There is an independent analyst report on CYL doing the rounds...

There is an independent analyst report on CYL doing the rounds with a 'BUY' recommendation: Here is an abstract issued 28th December 2023
Catalyst Metals
ASX:CYL
Market Cap @ A$0.78ps: A$168.4M
Valuation: A$1.12ps gold production (est) – 90kozpy
What happened to the CYL share price on 6 December 2023?
On 6 December 2023, Catalyst announced a significant downgrade to the Resource base at its wholly-owned Plutonic mine. Under previous management – which had failed to deliver a profitable operation – the reported resources at the Plutonic underground mine were 29.9Mt @ 4.9g/t gold. After experience with operating Plutonic, CYL downgraded the resource to 17.9Mt @ 2.9g/t gold, with contained gold dropping from 4.7Moz to 1.6Moz.

CYL was obliged to report the existing NI 43-101 resource at the time of the acquisition, but cautioned extensively – and repeatedly - that it would review the resource. In the end, it’s paid an attractive price for the mine and mill, and the revised resource, reported on 6 December to JORC Code (2012) standards. The acquisition of the wider gold belt and the satellite deposits – Trident looks to be the first of these - makes it a very attractive acquisition. This resource is believable, but more importantly, deliverable by site management.
Coupled with processing ore from satellite operations on the now-recombined Plutonic gold belt, our expectation is that annual production at Plutonic will lift towards 150,000 ounces of gold per year, and cash costs will decline. We’ve used this to support our Target Price of A$1.12 per share, and published after the resource downgrade.
CYL also has the small (sub-30,000ozpy) Henty underground gold mine, Tasmania. We expect that Henty will wash its face – fund operations, development and exploration. We see it as a very good self-funded exploration play.