CASTILE RESOURCES LTD — Investor Presentation 2022

Apr 20, 2022

Copper and Cobalt Covered in Gold Pure Metals for the Electrification Revolution

Investor Presentation April 2022

Compliance & General Disclaimer

COMPETENT PERSONS STATEMENTS

The information in this report that relates to Exploration Results and Mineral Resources and Exploration Data is based on, and fairly and accurately represents, information and supporting documentation compiled by Mr. Jake Russell B.Sc. (Hons) MAIG and Mr Mark Savage who each have sufficient experience which is relevant to the styles of mineralisation, the types of deposit under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC 2012)”. Mr Russell is a Member of the Australian Institute of Geoscientists and is a Director of Castile Resources Limited and is eligible to and may participate in any short-term and long-term incentive plans of the Company as disclosed in its annual reports and disclosure documents. Mr Savage is a Member of The Australasian Institute of Mining and Metallurgy and a full-time employee of Castile. Mr Russell and Mr Savage each consent to the inclusion in this report of the matters based on this information in the form and context in which it appears.

The information contained in this report is based on, and fairly and accurately represent the information and supporting documentation prepared by Damian Connelly. Mr Connelly is a full time employee of METS Engineering who are a Contractor to Castile, and a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Connelly has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves. Mr Connelly consents to the inclusion in the report of the matters based on the results in the form and context in which they appear

GENERAL DISCLAIMER

This presentation has been prepared by Castile Resources Limited. It should not be considered as an offer or invitation or inducement to subscribe for the purchase of any securities in the Company. This presentation may contain forecasts and forward-looking statements. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied. Castile has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by applicable laws, Castile makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation.

This overview of Castile does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

The information in this presentation is general in nature and does not purport to be complete. This presentation is not a prospectus, disclosure document or other offering document under Australian law or under the laws of any other jurisdiction. This presentation is provided for information purposes and does not constitute an offer, invitation, inducement or recommendation to subscribe for or purchase securities in Castile Resources in any jurisdiction.

PREVIOUSLY REPORTED INFORMATION

This presentation refers to information previously announced to the ASX, including mineral resource estimates and exploration results announced to the ASX on 12 February 2020 in its Prospectus dated 3 December 2019, and exploration results announced to the ASX on 14 and 20 October 2020 and also on 2 November 2020 and ASX:CST Announcement 26 November 2020 “Castile Resources Drilling Program Update” and ASX Announcement 24 May 2021 “High Grade Gold and Copper Results in Drilling at Rover 1”, ASX Announcement 2 June 2021 “30g/t Gold and 4% Copper In Assays From Rover 1”, ASX Announcement 29 June 2021 “Latest Hits Expand High Grade Gold Zone at Rover 1”, ASX:CST August 23, 2021 “More Bonanza Gold Hits Expand Rover 1”, ASX:CST August 30, 2021 “Spectacular Copper Hits at Rover 1”, September 3, 2021 “ASX:CST Outstanding Metallurgical Results from Rover 1”, ASX:CST October 12, 2021 “Castile Resources Drilling Program Update” and ASX:CST November 19 2021 “Additional Environmentally Sustainable Product at Rover 1” , CST:ASX 4 March 2022 “Outstanding Recoveries in Gold, Copper and Cobalt at Rover 1” CST:ASX 8 March 2022 “Large Increases in Gold, Copper and Cobalt at Rover 1” CST:ASX 20 April 2022 “Another By-product And Revenue Stream For Rover 1”

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements or this presentation, and that all material assumptions and technical parameters underpinning the mineral resource estimates continue to apply and have not materially changed.

This presentation was released on 21 April 2022 and was authorised for release by the Board of of Castile Resources Limited Castile Resources Limited – Level 7, Ashton Chambers, 189 St Georges Terrace, Perth WA 6000.

