CASTILE RESOURCES LTD — Regulatory Filings 2021

Sep 19, 2021

ASX Announcement

20 September 2021

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OUTSTANDING METALLURGICAL TEST RESULTS FROM ROVER 1

SUPPLEMENTARY INFORMATION

Castile Resources Limited ( ASX:CST ) ( Castile or the Company ) Refers to the announcement dated 3 September 2021 in respect to metallurgical test results from Rover 1 ( Announcement ).

The Company wishes to provide supplementary information to accompany the Announcement. The Announcement together with the additional information is attached.

This announcement has been authorised by the Board of Castile Resources Limited.

For further information please contact:

Sebastian Andre Company Secretary

info@castile.com.au

ASX Announcement

3 September 2021

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OUTSTANDING METALLURGICAL TEST RESULTS FROM ROVER 1

Castile Resources Limited (ASX:CST) (“Castile” or “the Company”) is pleased to present the following outstanding recovery results from the metallurgical testing at the 100% owned Rover 1 Project. The company would also like to provide an update on the Rover 1 resource drilling program.

Rover 1: Metallurgical Test Work Results

Castile has now received the results of the large scale bulk flotation test completed by METS Engineering as part of the metallurgical testing being undertaken for the mining and processing studies for Rover 1. The testing is designed to determine the percentage of contained metals that will be recovered from a bulk flotation process. The two key minerals are gold and copper with by-products cobalt and bismuth. In addition, a fifth key mineral will be assessed as part of the processing flow sheet (see Figure 1) which Castile anticipates will be another revenue stream for the project.

Additional Product from Rover 1 to Significantly Enhance Economic Studies

The testing has shown that significant quantities of a low impurity, high quality magnetite are contained within the ore that will be mined from Rover 1. When processed, this specific type of magnetite becomes a density modifying industrial mineral in the beneficiation process in the coal industry and receives a premium price to standard magnetite ores. METS Engineering will now carry out a low intensity magnetic separation (LIMS) test to further assess the recoveries, quantity and purity of the magnetite.

Table 1: Recoveries from Bulk Flotation Testing of Rover 1 Ore (METS Engineering)

Commodity	Gold	Copper	Cobalt	Bismuth
Gravity Recovery	21.4%
Bulk Flotation Recovery	72.4%	97.8%	88.0%	89.7%
TOTAL RECOVERY	93.8%	97.8%	88.0%	89.7%

Gold Recovery 93.8%

Gold will be extracted from the ore utilising gravity and flotation. Test results show that 21.4% of the contained gold can be extracted via an upfront gravity circuit and 72.4 % floats within the sulphide concentrate giving a total recovery of 93.8%. A portion of the remaining gold can be extracted utilising Carbon in Leach process which will be assessed on a cost benefit analysis.

Copper Recovery 97.8%

Copper recoveries were 97.8% from the bulk flotation which is an extremely high result. Metallurgy studies will now focus on producing an optimal copper concentrate product for sale to offshore smelters. Further studies will assess the economics of producing a pure copper plate product which would be easily saleable in Australia.

Cobalt Recovery 88.0% and Bismuth Recovery 89.7%

3 September 2021

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ASX Announcement

The recoverability of these two products into the bulk float now shows that Rover 1 may produce these two products in separate concentrates at commercial levels and we anticipate that they will have a very positive impact on the economics of the mining and modelling studies underway.

Mark Hepburn, Managing Director of Castile Resources commented:

“The gold and copper remain the key minerals of the project, but the cobalt and bismuth are now providing further opportunities for revenue streams as shown by the recoveries and the indicative processing flowsheet. The jewel in the crown of the by-products may turn out to be the fifth mineral we are now studying, with testing confirming the magnetite in this (IOCG) Iron Oxide Copper Gold deposit may be suitable for use as a Density Modifying Industrial Mineral used for beneficiation in the coal industry. The enriched gold and copper zones are largely contained in the magnetite (ironstone) which will be mined along with the precious metals. It’s great that we can turn what is essentially a “waste” product into a significant income stream which not only enhances our economics, but also greatly reduces our environmental footprint.”

Figure 1: Indicative Processing Flow Sheet for Rover 1

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3 September 2021

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ASX Announcement

Exploration

The geological team has concluded that all remaining targets for the Jupiter Deeps resource definition drilling can be accessed from the parent Hole 21CRD005 which is the current hole the rig is positioned over. The rig is currently drilling 21CRD005-1 and will now complete all the navi-wedges (daughter holes) from parent hole 21CRD005 which will remove the need to drill another parent hole as previously planned. Considerable time and money will be saved as a result and the company will now revert to one drilling rig.

Figure 2: Drill Strings from 2021 Rover 1 Resource Definition Drilling

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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 Board of Directors

ASX Announcement

3 September 2021

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SUPPLEMENTARY INFORMATION

Samples used for the metallurgical test work were taken from holes 20CRD001 and 20CRD002. Please see announcements “Stunning Gold Intercepts from Rover 1 – Amended” (14 October 2020) and “Castile receives Significant Copper Results from Rover 1” (20 October 2020) for the results of 20CRD001 and “Rover 1 Drilling Program Delivers more significant Copper Gold Intercepts” (2 November 2020) for the results of 20CRD002.

These two holes were logged and assayed by Castile Resources Geologists. Ten intervals were selected for the Metallurgical Test work to provide a representative sample of the ore body and delivered to the ALS Laboratory in Perth, providing sufficient mass for the test work which is being managed by METS Engineering. A single composite was created from these intervals to represent the ore body, weighing approximately 350kg. From hole 20CRD001 intervals 479.95m – 492m, 493m – 508.75m, 509.45 – 511.4m, 518.0 – 520.15m,521.0 – 522.5m and 527.0 – 536.0m were selected. From hole 20CRD002, intervals 541.6m – 563.08m, 564.0m – 566.0m, 567.0m – 573.0m and 578.8m – 588.0m were selected. The location of holes 20CRD001 and 20CRD002 are shown below. (See Figure 3).

