Announcement PDF Castle Minerals Limited Annual Report 2025 Corporate Directory ABN 83 116 095 802 Directors Stephen Stone - Executive Chairman Matthew Horgan - Non-Executive Director James Guy - Non-Executive Director (retired on 8 April 2025) Brian Thomas – Non-Executive Director (appointed on 8 April 2025) Company Secretary Jade Styants Principal Place of Business & Registered Office Suite 9, 11 Ventnor Avenue WEST PERTH WA 6005 Phone: (08) 9322 7018 Postal Address PO Box 437 WEST PERTH WA 6872 Share Register Automic Pty Ltd Level 5, 191 St Georges Terrace PERTH WA 6000 Phone (within Australia): 1300 288 664 Phone (outside Australia): +61 2 9698 5414 Auditors BDO Audit Pty Ltd Level 9, Mia Yellagonga Tower 2 5 Spring Street PERTH WA 6000 Website www.castleminerals.com Email admin@castleminerals.com Stock Exchange Listing Castle Minerals Limited shares are listed on the Australian Securities Exchange (ASX code: CDT). Corporate Governance Statement www.castleminerals.com/corporategovernance.php 1 Contents 2025 Mineral Resources and Ore Reserves Statement 3 Directors' Report 5 Auditor’s Independence Declaration 19 Consolidated Statement of Profit or Loss and Other Comprehensive Income 20 Consolidated Statement of Financial Position 21 Consolidated Statement of Changes in Equity 22 Consolidated Statement of Cash Flows 23 Notes to the Consolidated Financial Statements 24 Consolidated Entity Disclosure Statement 40 Directors' Declaration 41 Independent Audit Report 42 ASX Additional Information 46 2 2025 Mineral Resources and Ore Reserves Statement GRAPHITE MINERAL RESOURCE AS AT 30 JUNE 2025 Castle updated its JORC Code (2012) Mineral Resource Estimate at the Kambale Graphite Project on 23 October 2023 as set out below: Table 2: Graphite Mineral Resource Estimates (5% TGC cut-off) 1, 3, 4 (1) (2) (3) (4) Classification Tonnes (kt) Contained TGC (kt) TGC (%) Indicated 9,556 843 8.8% Inferred 12,872 1,096 8.5% TOTAL 2 22,428 1,939 8.6% TGC = Total Graphitic Carbon Totals may not add exactly due to rounding. Full Mineral Resource parameters can be found on Castle’s ASX release dated 23 October 2023 ‘Castle Boosts Kambale Graphite Resource to 22.4Mt’. 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 Executive Chairman 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 that relates to the geology of the deposits and exploration. Information in this report that relates to geological interpretation, exploration activities, graphite mineralisation, Mineral Resources and results was reviewed by Dr Allan John Parker who is a Member of the Australian Institute of Geoscientists. Dr Parker is an employee of Palaris Australia Pty Ltd which provides geological consultancy services to Castle. Dr. Parker is also Director of Geosurveys Australia Pty Ltd, a non-Executive Director of Centrex Limited and was formerly Managing Director of Lincoln Minerals Limited. Dr Parker has sufficient experience relevant to the styles of mineralisation and to the activities which are being presented to qualify as a Competent Person as defined by the JORC code, 2012. Dr Parker consents to the release of the information compiled in this announcement in the form and context in which it appears. Castle is not aware of any new information or data that materially affects the information presented and that the material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Castle confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements. GOVERNANCE AND INTERNAL CONTROLS This MROR statement has been compiled and reported in accordance with the guidelines of the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (2012 JORC Code). This statement is reviewed and updated annually in accordance with Section 15 of the 2012 JORC Code. The nominated annual review date for this MROR statement is 30 June 2025. The information in this statement has been extracted from the relevant ASX reports as indicated below in each Mineral Resource table. The Mineral Resource estimates listed in this report are subject to Castle’s governance arrangements and internal controls. Estimates are derived by a Competent Person (CP) with the relevant experience in the style of mineralisation and type of deposit under consideration, and to the activity which they are undertaking. Geology models in all instances are generated by Castle staff and are reviewed by the CP. The CP carries out reviews of the quality and suitability of the data underlying the Mineral Resource estimate. Castle management conducts its own internal review of the estimate to ensure that it honours the Castle geological model and has been classified and reported in accordance with the JORC Code. The Company has established practices