CASTLE MINERALS LIMITED — Interim / Quarterly Report 2018

Apr 25, 2018

March 2018 Quarterly Activities Report

WESTERN AUSTRALIA

Pilbara Conglomerate-Hosted Gold Projects:

• Commenced and have just completed follow-up detailed reconnaissance mapping and bulk stream sediment sampling at Beasley Creek and Coolyia Creek projects.

• Visible, fine alluvial gold flecks observed in panning of bulk stream sediment samples collected from streams draining Hardey and Mt Roe conglomerates on both properties.

• 5 of 15 stream sediment samples from Coolyia Creek and 5 of 12 samples at Beasley Creek contained visible gold.

• At Beasley Creek the stream sediment samples were collected away from areas of historical alluvial gold production.

• Bulk stream sediment samples were sieved and a 1kg sample collected for traditional bottle roll analysis. The remainder of the 15kg sample was passed through a field-transportable wet sluice plant.

• 110 rock chips of conglomerates were also collected.

• Assays and full report available in coming weeks.

• All three project exploration licences now granted.

• NB: Up to 10 and 16 strike kilometres of prospective unconformities with associated Hardey Formation and Mt Roe conglomerates at Coolyia Creek and Beasley Creek respectively provides considerable opportunity to identify in-situ gold occurrence.

GHANA

• Renewal of the Julie West prospecting licence by MINCOM and ratification by the Minister for Mines and Natural Resources was received. This will enable the final stage to be completed in its transfer to Azumah Resources Limited whereupon Castle will receive a final cash consideration of A$250,000.

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ASX & Media Release

ASX Code: CDT

26[th] April 2018

Suite 2 / 11 Ventnor Ave West Perth WA 6005

PO Box 437 West Perth WA 6872 Tel: +618 9322 7018

ACN 116 095 802

www.castleminerals.com info@castleminerals.com

Registered Office: Suite 5 / 95 Hay Street Subiaco WA 6008

Capital Structure:

Quoted Shares: 221.8M 3c Options: 6M

Board:

Michael Atkins Chairman

Stephen Stone Managing Director

Ian Hobson Non-Executive Director and Company Secretary

• A technical review has identified several licences that can be either relinquished or reduced by 50% for a material saving in holding costs.

NEW OPPORTUNITIES

• Generated and reviewed several new project opportunities spanning conglomerate-hosted gold style targets in the Pilbara region, and a range of commodities in Western Australia, Australia generally and internationally.

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Castle Minerals Limited: March 2018 Quarterly Activities Report

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CORPORATE

• End of Quarter cash was $925,000.

• Castle holds 564,020 shares in ASX listed PainChek Limited (ASX: PCK)(~$36,000).

Stephen Stone

Managing Director stone@castleminerals.com 0418804564

About Castle Minerals Limited

Castle Minerals is listed on the Australian Stock Exchange (ASX: CDT) and headquartered in Perth, Western Australia. In addition to its interest in the Coolyia Creek and Beasley Creek ‘Witwatersrandstyle’ conglomerate-hosted gold projects in the Pilbara region of Western Australia, it has a large contiguous tenure position in the Upper West region of Ghana, West Africa, a country with a long history of gold exploration and mining. Its Ghana licence holdings encompass large tracts of highly prospective Birimian geological terrane, the host to many of West Africa’s multi-million-ounce gold mines. All of Castle’s ground in Western Australia and Ghana, whilst at a relatively early stage of exploration, presents a number of compelling targets that offer considerable opportunities for discoveries.

Cautionary Statement

The Coolyia Creek and Beasley Creek Projects are considered to be of early stage, grass roots exploration status. No Competent Person has done sufficient work in accordance with JORC Code 2012 to conclusively determine if gold is present in conglomerates on the licences or to estimate in what quantities but in each case the general integrity of mapping by the GSWA has been confirmed. It is possible that following further evaluation and/or exploration work that the confidence in the information used to identify and acquire interests in the areas of interest in the Pilbara may be reduced when reported under JORC Code 2012.

Competent Persons Statement

The scientific and technical information in this Report that relates to the geology of the deposits and exploration results is based on information compiled by Mr Stephen Stone, who is an Executive Director of Castle Minerals Limited. Mr Stone is a Member of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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’. Mr Stone is the Qualified Person overseeing Castle’s exploration projects and has reviewed and approved the disclosure of all scientific or technical information contained in this announcement that relates to the geology of the deposits and exploration results.

Forward Looking Statement

Statements regarding Castle’s plans, forecasts and projections with respect to its mineral properties and programmes are forward-looking statements. There can be no assurance that Castle’s plans for development of its mineral properties will proceed as currently expected. There can be no assurance that Castle will be able to confirm the presence of Mineral Resources or Ore Reserves, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of Castle’s mineral properties. The performance of Castle may be influenced by a number of factors which are outside the control of the Company, its Directors, staff or contractors.

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Castle Minerals Limited: March 2018 Quarterly Activities Report

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Tenement and Name	Interest at beginning of Quarter	Acquired / Disposed	Interest at end of Quarter
WESTERN AUSTRALIA ELA45/4965 Coolyia Creek ELA45/4975 Coolyia Creek ELA47/3490 Beasley Creek GHANA **TOPAGO MINING LIMITED ***	80% 80% 80%**	Acquired Acquired Acquired	80% 80% 80%**
PL. 2/398 Antubia	100%	N/A	100%
PL. 2/400 Boizan	100%	N/A	100%
CARLIE MINING LIMITED
RLA Chache	Application	N/A	Application
RLA Jewoyeli	Application	N/A	Application
RLA Takariyili	Application	N/A	Application
RLA Tuole	Application	N/A	Application
RL. 10/23 Jang	100%	N/A	100%
RL. 10/13 Wa	100%	N/A	100%
PL. 10/13 Julie West	0%^	Sold	0%^
PL. 10/26 Degbiwu	100%	N/A	100%
PL. 10/23 Bulenga	100%	N/A	100%
PL. 10/25 Charingu	100%	N/A	100%
PLA Kandia	Application	N/A	Application
PL. 10/24 Baayiri	100%	N/A	100%
RL. 8/27 Gbinyiri	100%	N/A	100%
RL. 8/28 Gurungu	100%	N/A	100%
RL. 8/31 Jumo	100%	N/A	100%
RL. 8/30 Chasia	100%	N/A	100%
RL. 8/29 Perisi	100%	N/A	100%
RLA Funsi	Application	N/A	Application
PL. 10/47 Kambale	100%	N/A	100%

• Government of Ghana has the right to acquire a 10% free carried interest in all licences and is entitled to a 5% Gross Royalty on production. All licences are held in 100% owned Ghana based subsidiaries, Carlie Mining Limited and Topago Mining Limited. Where required, Castle has lodged applications for extension of the licences and in those cases may be awaiting renewal or extension of the licences.

• ^ Put Option to sell the Julie West PL to Bunda Resources Limited was exercised in October 2015. Bunda’s rights were assigned to Phoenix Resources Limited (Azumah Resources Limited) in April 2016. Transfer by Ghana Government of licence to Phoenix not yet completed.

• *Sale agreement for the sale of shares in Topago Mining Limited completed January 2017. Transfer by Ghana Government of shares in Topago to purchaser not yet completed.

• **Castle has the right to acquire an interest in the Exploration Licences when granted and that interest has been transferred.

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