CATALYST METALS LIMITED (CYL)
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06/11/2025

1

Buy

$10.58

37.94%

Morgans points to a weaker-than-anticipated 1Q26 result from Catalyst Metals, which can be attributed to mill maintenance.

Group gold sales of 21koz were a beat on consensus by 5% but were lower than the analyst's estimate by -15%. Lower mill throughput resulted in higher unit costs of $2,887/oz, though this largely met forecasts from both the broker and consensus.

The miner has maintained FY26 guidance of 100–110koz Au with an AISC of $2,200–$2,650/oz, with Morgans suggesting the midpoint of guidance is more likely to be achieved.

A Buy rating is retained, with a target price of $10.58, down slightly from the prior target of $11.

FORECAST
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of 79.00 cents.
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of 86.00 cents.

13/01/2026

1

Buy

$13.25

72.75%

Canaccord Genuity lifted its long-term gold price forecast by 3.5% to US$4,909/oz from 2029 and raised medium-term estimates by 2.1% (2026-28). The broker's long-term forex forecasts are unchanged, leading to a 3.5% rise in gold price estimate in AUD terms to $7,013/oz.

The broker also increased the long-term silver price forecast by 36.6% to US$77.7/oz. 

Price targets for senior and intermediate/junior producers lifted by an average 5% after factoring in revised forecasts.

The broker expects Catalyst Metals to report a 29% q/q increase in production in the December quarter and a -14% q/q fall in AISC (cost).

Buy. Target price $13.25.