Catalyst Metals (ASX:CYL) announced that it is now debt-free after repaying the final instalment of debt inherited during its consolidation of the Plutonic Gold Belt.
The company had acquired $36 million of debt in July 2023 through strategic acquisitions, which has now been fully repaid using operational cash flows.
In recent developments, Catalyst has outlined a strategic plan to double its gold production to 200,000 ounces per annum over the next three years for a capital outlay of $31 million.
The goal includes developing three new mining sites within the Plutonic Gold Belt.
"With stable operations and cashflow generation, and a strong balance sheet, Catalyst is well positioned to self-fund this organic growth and its exploration plans," stated James Champion de Crespigny, Managing Director and CEO of Catalyst Metals.
The company has ramped up exploration and development spending, particularly at its Plutonic East site, which is expected to yield the first ore in the first quarter of 2025.
The expansions will utilise the existing processing infrastructure. Catalyst Metals produces 110,000 ounces of gold annually from its Plutonic and Henty operations.
The company's flagship asset is the Plutonic Gold Belt in Central Western Australia, complemented by the high-grade Henty Gold Mine in Tasmania.
At the time of reporting, Catalyst Metals' share price was $2.77.