Corporate Snapshot

SHAREHOLDERS

RESEARCH COVERAGE

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Australia
7.0%
UK
12.0%
33.9% North America
Western
0.2%
Zone
Europe (ex UK)
15.0%
Asia
10.9%
Board and
Management
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1YR SHARE PRICE CHART

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0.35
2400000
0.3
Jupiter Deeps Zone
0.25 1800000
0.2
1200000
0.15
0.1
600000
0.05
0 0
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199.7 A$6.67
MILLION MILLION
SHARES ON ISSUE CASH (AT 31-DEC-21)
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A$0.17
SHARE PRICE
(at close 20 April -22)
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A$34.0
MILLION
MARKET CAPITALISATION
(20 April -22)
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259,000
A$0.27/
SHARES
TRADED
$0.16
SHARE PRICE DAILY VOLUME
6 MONTH HIGH/LOW 6 MONTH AVERAGE
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Investment Summary – Gold and Battery Metals

Rover 1 is a large polymetallic orebody offering diversity of revenue streams in Gold, Copper, Cobalt and a Magnetite Industrial Mineral

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Castile will be able to directly supply battery producers and end users in Australia with the critical minerals for electrification.

Potential for a multi-deposit mining precinct situated in the highly prolific Tennant Creek region

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The Rover Mineral Field – A Multi-Deposit Strategy

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ASX:CST 8 MARCH 2022 “Large Increases in Gold, Copper and Cobalt At Rover 1”

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Gold Intercepts

10m @ 47.97g/t Au

7m @ 125.93 g/t Au

12m @ 58.40 g/t Au

30.4m @ 35.6 g/t Au

20m @ 32.61 g/t Au

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Copper Intercepts

21m @ 6.86% Cu

27m @ 4.75% Cu

42m @ 4.10%Cu

30.2m @ 4.46% Cu

29m @ 3.60% Cu

The Company refers to the exploration results contained in this presentation as sourced from ASX:CST 14 October 2020 “Stunning Gold Intercepts From Rover 1” and its Prospectus dated 3 December 2019 and released on the ASX on 12 February 2020,

Rover 1 – Resource Definition Drilling Complete

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2021 Drilling Program
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Castile Drilling Program Highlights

Hole 20CRD001 30.4m @ 35.6 g/t Au with 1.46% Cu inc 13.2m @ 76.27g/t Au with 1.16% Cu Hole 21CRD001A 31.7m @ 8.6g/t Au with 0.8% Cu inc 11.5m @ 17.2 g/t Au with 1.1% Cu Hole 21CRD005 42.2 m at 3.5% Cu with 2.1g/t Au inc 13.5 m at 7.5% Cu with 4.5g/t Au inc 2.5m at 12.9% Cu with 16.5g/t Au

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Large Increases in Indicated Resources for the Pre-Feasibility Study

Engineers designing a 500,000tp/a Processing Plant for the PFS

Classification	Classification	Rover 1 Mineral Resource Estimate	Rover 1 Mineral Resource Estimate	Rover 1 Mineral Resource Estimate	Rover 1 Mineral Resource Estimate	Rover 1 Mineral Resource Estimate	Rover 1 Mineral Resource Estimate	Rover 1 Mineral Resource Estimate	Rover 1 Mineral Resource Estimate
		Gold (Oz)		Copper (T)		Cobalt (T)		Magnetite(T)
Indicated		242,600		63,400		2,900		933,000
Inferred		20,900		14,000		900		163,000
Total		263,500		77,400		3,800		1,096,000
2g/t Eq Cut Off Grade			Grade
Classification	Tonnes		Gold (g/t)		Copper (%)		Cobalt (%)		Magnetite (%)
Indicated	3,882,000		1.94		1.63		0.07		24.04
Inferred	865,000		0.75		1.62		0.10		18.79
Total	4,747,000		1.73		1.63		0.08		23.08

CST:ASX 8 March 2022 “Large Increases in Gold, Copper and Cobalt at Rover CST:ASX 20 April 2022 “Another By-product And Revenue Stream For Rover 1

Rover 1 – Large Increases in Indicated Resources of Key Metals Gold, Copper and Cobalt[1]

