Catalyst Metals has hit out at Mark Creasy-backed junior Zuleika Gold, accusing it of an attempt to drum up publicity as the pair prepare to front the Supreme Court.
Catalyst Metals has hit out at Mark Creasy-backed junior Zuleika Gold, accusing it of an attempt to drum up publicity as the pair prepare to front the Supreme Court.
Zuleika issued a non-price-sensitive ASX release this week, updating the market with the dates of its scheduled October Supreme Court appearance – the latest in a long-running dispute between it and Catalyst subsidiary Vango Mining.
Catalyst hit back at Zuleika today, suggesting the company was attempting to “generate publicity and exert leverage” against it ahead of the court appearance and questioning the relevance of Zuleika's announcement.
Zuleika and Vango have been engaged in a legal battle since 2020, over a binding term sheet covering the K2 area of the Plutonic gold mine in the Murchison region.
Zuleika’s long-standing position is that it was denied its rights under the binding deal, and a judgement was made in its favour in 2022. An appeal was dismissed in 2024.
Catalyst acquired Vango in a $66 million deal in 2023 and inherited the dispute in the process.
The junior is chasing damages – including the loss of opportunity to earn up to 50 per cent interest in the gold deposits that form K2, and a 4.1 per cent beneficial interest in the area.
Zuleika and Catalyst are scheduled to appear in court on October 15, 20, 21, 22 and 23 in a hearing which Zuleika said would determine the damages payable to it by Catalyst.
“It has taken five long years to get to this stage but, on behalf of and for all Zuleika shareholders, I am pleased we can finally present to the Supreme Court the significant opportunity lost to us when the Catalyst entities breached Zuleika’s rights under the BTS agreement,” Zuleika executive chair Annie Guo said in Tuesday’s ASX announcement.
The goldminer responded with a surprise statement of its own this morning, questioning the timing and relevance of Zuleika’s release.
“The litigation relates to conduct on the part of the defendants which occurred prior to February 2020. This was long before Catalyst’s acquisition of Vango in 2023,” it wrote.
“Notwithstanding the fact that Zuleika’s announcement was only made on 16 June 2025, the trial dates in respect of the litigation were set on 11 April 2025.
“As to why these dates have only become material to Zuleika now is not known to Catalyst.”
Catalyst suggested the announcement was not necessary, given the information it included had previously been disclosed.
“The board of Catalyst considers this to be nothing more than an attempt to generate publicity and exert leverage against the defendants in the context of the forthcoming Supreme Court hearing,” it said.
Catalyst plans to process ore from K2 through the Plutonic mine next financial year.
The goldminer said it did “not consider the likely outcome of the litigation to be material” to its operations.
Zuleika is a relative minnow in ASX terms, with a market capitalisation of $13.35 million against Catalyst’s $1.46 billion.
Mr Creasy’s Yandal Investments hold a 42.25 per cent stake in Zuleika and the company is run by his wife, Ms Guo.
Catalyst shares were trading 2.8 per cent lower this morning, at $5.64.
Zuleika shares were steady at 1.8c.
