Hello everyone, and thank you for making the time to come and hear me speak. My name's James de Crespigny, and I'm here to talk to you about Catalyst Metals. I'm joined today by a colleague of mine, Craig Dingley, who looks after the Corporate Development side of the business, as well as two Directors, David Jones and Bruce Kay. If you have any questions afterwards, please come and visit us at our booth. Just for some context to Catalyst Metals, we are a business predominantly focused in Western Australia, but we've actually been operating in Victoria now for the last more than 10 years. Unfortunately, as many people remind me, we're not doing as good a job of it as Michael and his team are down there at Southern Cross Gold Ltd.
While we would echo everything that Michael has said in his presentation about the wonderful jurisdiction that Victoria is, it really is a place that needs commercial friends down there p erhaps. He could give us some of his secret sauce as to what we can do better to bring some more value to that. We do feel as though we've made some strides down there in Victoria. Recently, we were able to take control of a processing plant not too far from our project. We've got quite a high-grade greenfields discovery there at 26 g/t. While we're taking a bit longer to do things than Michael and his team are, hopefully we have some success there in the future. Plutonic, Western Australia, that's where our focus has really been for the last couple of years. We produced about 100,000 ounces, and we do that at about a $2,300 cost.
If perhaps you could humor me for a moment and cast your mind back a couple of years, we were a company operating predominantly on the east coast of Australia, and we saw in Western Australia the opportunity to consolidate an area. It was really only until last month or in May this year that we were able to put together the final pieces of that vision that we had all the way back in 2023. This Old Highway project that we acquired was able to come together, a culmination of a number of deposits today that we now own, five deposits that can really all be processed through a central processing facility at Plutonic. These five deposits formed really what the vision was for Catalyst to take Plutonic forward.
We're a company that we think today we have all of the ingredients to go from 100,000 ounces- 200,000 ounces through these deposits. We think the drilling that has gone into them in the past really doesn't do them justice. With the balance sheet that we have today, with some $330 million of liquidity, we think we can drill these deposits at depth and take that million ounces of reserves roughly that we have today to 2 million ounces of reserves. A vision really that was put together by Bruce Kay, although I'm up here taking the credit for it, it is how we often run the business, is to take the business from where we are today, from 100,000 ounces- 200,000 ounces, and try and lift those reserves from about a million ounces up to 2 million ounces. Of course, to do that, it's not straightforward.
It does require a lot of work, and we think over the last two years we've put together a bit of a track record that you can judge us by. A few of these events, as well as help from a gold price that's been going in our direction, have been like a few others here. We've had the tailwinds of a rising gold price. Just quickly, today we've released our quarterly results. I'll just go through these quickly, but it was a good quarter for Catalyst, and we did hit our guidance in the end. We have sold a mine back in May, and that was a mine down in Tasmania producing some 25,000 odd ounces. We are a business today that's producing about 100,000 ounces in Western Australia at about a $2,300 cost. You can see those numbers in our quarterly report released on the ASX.
In terms of cash flow, we've generated about $42 million of operating cash flow from our business. We've got a bit of old legacy stamp duty and some power plant upgrades, et cetera, that we've been doing. Importantly, we've been putting $22 million through surface exploration, and I'll touch on those deposits shortly, and really developing these deposits. Our aim is really to generate the cash flow from our operations in order to re-invest back into exploration and the development of those five deposits that I mentioned before. I'll get into those. Now, I think really these next few slides are just trying to articulate to people the pace at which we are moving from here. In order to take our production from 100,000 ounces- 200,000 ounces, we need to bring online four projects.
One of those is Trident i t's the second largest resource after Plutonic on the belt, and we're currently drilling about 10 rigs here. Parallel to that, and this is key to the Catalyst story, and parallel to our operations and to our exploration, is to bring these deposits online. We have all approvals in place, and you can see here the early works and clearing of that. Plutonic East is a project that's ramping up, and that is really going to come into commercial production over the course of the next 12 months. K2, another project that we have bought into that we are rehabilitating, and we're currently 400m down that decline. Of those five projects, we have Plutonic that is already in operation. We have Plutonic East that is coming into commercial production.
We have K2, where we're well down that decline, and we have Trident, where we're starting the underground, starting the open pit mining at present. In the space of the last two years, we've had our hands full and really been working through the permitting process, and we hope from here that we're able to bring these operations, these deposits into production while drilling them out at depth. Just a few key slides on there. Baltic is an area that we like at the Plutonic main. We are currently operating here. You can see a cross section on the left-hand side there, and we are currently putting in an exploration drill drive about 300 m there to drill this deposit at depth. We think there's about 400,000 ounces- 600,000 ounces there running around those four grams- five grams, and you can see the development and the plans moving forward.
You've got here drilling out at depth the K2 deposit that I mentioned before. Now we're already down well into this. We're about somewhere here, around here in terms of the development, some 400 m. We do think we're drilling at depth that will start later this year, that we'll be able to make the most of these intercepts that sit outside the resource envelope. Most of our efforts have been focused at Trident, and you can see here a number of these hits in Western Australia as a gold project. While it's not quite as attractive necessarily as what Michael was showing us earlier, it is here, we think, a deposit that is going to really come to its full in due course. As I said, that Trident open pit that's shown there is underway today.
Old Highway, the project, the last piece of the puzzle that I mentioned, it's a nice, neat underground, and we are currently drilling there at the moment. As a company, we really cast our mind back to that vision of trying to take in Western Australia the Plutonic deposit from 100,000 ounces- 200,000 ounces of production. We are trying to use these five deposits to take us from 1 million ounces- 2 million ounces. To do that, we have a large amount of liquidity, some $330 million to do that, and we do have 10 rigs drilling at present at Plutonic to try and justify those comments. Very quickly on Bendigo, it isn't a project that we've necessarily been talking too much about over the last two years because of our focus in Western Australia, but we do think we are pulling the pieces here together for a real project.
We have at Four Eagles a 26 g/t resource there, and we have recently been able to take an option over the Malden processing plant. With the Victorian government moving the way that it is, we think that the underground approvals that we are seeking here and shown in this exploration tunnel are a real possibility. The opportunity here is to start making the most of the last 10 years of exploration efforts where we think there is a very real chance to replicate the Boys Dam success and the Iris resource that sits there at some 70,000 ounces at 26 g/t. You can see the litany of work that's been done by the company here in the past in terms of these intercepts that aren't too far away.
In terms of the processing plant, it is an option that we've got for the next 17 years, and for a dollar, we're able to utilize 50% of that. With that comes the tailings facility, as well as a cyanide license and the operating processing plant as it is itself. From Catalyst, it's a business now that is far more simplistic than perhaps when we started back a couple of years ago before Plutonic. We operate in two belts, one down in Bendigo and the other in Western Australia. We're quite hopeful that these five projects in Western Australia are going to be able to really take us down that path of taking production from 100,000 ounces- 200,000 ounces and from 1 million ounces- 2 million ounces of reserves. Thank you very much for making the time to come and sit.