Catalyst has achieved first stoping ore from the Plutonic East mine in Western Australia.
The company is on track to bring in $31 million over the next 12 to 18 months as it aims to double production from three new mines in the Plutonic gold belt.
Catalyst managing director and chief executive officer James Champion de Crespigny said the company has been focused on unearthing long-term value from the Plutonic gold belt rather than solely focusing on the main underground mine.
“Plutonic East coming online is the first step in realising the value of the belt,” he said. “It gives more ore sources and more options to our team and lowers the operating risk profile of the business.
“Plutonic main underground is the main ore source. At present it is mainly a remnant mine which is not always easy to operate. By reinvesting in the belt through exploration and opening up mines like Plutonic East, Catalyst continually lowers its future operating risk.”
Barrick last mined Plutonic East in 2012 at a $1500-per-ounce gold price, with the mine on care and maintenance ever since.
Despite the underground mine’s current remnant state, the move to reopen Plutonic East came after Catalyst realised the opportunity to generate more mining fronts and sources leading to lower operating risks.
Catalyst commenced redevelopment of Plutonic East in April 2024 through dewatering and underground workings. In June 2024, the company announced it aimed to restart production at the mine, and drilling was underway in August 2024 to further delineate the resource.
Catalyst’s total exploration program spans 320,000m, with infill and grade control being carried out across the Plutonic gold belt.
Having acquired the Plutonic gold belt 20 months ago, Catalyst said it has turned the project from a loss-making asset to a rising success.
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