALYST METALS LTD
Independent auditor's report to the members of Catalyst Metals Limited (Cont.)
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors' report for the year ended 30 June 2024.
In our opinion, the Remuneration Report of Catalyst Metals Limited, for the year ended 30 June 2024, complies
with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
RSM AUSTRALIA
Perth, Western Australia
MATTHEW BEEVERS
29 August 2024
Partner
CATALYST METALS LTD
2024 ANNUAL REPORT 85
Independent auditor's report to the members of Catalyst Metals Limited (Cont.)
86 2024 ANNUAL REPORT
CATALYST METALS LTD
ASX additional information
The following information was reflected in the records of the Company as at 20 September 2024.
Distribution of holders of equity securities
Number of holders
Fully paid
Unlisted
Performance
shares
options
rights
1 - 1,000
1,309
-
-
1,001 - 5,000
1,157
-
-
5,001 - 10,000
401
-
-
10,001 - 100,000
676
5
2
100,001 and over
149
4
17
3,692
9
19
Including holdings of less than a marketable parcel (based on a
market share price of $2.65 per share)
321
Substantial shareholders
As at the date of this statement, no shareholder had lodged a notice of substantial
shareholding in the Company.
Twenty largest holders of fully paid shares
Shareholder
Shares
%
1.
BNP Paribas Nominees Pty Ltd
31,903,861
14.13
2.
Citicorp Nominees Pty Ltd
31,307,278
13.87
3.
HSBC Custody Nominees (Australia) Limited
16,878,676
7.48
4.
HSBC Custody Nominees (Australia) Limited
11,393,952
5.05
5.
J P Morgan Nominees Australia Pty Ltd
9,580,900
4.24
6.
BNP Paribas Noms Pty Ltd
7,455,741
3.30
7.
Drill Investments Pty Ltd
4,902,609
2.17
8.
Sandhurst Trustees Limited
4,463,494
1.98
9.
Morgan Stanley Australia Securities (Nominee) Pty Ltd
3,810,206
1.69
10. Warbont Nominees Pty Ltd
3,446,849
1.53
11. Diversified Minerals Management Pty Ltd
2,960,999
1.31
12. UBS Nominees Pty Ltd
2,489,977
1.10
13. Melvista 1 Pty Ltd
2,333,333
1.03
14. BNP Paribas Nominees Pty Ltd
2,264,722
1.00
15. BNP Paribas Nominees Pty Ltd
2,141,881
0.95
16. Kayfund Pty Ltd
2,108,843
0.93
17. Gavin Arnold Caudle
2,064,839
0.91
18. Bruce Anthony McInnes
2,044,087
0.91
19. Christopher Kuznetsoff
1,784,241
0.79
20. First Samuel Limited
1,750,646
0.78
147,087,134
65.15
CATALYST METALS LTD
2024 ANNUAL REPORT 87
ASX additional information (Cont.)
Unquoted securities
The following classes of unquoted securities are on issue:
Number
Holders of greater than 20%
of each class of security
Security
on issue
Name of holder
Number
%
Options over fully paid shares
exercisable:
- at $3.00 each on or before 30.11.24
250,000
Bruce Robertson
& Fiona Robertson
250,000
100.0
- at $2.36 each on or before 13.05.25
53,565
Etienne Du Plessis
53,565
100.0
- at $3.48 each on or before 04.08.25
357,100
Tamara Brown
357,100
100.0
- at $2.27 each on or before 14.04.26
71,420
Damien Marantelli
71,420
100.0
- at $1.98 each on or before 11.08.26
446,375
Chris Jordaan
357,100
80.0
- at $2.65 each on or before 26.05.27
89,275
Andrew Bigg
89,275
100.0
- at $1.79 each on or before 18.08.27
71,420
Michael Pesner
71,420
100.0
- at $0.70 each on or before 30.11.28
1,000,000
Sirius Cove Investments Pty Ltd
1,000,000
100.0
- at $0.90 each on or before 30.11.28
500,000
Sirius Cove Investments Pty Ltd
500,000
100.0
- at $1.10 each on or before 30.11.28
500,000
Sirius Cove Investments Pty Ltd
500,000
100.0
Performance rights
4,741,354
Classes of shares and voting rights
At meetings of members or classes of members, each member entitled to vote may vote in person or by proxy
or attorney. On a show of hands every holder of ordinary shares present at a meeting in person or by proxy is
entitled to one vote, and on a poll, every person present in person or by proxy has one vote for each ordinary
share held.