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New Indicated
40% 65% 61%
INCREASE INCREASE INCREASE Resource
933,000
242,000 63,400 2,900
OUNCES TONNES TONNES TONNES
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1 The Company refers to the exploration results for comparison in this presentation as sourced from its Prospectus dated 3 December 2019 and released on the ASX on 12 February 2020 and CST:ASX 8 March 2022 “Large Increases in Gold, Copper and Cobalt at Rover 1” and CST:ASX 20 April 2022 “Another By-product And Revenue Stream For Rover 1”

9

The Right Mineral Products at the Right Time

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Gold Dore
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Gold Dore (Bullion) – Direct Sale to Perth Mint

Pure Copper Metal Pure Cobalt Metal

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Cobalt Metal – Direct Sale to Battery Producers

Copper Plate – Direct Sale to End Users

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Gold Copper Cobalt
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Source: 5-year Gold, Copper and Cobalt pricing graphs from tradingeconomics.com

Pure Battery Metals for the Electrification Revolution

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Castile will produce pure Copper and Cobalt metal required for EV’s, charging networks and battery producers

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Cobalt is listed as a critical mineral by the Australian Federal Government

Source: copper.org

Source: visualcapitalist.com

High Grade Industrial Mineral From the Host Rock at Rover 1

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High Grade Magnetite is used to produce a dense medium separation slurry for coal washing, mineral processing and recycling of metals and plastics.

Indicated Magnetite Resource 933,000t Inferred Magnetite Resource 163,000t

Total 1,096,000t

Approximately 24% of the host rock ore mined will be magnetite. Castile can recover 67.7% of that material and produce a high quality P9553mm magnetite rich magnetite product on site that is saleable directly to end users as a density modifying mineral. The material will grade 96.4% magnetite.

Not only will this provide addition revenue, it will vastly reduce the waste stream and the environmental footprint at Rover 1

Standard Industry Specifications

Maxfine Grade

Ultrafine Grade

96-99% – Passing 45 micron 90-95% – Passing 45 micron 98-100% – Passing 53 micron 95-99% – Passing 53 micron

Testing was supervised by METS Metallurgy and performed by ALS Laboratories according to Australian Standard 4156.3-2008 (Coal Preparation, Part 3 L Magnetite for coal preparation plant use – Test Methods)

CST:ASX 20 April 2022 “Another By-product And Revenue Stream For Rover 1”

ASX:CST 19 November 2021 “Additional Environmentally Sustainable Product At Rover 1”

Fully Engineered Mining Plan For the Pre-Feasibility Study Complete

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Dynamic Charging
Solution for EV Fleet
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Pure Metals to be Produced for Direct Sale to End Users

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Proposed Rover 1 Processing Flowsheet

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Magnetic
Grinding Gravity Bulk Sulphide
Separator Float
Crushed ore
Fine
Grind
Fine
Grind
Oxidation
Magnetic
Separator
95%+ Magnetite Gold Pure Copper Pure Cobalt
Concentrate Product Bullion Metal Metal
Total Recoveries 67.7% 92.8% 95.8% 82.8%
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HIGH TOTAL RECOVERIES OF GOLD, PURE COPPER AND PURE COBALT METALS

500,000t PROCESSING PLANT CAPABILITY PROPOSED FOR PRE-FEASIBILITY STUDY

END USER PRODUCTS FOR BATTERY AND ELECTRIFICATION INDUSTRIES

92.8%

95.8% 82.8%

ASX:CST 4 MARCH 2022 “Outstanding Recoveries of Gold, Copper and Cobalt At Rover 1” and 19 November 2021 “Additional Environmentally Sustainable Product At Rover 1”

Potential for a Multi-Deposit Mining Precinct

Potential for a Multi-Deposit Mining Region

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Rover 4 – Expanding the Footprint of the Rover 1 Strategy

Potential To Add A Resource at Rover 4 to the Rover 1 Development

Schematic of Rover 1 Engineering Design with Rover 4 Location Facing West

Plan View of Rover 1 Proposed Engineering Design with Rover 4 Location

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ASX:CST 2 February 2022 “Copper At Rover 4 Adds to Plans at Rover 1”

Rover 4 – Further Drilling and Analysis to Estimate A Resource

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ASX:CST 2 February 2022 “Copper At Rover 4 Adds to Plans at Rover 1”