and procedures to monitor the quality of data applied in Mineral Resource estimation, and to commission and oversee the work undertaken by external independent consultants. In all cases Mineral Resources are estimated and reported in accordance with the “Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code). Castle confirms that all material assumptions underpinning the Mineral Resources and any forecast information continue to apply and have not materially changed. Further information on Castle Minerals Limited and its Minerals Resources can be found on its website at www.castleminerals.com which contains copies of all continuous disclosure documents to ASX, Competent Persons’ Statements and Corporate Governance Statement and Policies. 3 2025 Mineral Resources and Ore Reserves Statement Continued SCHEDULE OF MINING TENEMENTS AS AT 30 JUNE 2025 Tenement and Name Interest WESTERN AUSTRALIA (CASTLE MINERALS LIMITED) Meekatharra Projects (Gold, Base Metals) 1 E51/1703 Wanganui 100% E51/1843 Polelle 100% P51/3190 Polelle North 100% P51/3191 Polelle North 100% P51/3192 Polelle North 100% P51/3193 Polelle North 100% P51/3194 Polelle North 100% P51/3195 Polelle North 100% P51/3196 Polelle North 100% P51/3197 Polelle North 100% P51/3198 Polelle North 100% GHANA Kambale Graphite Project 2 PL 10/47 Kambale 100% RL 10/52 Jewoyeli Application PL 10/26 Degbiwu 100% Carlie Mining Gold Projects 2, 3 RL 10/13 PL 10/23 PL 10/25 PL 10/13 PL 10/24 RL 8/27 RL 8/31 Wa 100% Bulenga 100% Charingu Application Baayiri Conversion/ Application Jumo Application Kandia 100% Gbinyiri Conversion/ Application (1) Great Boulder Resources Limited (ASX:GBR) holds an option to acquire a 75% interest in the Company’s Meekatharra Project. (2) 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 subsidiary, Carlie Mining Limited, other than Kambale (PL10/47) which is wholly owned by Kambale Graphite Limited. (3) Carlie Mining Limited has lodged applications to divide certain retention licences into smaller Prospecting Licences, for extensions to licence terms and/or renewals under the Ghana Mining Act. Having paid and been receipted for all amounts invoiced by Ghana MINCOM, the Company awaits, in some cases, confirmation of tenure in the form of contracts duly executed by the responsible Minister. FORWARD LOOKING STATEMENT Statements regarding Castle’s plans, forecasts and projections with respect to its mineral properties and programs are forwardlooking statements. There can be no assurance that Castle’s plans for development of its mineral properties will proceed. 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 be successfully 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. 4 Directors’ Report Your directors submit their report on the consolidated entity (referred to hereafter as the “Group”) consisting of Castle Minerals Limited (“Company”) and the entities it controlled at the end of, or during, the year ended 30 June 2025. DIRECTORS The names and details of the Group’s directors in office during the financial year and until the date of this report are as follows. Where applicable, all current and former directorships held in listed public companies over the last three years have been detailed below. Directors were in office for this entire period unless otherwise stated. Stephen Stone, BSc (Hons) Mining Geology, MAusIMM, FAICD, (Executive Chairman). Mr Stone graduated with honours in Mining Geology from University of Wales, Cardiff in 1978 and then spent several years at the large underground copper mines of the Zambian Copperbelt. He came to Australia in 1986 and since then has been involved in the identification, assessment and acquisition of numerous projects and the formation, financing and management of several ASX listed exploration companies. In addition to his work in Australia and Africa he has spent several years operating in the People’s Republic of China. Mr Stone is a Member of the Australasian Institute of Mining and Metallurgy and a Fellow of the Australian Institute of Company Directors. Mr Stone has not held any former public company directorships in the last three years. Matthew Horgan, BSc (Hons), MBA, GAICD, MAusIMM, (Non-Executive Director) Matt is a high-performing mining executive who has worked across a variety of functional areas including technical (chemical engineering), marketing, commercial, investor relations, project development, and corporate development/M&A. In particular, he has recent and direct experience in the technical and commercial project development of African domiciled mineral assets. Prior to joining Bannerman Energy Limited (ASX: BMN) as Vice President of Corporate Development, Matt held the role of Head of