This time last year, we were talking Catalyst Metals, and they were gearing up for a major gold production surge. There's a number of you in the room, and I'm wondering if you've just read the same articles that I did in the last half an hour and the last hour in The Australian and some of the other media outlets. Because you guys did a scoping study a number of months ago when gold was AUD 3,000 an ounce. Can you—what, what does your face look like now that it's AUD 6,900 an ounce in the same scoping study? Pretty damn happy, I would say. This is James. He is the MD of Catalyst Metals. This will be an interesting story. Please make him welcome.
Thank you, and thank you for making the time to come and see us present. My name's James de Crespigny, and I'm here to talk to you about Catalyst Metals. We would like to thank the RIU team of for having us here. We think this is a terrific conference. It's a great way to start the year, and of course, starting it with exploration is obviously the exciting part of our industry. And so for Catalyst, we've always, I suppose, felt that we are a, an exploration company, and although we feel that we need to fund that in a different way.
So hopefully today we can talk you through some of that, some of our exploration side and what we've been working on at what we think is gonna be a important part of the calendar for road shows and investment marketing for our industry. We are about a AUD 2 billion-dollar company these days, and the institutionalization of our register happened really over the course of last year. So we have been able to put together a treasury there that we think can fund a lot of the exploration, development, or really all of the exploration and development that we've got in the pipeline. And we are hopeful that we can continue expanding the business. Catalyst has, I suppose, in the last few years, shown itself to be a bit of a consolidator of the old Plutonic region.
We think with this balance sheet and with obviously prices doing what they are, we're in not a bad position to continue that. So a bit more about some of the things we've done in that space shortly. As I said, about a AUD 2 billion-dollar company. We've got about 4 million ounces of resources, a bit over or about 1.5 million ounces of reserves there, and we're typically producing about 100 to 110 thousand ounces at around that AUD 2,500-ounce cost base. We do that from the Plutonic Belt, and our flagship asset, or sorry, starting asset was down there in Bendigo, which is very high grade north of the old Bendigo goldfields, where we've put together a joint venture with Gina Rinehart's Hancock Prospecting.
But the flagship of the business is over here in Western Australia, and that's it there, the Plutonic Belt. It does have a name that's been around for a long time, and what we've really been doing over the last two and a half years is putting it back together, cleaning it up, and reinvigorating it. And we're spending some AUD 90-odd million this year on exploration, so we're really trying to show it to what it was in its former light. I'll show you that history in a moment of the belt, for those that aren't familiar with it. But what the belt looks like roughly today is the in the middle of the screen here is the blue dot, a central processing plant, as we typically call it.
And when we acquired this 2.5 years ago, it was producing from just one mine. Obviously, one mine and one mill does present operating challenges, and for us, we felt that we needed to pull together this belt, and we needed to try and bring these satellite deposits online. As Mark was saying before, we do think that if we continue drilling these deposits that were mined back in the nineties by Resolute Mining and some other great companies, that we'll be able to show those systems to be much larger than we know them today, and we've got the balance sheet to do that. And those that we've bought online to date, you can see the brown there, Plutonic East, halfway up the belt, a yellow dot there at Trident and K2.
So we're in the last 2.5 years, we've bought a business, we've turned it around, turned the operations around, and we've brought three new mines online. We think that's not a bad track record to date, but we are quite keen to show you some stuff on Cinnamon, which we think is a sixth ore source, and the fifth ore source in the bottom left of the screen there, Old Highway, with some results that we released this morning, some 25 to 26-odd meters at 6 grams. So a bit more on that shortly. But this is our production path line, the exploration coming into this, feeding it, and really trying to fill all of those bars in with a somewhat cliché solid gold.
But anyway, you can see the columns there on the right, what we're hoping to get the average production and how that grade over the next few years is going to start to lift. And I suppose we do hold that, that historically, Plutonic was a very high-grade area. It had some wonderful deposits, and you can see there on the right, these newer deposits that are coming online that have never been drilled, really, since way back in the great Central Mine days in the late eighties, early nineties, when Ed Eshuijs was putting together Plutonic. There was a lot higher, better grades around. That really has been neglected, and hence, Catalyst seized the opportunity for that reinvigoration.
So I suppose it's that, I suppose touching on that history as to why, a fellow director of mine, Bruce Kay, who, who's been around in the industry for quite some time, really looked at Plutonic and thought it had a lot more potential in this modern-day gold environment. And it has this as a history, a very fragmented and often foreign ownership, history, and so the attention that we thought should have been paid to it probably wasn't, the balance sheets that we thought should have been allocated to it weren't. Now, that is understandable. It's obviously easier to do that today when you're talking in, in, in a gold price environment that we have today.
So Catalyst really has come in, in those sort of last two years, at the end there, and you can see that our drill meters have been making up for what? Some 15 or 20 years of neglect. Those very high-grade deposits like Timor that we often talk about, 1.5 million ounces at 7 grams, so we're trying to repeat that. And I suppose we had a bit of success last year at showing the potential of this belt. When we took over the, 2.5 years ago, the belt, there was this deposit, Trident, that was somewhat well-known, and over the course... Sorry, somewhat known and, and quite small at the time. Some 200 ounces, 250 ounces of indicated material there, and over last year, we were able to double the size of that.