Figure 3: Long projection of Rover 1

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ASX Announcement

3 September 2021

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All material for the test work were recovered from these diamond holes. The holes were drilled at HQ size to enable sufficient material to be gathered for the test work. This material was stage crushed and rotary split five ways. The five splits were used in the following fashion:

• Grind establishment to determine the P80 106mm targeted grind size.

• Mineralogy Test work via QEMSCAN

• Determine the Head Assays of the composite

• Determine the size fraction of the valuable minerals (gold, copper, cobalt, bismuth, and magnetite)

• Sighter and sequential floatation test work.

Sighter and Sequential Flotation Test Work

The results obtained so far from the test work relate to the sighter test work conducted to produce a bulk concentrate. From this bulk concentrate, further test work is being conducted to understand the final recovery to individual concentrates.

Five samples of 60kg each were ground to P80 106mm in batches and run through a Knelson concentrator to recover a gravity concentrate which was subjected to intensive cyanidation. The Knelson tail was then subjected to batch flotation in a 50L flotation cell to produce a bulk concentrate and tailings. The test work used a three-stage rougher (each rougher stage was 7.5minutes, total 22.5minutes) with a final scavenger stage of 15minutes. The concentrate was then settled, filtered and frozen for future use. A full metallurgical balance was then reported for the bulk flotation including recoveries and assays for copper, bismuth, gold and cobalt. The results of the tests are shown below in Table 1 and Table 2. Figure 4 below, shows the bulk floatation test in progress.

Table 1 Bulk Floatation Test Results

Test Number	Lime Addition for Rougher Stage (g)	Lime Addition for Scavenger Stage (g)	MIBC (Ro 1, 2, 3 & Scav) (Drops)	Mass Contained in Ro Conc (g)	Mass Contained in Tail (g)
BF1991	10.59	2.11	26, 40, 20 & 10	11,263.3	48,736.7
BF1992	9.22	3.64	50, 25, 5 & 4	11,251.4	48,748.6
BF1993	10.93	3.83	50, 25, 6 & 4	11,000.5	48,999.5
BF1994	9.45	3.89	55, 25, 10 & 25	10,706.6	49,293.4
BF1995	9.30	5.62	51, 25, 20 & 15	11,122.1	48,877.9

ASX Announcement

3 September 2021

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Figure 4 Bulk Floatation Test

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Table 2 Key Element Floatation Recovery

Test Number	Gold (% Recovered)	Copper (% Recovered)	Cobalt (% Recovered)	Bismuth (% Recovered)
BF1991	15.6	19.8	18.0	17.8
BF1992	11.6	20.2	17.4	19.1
BF1993	13.5	18.9	17.0	18.3
BF1994	15.1	19.9	17.8	17.4
BF1995	16.7	19.1	17.8	17.2
Total	72.4	97.8	88.0	89.7

In addition to the gold recovered within the sulphide concentrate, a further 21.4% was recovered by the Knelson concentrator as a gravity concentrate prior to the rougher stage.

3 September 2021

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ASX Announcement

To reiterate, Table 1 (above) shows the total recovery to a bulk float.

Table 1: Recoveries from Bulk Flotation Testing of Rover 1 Ore (METS Engineering)

Commodity	Gold	Copper	Cobalt	Bismuth
Gravity Recovery	21.4%
Bulk Flotation Recovery	72.4%	97.8%	88.0%	89.7%
TOTAL RECOVERY	93.8%	97.8%	88.0%	89.7%

Previous Test Work Completed

Prior to the Bulk Concentrate test work being conducted, the following test work was completed:

• UCS of the rockmass – ranged from 28.5MPa to 58.4MPa, averaging 43.7MPa. This represents a medium-hard ore.

• Crushing Work Indices – ranged from 4.2kWhr/t to 10.2kWhr/t with an average of 6.4kWhr/t. This indicates the Rover 1 ore requires a low to medium energy requirement from a crushing perspective.

• Bond Work Index – composite requirements showed a Bond Work Index of 16.0kWhr/t. This indicates moderate hardness ore for grinding purposes.

• SAG Mill Comminution testing indicates the ore is amenable to SAG Milling.

• The sighter tests conducted on the ore, demonstrated the fast floating nature of the ore. This is demonstrated in Figure 5 below. Figure 6 below shows the sighter test being conducted. Figures 7, 8 and 9 show the difference in recovery between a 106mm grind and 75mm grind. Given only a small amount of addition expected revenue is expected from bismuth, it was decided to continue the 106mm grind size to save power costs.

Figure 5 – Floatation Time for each element

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----- Start of picture text -----

Flotation Time
100.0
90.0
80.0
70.0
60.0
50.0
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Time (mins)
Cumm. %Distribution
----- End of picture text -----

3 September 2021

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ASX Announcement

Figure 6 – Sighter Bulk Floatation Test

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Figure 7 Gold recovery 106mm vs 75mm

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Figure 8 Copper recovery 106mm vs 75mm

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3 September 2021

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ASX Announcement

Figure 9 Bismuth recovery 106mm vs 75mm

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Future Test work

The bulk floatation concentrates were settled, filtered and frozen for future use. These concentrates will be utilized to perform test work on separating the copper, bismuth and cobalt into individual concentrates to understand the final concentrate properties.

The scavenger tails will be passed through a low intensity magnetitic separator, reground and again subjected to a low intensity magnetic separator. This concentrate will be sent through to a separate ALS laboratory in Brisbane for evaluation and testing as a coal washing product. Two concentrate products will be prepared, one P60 at 53mm and one P95 at 53mm.

