No. Catalyst is not a lifestyle company for management. This is...

No. Catalyst is not a lifestyle company for management. This is a company which plans to grow organically through exploration success and through acquisition and has its sights set on joining the mid-tier gold companies. The concluding statement, "Building the next mid-tier, high grade gold mining company" is very direct and clear about the strategy. With Bruce Kay being the former worldwide exploration manager for Newmont it would be hard to imagine he does not have a mindset to grow Catalyst into a much larger company. The new MD and other board members don't look like a bunch that wants or needs a lifestyle company, they want to be part of something much larger in my view.

I thought the Catalyst investor presentation was the best I have seen for a long time, it actually gave a clear strategy and showed why this company can join the big boys. The presentation title: "Targeting Control of Three High Grade Australian Gold Belts" couldn't be any clearer. The strategy is to grow with preferred assets being high grade (and therefore not as sensitive to commodity prices), belt scale to provide huge exploration upside to generate long life mines and to avoid having neighbours holding ransom ground or part of a deposit.

In relation to Vango, Catalyst see a "Dominant land position in underexplored gold belt with consolidation potential." If Catalyst can get control of Superior as well as Vango it will be a strategic masterstroke taking advantage of the current weakness of both companies to consolidate the entire Plutonic region and the huge gold resource base there. If Catalyst don't manage to add Superior's assets it will be a slower road but on balance Catalyst believe the Vango exploration potential can add to the 1M oz resource and the core of 517,000 oz @8.2g/t. Don't be surprised if the Sandfire ground comes onto the Catalyst radar in the future.

So the answer is in my opinion a clear NO, Catalyst is not a lifestyle company for management, it is one of the best strategic thinking gold plays on the ASX and primed to be a much larger company. Strategy is long term, a commitment of major resources, largely irreversible and done well comes with great reward. If Catalyst succeed in their growth strategy shareholders should be big winners in the longer term.

DYOR. Not investment advice.