Corporate Development and Investor Relations at ASX-listed Tanzanian rare earths developer, Peak Rare Earths (ASX: PEK). Prior to that, he was a Senior Associate at leading boutique investment bank, Azure Capital. Matt’s early career spanned approximately 10 years with global aluminium major, Alcoa (NYSE: AA). There he held various roles including Manager, Global Corporate Development and Business Development and Commercial and Marketing Specialist. Matt holds a Bachelor of Chemical Engineering (First Class Honours) from Canterbury University and a Master of Business Administration from the University of Western Australia. He is also a Graduate of the Australian Institute of Company Directors. Mr Horgan has not held any former public company directorships in the last three years. Brian Thomas, BSc, MBA, Grad Cert App Fin Inv, MAusIMM, MAICD, SAFin, (Non-Executive Director)- appointed on 8 April 2025. Mr Thomas is an experienced Director and Corporate Executive with significant domestic and international resources management experience. Mr Thomas spent 15 years in the financial services sector with executive roles in corporate advisory, corporate stockbroking, investment banking and banking. He has more than 35 years of mining and exploration industry experience covering a broad range of commodities from precious, base and battery metals, bulk and industrial minerals, diamonds plus oil and gas. Mr. Thomas holds a BSc in Geology and Mineral Economics from the University of Adelaide, an MBA from the University of Western Australia, and a Graduate Certificate in Applied Finance & Investment from the Securities Institute of Australia. He is also a Member of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Company Directors and the Financial Services Institute of Australasia. Most recently Mr Thomas served as Chairman of Azure Minerals Ltd and is currently Non-Executive Chairman at Peregrine Gold Limited (ASX: PGD) and Non-Executive Director at Fortuna Metals Limited (ASX: FUN). James Guy, BAppSc, GradDipApplFin, (Non-Executive Director) – retired on 8 April 2025. Mr Guy is a geologist who brings with him more than 30 years of technical experience in the mining industry, both locally and internationally, with extensive experience in exploration, project feasibility and mining operations. Mr Guy has previously held senior executive positions with several ASX listed junior resource companies and with banking group, NR Rothschild & Sons. He is currently principal of James Guy & Associates Pty Ltd. Mr Guy has not held any former public company directorships in the last three years. 5 Directors’ Report Continued COMPANY SECRETARY Jade Styants, BCom, CA, FCIA, FCIS. Ms Styants is a Fellow Chartered Secretary, Chartered Accountant and corporate finance professional with over 25 years’ experience assisting a range of Australian and international listed and unlisted companies across a range of industry sectors. Interests in the shares and options of the Company and related bodies corporate As at the date of this report, the interests of the directors in the shares and options of Castle Minerals Limited were: Director Ordinary Shares Stephen Stone 3,240,570 Brian Thomas - Matthew Horgan 557,777 Options over Ordinary Shares 2,139,447 689,813 - PRINCIPAL ACTIVITIES During the year the Group carried out exploration on its mineral licences with the objective of identifying economic deposits of gold, graphite and other minerals. There was no significant change in the nature of the Group’s activities during the year. DIVIDENDS No dividends were paid, declared or recommended during the financial year. REVIEW OF OPERATIONS GHANA, WEST AFRICA Gold Castle, through its 100%-owned Ghanaian subsidiary Carlie Mining Ltd, holds extensive tenure in Ghana’s Upper West Region encompassing a wide expanse of highly prospective Birimian terrane which is host to many of Ghana’s and West Africa’s largest gold mines. Castle continues to advance the evaluation of its Kpali and Kandia Gold Projects, where it has continued to delineate additional mineralisation and generate numerous new prospects. Kpali Gold Project The Kpali Gold Project lies at the convergence of two major greenstone belts and three key regional structures all of which are associated with gold mineralisation. The geological setting at Kpali is consistent with major orogenic-style deposits elsewhere in West Africa, highlighting its potential to evolve into a substantial mining camp. The project comprises the Kandia and Bundi deposits and several prospects including Kpali East, Wa South and Wa East. Several drilling campaigns during the year at the Kpali deposit confirmed the presence of, and extended, multiple