The tails from the floatation and the magnetic separator will be subjected to Carbon in Leach (CIL) test work. This will evaluate the potential for the viability of the inclusion of a CIL circuit within the final plant design. From the results of the current test work, only 6.2% of the gold feed will be available for recovery within a CIL Circuit.

Competent person statement

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.

ASX Announcement

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3 September 2021

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (e.g. cut	• Diamond Drilling
techniques	channels, random chips, or specific specialised
	industry standard measurement tools	All data used in resource calculations at Rover
	appropriate to the minerals under	1 has been gathered from diamond core.
	investigation, such as down hole gamma	Multiple sizes have been used historically. This
	sondes, or handheld XRF instruments, etc.).	core is geologically logged and subsequently
	These examples should not be taken as limiting	halved for sampling.
	the broad meaning of sampling.
	• Include reference to measures taken to ensure	• All geology input is logged and validated by the
	sample representivity and the appropriate	relevant area geologists, incorporated into this
	calibration of any measurement tools or	is assessment of sample recovery. No defined
	systems used.	relationship exists between sample recovery
	• Aspects of the determination of mineralisation	and grade. Nor has sample bias due to
	that are Material to the Public Report.	preferential loss or gain of fine or coarse
	• In cases where ‘industry standard’ work has	material been noted.
	been done this would be relatively simple (e.g.
	‘reverse circulation drilling was used to obtain
Drilling	1 m samples from which 3 kg was pulverised to
techniques	produce a 30 g charge for fire assay’). In other
	cases more explanation may be required, such
	as where there is coarse gold that has inherent
	sampling problems. Unusual commodities or
Drill sample	mineralisation types (e.g. submarine nodules)
recovery	may warrant disclosure of detailed
	information.
	• Drill type (e.g. core, reverse circulation, open-
	hole hammer, rotary air blast, auger, Bangka,
	sonic, etc.) and details (e.g. core diameter,
	triple or standard tube, depth of diamond tails,
	face-sampling bit or other type, whether core is
	oriented and if so, by what method, etc.).
	• Method of recording and assessing core and
	chip sample recoveries and results assessed.
	• Measures taken to maximise sample recovery
	and ensure representative nature of the
	samples.
	• Whether a relationship exists between sample
	recovery and grade and whether sample bias
	may have occurred due to preferential
	loss/gain of fine/coarse material.

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ASX Announcement

Criteria	JORC Code explanation	Commentary
Logging	• Whether core and chip samples have been	• Diamond core is logged geologically and
	geologically and geotechnically logged to a	geotechnically.
	level of detail to support appropriate Mineral	• Logging is quantitative in nature.
	Resource estimation, mining studies and	• All holes are logged completely.
	metallurgical studies.
	• Whether logging is qualitative or quantitative
	in nature. Core (or costean, channel, etc.)
	photography.
	• The total length and percentage of the relevant
	intersections logged.
Sub-	• If core, whether cut or sawn and whether	• Diamond Drilling - Half-core niche samples,
sampling	quarter, half or all core taken.	sub-set via geological features as appropriate.
techniques	• If non-core, whether riffled, tube sampled,	• Core undergoes total preparation.
and sample	rotary split, etc. and whether sampled wet or	• The sample	preparation process consists of;
preparation	dry.	o	Crushing using a vibrating jaw
	• For all sample types, the nature, quality and		crusher to achieve a maximum
	appropriateness of the sample preparation		sample size of 4mm.
	technique.	o	The sample is then weighed, and
	• Quality control procedures adopted for all sub-		if the sample weight is greater
	sampling stages to maximise representivity of		than 3.2kg, the sample is split into
	samples.		two using a Jones-type Riffle
	• Measures taken to ensure that the sampling is		splitter.
	representative of the in situ material collected,	o	The crushed sample is then
	including for instance results for field		pulverised in a Labtech LM5 Ring
	duplicate/second-half sampling.		Mill for 6 minutes. For samples
	• Whether sample sizes are appropriate to the		weighing greater than 3.2kg the
	grain size of the material being sampled.		first portion is removed and
			second portion is homogenised in
			the same machine. Once
			complete the first portion is put
			back in the LM5 and both
			portions are homogenised.
		o	From the pulverised sample,
			approximately 200g is taken as a
			master sample which stays in
			Alice Springs, while a second
			sample of approximately 150g
			taken and sent to for assaying.
			These samples are collected via a
			scoop inserted to the bottom of
			the bowl. The remaining sample is
			transferred to a calico bag for
			storage.

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ASX Announcement

3 September 2021

Criteria	JORC Code explanation	Commentary
		o	For every 20th sample, an
			approximately 25g sample is
			screened to 75 microns to check
			that homogenising has achieved
			80% passing 75 microns.
		• QA/QC is ensured during sampling via the use
		of sample ledgers, blanks, standards and
		repeats.
		• QA/QC is ensured during the assays process via
		the use of blanks, standards and repeats at a
		NATA / ISO accredited laboratory.
		• The sample	sizes are considered appropriate to
		the grainsize of the material being sampled.
		• The un-sampled half of diamond core is
		retained for check samplingif required.
Quality of	• The nature, quality and appropriateness of the	• Analysis of drill core for Au, Ag, Bi, Co and Cu
assay data	assaying and laboratory procedures used and	was carried	out in Perth in the following
and	whether the technique is considered partial or	manner;
laboratory	total.	o	Gold (Au-AA25 scheme – lower
tests	• For geophysical tools, spectrometers, handheld		detection limit = 0.01ppm, upper
	XRF instruments, etc., the parameters used in		detection limit = 100ppm). A 30g
	determining the analysis including instrument		charge of prepared sample is
	make and model, reading times, calibrations		fused with a mixture of lead
	factors applied and their derivation, etc.		oxide, sodium carbonate, borax,
	• Nature of quality control procedures adopted		silica and other reagents and then
	(e.g. standards, blanks, duplicates, external		cupelled to yield a precious metal
	laboratory checks) and whether acceptable		bead.
	levels of accuracy (i.e. lack of bias) and	o	The bead is then dissolved in acid
	precision have been established.		and analysed by atomic
			absorption spectroscopy against
			matrix-matched standards.
		o	Samples returning assay values in
			excess of 100g/t Au were
			repeated using the Au-AA26
			method.
		o	Silver, bismuth, cobalt and copper
			(ME-OG62) - A prepared sample is
			digested using a 4 acid digest.
		o	The subsequent solution is
			analysed by inductively coupled
			plasma - atomic emission
			spectroscopy or by atomic
			absorption spectrometry.

