Announcement PDF Pathway to 1.0Moz ASX: CDT AGM – 29 November 2024 1 Disclaimer & Competent Person Statement Cautionary Statement: This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the fullest extent permitted by law, Castle Minerals Limited (“Castle” or “the Company”) does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted. 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. 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. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Castle. These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, readers are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Castle does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based. Exploration Results & Mineral Resource Estimate – No New Information or Data: This presentation contains references to exploration results and Mineral Resource estimates, all of which have been cross-referenced to previous market announcements by the Company. Castle confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and in the case of the Kambale Graphite Project’s Mineral Resource estimate that all material assumptions and technical parameters underpinning the estimates in the original announcement made on 23 October 2023 continue to apply and have not materially changed. Furthermore ,the Company confirms that the form and context of the Competent Person’s findings in relation to those Mineral Resources estimates have not been materially modified from the original market announcements. All of Castle’s projects in Australia are considered to be of grass roots or of relatively early-stage exploration status. There has been insufficient exploration to define a Mineral Resource. No Competent Person has done sufficient work in accordance with JORC Code 2012 to conclusively determine or to estimate in what quantities gold or other minerals are present. It is possible that following further evaluation and/or exploration work that the confidence in the information used to identify areas of interest may be reduced when reported under JORC Code (2012). Competent Person Statement: The scientific and technical information in this release that relates to the geology of the deposits and exploration results is based on information compiled by Mr Stephen Stone, who is Managing Director of Castle. 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 release that relates to the geology of the deposits and exploration. Information in this presentation relates to the geological interpretation and Mineral Resources is based on information compiled by Jamie Logan, a full-time employee of Palaris Australia Pty Ltd, under the direction and supervision of Dr Allan John Parker. Dr Parker is a Member of the Australasian Institute of Geoscientists, an employee of Palaris Australia Pty Ltd, 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 release in the form and context in which it appears. Information in this presentation that relates to metallurgical test work managed by Independent Metallurgical Operations Pty Ltd (“IMO”) is based on, and fairly represents, information and supporting documentation compiled and/or reviewed by Mr Peter Adamini BSc (Mineral Science and Chemistry) who is a member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Adamini is a full-time employee of IMO who has been engaged by Castle Minerals Ltd to provide metallurgical consulting services. Mr Adamini consents to the inclusion in this release of the matters based on his information in the form and context in which it appears. Mr Adamini advises that information in this release that relates to metallurgical test work undertaken or supervised by ProGraphite GmbH is based on, and fairly represents, information and supporting documentation provided by ProGraphite GmbH and/or its subcontractors. 