mineralised lodes. At the Bundi discovery, 4km north of the Kpali deposit, Castle completed the first drilling programme in more than a decade, successfully demonstrating continuity of mineralisation along strike and to depth. These results validated earlier reconnaissance work and confirmed Bundi as a high-priority target worthy of continuing evaluation. Kandia Gold Project Drilling campaigns at the Kandia Gold Project focused on testing several zones of gold anomalism along a 16km structurally controlled corridor adjacent to a regional-scale granite intrusion. Drilling at the 4000 and 8000 zones confirmed the presence of open-ended primary mineralisation below extensive anomalism and artisanal workings. Several zones of geochemical anomalism along the prospective trend have yet to be tested. Castle’s Kpali and Kandia Gold Projects represent two excellent discoveries by Castle from first principles in northern Ghana, an emerging gold frontier in West Africa where numerous gold deposits have been discovered and mines established in recent years. They present a tremendous opportunity and focus for the discovery of additional gold mineralisation building on the extensive quality datasets that Castle has generated. This includes two extensive high6 Directors’ Report Continued resolution aeromagnetic surveys which it has recently had reprocessed to enable existing discoveries to be placed in better structural context and to highlight additional areas for evaluation. Auger drilling programmes commenced in August 2025, initially at Kandia and will then move to Kpali, to test for extensions of known mineralisation and to validate prioritised new targets. These programmes will lay the groundwork for the next phase of systematic discovery in the Upper West region. Graphite Castle’s 100%-owned Kambale Graphite Project, held through its 100%-owned Ghanaian subsidiary Kambale Graphite Limited, is located in Ghana’s Upper West Region. The project has considerable commercial merit as its fine flake graphite is particularly suited for use in the production of Battery Anode Material (“BAM”) required in the manufacture of batteries for EV vehicles and power storage. Extensive drilling culminated in the definition of an open-ended 22.4Mt JORC (2012) resource grading 8.6% TGC. During the year, Castle also completed bench-scale concentration test work, which successfully upgraded representative material collected by diamond drilling to a 95% LOI saleable concentrate using conventional processing, This was followed by micronisation and spheronisation test work and then, at a specialist facility in Germany, a purification process that achieved an ultra-pure 99.97% LOI fine flake concentrate with no impurities of concern. Electrochemical tests that followed confirmed the purified material is highly suitable for use in lithium-ion battery anodes and other battery chemistries, reinforcing its ability to play an important role in the energy storage supply chain and to create a new industry in Ghana. In November 2024 Castle executed a landmark indicative non-binding term sheet (“Term Sheet”) with Ghana’s Mineral Income Investment Fund (“MIIF”) for a combined investment of US$2.0M (~A$3.0M) to advance the Kambale Graphite Project. Since it’s signing there has been minimal progress in formalising the investment due to a change of government and key executives at MIIF which is now in the process of reconsidering its investment priorities. No field work was undertaken at the project other than Castle, which directly and through specialist consultants, continued to engage with local communities to ensure their support for its progress. Castle has also advised that, in addition to the possible investment by MIIF, it is considering ways by which it can monetise its interest, most likely through a partial or total sale or farm-out arrangement. WESTERN AUSTRALIA Wanganui & Polelle An option to explore and acquire a 75% interest in the Meekatharra project was provided to ASX listed Great Boulder Resources Limited (ASX: GBR) in November 2023. It is making good progress with its strategy to build a critical mass of gold resources at its regional-scale Side Well Gold Project, near Meekatharra. It is negotiating to have in place an access agreement with the relevant Native Title party to enable field work to commence at Wanganui and Pollele. Castle retains a 1% gross revenue royalty over each of the Wanganui and Polelle projects. Beasley Creek Castle sold its 80% interest in the Beasley Creek Project in June 2025. The Company will retain a 1.6% NSR mineral royalty over the project. 