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ASX Announcement

3 September 2021

Criteria	JORC Code explanation	Commentary
		• No significant QA/QC issues have arisen in
		recent drilling results.
		• These assay methodologies are appropriate for
		the resource inquestion.
Verification	• The verification of significant intersections by	• Anomalous intervals as well as random
of sampling	either independent or alternative company	intervals are routinely checked assayed as part
and	personnel.	of the internal QA/QC process.
assaying	• The use of twinned holes.	• Virtual twinned holes have been drilled in
	• Documentation of primary data, data entry	several instances with no significant issues
	procedures, data verification, data storage	highlighted.
	(physical and electronic) protocols.	• Primary data is loaded into the drillhole
	• Discuss any adjustment to assay data.	database system and then archived for
		reference.
		• All data used in the calculation of resources
		are compiled in databases which are overseen
		and validated by senior geologists.
		• Noprimaryassays data is modified in anyway.
Location of	• Accuracy and quality of surveys used to locate	• All data is spatially oriented by survey controls
data points	drill holes (collar and down-hole surveys),	via direct pickups by the survey department.
	trenches, mine workings and other locations	Drillholes are all surveyed downhole, deeper
	used in Mineral Resource estimation.	holes with a Gyro tool if required.
	• Specification of the grid system used.	• All drilling and resource estimation is
	• Quality and adequacy of topographic control.	undertaken in MGA grid.
		• Topographic control is generated from a
		combination of remote sensing methods and
		ground-based surveys. This methodology is
		adequate for the resource inquestion.
Data	• Data spacing for reporting of Exploration	• Data spacing is variable dependent upon the
spacing	Results.	individual orebody under consideration. This
and	• Whether the data spacing and distribution is	approach is appropriate for the Mineral
distribution	sufficient to establish the degree of geological	Resource estimation process and to allow for
	and grade continuity appropriate for the	classification of the resource as it stands.
	Mineral Resource and Ore Reserve estimation	• Compositing is carried out based upon the
	procedure(s) and classifications applied.	modal sample length of each individual
	• Whether sample compositing has been	domain.
	applied.
Orientation	• Whether the orientation of sampling achieves	• Drilling intersections are nominally designed to
of data in	unbiased sampling of possible structures and	be normal to the orebody as far topography /
relation to	the extent to which this is known, considering	economics allows.
geological	the deposit type.	• Development sampling is nominally
structure	• If the relationship between the drilling	undertaken normal to the various orebodies.
	orientation and the orientation of key	• It is not considered that drilling orientation has
	mineralised structures is considered to have	introduced an appreciable samplingbias.

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ASX Announcement

3 September 2021

Criteria	JORC Code explanation	Commentary
	introduced a sampling bias, this should be
	assessed and reported if material.
Sample	• The measures taken to ensure sample security.	• Samples are delivered to a third party
security		transport service, who in turn relay them to
		the independent laboratory contractor.
		Samples are stored securely until they leave
		site.
Audits or	• The results of any audits or reviews of	• Site generated resources and reserves and the
reviews	sampling techniques and data.	parent geological data is routinely reviewed by
		the Castile Corporate technical team.

Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and	• The Tennant Creek Project comprises 5
tenement and	ownership including agreements or material	granted exploration leases.
land tenure	issues with third parties such as joint	• Native title interests are recorded against the
status	ventures, partnerships, overriding royalties,	Tennant Creek tenements.
	native title interests, historical sites,	• The Tennant Creek tenements are held by
	wilderness or national park and	Castile.
	environmental settings.	• Several third party royalties exist across
	• The security of the tenure held at the time of	various tenements at Tennant Creek, over
	reporting along with any known impediments	and above the Northern Territory
	to obtaining a licence to operate in the area.	government royalty.
		• Castile operates in accordance with all
		environmental conditions set down as
		conditions for grant of the leases.
		• There are no known issues regarding security
		of tenure.
		• There are no known impediments to
		continued operation.
Exploration	• Acknowledgment and appraisal of	• The Tennant Creek area has an exploration
done by other	exploration by other parties.	and production history in excess of 100 years.
parties		The Rover area in particular has an intensive
		exploration history stretching from the
		1970’s.
		• On balance, Castile work has generally
		confirmed the veracity of historic exploration
		data.
Geology	• Deposit type, geological setting and style of	• The Tennant Creek Project is located in the
	mineralisation.	1860-1850Ma Warramunga Province is
		approximatelycentred on the townshipof

