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CASTILE RESOURCES LTD Investor Presentation 2026
64710_rns_2026-05-13_439a9d3c-0e2b-4d99-bd0b-efe65ef9f178.pdf
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CASTILE RESOURCES LTD
CASTILE RESOURCES LTD
Gold and Downstream Critical Minerals
GOLD | COPPER | BISMUTH | COBALT | MAGNETITE
MAY 2026
Refer to disclaimers on slides 17-18. Not on offer of securities.
ASX:CST
OTCID:CLRSF
castile.com.au
CASTILE
COMPETENT PERSON STATEMENT AND DISCLAIMER
Competent Person Statement
The information contained in this presentation has been previously reported by the Company on 12 February 2020, 3 December 2019, ASX:CST 27 September 2022 Annual Report, ASX:CST 5 December 2022 Rover 1 Preliminary Feasibility Study Outcomes, ASX:CST 18 April 2024 "Castile Awarded Major Project Status For Rover 1", ASX:CST 16 July 2024 "Middle Arm Sustainable Development Precinct", ASX:CST 21 October 2024 "Significant Optimisations Made To Advance Rover 1 BFS", ASX:CST 30 April 2025 "Critical Mineral Bismuth Added to Rover 1 as Price Surges", ASX:CST 16 October 2025 "Castile Begins Analysis for Bismuth Production", and ASX:CST 20 October 2025 "Castile Increases Gold, Copper And Bismuth in Mineral Resource", ASX:CST 14 May 2026 "2026 Castile Resources Exploration Drilling Program"
The Company confirms that it is not aware of any new information or data that would materially affect the information included in the announcements and, in the case of estimates of mineral resources and ore reserves, that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.
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.
This presentation was authorised for release by the Board of Castile Resources Limited – Suite 1B, 17 Southport St, West Leederville, WA 6007.
CASTILE
THE ROVER 1 PROJECT
A HIGH-GRADE IOCG DEPOSIT
Five Revenue Streams | BFS 2026
GOLD AND COPPER ANCHOR VALUATION
BANKABLE FEASIBILITY STUDY DUE IN 2026
Primary near-term re-rate catalyst
CRITICAL MINERAL BY-PRODUCTS
5 DOWNSTREAM REVENUE PRODUCTS
Gold + Copper + Cobalt + Bismuth + Fe₃O₄
CORPORATE VALIDATION
PAN AFRICAN PAY TOTAL OF $450M IN TWO SCRIP TAKEOVERS IN THE REGION
Castile has the only JORC 2012 Ore Reserves in the region
FPO Shares on Issue 382M
Share Price -1 Year Low/High $0.05/$0.15
Market Cap (@$0.10) A$38.2M
Cash at 31st March 2026 A$9.80M
CASTILE
INVESTMENT CASE
Why Castile? Why Now?
A near-BFS, high-grade iron oxide copper-gold (IOCG) project with three critical minerals, in a Tier-1 jurisdiction, independently validated by A$311M peer transaction in the same mineral field.
| ## 01
High-grade Iron Oxide Copper Gold (IOCG) asset
- Bonanza gold intercepts up to 125.9 g/t and 6.86% copper hits.
- 341koz Gold and 97kt Copper in updated Mineral Resource Estimate with prices booming
- Critical Minerals Bismuth and Cobalt as by-products | ## 02
BFS — Re-rating Catalyst Gold and Copper boom
- Fully funded with ~$9.8M cash for Bankable Feasibility Study due in 2026 and exploration
- Updated 41% increases to Mineral Resource Estimate and current commodity prices to flow through financial Model in BFS
- Binary re-rate event. | ## 03
Critical Minerals Optionality With by-products Bi and Co
- 83% of 4N Bismuth China-produced and under Export Control since February 2025 when prices ran over 900%
- Used in Missile Avoidance Systems and newly developed superior microchips.
- USA Defense Dept buying in cobalt drives price over ~300% in recent run | ## 04
Peer-Validated Mineral Region
- Pan African acquired Emmerson, PAF’s second purchase in the region, for ~A$311M in March 2026 to consolidate Tennant Creek Mineral Field.
- Neither company purchased my PAF has ever announced JORC 2012 Ore Reserves
- Castile market cap: ~A$41M - the only gold, copper Ore Reserves in the region. |
| --- | --- | --- | --- |
| SHARE PRICE
A$0.10 | SHARES ON ISSUE
382M | MARKET CAP
A38.2M | CASH 31" March 2026
A$9.80M | S2-WK LOW/HIGH
$0.05 / $0.15 |
| --- | --- | --- | --- | --- |
Sources: USGS; Argus; Fastmarkets.