We think this deposit is really pushing up to 1 million ounces, and it's roughly grading about 5 grams at the moment. So with that, I suppose as a bit of a case study, we wanted to set out and start testing this along the rest of the belt. We've always felt that we needed a large land package, so before I go on and talk about the individual deposits, this is the land package that Catalyst holds up there at the Plutonic Belt. We did announce today the acquisition of quite a large land area over there in the Bryah Basin. The Bryah Basin, again, is an enormous mineral endowment about 4.5 million ounces historically on the mineral endowment of the Bryah Basin.
By putting together about 1,000 sq km in line with our existing holdings that you can see there around the Old Highway and Hermes deposits, which are about in the middle of the screen there down the bottom, we have a very significant package there in the Bryah. It does lay, lie right next to Plutonic, so ease of getting it back to the Plutonic plant or our management team to, to access it, our exploration team, to get service from Plutonic operations. We think that is a nice, neat fit. And we were able to do this transaction with two companies relaunching themselves. Star Minerals, I'd encourage you to go and have a look at Ashley Jones and his, his team there.
They've got the Tumblegum Project just south of Meekatharra, and as part of this, they've got quite an advanced stage project, and we'll give them a toll treatment arrangement up there at Plutonic. As well as Albright. Albright is relaunching itself on high-grade deposits in Canada, and Greg's done a great job over there at pushing those projects forward. So it's been very much a transaction here that does both two good things for both companies, really allowing them to relaunch themselves and giving Catalyst a big land package in the Bryah.
Old Highway is a project that we've had in our stable for about a year, and we've been plodding along down there, trying to work out what's going on, and today, we're able to release some results that we hope there'll be more of these to follow. It has been difficult drilling, dealing with water and sand and conditions. Took us a while to get going as well with access and all of that, but you can see here on the screen where our drilling has been focused, and we hit some results there, some 26-odd meters at nearly 6 grams, 300-odd meters away from this nice, neat little underground that we're currently bringing into permitting with our team. Some other hits there, 21 meters at 3 grams, a bit further down, 8 meters at 10, etc.
So, you know, really, we would just echo what Mark was saying with his presentation with Javelin before, that the more we keep persisting here on this, what we think is a wonderfully endowed belt, is gonna continue to deliver results like this. Cinnamon is another one. You can see in the top right corner there a mud map of the belt and where this sits. It's about halfway up our belt, about 25 km away from the Plutonic processing plant. And we've been able to put together, with our exploration team here, a new zone underneath this pit. It's, it's a little bit old, that resource, some 150,000 ounces, and this new zone sits well outside of that, and we've had quite a lot of hits.
You can see there outside the pit outline there, that we think this resource is gonna grow into something more. Obviously, if we think back to my comments on Trident before, we're hoping that this can be another Trident-type system. It is different. It's in a conglomerate-hosted rock, and we do have this cobalt deposit a bit further along. I suppose our geologists are a bit interested in, you know, a meter at 11 grams at the bottom of that hole that stopped drilling back in the nineties. So how does that all relate? I suppose we're trying to work that out. K2, another project. We're getting into mining this, and hopefully, we'll be producing first ore from it shortly, but we've recently been able to get in there and start drilling, so we're hopeful that further results come.
A lot of it's been very production-focused at this stage and really just drilling as much as we can from surface. It is a deposit that hasn't been touched since it was shut in 1999 due to a mixture of circumstances, low gold price being one of them. But some interesting hits there, some 5 meters at 60 grams, et c. just sitting outside the resource envelope that we need to bring into our numbers. I suppose we sit there and look at our... This belt that we think is quite exciting, and it's very difficult when presenting something like this in the small window we have, to show what we see in the broader belt. Tomahawk, if you look back two-odd years ago at a presentation, it will appear there.
We just haven't been able to get back to this, but we have many of these projects that we think are interesting. 19 meters at 3 grams, it's sitting some 100 and less than 150 meters from surface, and it's just never been followed up. You can see there, it's a vertical hole. It was drilled back in the day by, I think, Resolute in the early 1990s. Some terrific geologists that worked the ground back then that have since gone on to make some wonderful discoveries. In fact, the K2 deposit there, Keillor, is named after Brett Keillor , that many of you might know, that's been a wonderfully successful geologist in his time.
So anyway, they're trying to get off to really go and put the money and time into deposits like this, and so hopefully, we'll be able to get into deposits like Tomahawk. And this is really, it shows where it sits. The Cinnamon, K2, Plutonic East, all of these are just one of so many deposits that we've got now, a belt that we think will continue to deliver ore feed to this central processing facility for 20+ years to come. So we do think that with that investment, we're doing our best to reinvigorate and re-energize what we think really is one of the very special gold belts of Australia and particularly Western Australia. Thank you very much for your time.