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ASX Announcement

3 September 2021

Criteria	JORC Code explanation	Commentary
		Tennant Creek, and contains the
		Paleoproterozoic Warramunga Formation.
		This is a weakly metamorphosed turbiditic
		succession of partly tuffaceous sandstones
		and siltstones which includes argillaceous
		banded ironstones locally referred to as
		'haematite shale'.
		• Copper in the form of chalcopyrite occurs
		around the upper margins of the quartz
		magnetite ironstones and in the silicified BIF
		or haematitic shales that often form an
		alteration transition to the adjacent chlorite
		alteration envelope. Although copper levels
		in the upper quartz magnetite portion of the
		ironstones is usually very low, pervasive sub-
		economic copper levels can persist
		throughout this zone. Economic levels of
		copper are dominantly contained in the lower
		massive magnetite portion or in massive
		magnetite “veins” identified in the magnetite
		quartz zones. The massive magnetite zones
		grade laterally and at depth into magnetite
		chlorite stringer zones. Gold content
		increases where the content of magnetite
		veining and chlorite alteration decreases and
		there is an increase in early haematite dusted
		quartz veins and indurated sediments and
		fine chlorite veining related to the
		mineralisation phase. The transition from
		massive magnetite copper mineralisation to
		magnetite quartz chlorite stringer gold
		mineralisation is also the zone of increased
		bismuthinite mineralisation.
		• Lead and zinc mineralisation at Explorer 108
		is associated with a brecciated dolomitised
		sediment unit, consisting of irregular,
		generally narrow, domains or veins of semi-
		massive sulphides (sphalerite and galena). A
		basal “high-grade” zone is present at the
		contact of the dolomite and lower felsic
		units.
Drill hole	• A summary of all information material to the	• No exploration results are being reported.
Information	understanding of the exploration results

3 September 2021

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ASX Announcement

Criteria	JORC Code explanation	Commentary
	including a tabulation of the following
	information for all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation
	above sea level in metres) of the drill hole
	collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified
	on the basis that the information is not
	Material and this exclusion does not detract
	from the understanding of the report, the
	Competent Person should clearly explain why
	this is the case.
Data	• In reporting Exploration Results, weighting	• No exploration results are being reported.
aggregation	averaging techniques, maximum and/or	• Results are reported on a length weighted
methods	minimum grade truncations (e.g. cutting of	average basis.
	high grades) and cut-off grades are usually	• Results are reported above a 5gm Au / Au Eq.
	Material and should be stated.	cut-off / 5%m Pb + Zn / 2.5%m Cu.
	• Where aggregate intercepts incorporate short	• Results reported may include up to two
	lengths of high grade results and longer	metres of internal dilution below a 0.5g/t Au
	lengths of low grade results, the procedure	/ Au Eq. cut-off / 0.5% Pb + Zn / 0.5%m Cu.
	used for such aggregation should be stated	• Metal equivalent values are reported based
	and some typical examples of such	on the ratio of prevailing commodity prices
	aggregations should be shown in detail.	which are given above.
	• The assumptions used for any reporting of
	metal equivalent values should be clearly
	stated.
Relationship	• These relationships are particularly important	• No exploration results are being reported.
between	in the reporting of Exploration Results.	• Interval widths are downhole width unless
mineralisation	• If the geometry of the mineralisation with	otherwise stated.
widths and	respect to the drill hole angle is known, its
intercept	nature should be reported.
lengths	• If it is not known and only the down hole
	lengths are reported, there should be a clear
	statement to this effect (e.g. ‘down hole
	_length, true width not known’). _
Diagrams	• Appropriate maps and sections (with scales)	• No exploration results are being reported.
	and tabulations of intercepts should be
	included for any significant discovery being
	reported These should include, but not be
	limited to aplan view of drill hole collar

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Criteria	JORC Code explanation	Commentary
	locations and appropriate sectional views.
Balanced	• Where comprehensive reporting of all	• No exploration results are being reported.
reporting	Exploration Results is not practicable,
	representative reporting of both low and high
	grades and/or widths should be practiced to
	avoid misleading reporting of Exploration
	Results.
Other	• Other exploration data, if meaningful and	• No exploration results are being reported.
substantive	material, should be reported including (but
exploration	not limited to): geological observations;
data	geophysical survey results; geochemical
	survey results; bulk samples – size and
	method of treatment; metallurgical test
	results; bulk density, groundwater,
	geotechnical and rock characteristics;
	potential deleterious or contaminating
	substances.
Further work	• The nature and scale of planned further work	• Exploration and mine planning assessment
	(e.g. tests for lateral extensions or depth	continues to take place at the Tennant Creek
	extensions or large-scale step-out drilling).	Project.
	• Diagrams clearly highlighting the areas of
	possible extensions, including the main
	geological interpretations and future drilling
	areas, provided this information is not
	commercially sensitive.

Section 3 Estimation and Reporting of Mineral Resources (Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Database	• Measures taken to ensure that data has not	• Drillhole data is stored in a Maxwell’s
integrity	been corrupted by, for example, transcription	DataShed system based on the Sequel Server
	or keying errors, between its initial collection	platform which is currently considered
	and its use for Mineral Resource estimation	“industry standard”.
	purposes.	• As new data is acquired it passes through a
	• Data validation procedures used.	validation approval system designed to pick
		up any significant errors before the
		information is loaded into the master
		database. The information is uploaded by a
		series of Sequel routines and is performed as
		required. The database contains diamond
		drilling (including geotechnical and specific
		gravitydata),face chipand sludge drilling