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. Mineral Resources reported in accordance with the 2012 Edition (Kandia 8000 Zone and Kpali) were prepared by Castle Minerals Limited and reviewed by Runge Limited. The Company 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 and its Ghana projects and 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. Market and industry Data: This presentation includes market share information and industry data and forecasts which have been obtained from independent industry publications. Although these sources are believed to be reliable, no independent verification of the data has been made nor the underlying economic assumptions relied upon therein ascertained. Third-party sources generally indicate that they have obtained their information from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. It is believed that the market and industry data presented throughout this presentation is accurate, but no assurance as to the accuracy or completeness thereof is provided. Castle cannot and does not provide any assurance as to the accuracy or completeness of such included information. Market forecasts, in particular, are likely to be inaccurate, especially over long periods of time. Please refer to ASX and company website www.castleminerals.com for ASX releases pertaining to the contents of this presentation 2 Multiple Opportunities for Discovery & Investment Growth 100%, 2,686km2 strategic holding in Ghana’s emerging Upper West region. Extensive tracts of Birimian greenstones - host to majority of West Africa’s World-Class deposits. Major fertile regional-scale structures. 200,000oz1 Mineral Resources and high conviction prospects provide platform for resource increases. Proximal to 2.80Moz2 resource, 1.37Moz reserve Black Volta Gold Project (Castle Exec-Chm, Stephen Stone, instrumental in discovery and resource build-up). Self-funded Kambale Graphite Project for value-adding critical minerals exposure. Undemanding market valuation 1Refer Castle ASX release 2 July 2014 2Refer Ibaera 1 September 2024 and Azumah Resources ASX release 2 July 2014 West Africa: Discovery Central  15 major discoveries (>2Moz) since 2012 for 67Moz at 1.5g/t Au. Wa Gold Project  37 operating gold mines. Majority built since 2010.  Host to some of world’s largest gold mines: Newmont: Ahafo; Barrick: Loulo-Gounkoto; Kinross: Tasiast).  Gold production increased 57% from 240t in 2010 to 531t in 2022 (Australia 314t).  14.6% of global gold output. West African mines and resources: Courtesy SEMS Exploration  Still considerably underexplored.  Majority of discoveries in Birimian greenstones  Attractively short construction timelines. After Touraco Stats after S&P Global Market Intelligence 2023 Management: Discovery Track Record • Castle’s Stephen Stone, as former MD of Azumah Resources Limited, grew the nearby Black Volta Gold Project from a minor prospect into a series of major, mainly non-outcropping discoveries now totaling: 2.80Moz Mineral Resources at 1.7g/t Au: and 1.37Moz Ore Reserves at 1.8g/t Au.1 • The 934km2 BVGP earmarked for development as an 11yr, +148,000oz/yr at • • 1.63g/t Au operation.1 Castle’s adjacent Wa Gold Project is a compelling opportunity to replicate this success. How? Using systematic, multi-element geochemical sampling and follow-up drilling to ‘peer’ beneath soil cover. “The 517,200oz1 ‘blind’ Bepkong deposit was discovered in 2009 when an isolated ~1g/t Au auger geochem sample was drill tested. The first hole returned 16m at 4.94g/t Au from 50m (KRC144). No outcrop or artisanal workings to lead us in.” Stephen Stone 1https://ibaera.com/project-news/black-volta-gold-project-ghana/ Kpali: A New West African Gold Camp? • At convergence of two greenstone belts and three regional-scale structures individually associated with several major gold deposits:  30km of Batie West Shear, host to 3.3Moz Konkera deposit.  15km of Wa-Lawra shear zone / Jirapa Fault, host to 1.4Moz Kunche/Bepkong/Yagha  deposits. 