Catalyst Metals Limited
(ASX:CYL) has welcomed $4.2 million of funding from Australia’s wealthiest woman, Gina Rinehart, for one of its major projects.
Ms Rinehart’s subsidiary, Gold Exploration Victoria, has made the investment into the Perth-based junior gold explorer and its joint venture partner Providence Gold and Minerals.
Gold Exploration will fund exploration at the Four Eagles Gold Project to earn up to 50 per cent of the project while Catalyst will manage the program and maintain its 50 per cent stake.
Catalyst’s Technical Director Bruce Kay has described the deal as an important milestone and endorsement of the potential generated by Providence and Catalyst over the last five years.
Catalyst Metals reported a net loss of $431,000 in the first half of the 2015 financial year.
