CASTILE RESOURCES LTD — Capital/Financing Update 2021

Mar 31, 2021

ASX Announcement

1 April 2021

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CASTILE RESOURCES 10,000M DRILLING PROGRAM BEGINS

Castile Resources Limited (ASX:CST) (“Castile” or “the Company”) is pleased to advise that it has commenced its annual field season with two drill rigs now active on site. The program includes 10,000m of diamond drilling across Rover 1 and other targets in the 100% wholly owned Rover Mineral Field.

The key objectives of this season’s program at each target are:

Rover 1

The program aims to further expand upon the gold- copper resource at Castile’s flag ship Rover 1 Project. Last year drilling defined a super-rich high grade gold core which is typical of the great historic Tennant Creek iron oxide copper gold (IOCG) gold mines. Drilling will target extending these zones as a primary foundation for mining studies.

Explorer 108 (35km West of Rover 1)

Drilling will test for primary sources of the large copper anomalism proximal to the virgin lead-zinc discoveries previously made at the Explorer 108 Prospect. Explorer 108 is only 35kms west of the Rover 1 discovery and Castile interprets a Mt Isa generic model for this ore system.

Explorer 142 (30 kms West of Rover 1)

At the Explorer 142 prospect, a Rover 1 look-alike IOCG system has been discovered. Drilling has so far only tested a part of the overall anomaly which has so far seen an Inferred Resource of 176kt at 5.2% Cu defined. Drilling will target extensions along strike and down dip within the mineralised system.

Rover 3 (13 kms North East of Rover 1)

Re-interpretation of geophysics saw Rover 3 emerge as another high impact target for IOCG mineralisation similar to Castile’s flagship Rover 1 deposit.

Figure 1: Rover Mineral Field with Castile Resources 2021 Drilling Program Targets

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ASX Announcement

1 April 2021

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Mark Hepburn, the Managing Director of Castile commented: “We are very pleased to begin what will be our first full field season since the demerger of the assets from Westgold. Our short drill program late in the 2020 field season achieved spectacular results including hole 20CRD0001 returning 30.4m @ 35.6 g/t Au with 1.46% Cu which has changed our views of the size and potential of the “bonanza” gold zone at Rover 1.

For our 2021 program one of our rigs will target the expansion of the super-rich gold zone at Rover 1. These zones are typical of the prolific high grade IOCG mines around the Tennant Creek area which are amongst the richest in Australia’s mining history.

The second rig will be targeting proximal and advanced targets such as at Explorer 108, Explorer 142 and Rover 3. Our shareholders will be getting continuous news flow from two rigs on these high-grade gold and copper targets for the next four to five months, so we are in for a very exciting time at Castile”.

Mark Hepburn Managing Director Castile Resources Limited

For further information please contact: info@castile.com.au Phone: +61 89488 4480 Castile Resources Limited 7/189 St Georges Terrace Perth, WA, 6000

This announcement was approved for release by Castile’s Managing Director, Mark Hepburn

Competent Person Statement

The Mineral Resources contained in this announcement were first disclosed in the prospectus dated 3 December 2019 and released on the ASX market announcements platform on 12 February 2020 (“Prospectus”). The Exploration Results contained in this announcement were previously disclosed to the market on 14 October 2020, 20 October 2020, 16 December 2020 and 14 January 2021. Castile is not aware of any new information or data that materially affects these Exploration Results and Mineral Resources included in these announcements. With respect to the Mineral Resources, all material assumptions and technical parameters underpinning the estimates in the Prospectus continue to apply and have not materially changed.