Voluntary escrow
Number
Ordinary fully paid shares subject to voluntary escrow until 20 January 2026
3,428,572
Corporate governance statement
The Company’s 2024 corporate governance statement can be viewed at:
https://catalystmetals.com.au/about-catalyst/corporate-governance/
88 2024 ANNUAL REPORT
CATALYST METALS LTD
ASX additional information (Cont.)
Annual Update of Mineral Resource and Ore Reserves
Catalyst Metals is pleased to provide its annual Mineral Resource and Ore Reserve statement as at 30 June 2024.
Total Mineral Resources are estimated to be:
•
38 Mt at 2.9 g/t Au for 3,473 koz
Total Ore Reserves are estimated to be:
•
10.6 Mt at 3.0 g/t Au for 1,015 koz
Mineral Resources have increased year on year in the order of 130% across the group with Mineral Resource
Estimates (MRE’s) declared at Plutonic Main and Plutonic East, updated MRE’s at Trident, Trident West and K2 as
well as a 30% increase in the Henty MRE.
Ore Reserves have also increased year on year in the order of 105% across the group with Ore Reserve
Estimates (ORE’s) declared at Plutonic Main, Plutonic East and K2, updated ORE’s at Trident and Trident West
as well as a 71% increase in the Henty ORE.
Attributable Group Resources and Reserves
103
1,014
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
1,200
1,000
800
600
400
200
0
Mineral Resources (koz Au)
Ore Reserves (koz Au)
109
2021
2022
2023
2024
225
111
257
492
931
732
2,654
Total Ore Reserve
Indicated
Inferred
CATALYST METALS LTD
2024 ANNUAL REPORT 89
ASX additional information (Cont.)
Total Ore Reserve
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 Underground
-
-
-
7,448
2.6
616
7,448
2.6
616
Plutonic East Underground
-
-
-
456
2.5
36
456
2.5
36
Trident Underground
-
-
-
1,199
4.7
182
1,199
4.7
182
Trident West Open Pit
-
-
-
144
1.4
6
144
1.4
6
K2 Underground1
-
-
-
147
4.3
20
147
4.3
20
Total Plutonic and Marymia
-
-
-
9,394
2.9
861
9,394
2.9
861
Henty Underground
-
-
-
1,207
4.0
154
1,207
4.0
154
Total Henty
-
-
-
1,207
4.0
154
1,207
4.0
154
Group Total
-
-
-
10,601
3.0
1,015
10,601
3.0
1,015
1: Catalyst 95.9%
1,200
1,000
800
600
400
200
0
(200)
1,015
1,033
103
(121)
2023
Depletion
Additions
2024
Ounces (koz)
Total Reserve Inventory Change
90 2024 ANNUAL REPORT
CATALYST METALS LTD
ASX additional information (Cont.)
Total Mineral Resource
Measured
Indicated
Inferred
Total
Mineral
Resource
Tonnes
(Mt)
Grade
(g/t Au)
Ounces
(koz)
Tonnes
(Mt)
Grade
(g/t Au)
Ounces
(koz)
Tonnes
(Mt)
Grade
(g/t Au)
Ounces
(koz)
Tonnes
(Mt)
Grade
(g/t Au)
Ounces
(koz)
Plutonic
Underground
-
-
-
16.5
2.9
1,536
0.7
2.6
62
17.2
2.9
1,598
Trident
Underground
-
-
-
1.6
5
257
2.6
3
251
4.2
3.7
508
Trident West
Open Pit
-
-
-
0.4
1.6
16
-
-
-
0.4
1.6
16
K2
Underground1
-
-
-
0.2
4.2
31
0.5
3.4
49
0.7
3.6
81
Plutonic East
Underground
-
-
-
0.9
2.8
80
1.3
2.4
102
2.2
2.5
182
Triple-P
& Zone-B
Underground
-
-
-
-
-
-
0.2
4.3
24
0.2
4.3
24
Marwest &
Mars Open Pit
-
-
-
0.7
2
45
-
-
-
0.7
2
45
Mareast
Open Pit
-
-
-
0.5
1.9
30
-
-
-
0.5
1.9
30
EastMareast
Open Pit
-
-
-
0.2
1.1
8
-
-
-
0.2
1.1
8
Wedgetail
Open Pit
-
-
-
0.2
1.7
10
-
-
-
0.2
1.7
10
PHB-1 (K3)
Open Pit
-
-
-
0.6
2
39
0.2
1.4
11
0.8
1.9
50
K1 Open Pit
-
-
-
0.7
1.8
42
0.8
1.7
47
1.6
1.8
89
Triple-P &
Triple-P Sth
Open Pit
-
-
-
0.6
2.1
42
0.5
1.4
21
1.1
1.8
63
Albatross &
Flamingo
Open Pit
-
-
-
-
-
-
0.9
1.4
38
0.9
1.4
38
Cinnamon
Open Pit
-