53km of Bole-Bolgatanga shear zone, host to 7Moz Namdini deposit and 1.3Moz Youga deposit. • Totally virgin discoveries based on selecting best ‘search space’ and systematic scientific investigation. • No artisanal workings or outcrop to lead geologists into area. • Collectively the Kpali, nearby Kpali East, Bundi and Wa South prospects infer possibility of a new West African gold camp. • Multi-prospect, proof-of-concept campaigns underway. • Kpali Inferred Mineral Resource (JORC 2012) based on wide-spaced drilling and 5m sample composites*:  70,003oz at 1.53g/t Au (1.0g/t Au cut-off) and107,200oz at 1.1g/t Au (0.5g/t cut-off) • Provides platform to better delineate zones of higher-grade mineralisation and deliver a larger Mineral Resource. * Refer ASX release 2 July 2014 Castle ground magnetic and VTEM data superimposed with max-gold values in drill holes highlights the strong structural association of mineralisation at the Kpali Gold Project Kpali: Virgin Discovery First-pass and recent intercepts in this totally unexplored area include1: • • • • • • • • • 22m at 2.85g/t Au fm 87m incl. 17m at 3.40g/t Au fm 89m and 7m at 6.03g/t Au fm 90m (13SWRC049) 10m at 2.84g/t Au fm 92m (13SWRC053) 14m at 2.29g/t Au fm 98m incl. 5m at 4.53g/t Au fm 99m (13SWRC054) 16m at 3.23g/t Au fm 9m (13SWRC057) 10m at 2.01g/t Au fm 22m and 10m at 1.45g/t Au fm 49m (13SWRC059) 4m at 3.66g/t Au fm 26m incl. 2m at 5.89g/t Au fm 28m (24KPRC004) 11m at 1.86 g/t Au fm 143m (24KPRC005) 3m at 5.20g/t Au fm 125m incl. 1m at 10.73g/t Au fm 127m and 15m at 1.48g/t fm 132m incl. 2m at 2.88g/t Au fm 145m (24KPRC006) 2m at 1.20g/t Au fm 44m (24KPRC008) 1Refer ASX releases 2 July 2014, 17 Sept. 2024 Kpali: Long Section Highlights Resource Increase Opportunity 600m Proposed drilling to focus on better defining and extending high-grade zones with objective of increasing Mineral Resource and global grade. * Refer ASX releases 2 July 2014, 17 Sept 2024 8 Our Peers: What May Lay Below……. Kunche Deposit Long Section (Azumah Resources Limited) Blaffo Guetto discovery long section (African Gold Limited) Kobada Deposit 2.2Moz @ 0.88g/t Au (Indic and Infer’d) (Toubani Resources Ltd) Kpali East: Drilling Confirms Depth Component • RAB drilling (2014) intersected a new area of near-surface gold mineralisation 500m east of Kpali. • Intercepts overlie east side of Kpali granite. • Orientation and setting of the anomalous RAB intercepts is consistent with regional structural interpretation. • First-pass drilling confirmed surface anomalism over 400m strike incl:  3m at 1.44 g/t gold from 0m (13SWRB926). • Sept 2024 RC drilling confirmed mineralisation extends to depth and within very broad zones of anomalous mineralisation to <1g/t Au.  2m at 1.20g/t Au from 44m (24KPRC008). Bundi: Intriguing Au & Sulphides Association (VMS?) • 2013 grass roots discovery (with intriguing sulphide association) defined to 1.4km strike by auger and RAB drilling. • Wa-Lawra/ Boromo belt hosts the Perkoa zinc deposit (6.3Mt at 14.5% Zn) where it extends north into Burkina Faso. • RC drilling intersected up to 51g/t Au with 16 of the 20 holes reporting mineralisation (refer Castle ASX release 17 June 2013 and 29 April 2014). • 4m at 2.57g/t Au from 24m (13SWRC026); • 6m at 3.32g/t Au from 37m (13SWRC027); • 8m at 2.16g/t Au from 40m (13SWRC028); • 2m at 9.09g/t Au from 68m (13SWRC032); and • 5m at 1.40g/t Au from 209m (14SWRC066) Kandia: +25km Prospective Contact Only Partially Evaluated • Prospective 25km Birimian greenstone – granite contact • Nine soil geochemical anomalies defined over 12km strike. • Three zones of artisanal workings over 6km. • Anomalism extends north onto Azumah (Black Volta Gold Project) tenure. • 15,000m RC drilling tested geochemical anomalies and also returned mineralisation from an area 3.5km south of artisanal workings. • 92,659oz at 1.1g/t Au 2014 Mineral Resource estimate (Refer ASX 2 July 2014). • Planning to test and infill numerous anomalies, pursue higher grade zones and increase Mineral Resource. (Refer ASX release 26 May 2011) Baayiri: Under-Tested Drill Targets With Artisanal Workings • Mineralisation occurs in north-striking, steeply dipping alteration zone, 2m-10m true width, hosted in granodiorite. • Best results from initial RC drilling include (refer ASX releases 11 June 2011 and 13 September 2011):  5m at 6.64g/t Au from surface (11BARC002);  20m at 0.55g/t Au from 10m (11BAR006);  55m at 1.82g/t Au from 15m (11BARC007);  20m at 1.08g/t Au from 20m (11BARC036); and  15m at 2.73g/t Au from 30m (11BARC052). • Numerous zones of anomalous geochemistry and recent artisanal workings to be tested within 121km2 tenure. • Adjacent to Black Volta Gold Project. Artisanal workings on Baayiri licence Baayiri – WAXI geology, Castle geochem & drilling Pathway to 1.0Moz: Proposed Drilling Mult-phase RC drilling campaign over next 6 months to: • Increase resources at Kpali. • Increase resources at Kandia: and • Extend and better delineate mineralisation at several high-conviction prospects. Priority Target Holes Metres Objective 1 Kpali 8 1,200 Extend high-grade ore shoots. 