Catalyst repays convertible note, leaving only 2,590oz of debt remaining
Balance sheet repair over previous 12 months has repaid
-
When Catalyst acquired ASX listed
Vango Mining in 2023, it inherited aA$12m convertible note - This convertible note has now either been repaid or converted
-
Catalyst has repaid over
A$28m of debt sinceJuly 2023 – the date from which it consolidated the Plutonic Gold Belt after acquiringVango Mining - As a consequence, Catalyst's only remaining debt outstanding is 2,590oz in the form of a gold loan
- This residual gold loan is to be repaid in seven monthly instalments and represents as little as 2.5% of the group's annual gold production1
-
Catalyst has available cash and liquidity of
A$22m andA$30m respectively
This final conversion means the Company no longer has any debt outstanding in relation to the Convertible Note, with all amounts owing under the agreement either repaid by Catalyst or converted by CSAM.
Catalyst's remaining debt as at 17 June comprises a gold loan of 2,590oz of gold. This accounts for less than 2.5% of Catalyst's annual production and is to be repaid in seven monthly instalments of 370oz between 1 June to
Catalyst's Managing Director & CEO,
"After only 12-months, Catalyst has repaid a large amount of debt –
This considerable improved cash and debt position allows Catalyst to fund the exploration and development of the Plutonic Gold Belt.
Plutonic East and Trident are nearby development projects. Recent work on both these projects appears to be lowering the capital startup costs of their development. The lowering of these start-up costs, along with the considerable improvement in Catalyst's balance sheet, place the company in a far stronger and more balanced position."
Former ASX listed company
At the time of acquisition the Plutonic mine was losing money. Since then, Catalyst has been able to effect a step change in Plutonic's operations, generating cash to repay debt and clean up the inherited balance sheets. To date, Catalyst has repaid
This announcement has been approved for release by the Board of Directors.
It owns the 40km long Plutonic Gold Belt in
It also owns and operates the high-grade
Catalyst also controls +75km of strike length immediately north of the +22Moz Bendigo goldfield and home to high-grade, greenfield resources of 26 g/t Au, at Four Eagles.
Shares o/s: 224.6m
Options: 3.4m
Rights: 5.9m
Cash:
Non-Executive Chairman
Managing Director & CEO
Non-Executive Director
Non-Executive Director
Corporate Details
ASX: CYL
E:investors@catalystmetals.com.au
W:catalystmetals.com.au
View original content to download multimedia:https://www.prnewswire.com/news-releases/catalyst-repays-convertible-note-leaving-only-2-590oz-of-debt-remaining-302177438.html
SOURCE