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Criteria	JORC Code explanation	Commentary
		data and some associated metadata. By its
		nature this database is large in size, and
		therefore exports from the main database
		are undertaken (with or without the
		application of spatial and various other
		filters) to create a database of workable size,
		preserve a snapshot of the database at the
		time of orebody modelling and interpretation
		and preserve the integrity of the master
		database.
Site visits	• Comment on any site visits undertaken by the	• Mr Russell visits site on an “as required”
	Competent Person and the outcome of those	basis.
	visits.
	• If no site visits have been undertaken indicate
	why this is the case.
Geological	• Confidence in (or conversely, the uncertainty	• Mining of similar deposits in the region
interpretation	of) the geological interpretation of the	provides confidence in the current geological
	mineral deposit.	interpretation.
	• Nature of the data used and of any	• No alternative interpretations are currently
	assumptions made.	considered viable.
	• The effect, if any, of alternative	• Geological interpretation of the deposit was
	interpretations on Mineral Resource	carried out using a systematic approach to
	estimation.	ensure that the resultant estimated Mineral
	• The use of geology in guiding and controlling	Resource figure was both sufficiently
	Mineral Resource estimation.	constrained, and representative of the
	• The factors affecting continuity both of grade	expected sub-surface conditions. In all
	and geology.	aspects of resource estimation the factual
		and interpreted geology was used to guide
		the development of the interpretation.
		• The structural regime and the presence of
		intrusive source bodies are the dominant
		controls on geological and grade continuity at
		the Tennant Creek Project.
Dimensions	• The extent and variability of the Mineral	• Individual deposit scales vary across the
	Resource expressed as length (along strike or	Tennant Creek Project.
	otherwise), plan width, and depth below	• The Rover 1 deposit is mineralised a strike
	surface to the upper and lower limits of the	length of >540m, a lateral extent of up +70m
	Mineral Resource.	and a depth of over 650m.
Estimation	• The nature and appropriateness of the	• All modelling and estimation work
and modelling	estimation technique(s) applied and key	undertaken by Castile is carried out in three
techniques	assumptions, including treatment of extreme	dimensions via Surpac Vision.
	grade values, domaining, interpolation	• After validating the drillhole data to be used
	parameters and maximum distance of	in the estimation,interpretation of the

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Criteria	JORC Code explanation	Commentary
	extrapolation from data points. If a computer	orebody is undertaken in sectional and / or
	assisted estimation method was chosen	plan view to create the outline strings which
	include a description of computer software	form the basis of the three dimensional
	and parameters used.	orebody wireframe. Wireframing is then
	• The availability of check estimates, previous	carried out using a combination of
	estimates and/or mine production records	automated stitching algorithms and manual
	and whether the Mineral Resource estimate	triangulation to create an accurate three
	takes appropriate account of such data.	dimensional representation of the sub-
	• The assumptions made regarding recovery of	surface mineralised body.
	by-products.	• Drillhole intersections within the mineralised
	• Estimation of deleterious elements or other	body are defined, these intersections are
	non-grade variables of economic significance	then used to flag the appropriate sections of
	(e.g. sulphur for acid mine drainage	the drillhole database tables for compositing
	characterisation).	purposes. Drillholes are subsequently
	• In the case of block model interpolation, the	composited to allow for grade estimation. In
	block size in relation to the average sample	all aspects of resource estimation the factual
	spacing and the search employed.	and interpreted geology was used to guide
	• Any assumptions behind modelling of	the development of the interpretation.
	selective mining units.	• Once the sample data has been composited,
	• Any assumptions about correlation between	a statistical analysis is undertaken to assist
	variables.	with determining estimation search
	• Description of how the geological	parameters, top-cuts etc. Variographic
	interpretation was used to control the	analysis of individual domains is undertaken
	resource estimates.	to assist with determining appropriate search
	• Discussion of basis for using or not using	parameters. Which are then incorporated
	grade cutting or capping.	with observed geological and geometrical
	• The process of validation, the checking process used, the comparison of model data	features to determine the most appropriate search parameters.
	to drill hole data, and use of reconciliation	• An empty block model is then created for the
	data if available.	area of interest. This model contains
		attributes set at background values for the
		various elements of interest as well as
		density, and various estimation parameters
		that are subsequently used to assist in
		resource categorisation. The block sizes used
		in the model will vary depending on orebody
		geometry, minimum mining units, estimation
		parameters and levels of informing data
		available.
		• Grade estimation is then undertaken, with
		ordinary kriging estimation method is
		considered as standard, although in some
		circumstances where samplepopulations are

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Criteria	JORC Code explanation	Commentary
		small, or domains are unable to be accurately
		defined, inverse distance weighting
		estimation techniques will be used. Both by-
		product and deleterious elements are
		estimated at the time of primary grade
		estimation if required. It is assumed that by-
		products correlate well with gold. There are
		no assumptions made about the recovery of
		by-products.
		• The resource is then depleted for mining
		voids and subsequently classified in line with
		JORC guidelines utilising a combination of
		various estimation derived parameters and
		geological / mining knowledge.
		• This approach has proven to be applicable to
		Castile’s gold assets.
		• Estimation results are routinely validated
		against primary input data, previous
		estimates and mining output.
		• Good reconciliation between mine claimed
		figures and milled figures was routinely
		achieved during pastproduction history.
Moisture	• Whether the tonnages are estimated on a dry	• Tonnage estimates are dry tonnes.
	basis or with natural moisture, and the
	method of determination of the moisture
	content.
Cut-off	• The basis of the adopted cut-off grade(s) or	• The Rover 1 reporting cut-off grade is 2.5g/t
parameters	quality parameters applied.	Au.
Mining factors	• Assumptions made regarding possible mining	• Not considered for Mineral Resource. Applied
or	methods, minimum mining dimensions and	during the Reserve generation process.
assumptions	internal (or, if applicable, external) mining
	dilution. It is always necessary as part of the
	process of determining reasonable prospects
	for eventual economic extraction to consider
	potential mining methods, but the
	assumptions made regarding mining methods
	and parameters when estimating Mineral
	Resources may not always be rigorous.
	Where this is the case, this should be reported
	with an explanation of the basis of the mining
	assumptions made.