CASTILE
DRILLING HIGHLIGHTS
90,000M OF DIAMOND DRILLING
A rich, high-grade IOCG deposit
BONANZA GOLD INTERCEPTS
30.4m @ 36.50 g/t Au from 506.5m (20CRD001)
7m @ 125.93 g/t Au from 542m (WGR1D034)
20m @ 32.61 g/t Au from 469m (WGR1D003)
10m @ 47.97 g/t Au from 471m (R1ARD41-1)
12m @ 58.40 g/t Au from 555m (WGR1D002-5)
HIGH-GRADE COPPER INTERCEPTS
21m @ 6.86% Cu from 469m (WGR1D011)
27m @ 4.75% Cu from 429m (WGR1D024-1)
30.2m @ 4.46% Cu from 827m (WGR1D059-2A1)
42m @ 4.10% Cu from 360m (R1ARD30)
75km pre-CST acquisition | 15km by Castile
CASTILE PRODUCTION PROFILE
PRODUCTION OUTLOOK — BFS DUE IN 2026
Key Metals Gold and Copper Anchor the Valuation
GOLD
Gold Price — AUD / oz
MAY 2021 - MAY 2026
A$6,507
COMPANY $178% over 5 years
~30,000 oz Annual Production
COPPER
Copper Price — AUD / tonne
MAY 2021 - MAY 2026
A$20,640
▲ +47% over 5 years
~7,000t Annual Production
41% Mineral Resource Estimate uplift in Oct 2025 added into upcoming 2026 BFS
Production profile as per PFS Dec-2022 (ASX:CST 5 Dec 2022).
Sources: goldprice.org and tradingeconomics.com/commodity/copper
CASTILE
WHY DID THE BISMUTH PRICE RUN OVER 800% SINCE MARCH 2025?
THE CRITICAL MINERAL THE MARKET IS PAYING FOR
- China produces 83% of 4N (99.99%) global Bismuth Supply
- Used in Missiles and new superior Microchips
- Castile offers rare Western World Supply opportunity
- Current Price 4N (99.99%) Bismuth *A103,900/t (8th May 2026) is +737% in 5 years
Refined Bismuth (4N) Output (t) by Country 2024e
Bismuth Price — AUD / tonne
MAY 2021 - MAY 2026
A$103,900
▲ +737% over 5 years
Source: USGS : Fastmarkets Strategic Metal Invest AUD: US $0.73
BISMUTH USED AS ANTI-MAGNETIC IN CHINESE MISSILE PROGRAM TO REPEL MAGNETIC FIELDS
PEKING (BEIJING) UNIVERSITY COMMERCIALLY TESTING A BISMUTH OXYSELENIDE MICROCHIP 40% FASTER AND 10% MORE EFFICIENT THAN CURRENT TECHNOLOGY
CASTILE
MINERAL RESOURCE ESTIMATE
OCTOBER 2025 MRE — 41% TONNAGE UPLIFT TO BE INCLUDED IN BFS
Gold, Copper and Bismuth to be Updated into BFS from Increased Mineral Resource Estimate
341.3 koz
GOLD
+8% vs prior
97.4 kt
COPPER
+17% vs prior
8,900 t
BISMUTH
+51% vs prior
5,200 t
COBALT
+30% vs prior
1.88 Mt
MAGNETITE
+45% vs prior
Rover 1 Project Mineral Resource Estimate — October 2025
| Class | Tonnes (Mt) | Au (g/t) | Cu (%) | Co (%) | Bi (%) | Fe₂O₄ (%) | Au (oz) | Cu (t) | Co (t) | Bi (t) |
|---|---|---|---|---|---|---|---|---|---|---|
| Indicated | 5.65 | 1.38 | 1.30 | 0.07 | 0.11 | 24.17 | 251,100 | 73,200 | 3,800 | 6,300 |
| Inferred | 2.21 | 1.27 | 1.10 | 0.06 | 0.12 | 23.46 | 90,200 | 24,300 | 1,400 | 2,600 |
| Total | 7.86 | 1.35 | 1.24 | 0.07 | 0.11 | 23.97 | 341,300 | 97,400 | 5,200 | 8,900 |
Rover 1 Project Ore Reserves (from PFS Dec 2022) to be updated in 2026 BFS
Source: Castile Resources, ASX:CST 20 October 2025. Refer to Competent Person Statement, slide 17.
