Since taking control of the Plutonic Gold Mine in Western Australia at the end of June, Catalyst Metals Ltd (ASX:CYL) has proven its mettle by delivering results described as a “considerable improvement” over past performances.
The ASX-lister produced 6,694 ounces of gold in September under new management and reported increases across all key operating metrics compared to 18 months earlier, including a 17% increase in gold produced, 37% increase in ore processed, 24% increase in material movement and 23% increase in underground development metres.
Catalyst took control of the Plutonic Gold Mine on 30 June following its acquisition of Superior Gold Inc (TSX-V:SGI, OTCQX:SUPGF) and believes the first quarter results under its ownership demonstrate a broad buy-in by the workforce of the company’s operating strategy.
Notably, the improvements were made using existing fleet and with the placing and arrival of new equipment on-site this month, the gold producer expects even better results in the coming quarters.
September quarter monthly metrics compared to 18-month average to June 2023.
Positive trend forming
“We’re thrilled with the team’s first quarterly results,” Catalyst managing director and chief executive officer James Champion de Crespigny said.
“Improvements such as these do not come easily. They are months in the planning.
“It indicates a trend forming in a positive direction for the mine’s key performance indicators.
READ: Catalyst Metals highly experienced new management team already seeing results at Plutonic
Following its acquisition, Catalyst installed a transition team to help with the early stages of managing the new ownership of the mine, including basing de Crespigny at the mine site.
“Catalyst has installed a high calibre management team who are driving cultural and behavioural changes and we are seeing the first demonstrable signs that strategy is working,” de Crespigny said.
“Obviously, these quarterly results are a considerable improvement on the mine’s past performance.
“The task we have set ourselves at Plutonic is delivering consistent results, quarter-in, quarter-out.
“We believe we are a small, focused team, very determined to meet this objective.”
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