2 Kpali East 4 320 Extend primary mineralisation. 2 Kpali South 3 240 Follow-up historical RAB and RC intercepts. 1 Kandia 8 800 2 Baayiri 4 320 Test mineralised quartz veins associated with artisanal workings. Geophysics (Kpali), auger definition, community, supervision, contingency etc. General TOTAL Extend primary mineralisation. 27 2,880 Typical RC hole cost: ~A$200/m (incl assays, supervision, logistics, taxes) Campaigns subject to results of prior phases. ESG & Social Licence to Operate • Castle’s Chairman, Stephen Stone, and key local team members have operated successful in the Wa region since 2006. They firmly believe in: • Acting respectfully, transparently, inclusively and constructively. • Honouring traditions, heritage and rural practices. • Maximising local content, local employment, youth and women’s opportunities, training. • Minimising environmental impact and operational footprint, continuously rehabilitating and appropriately compensating. • Complying with Ghana’s statutory laws and regulations (i.e. EA 1999 I.I 1652) and stringent ESG regulations. Meeting with community leaders and key stakeholders (May 2024) • Adhering to internationally recognised guiding policies: • World Bank IFC Environmental and Social Framework Guidelines ESS10; • Equator Principles; and • International Labour Organisation recommendations Castle Chairman meeting with Chief and Elders 15 of Jingu Village (November 2023) Ghana: Safe, Stable, Supportive Jurisdiction  Africa: 54 countries. Not all the same!  Ghana: “Africa 101”. Stable, Westminster-based democratic jurisdiction with English judicial system.  Africa’s premier gold producer: +4Moz/yr from mainly established international Tier-1 & 2 miners – Newmont, Goldfields, AngloGoldAshanti, Perseus etc.  New developments: Asante, Cardinal, Azumah.  Mining: +30 bona-fide operations across many commodities.  Exploration: Large prospective tracts yet to be explored  People: Highly experienced and skilled managerial and operational work force.  Services: Comprehensive in-country services and contractors.  Security: Low to medium risk rating (2nd most attractive on Fraser Institute Investment Attractiveness Index for Africa).  Fiscal: 10% FCI. 5% Gross Royalty. 35% corporate tax. Hon. Samuel A. Jinapor, Ghana's Minister for Lands and Natural Resources, celebrates Australia Day with H.E. Berenice Owen-Jones, Australia’s High Commissioner to Ghana. 16 Ghana: West Africa’s Mining Hub Ghana 17 18 Kambale Graphite Project Strategy: Establish self-funding status through partnerships and strategic investors “The Kambale Graphite Project is rapidly emerging as a credible entrant into the Critical Minerals supply chain to coincide with forecasts of a forecast deficit of natural fine flake graphite used in EV battery manufacture and a move away from China supplychain dependency.” “With several vehicle assembly plants, lithium and now graphite in-country, Ghana is logically looking to establish a Sub-Saharan lithium-ion battery manufacturing hub”. 19 Proposed Transformational MIIF Investment Non-binding indicative Term Sheet with Ghana’s US$500M sovereign Minerals Income Investment Fund to invest: • ~US$500,000 (~A$750,000) in Castle Minerals Limited • Right to appoint non-exec director to Castle Board • US$1,500,000 (~A$2,250,000) in Kambale Graphite Limited. • Right to nominate non-exec director to KGL Board • Pref. right to increase project interest to 50% by study and capex contributions. • Pref. right to purchase up to 50% of production. • Appt. of suitably qualified/experienced Ghanaian CEO. • Conditions precedent include: • Completion of full form agreements. • Due diligence (site visit completed) • FIRB and Castle Shareholders approvals (if reqd.) Refer ASX release 5 Nov 2024 20 The Opportunity: Supply Chain Bottlenecks • EV battery anodes manufactured using natural fine flake graphite or synthetic (Not larger flake sizes). +1.0Mt • Kambale favourably almost entirely fine flake. • Only natural fine flake is forecast to move into deficit. • Battery “gigafactories” are much faster to build than mines are to find, assess, permit, finance and develop. -1.0Mt • Over reliance on China (~90% BAM production) by USA, EU and other EV producers. • Recent China export licence controls increase supply chain stress for non-China battery, EV producers. 