-
-
1.5
1.8
86
0.5
1.9
32
2
1.8
119
Total Plutonic
and Marymia
-
-
-
24.6
2.8
2,222
8.2
2.4
637
32.9
2.7
2,861
Henty
Underground
-
-
-
3.6
3.5
397
0.6
2.9
52
4.1
3.4
449
Total Henty
-
-
-
3.6
3.5
397
0.6
2.9
52
4.1
3.4
449
Boyd’s Dam2
-
-
-
0.5
5
73
0.1
5
20
0.6
5
93
Iris Zone2
-
-
-
-
-
-
0.1
26.2
70
0.1
6
70
Total Bendigo
-
-
-
0.5
5
73
0.2
13.3
90
0.7
7.7
163
Group Total
-
-
-
29
2.9
2,692
9
2.7
779
38
2.9
3,473
1: Catalyst 95.9%, 2: Catalyst 50%
CATALYST METALS LTD
2024 ANNUAL REPORT 91
ASX additional information (Cont.)
Attributable Ore Reserve (100% CYL)
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)
Total Plutonic
and Marymia
-
-
-
9,388
2.9
860
9,388
2.9
860
Total Henty
-
-
-
1,207
4.0
154
1,207
4.0
154
Group Total
-
-
-
10,595
3.0
1,014
10,595
3.0
1,014
Attributable Mineral Resource (100% CYL)
Measured
Indicated
Inferred
Total
Mineral
Resource
Tonnes
(Mt)
Grade
(g/t
Au)
Ounces
(koz)
Tonnes
(Mt)
Grade
(g/t Au)
Ounces
(koz)
Tonnes
(Mt)
Grade
(g/t
Au)
Ounces
(koz)
Tonnes
(Mt)
Grade
(g/t
Au)
Ounces
(koz)
Total Plutonic
& Marymia
-
-
-
24.6
2.8
2,221
8.2
2.4
635.0
32.9
2.7
2,858
Total Henty
-
-
-
3.6
3.4
397
0.6
2.7
52.0
4.1
3.4
449
Total Bendigo
-
-
-
0.3
4.5
37
0.1
14.0
45.0
0.4
7.2
82
Group Total
-
-
-
28.4
2.9
2,654
8.9
2.6
732.0
37.3
2.8
3,388
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
1,510
2,084
3,473
2023
2024
(121)
Ounces (koz)
Depletion
Additions
Total Resource Inventory Change
92 2024 ANNUAL REPORT
CATALYST METALS LTD
ASX additional information (Cont.)
Material Changes between 30 June 2024 and 1 October 2024
Between 30 June 2024 and 1 October 2024 there were no other material changes aside from mining
depletion in the ordinary course of business.
Governance Arrangements and Internal Controls
Mineral Resources are estimated either by suitably qualified consultants or internal personnel in
accordance with the applicable JORC Code and using industry standard techniques and internal
guidelines for the estimation and reporting of Mineral Resources. All data is collected in accordance
with applicable JORC Code requirements.
The estimates and supporting data and documentation are reviewed by qualified Competent
Persons (including estimation methodology, sampling, analytical and test data).
JORC Compliance Statements
Mineral Resources & Ore Reserves
The information in the report to which this Mineral Resource Statement is attached that relates to the estimation and
reporting of gold Mineral Resources at the Henty Gold Mine is based on information compiled by Mr Andrew Finch, BSc,
a Competent Person who is a current Member of Australian Institute of Geoscientists (MAIG 3827). Mr Finch, Geology
Manager, at Catalyst Metals Ltd has sufficient experience relevant to the style of mineralisation and deposit type under
consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of
the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Finch consents to
the inclusion in the report of matters based on his information in the form and context in which it appears.
The information in this report that relates to Mineral Resources for the Four Eagles Gold Project is based on and fairly
represents information and supporting documentation compiled by John Collier, a Competent Person who is a Member
of the Australian Institute of Geoscientists. Mr. Collier is the Principal Consultant for Conarco Consulting.