Explorer 108 – The Next Development Target

Explorer 108

High Grade Zinc/Lead Deposit already defined as Castile’s next development

Exploration to continue for the ”Mt Isa Style” Primary Copper Source

Current Resource at Explorer 108 11.8Mt 3.2% Zn, 2.00% Pb, 11.1g/t Ag with 5.7Mt 0.36% Cu

Zinc

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Existing Lead/Zinc Mineralisation at Explorer 108 a potential feed source for the Rover 1 infrastructure

Extensional Drill Hole NR108D049-1 drilled by Castile in 2021 returned sections of high grade zinc and lead with trace copper from a massive 145m mineralised interval

Highlights from Hole NR108D049-1 include the following intercepts:

145m @ 1.6% Zn and 0.9% Pb with 9.3g/t Ag and 0.6g/t Au from 485m downhole.

inc 4.9m @ 5.7% Zn and 3.1% Pb with 57.8g/t Ag, 0.1% Cu and 7.6g/t Au from 493.1m downhole.

inc 7.1m @ 5.7% Zn and 3.4% Pb with 12.9g/t Ag, 0.1% Cu and 0.7g/t Au from 558.9m downhole.

inc 2.2m @ 12.6% Zn and 3% Pb with 17.3g/t Ag, 0.1% Cu and 0.5g/t Au from 581.35m downhole.

inc 6m @ 2.4% Zn and 1% Pb with 6.5g/t Ag and 0.2g/t Au from 607m downhole.

The Explorer 108 resource is comprised of the following:

• Indicated Resource of 8.438Mt @ 3.41% Zn, 2.05% Pb, 14.32g/t Ag; and

• • Inferred Resource of 3.43Mt @ 2.81% Zn, 1.88% Pb, 3.32% Ag .

ASX:CST 29 December 2021 “Results From Explorer 108”

Explorer 142 – The Rover 1 Lookalike

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The Explorer 142 Resource is comprised of the following Inferred Resource of 176kt @ 5.21% Cu and 0.21g/t Au.

Warumpi Project – Potential for Significant Base Metals Mineralisation

Highly prospective grass-roots exploration project located approximately 300 km west of Alice Springs in the West Arunta region of the Northern Territory.

7.7% Cu, 3.2% Zn and 90.6g/t Ag 4.8% Cu, 3.0% Zn and 182 g/t Ag 3.7% Cu, 1.3% Zn and 83.8g/t Ag 2.4% Cu, 1.6% Zn and 9.9% Cu, 4.7% Zn and 120 g/t Ag 85.4g/t Ag 4.6% Cu, 8.6% Zn and 24.9 g/t Ag

The age of the Warumpi Province (1690–1610 Ma) is a particularly significant epoch as the stratigraphy of this period hosts similar world-class stratabound Pb-Zn-Ag mineralisations.

The project area includes a significant proportion of tenure that has only had cursory exploration completed on it in the past.

Favorable structures are evident in aeromagnetic images as well as anomalies in various geophysical survey methods.

The Company refers to the exploration results contained in this presentation as sourced its Prospectus dated 3 December 2019 and released on the ASX on 12 February 2020,

