Catalyst Metals Ltd's stock plummeted 6.3% in morning trade on Tuesday, as investors reacted to a key operational milestone.

The company announced the completion of mining at the Trident open pit within the Plutonic Gold Belt in Western Australia. This marks the end of the open pit phase and allows for the establishment of a decline to develop an underground mine, with first ore from the underground operation expected in 2027.

Stockpiles generated from the open pit will be transported and blended through the Plutonic processing plant over the remainder of the year. The transition from open pit to underground mining may have prompted concerns about near-term operational dynamics or capital allocation, contributing to the share price decline.