Catalyst Metals Ltd (ASX: CYL) shares are back in the red on Tuesday after the gold miner gave investors an update on its Plutonic Gold Belt in Western Australia.
At the time of writing, the Catalyst share price is down 3.19% to $5.005.
That adds to a weak run for the ASX gold stock, which is now down 18% over the past week and 32% since the start of 2026.
Here's what the company told the market.
Image source: Getty Images
Trident open pit completed
According to the release, Catalyst has completed mining of the small open pit above the main Trident underground orebody.
Trident is located about 30 kilometres north-east of the company's Plutonic processing plant in Western Australia.
The open pit was wrapped up in May, with the ore now stockpiled at Trident and being moved across to Plutonic through the rest of 2026.
Catalyst said it has already established access near the base of the open pit, with the portal and decline now in place. Around 20 metres of decline development has been completed.
So far, things appear to be going to plan. Management said ground conditions have been as expected and there have been no issues to date.
The key infrastructure is now in place as well, including ventilation, water, and power. Catalyst has also completed the grade control drilling needed for the first 15 months of underground production.
Why Trident is still worth watching
Despite the share price heading south today, Trident is still more than just a small side project.
Trident is one of five mines Catalyst is working on at Plutonic. The aim is to lift annual gold production from more than 100,000 ounces to around 200,000 ounces.
The company expects Trident to become the second-largest deposit on the Plutonic Gold Belt.
At full production, it is expected to deliver around 60,000 ounces a year for more than 10 years.
Catalyst also expects Trident to become a second, higher-grade baseload source of ore at Plutonic once production ramps up.
This should give Plutonic a better ore mix and help Catalyst keep moving toward its higher production target.
Can the rebound continue?
The next milestone is still some way off.
Management expects the first stope from the underground mine in the first half of calendar year 2027. Between now and then, attention will turn to whether development keeps moving to plan.
Costs will be in focus too, especially after the recent weakness in the share price.
With a market capitalisation of around $1.35 billion, Catalyst shares still have plenty to prove after a disappointing start to the year.