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Criteria	JORC Code explanation	Commentary
Metallurgical	• The basis for assumptions or predictions	• Not considered for Mineral Resource. Applied
factors or	regarding metallurgical amenability. It is	during the Reserve generation process.
assumptions	always necessary as part of the process of
	determining reasonable prospects for
	eventual economic extraction to consider
	potential metallurgical methods, but the
	assumptions regarding metallurgical
	treatment processes and parameters made
	when reporting Mineral Resources may not
	always be rigorous. Where this is the case,
	this should be reported with an explanation
	of the basis of the metallurgical assumptions
	made.
Environmental	• Assumptions made regarding possible waste	• Castile operates in accordance with all
factors or	and process residue disposal options. It is	environmental conditions set down as
assumptions	always necessary as part of the process of	conditions for grant of the respective leases.
	determining reasonable prospects for
	eventual economic extraction to consider the
	potential environmental impacts of the
	mining and processing operation. While at
	this stage the determination of potential
	environmental impacts, particularly for a
	greenfields project, may not always be well
	advanced, the status of early consideration of
	these potential environmental impacts should
	be reported. Where these aspects have not
	been considered this should be reported with
	an explanation of the environmental
	assumptions made.
Bulk density	• Whether assumed or determined. If assumed,	• Bulk density of the mineralisation at the
	the basis for the assumptions. If determined,	Tennant Creek Project is variable and is for
	the method used, whether wet or dry, the	the both lithology and alteration /
	frequency of the measurements, the nature,	mineralisation dependent.
	size and representativeness of the samples.	• For modern drilling, field technicians perform
	• The bulk density for bulk material must have	density test-work on core samples on a
	been measured by methods that adequately	campaign basis every three months. All
	account for void spaces (vugs, porosity, etc.),	density measurements have been
	moisture and differences between rock and	determined using the simple water
	alteration zones within the deposit.	immersion technique. The samples from all
	• Discuss assumptions for bulk density	holes were well below the base of oxidation
	estimates used in the evaluation process of	and were in generally competent, non-
	the different materials.	porous rock.
Classification	• The basis for the classification of the Mineral	• Resources are classified in line with JORC

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Criteria	JORC Code explanation	Commentary
	Resources into varying confidence categories.	guidelines utilising a combination of various
	• Whether appropriate account has been taken	estimation derived parameters, the input
	of all relevant factors (i.e. relative confidence	data and geological / mining knowledge.
	in tonnage/grade estimations, reliability of	• This approach considers all relevant factors
	input data, confidence in continuity of	and reflects the Competent Person’s view of
	geology and metal values, quality, quantity	the deposit.
	and distribution of the data).
	• Whether the result appropriately reflects the
	Competent Person’s view of the deposit.
Audits or	• The results of any audits or reviews of	• Resource estimates are peer reviewed by the
reviews	Mineral Resource estimates.	site technical team as well as Castile’s
		Corporate technical team.
Discussion of	• Where appropriate a statement of the	• All currently reported resources estimates
relative	relative accuracy and confidence level in the	are considered robust, and representative on
accuracy/	Mineral Resource estimate using an approach	both a global and local scale.
confidence	or procedure deemed appropriate by the	• No production data exists to compare the
	Competent Person. For example, the	resource estimate against.
	application of statistical or geostatistical
	procedures to quantify the relative accuracy
	of the resource within stated confidence
	limits, or, if such an approach is not deemed
	appropriate, a qualitative discussion of the
	factors that could affect the relative accuracy
	and confidence of the estimate.
	• The statement should specify whether it
	relates to global or local estimates, and, if
	local, state the relevant tonnages, which
	should be relevant to technical and economic
	evaluation. Documentation should include
	assumptions made and the procedures used.
	• These statements of relative accuracy and
	confidence of the estimate should be
	compared with production data, where
	available.

Section 4 Estimation and Reporting of Ore Reserves (Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Description of the Mineral Resource estimate	• No reserve has been stated for the Tennant
Resource	used as a basis for the conversion to an Ore	Creek Project.
estimate for	Reserve.
	• Clear statement as to whether the Mineral

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Criteria	JORC Code explanation	Commentary
conversion to	Resources are reported additional to, or
Ore Reserves	inclusive of, the Ore Reserves.
Site visits	• Comment on any site visits undertaken by the	• No reserve has been stated for the Tennant
	Competent Person and the outcome of those	Creek Project.
	visits.
	• If no site visits have been undertaken indicate
	why this is the case.
Study status	• The type and level of study undertaken to	• No reserve has been stated for the Tennant
	enable Mineral Resources to be converted to	Creek Project.
	Ore Reserves.
	• The Code requires that a study to at least Pre-
	Feasibility Study level has been undertaken to
	convert Mineral Resources to Ore Reserves.
	Such studies will have been carried out and
	will have determined a mine plan that is
	technically achievable and economically
	viable, and that material Modifying Factors
	have been considered.
Cut-off	• The basis of the cut-off grade(s) or quality	• No reserve has been stated for the Tennant
parameters	parameters applied.	Creek Project.
Mining factors	• The method and assumptions used as	• No reserve has been stated for the Tennant
or	reported in the Pre-Feasibility or Feasibility	Creek Project.
assumptions	Study to convert the Mineral Resource to an
	Ore Reserve (i.e. either by application of
	appropriate factors by optimisation or by
	preliminary or detailed design).
	• The choice, nature and appropriateness of the
	selected mining method(s) and other mining
	parameters including associated design issues
	such as pre-strip, access, etc.
	• The assumptions made regarding
	geotechnical parameters (e.g. pit slopes,
	stope sizes, etc.), grade control and pre-
	production drilling.
	• The major assumptions made and Mineral
	Resource model used for pit and stope
	optimisation (if appropriate).
	• The mining dilution factors used.
	• The mining recovery factors used.
	• Any minimum mining widths used.
	• The manner in which Inferred Mineral
	Resources are utilised in mining studies and