7 Directors’ Report Continued FINANCIAL REVIEW The Group began the financial year with a cash reserve of $1,023,219. During the year, the Group raised $4,500,000 (before costs) from the issue of 69,668,520 fully paid ordinary shares (on a post consolidation basis). Funds were primarily used to progress exploration at the Company’s gold projects in Ghana and to provide it with flexibility to respond to new opportunities. During the year total exploration expenditure incurred by the Group amounted to $2,569,405 (2024: $1,991,706). In line with the Company’s accounting policies, all exploration expenditure is expensed as incurred. Net administration expenditure incurred amounted to $1,088,354 (2024: $889,667). The Group incurred an operating loss after income tax for the year ended 30 June 2025 of $3,670,604 (2024: $2,881,373). The Group’s cash balance as at 30 June 2025 was $2,499,615 (2024: $1,023,219). Operating Results for the Year Summarised operating results are as follows: 30 June 2025 Other Income 30 June 2024 Results Other Income Results Consolidated Group other income and loss 21,352 (3,670,604) 88,095 (2,881,373) Basic loss per share (cents) - (5.5) - (5.1) Business Risk Management The board is responsible for ensuring that risks, and opportunities, are identified on a timely basis and that activities are aligned with the risks and opportunities identified by the board. The Company believes that it is crucial for all board members to be a part of this process, and as such the board has not established a separate risk management committee. The board has several mechanisms in place to ensure that management's objectives and activities are aligned with the risks identified by the board. These include the following: • • board approval of a strategic plan, which encompasses strategy statements designed to meet stakeholders needs and manage business risk; and implementation of board approved operating plans and budgets and board monitoring of progress against these budgets. The Company is committed to the effective management of risk to reduce uncertainty in the Company’s business outcomes and to protect and enhance shareholder value. There are various risks that could have a material impact on the achievement of the Company’s strategic objectives and future prospects. The key risks affecting the Company and its future performance include but are not limited to: Risk Exploration risk Details The Company’s projects are at various stages of exploration, and potential investors should understand that mineral exploration and evaluation is a high-risk undertaking. The Company’s performance is dependent on the successful exploration and evaluation of resources or reserves. There can be no assurance that exploration of the Company’s projects, or any other tenements/licences that may be acquired in the future, will result in the discovery of a significant economic mineral deposit. Even if a deposit is identified by the Company, there can be no guarantee that it can be economically exploited. The future exploration activities of the Company may be affected by a range of factors including geological conditions, limitations on activities due to seasonal weather patterns, unanticipated operational and technical difficulties, industrial and environmental accidents, local title processes, changing government regulations and many other factors beyond the control of the Company. In addition, the tenements/licences forming the projects of the Company may include various restrictions excluding, limiting or imposing conditions upon the ability of the Company to conduct exploration activities. While the Company will formulate its exploration plans to accommodate and work within such access restrictions, there is no guarantee that the Company will be able to satisfy 8 Directors’ Report Continued Risk Details such conditions on commercially viable terms, or at all. The Company’s potential future earnings, profitability and commercialisation of its resources will be dependent on the successful discovery and subsequent extraction of those resources to the extent that may be required to fulfil commercial obligations. Successful commodity development and production is dependent on obtaining all necessary consent and approvals and the successful design, construction and operation of efficient gathering, processing and transportation facilities. No assurance can be given that the Company will be able to obtain all necessary consents and approvals in a timely manner, or at all. Regulatory risk The Company’s exploration activities are dependent upon the maintenance (including renewal) of the tenements/licences in which the Company has or acquires an interest. Maintenance of the Company’s tenements/licences is dependent on, among other things, the Company’s