CASTILE
BENEFICIATION & DOWNSTREAM
ROVER 1 → MIDDLE ARM → GLOBAL MARKETS
Beneficiation in Tennant Creek, refining in Darwin
PRODUCED AT ROVER 1 SITE
Bulk concentrate + 22% gravity gold + 96.5% magnetite
REFINED AT MIDDLE ARM (DARWIN)
Oxidation → Au doré, Co metal, Cu metal, Bi concentrate
BFS 2026
4N (99.99%) bismuth production pathway to be defined
CASTILE
MIDDLE ARM SUSTAINABLE DEVELOPMENT PRECINCT
COMMONWEALTH-BACKED CRITICAL MINERALS PRECINCT
Downstream refining in Darwin at MASDP
CASTILE LAND ALLOCATION AT MASDP
-
Major Project Status
Awarded by NT Government (April 2024) — accelerated approvals pathway -
Purpose-built precinct
Downstream critical mineral processing with renewable energy access -
Infrastructure
Integrated port, rail, road and communications -
Local workforce
Skilled workforce in the Darwin region -
Third-party ores
Option to toll-treat third-party ores from Australia and overseas -
Port of Darwin
Bismuth concentrate shipped directly to end-users
PROPOSED CASTILE CRITICAL MINERALS REFINERY AT MASDP
CASTILE
ASX:CST | OTCID:CLRSF
INDEPENDENT VALIDATION AS PAN AFRICAN INVESTS A$450M IN SCRIP OVER TWO TRANSACTIONS
Pan African (LSE:PAF) pays A$311M for ERM in the Adjacent Tennant Creek Mineral Field PAF’s second takeover in the region
THE PAF / EML TRANSACTION
| Acquirer | Pan African Resources (LSE:PAF) |
|---|---|
| Target | Emmerson Resources (ASX:ERM) |
| Announced | 10 March 2026 |
| Consideration | All-scrip, £163M / A$311M |
| Premium paid | 36.4% to last close |
| Strategic rationale | Remove 6% Annual royalty of ~$30m |
| Expected completion | Mid-to-late June 2026 (ERM shareholder vote) |
READ-ACROSS FOR CASTILE
-
The Rover Mineral Field is Adjacent to the Tennant Creek Mineral Field
Rover Mineral Field shows as a stratigraphic repeat of Tennant Creek Field -
Pan African paying $311m for ERM which has no JORC 2012 Gold or Copper Ore Reserves
~A$311M for 25% consolidation + royalty removal – PAF’s second acquisition in the Tennant Creek -
Castile Mineral Resource Estimate Base
341koz Gold + 97kt Copper + 8,900t Bismuth + 5,200t Cobalt (MRE Oct-25)
Updated Ore Reserves to be calculated in the BFS -
Implied Opportunity
Re-rating thesis as BFS in 2026 closes valuation gap
Sources: Pan African Resources plc announcement 10 March 2026; Investigate; company compilation.
CASTILE
DISTRICT-SCALE EXPLORATION
ROVER MINERAL FIELD — A STRATIGRAPHIC REPEAT OF THE TENNANT CREEK MINERAL FIELD
Passive Seismic Survey Program using Ambient Noise Tomography (ANT) to assess over 100+ IOCG targets in Australia's richest Copper-Gold district
CASTILE IS USING AMBIENT NOISE TOMOGRAPHY(ANT) TO METHODICALLY ASSESS PRIORITY DRILL TARGETS
Ambient Noise Tomography sensors being prepared for deployment in the field. The seven sensors shown would each be spaced approximately 250m apart making a total line (array) of 1.5kms for the survey.
CASTILE
PASSIVE SEISMIC SURVEYS AND AMBIENT NOISE TOMOGRAPHY (ANT) WITH INVERSION ANALYSIS
THE FIRST HOLE EVER DRILLED USING PASSIVE SIESMIC ANT INVERSION
Exploration drilling begins in late May 2026
X Marks the Spot
Four Geophysical Indicators Hitting the same Target in 3D
Drillhole 26PF38D001 is targeting the intersection of;
- the remanent magnetism model (green),
- the downhole magnetic source model (blue)
- the passive seismic full waveform source model (red)
- previous drillhole 25PF38D001 targeting the pure susceptibility source model (grey) has run down the southern boundary of the new model's intersection
CASTILE
THE OPPORTUNITY
CASTILE RESOURCES — THE ASK
ASX:CST | OTCQB:CLRSF
A Mispriced, near-BFS, Gold and Critical Minerals Play
What we have
- High-grade IOCG deposit with bonanza intercepts
- Updated MRE: 341koz Au + 97kt Cu + 8,900t Bi + 5,200t Co
- Major Project Status + MASDP land allocation
- 100+ IOCG exploration targets
Where we're going
- BFS delivery 2026
- Exploration drilling May-June 2026
- Offtake & strategic partner discussions H2 2026
- Path to first production decision
Why now
- PAF/EML A$311M transaction validates district
- Gold Copper and Bismuth prices strong
- Market cap ~A$38M vs strong in-ground value
- BFS is a binary near-term re-rate catalyst
NEXT STEP
| Offtake & Strategic Partner Discussions
Mark Hepburn, Managing Director & Executive Chairman
[email protected] | castile.com.au
CASTILE
CAPITAL STRUCTURE & FUNDING PATHWAY
CAPITAL MANAGEMENT
Pathway from BFS to Funding
INDICATIVE FUNDING PATHWAY
-
Pre-BFS Runway
Cash A$9.8M funding BFS completion and exploration program -
BFS 2026
Capex envelope + NPV defined — unlocks valuation Pre-funding -
Offtake & Strategic
Active discussions with strategic partner(s) for offtake financing -
Project Debt
Critical minerals lenders (NAIF, EFA) actively supporting AUS projects
Indicative only. Final funding mix subject to BFS outcomes and market conditions.