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Criteria	JORC Code explanation	Commentary
	the sensitivity of the outcome to their
	inclusion.
	• The infrastructure requirements of the
	selected mining methods.
Metallurgical	• The metallurgical process proposed and the	• No reserve has been stated for the Tennant
factors or	appropriateness of that process to the style of	Creek Project.
assumptions	mineralisation.
	• Whether the metallurgical process is well-
	tested technology or novel in nature.
	• The nature, amount and representativeness
	of metallurgical test work undertaken, the
	nature of the metallurgical domaining
	applied and the corresponding metallurgical
	recovery factors applied.
	• Any assumptions or allowances made for
	deleterious elements.
	• The existence of any bulk sample or pilot
	scale test work and the degree to which such
	samples are considered representative of the
	orebody as a whole.
	• For minerals that are defined by a
	specification, has the ore reserve estimation
	been based on the appropriate mineralogy to
	meet the specifications?
**Environmental **	• The status of studies of potential	• No reserve has been stated for the Tennant
	environmental impacts of the mining and	Creek Project
	processing operation. Details of waste rock
	characterisation and the consideration of
	potential sites, status of design options
	considered and, where applicable, the status
	of approvals for process residue storage and
	waste dumps should be reported.
Infrastructure	• The existence of appropriate infrastructure:	• No reserve has been stated for the Tennant
	availability of land for plant development,	Creek Project
	power, water, transportation (particularly for
	bulk commodities), labour, accommodation;
	or the ease with which the infrastructure can
	beprovided, or accessed.
Costs	• The derivation of, or assumptions made,	• No reserve has been stated for the Tennant
	regarding projected capital costs in the study.	Creek Project
	• The methodology used to estimate operating
	costs.
	• Allowances madefor the content of

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Criteria	JORC Code explanation	Commentary
	deleterious elements.
	• The source of exchange rates used in the
	study.
	• Derivation of transportation charges.
	• The basis for forecasting or source of
	treatment and refining charges, penalties for
	failure to meet specification, etc.
	• The allowances made for royalties payable,
	both Government andprivate.
Revenue	• The derivation of, or assumptions made	• No reserve has been stated for the Tennant
factors	regarding revenue factors including head	Creek Project
	grade, metal or commodity price(s) exchange
	rates, transportation and treatment charges,
	penalties, net smelter returns, etc.
	• The derivation of assumptions made of metal
	or commodity price(s), for the principal
	metals, minerals and co-products.
Market	• The demand, supply and stock situation for	• No reserve has been stated for the Tennant
assessment	the particular commodity, consumption	Creek Project.
	trends and factors likely to affect supply and
	demand into the future.
	• A customer and competitor analysis along
	with the identification of likely market
	windows for the product.
	• Price and volume forecasts and the basis for
	these forecasts.
	• For industrial minerals the customer
	specification, testing and acceptance
	requirementsprior to a supply contract.
Economic	• The inputs to the economic analysis to	• No reserve has been stated for the Tennant
	produce the net present value (NPV) in the	Creek Project.
	study, the source and confidence of these
	economic inputs including estimated
	inflation, discount rate, etc.
	• NPV ranges and sensitivity to variations in the
	significant assumptions and inputs.
Social	• The status of agreements with key	• No reserve has been stated for the Tennant
	stakeholders and matters leading to social	Creek Project.
	licence to operate.
Other	• To the extent relevant, the impact of the	• No reserve has been stated for the Tennant
	following on the project and/or on the	Creek Project.
	estimation and classification of the Ore
	Reserves:

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Criteria	JORC Code explanation	Commentary
	• Any identified material naturally occurring
	risks.
	• The status of material legal agreements and
	marketing arrangements.
	• The status of governmental agreements and
	approvals critical to the viability of the
	project, such as mineral tenement status, and
	government and statutory approvals. There
	must be reasonable grounds to expect that all
	necessary Government approvals will be
	received within the timeframes anticipated in
	the Pre-Feasibility or Feasibility study.
	Highlight and discuss the materiality of any
	unresolved matter that is dependent on a
	third party on which extraction of the reserve
	is contingent.
Classification	• The basis for the classification of the Ore	• No reserve has been stated for the Tennant
	Reserves into varying confidence categories.	Creek Project.
	• Whether the result appropriately reflects the
	Competent Person’s view of the deposit.
	• The proportion of Probable Ore Reserves that
	have been derived from Measured Mineral
	_Resources(if any). _
Audits or	• The results of any audits or reviews of Ore	• No reserve has been stated for the Tennant
reviews	Reserve estimates.	Creek Project.
Discussion of	• Where appropriate a statement of the	• No reserve has been stated for the Tennant
relative	relative accuracy and confidence level in the	Creek Project.
accuracy/	Ore Reserve estimate using an approach or
confidence	procedure deemed appropriate by the
	Competent Person. For example, the
	application of statistical or geostatistical
	procedures to quantify the relative accuracy
	of the reserve within stated confidence limits,
	or, if such an approach is not deemed
	appropriate, a qualitative discussion of the
	factors which could affect the relative
	accuracy and confidence of the estimate.
	• The statement should specify whether it
	relates to global or local estimates, and, if
	local, state the relevant tonnages, which
	should be relevant to technical and economic
	evaluation. Documentation should include
	assumptions made and theprocedures used.

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ASX Announcement	ASX Announcement			3 September 2021
Criteria	JORC Code explanation		Commentary
	•	Accuracy and confidence discussions should
		extend to specific discussions of any applied
		Modifying Factors that may have a material
		impact on Ore Reserve viability, or for which
		there are remaining areas of uncertainty at
		the current study stage.
	•	It is recognised that this may not be possible
		or appropriate in all circumstances. These
		statements of relative accuracy and
		confidence of the estimate should be
		compared with production data, where
		available.