Board & Management – Strong Project Development Expertise

	Peter Cook				Mark Hepburn		John Braham		Jake Russell				Michael Poepjes				Mark Savage
	Non-Executive Chairman				Managing Director		Non-Executive Director		Non-Executive Director				Mining Engineer				Geology Manager
	Mr Cook is a geologist BSc				Mr Hepburn has a degree in		Mr Braham is an experienced		Mr Russell is a geologist				Mr Poepjes is a Mining				Mr Savage is a geologist
	(App Geol 1983), mineral				Economics and Finance		Mining Finance and		B.Sc. (Hons) MAIG with circa				Engineer (B Eng) a Mineral				B.Sc. (Hons) MAusIMM with
	economist (MSc Min Econ				(B.Econ. & Fin 1992 UWA) and		Investment professional		20 years of experience in				Economist (MSc [Min Econ])				more than 20 years of
	1995 WASM) and highly				has been a member of the		having a 24-year career with		exploration, mining, resource				and holds a Master’s Degree				experience in exploration,
	experienced veteran of the				Australian Institute of Company		Macquarie Bank until 2017.		development and				in Business Administration				resource development and
	Australian resource sector.				Directors since 2008. He has		For the last 11 years of his		management. He is currently				(MBA). Mr Poepjes has over				mining brings a wealth of
	He is currently the Managing				significant experience in		service, he was an Executive		the group Chief Geologist of				twenty years of experience in				experience to Castile having
	Director of and has				institutional stockbroking,		Director and co-head of		Westgold Resources Limited				the mining industry working in				worked previously for Metals
	substantial experience in the				corporate transactions and the		Macquarie’s Global Mining		and prior to its demerger from				gold, copper and tin across				X, RNI and Apex Minerals on
	exploration, development,				management and corporate		and Finance Division. Mr		Metals X Limited, he was the				Australia in both Corporate				pre-development assets.
	mining and financing of				development of public		Braham has vast experience		Group Chief Geologist of				and Operational roles. Mr
	development projects within				companies. He brings 28 years		in the provision of debt and		Metals X Limited. Mr Russell				Poepjes previous role was the
	Australia as well as the				of substantial financial markets		equity to mining, exploration		brings Castile a second to				Chief Operating Officer for
	corporate management of				experience in the resources		and development companies,		none knowledge of the assets				Millennium Minerals. Prior to
	listed public entities.				sector to Castile Resources. Mr		worldwide. Since November		of Castile and a high degree				Millennium Minerals, he was
					Hepburn is also a Non-Executive		2018, Mr Braham has served		of technical expertise in their				the Group Mining Engineer
					Director of ASX listed lithium and		as Managing Director of the		exploration, resource				for Metals X (which included
					gold explorer Firefinch Limited		ASX listed and South		development and exploitation.				the Westgold and Castile
					after an acting role as CEO		American focused Equus						assets) for seven years.
					where he oversaw the		Mining Limited and is
					company’s refinancing and		currently an NT Government
					corporate re-structuring.		Mineral Task Force Member.

Investment Summary

Starting with Rover 1 there is potential for a multideposit mining jurisdiction situated in the highly prolific Tennant Creek region

Diversity of revenue streams and metal products to create a natural hedge for investors

Ability to directly supply battery producers and end users in Australia with the critical ingredients for electrification.

APRIL 2022 May 2022

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RESULTS
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JUNE 2022

Strong NT Government Support and Community Engagement

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Castile is committed to maintaining strong Territory and local government support Supporting local indigenous population via employment and community enrichment programs

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Castile has donated Sporting Equipment to all schools within the entire Barkly Region NT Government providing support, infrastructure, financial grants and funding for downstream “end user” producing companies

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Level 7, 189 St Georges Tce Perth WA info@castile.com.au

Mark Hepburn Managing Director

Pressure Oxidation Processing Comparables

The Çöpler Gold Mine, Turkey Owned by SSR Mining Nasdaq : SSRM

Pressure Oxidation Gold Recovery : 91% Processing Costs of Sulphide Ore : US$36/t 2021 Gold Production 329,276 ounces at AISC $USD 713

The Copler Mine (80% SSRM owned) is part of the Çöpler District located in east-central Turkey in the Erzincan Province, approximately 1,100 km southeast from Istanbul and 550 km east from Ankara, Turkey’s capital city. The Çöpler Mine has been operating since 2010 and is currently processing ore through two producing plants – the oxide and sulphide plants. The oxide ore is processed via heap leach and the sulfide ore is processed using pressure oxidation. The current estimated mine life is over 20 years Source: https://www.ssrmining.com/company/

The Lihir Gold Mine, Niolam Island, Papua New Guinea Owned by Newcrest Mining Limited ASX ; NCM 2022 Production Guidance 1.8M – 2M ounces

Pressure Oxidation Gold Recovery 83.8% (Refractory Ore) *NB Castile’s Rover 1 Project has Non-Refractory Ore

The process plant consists of crushing and grinding followed by partial flotation, pressure oxidation, and recovery of gold from washed oxidised slurry using conventional cyanidation.

Source: https://www.newcrest.com/