ability to meet the licence conditions imposed by relevant authorities. Although the Company has no reason to think that the tenements/licences in which it currently has an interest will not be renewed, there is no assurance that such renewals will be given as a matter of course and there is no assurance that new conditions will not be imposed by the relevant authority or whether the Company will be able to meet the conditions of renewal on commercially reasonable terms, if at all. Liquidity and future funding risk The Company has no operating revenue and is unlikely to generate any operating revenue in the foreseeable future. Exploration and evaluation costs will continue to use funds from the Company's current cash reserves. Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has in place a planning and budgeting process to help determine the funds required to meet its operating and growth objectives. The Company prepares cash forecasts and maintains cash balances to meet short and long-term cash requirements. The Company’s objective is to raise sufficient funds from equity and/or debt to finance its exploration and evaluation activities until its operations become profitable. The Company’s ability to continue its exploration and evaluation activities over time may depend in part on its ability to raise additional funds. There can be no assurance that any such equity or debt funding will be available to the Company on favourable terms, or at all. If adequate funds are not available on acceptable terms, the Company may not be able to take advantage of opportunities, respond to competitive pressures and could result in delay or reduction in further exploration and evaluation activities which could have a material adverse effect on the Company’s ability to continue as a going concern. Sovereign risk A number of the Company’s exploration activities are carried out in Ghana. As a result, the Company will be subject to political, social, economic and other uncertainties including, but not limited to, changes in policies or the personnel administering them, foreign exchange restrictions, changes of law affecting foreign ownership, currency fluctuations, royalties and tax increases in that country. Government policy The availability and rights to explore and mine, as well as industry profitability generally, can be affected by changes in government policy that are beyond the control of the Company. Changing attitudes to environmental, land care, cultural heritage and indigenous land rights’ issues, together with the nature of the political process, provide the possibility for future policy changes. There is a risk that such changes may affect the Company’s exploration plans or, indeed, its rights and/or obligations with respect to the tenements/licences (inclusive of applications). Failure to satisfy expenditure commitments and licence conditions Each tenements/licence is granted for a specific term and carries with it annual expenditure and reporting commitments, as well as other conditions requiring compliance. Consequently, the Company could lose title to its interest in the tenements/licences if conditions are not met, if insufficient funds are available to meet expenditure commitments or if exemptions are not granted. Estimates of Mineral Resources The Company has estimated Inferred and Indicated Mineral Resources across its tenements/licences. The Mineral Resources are estimates only and are based on interpretations, knowledge, experience and industry practice which may change when new techniques or information becomes available. Inclusion of material in a Mineral Resource estimate does not require a conclusion that material may be economically extracted at the tonnages indicated, or at all. Estimates that are valid when made 9 Directors’ Report Continued Risk Details may change significantly when new information becomes available. In addition, commodity price fluctuations, as well as increased production costs or reduced throughput and/or recovery rates, may render reserves and resources uneconomic and so may materially affect the estimates. Reliance on key personnel The Company has just a few executives and senior personnel and so progress in pursuing its exploration and evaluation programmes within the time frames and within the costs structure as currently envisaged could be dramatically influenced by the loss of existing key personnel or a failure to secure and retain additional key personnel as the Company’s exploration programme develops. The resulting impact from such loss or failure to personnel would be dependent upon the quality and timing of the employee’s replacement. Changes in commodity price The Company’s prospects, perceived