KEY POINTS Quarter highlights Plutonic performance continues to demonstrate operational improvement since acquisition Henty turnaround taking effect with learnings from Plutonic being implemented there, resulting in a step change in key operating KPIs since November 2023. Focus in coming quarters will be on stabilising this performance $9.1m, first tranche of convertible note repaid, simplifying Catalyst's capital structure Production Gold produced for the quarter totalled 28,084oz at an average AISC of A$2,436, comprising: Plutonic: 21,252oz gold sold at an AISC of A$2,346/oz Henty: 6,832oz gold sold at an AISC of A$2,712/oz AISC reflects legacy costs, and investment at Plutonic and Henty including tailings lifts and new mobile equipment Discovery and Growth Trident DFS continues with a focus on minimising execution risk and ensuring its development occurs in a balanced manner without causing undue pressure on the company Plutonic Belt project development work continues Since Q2, Catalyst has been cleaning +40 years of data held across multiple databases, a laborious process required before re-estimation and engineering designs can occur Re-estimation of Resources across the belt progressing with engineering designs and exploration programs able to now be planned; periodic updates to occur during 2024 Financial and Corporate As of 31 March 2024, available funds were A$16.4 million First tranche of $9.1 million convertible note repaid using available cash and revolving working capital facility The Company held facilities of $38.9 million comprising $3 million convertible note, $10.4 million gold loan, $17.5 million mobile equipment and $8 million working capital facility PERTH, Australia, May 16, 2024 /CNW/ - OVERVIEW The March quarter was the third quarter of consistent operational performance at the Plutonic gold mine, under Catalyst's ownership. The operating model introduced by Catalyst is now further entrenched.  The step change in key operating metrics is stabilising from one quarter to the next.  Turnaround in site safety has improved considerably under Catalyst's ownership with TRIFR rates nearly halving.  Safety remains a core focus for the site. During the quarter, Catalyst's project development team began to make gains in identifying and prioritising the development and exploration opportunities across the belt.  There has been a significant effort in the past six months to clean and collate +40 years of geological data from multiple owners and data sources.  Over the coming months, the team will begin re-estimating Resources and commence engineering designs. Updates will be provided as this work progresses. The definitive feasibility study (DFS) at Trident is focused on reducing operating and execution risk.  Plutonic's operational success has afforded Catalyst the opportunity to take a more measured approach to Trident's development.  In doing so, the company can develop the belt in a more balanced manner.   Learnings from the turnaround of operations at Plutonic are now being implemented at Henty.  Henty saw its second consecutive quarter of improved operational metrics.  Fundamental to this improvement has been investment in equipment, improved planning and deployment of new people to the Henty site.  This equipment investment and continued construction of the tailings storage facility lift are reflected in Henty's costs for the quarter. In Victoria, the Company continues to progress plans for the submission of an Environmental Impact Statement for the proposed exploration access tunnel at Four Eagles. During the quarter Catalyst repaid $9.1m of a convertible note acquired through the acquisition of Vango Mining Limited.  The repayment of the first tranche of the convertible note is a further step in the consolidation and simplification Catalyst's capital structure. MANAGEMENT COMMENTARY "Results for the quarter have been encouraging with operations at both sites stabilising.  Pleasingly, Henty has maintained five months of rising gold production, lower unit costs and positioned itself well for a positive Q4. The March quarter was a stable quarter for Plutonic with recovered gold of 21,904oz, similar to that of last quarter. Henty's turnaround in performance was a focus for the quarter.  Pleasingly, the quarter demonstrated an ability to increase the mining rate to take up latent mill capacity – historically, the processing plant has been limited to processing at the mining rate of 260ktpa rather than at its nameplate processing capacity of 300ktpa.  Henty's previous mining rate was 260kt. This quarter, mining rates increased considerably to 300ktpa. Ongoing debottlenecking of the site will be a focus going forward. The project development team continues to evaluate the Plutonic belt development pipeline, methodically working through the numerous exploration and development opportunities across the belt – a laborious process requiring the collating, cleaning, re-estimating and designing of decades of poorly maintained data.  Trident remains an important near-term development, however a more tempered approach to its development allows Catalyst to develop the belt in a more balanced manner rather than placing all its future in the Trident basket."  SAFETY The new Safety Leadership Team at Plutonic has focussed on building a strong safety culture at site.  Since taking control of Plutonic on 1 July 2023, Catalyst has seen a significant improvement in safety and achieved in excess of six months injury free operations.  Disappointingly, a minor slip injury was sustained during a normal work event in late March 2024.  Ensuring everyone goes home safely remains our commitment. No injuries were recorded for the quarter at Henty. Table 1: December 2023 group safety performance (12-month moving average) Plutonic Henty TRIFR 14.8 16.0 LTIFR (per million hours worked) - 12.8 OPERATIONS Plutonic Gold Operations The focus for the March quarter was continuing to embed the new safety culture and ensuring the step change in performance across key metrics was maintained.   Key production KPIs of mine development meters, production drill meters, material movement and gold production continue to be in line with previous quarterly production results. Ore tonnes mined were in line with previous quarters despite poor mining productivity in March due to equipment breakdowns.   Work continues to improve the team's understanding of mine planning.  While uncertainty remains, each passing quarter's production being in line with the previous quarters gives additional comfort. Ore mined was 317kt vs 312kt on prior quarter. Gold recovered was 21,252oz vs prior quarter of 21,904oz. AISC ...