Catalyst Metals: 4Q26 result: Strong quarter on grade and costs; FY27 guidance the next catalyst

研报英文原文证据摘录

Catalyst Metals: 4Q26 result: Strong quarter on grade and costs; FY27 guidance the next catalyst

J P M O R G A N Asia Pacific Equity Research

31 July 2026

Catalyst Metals Overweight

CYL.AX, CYL AU

4Q26 result: Strong quarter on grade and costs; FY27 Price (31 Jul 26):A$5.40

guidance the next catalyst ▲Price Target (Jun-27):A$8.40 Prior (Jun-27):A$8.30

Key takeaways: 1) Q4 production of 31.9koz was in line with JPMe, with higher

grade of 2.9g/t and recovery of 89% offsetting 14% lower throughput; AISC of Australia

A$2,734/oz sold was 8% better than JPMe. 2) Cash and bullion increased A$54m Metals & Mining

QoQ to A$331m after A$9m in growth capex, A$13m in exploration and A$4m AC Jonathon Sharp

in infrastructure spend. 3) FY27 guidance and an updated 10-year outlook are due (61 2) 9003-8312

in late September, with management flagging changes to permitting timelines, jonathon.sharp@jpmorgan.com

geology and processing capability that will be incorporated. Trident underground J.P. Morgan Securities Australia Limited

development is progressing with first stoping ore expected in 1H CY27, and K2 has Lyndon Fagan

delivered first ore and is ramping towards commercial production. We are (61-2) 9003-8648

Overweight with an A$8.40 price target. lyndon.fagan@jpmorgan.com

J.P. Morgan Securities Australia Limited

• Result. Q4 gold production of 31.9koz was in line with JPMe. Grade of 2.9g/t Branko Skocic

was 16% above our estimate, driving the beat despite throughput of 385kt (61-3) 9633-4069

coming in 14% below JPMe following a longer mill shutdown for crusher branko.skocic@jpmorgan.com

installation. AISC of A$2,734/oz sold was 8% better than JPMe (A$2,980/oz).

FY26 production of 103.8koz and AISC of A$2,738/oz were both within or Devwrat Vegad

(91-22) 6157-3608