Mr. Collier has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration
and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian
Code for Reporting of Mineral Resources and Ore Reserves’. Mr. Collier consents to the inclusion in the report of the
matters based on his information in the form and context in which it appears.
The Statement of Mineral Resource Estimates for the Marymia Resources has been compiled by Dr. Spero Carras who
is a full-time employee of Carras Mining Pty Ltd and a Fellow of the Australian Institute of Mining and Metallurgy (“FAu-
sIMM”). Dr. Carras has sufficient experience, including over 40 years’ experience in gold mine evaluation, relevant to the
style of mineralisation and type of deposits under consideration to qualify as a Competent Person as defined in the 2012
Edition of the Joint Ore Reserves Committee (“JORC”) Australasian Code for Reporting of Exploration Results, Minerals
Resources and Ore Reserves. Dr. Carras consents to the inclusion in this report of the matters based on this information
in the form and context in which it appears.
The information in this report that relates to Ore Reserves is based on and fairly represents information and supporting
documentation compiled by Anthony Buckingham BEng (Mining Engineering), a Competent Person who is a member of
the Australasian Institute of Mining and Metallurgy (AUSIMM). Anthony Buckingham is a full-time employee of Catalyst
Metals. He is a shareholder in Catalyst Metals and is entitled to participate in the Catalyst Performance Rights Plan.
Anthony Buckingham has sufficient experience that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the
Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC 2012).
Anthony Buckingham consents to the inclusion in the report of the matters based on his information in the form and
context in which they are presented. This Ore Reserve estimate has been compiled in accordance with the guidelines
defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves (JORC 2012).
CATALYST METALS LTD
2024 ANNUAL REPORT 93
ASX additional information (Cont.)
TENEMENT DIRECTORY
Project
Tenement number
Catalyst interest
WESTERN AUSTRALIA
Plutonic Project
L52/154, E52/2071, E52/2072, E52/3189, E52/3578, E52/4167,
E52/4168, E52/4169, E52/4170, P52/1609, P52/1606, L52/203,
L52/40, L52/41, L52/48, L52/52, L52/54, L52/55, L52/56, L52/70,
L52/71, L52/74, M52/217, M52/218, M52/219, M52/220, M52/226,
M52/227, M52/228, M52/229, M52/230, M52/231, M52/232,
M52/233, M52/234, M52/235, M52/257, M52/269, M52/279,
M52/293, M52/304, M52/320, M52/321, M52/366, M52/370,
M52/572, M52/748, L52/188, P52/1587, M52/183, M52/246,
M52/258, M52/270, M52/291, M52/299, M52/305, M52/367,
M52/396, M52/593, P52/1588, M52/247, M52/259, M52/278,
M52/292, M52/303, M52/306, M52/323, M52/369, M52/478,
M52/654, M52/148, M52/149, M52/150, M52/170, M52/171,
M52/222, M52/223, M52/253, M52/263, M52/264, M52/289,
M52/295, M52/296, M52/300, M52/301, M52/308, M52/309,
M52/395, M52/590, M52/591, M52/592, M52/670, M52/671,
M52/672
100%
Hermes Project
E52/2361, E52/3322, G52/291, L52/116, L52/117, L52/118,
L52/164, L52/165, L52/166, L52/201, L52/204, M52/685,
M52/753, M52/796, M52/797, P52/1569, P52/1570
100%
Bryah Basin
joint venture
E52/3499, L52/208, L52/231, L52/235, P52/1538,
P52/1539, P52/1577
100%
Three Rivers
E52/1723, E52/1731, E52/1852, E52/2362, E52/3406,
E52/3408, M52/1049, M52/737, M52/795
100%
E52/1668, E52/1678, E52/1730
80%
TASMANIA
Henty Project
ML 7M/1991, ML 5M/2002, ML 7M/2006, EL28/2001, EL8/2009
100%
VICTORIA
Four Eagles
RL006422, EL5508, EL006859
50%
Boort
EL006670
50%
Tandarra
RL006660
51%
Raydarra East
EL5509
100%
Sebastian
EL5533
100%
Raydarra
EL007214
100%
Drummartin
EL006507
100%
Golden Camel
EL5490, EL5449
50.1%
Level 1, 30 Richardson Street
West Perth WA 6005
T
+61-8 6324 0090
W
catalystmetals.com.au
ASX:CYL