2030 • Billions US$ (IRA*) and Euros (CRMA*) being directed to ensure critical minerals supply chain security. • Import tariffs imposed by USA on many China origin graphite products and more recently vehicles. Commentary and image sources: Bloomberg. Fastmarkets. McKinsey. Macquarie. Benchmark. Reuters. International Energy Agency. S&P Global. * Inflation Reduction Act and Critical Raw Materials Act 21 Large, High-Grade Resource to Underpin Long Life • Grade: One of highest grade undeveloped African deposits. Plan view of resource classification distribution with RC drilling • Size: 1.9Mt contained graphite 1,2 Tonnes (kt) Contained TGC (kt) TGC % Indicated 9,556 843 8.8% 43% Inferred 12,872 1,096 8.5% 57% Total 22,438 1,939 8.6% Classification (5% TGC Cut-Off) • Confidence: 43% in higher confidence ‘Indicated’ JORC classification. • Geometry: Shallow, multiple, thick, sub-vertical, consistently mineralised graphitic lens conducive to lower-cost open-cut mining. • Open: Resource estimated to 120m below surface. Drill intercepts confirm extends to 150m and remains open. • Regional upside: Priority targets infer possible additional deposits. 1. 2. 23 October 2023 MRE based on 424-hole, 21,600m database JORC Code 2012 Mineral Resource Estimate undertaken by independent consultants, Palaris (Australia) Pty Ltd ( Refer ASX release 23 October 2023). 22 Suitability For Li-ion Battery Manufacture Confirmed • 95.1% LOI bulk fine flake graphite concentrate produced using conventional grind-flotation circuit. • Successfully upgraded to 99.97% LOI purity following micronisation, spheronisation and purification. • No impurities of concern. • Purity exceeds the high-level benchmark required by the manufacturers of lithium-ion battery anodes. • Electrochemical and other physical tests confirm suitability for manufacture of lithium-ion and other battery formats. • Key charging, durability, reversible capacity, stability and other performance benchmarks achieved (uncoated SPG used in tests). Drill core samples awaiting compositing in Perth laboratory. Flotation cell test work underway. SEM image of micronised and spheronised Kambale graphite concentrate. 23 Corporate Stephen Stone1,2 Executive Chairman (Corporate & Geology) Matthew Horgan Non-Executive Director (Engineering, Bus Dev & IR) James Guy Non-Executive Director (Geology and Mining) David Renner1 Non-Executive Director - KGL (Operations & Corporate) George Asomoah Boadu Manager Geology Hector Nyinaku2 Non-Executive Director – CML (Admin, Finance & Logistics 1 Director: Kambale Graphite Limited 2 Director: Carlie Mining Limited Share Register Stephen Stone 5.3% George Bonney 4.7% Craig Doran 2.1% Top 20 26.3% Directors 6.5% * As at 27 Nov 2024 includes additional ~$0.5M (before costs) to be received & 212M shares and 225M unlisted Options issued subject to approval of shareholders at GM on 20 Dec 2024. 1,672.8M 205.8M 196.9M Ordinary Listed Shares (CDT) Options Unlisted A$5.0M Options Listed (CDTO & CDTOA) A$1.3M* A$3.7M Market Cap ($0.003/ share) Working Capital (as at 27.11.24) Enterprise Value 24 APPENDIX: Legacy WA Projects Polelle & Wanganui (gold): • Polelle, 7km SE of operating Bluebird gold mine, Meekatharra (Westgold), hosts a mainly obscured and minimally explored greenstone belt whilst the Wanganui is prospective for down-plunge high-grade gold shoots. • Both farmed-out to Great Boulder Resources Limited (ASX: GBR). Beasley Creek (gold and lithium): • Hosts extensive gold anomalism in a structurally controlled corridor and an intriguing zone of lithium anomalism adjacent to intrusive granite complex. • Sale/Farm-out sought Terra Rossa - Earaheedy Basin (copper, zinc, lead): • Strategically located adjacent to evolving Tier-1 scale, open-ended SEDEX and MVT-style zinc-lead-copper discovery in Earaheedy Basin by Rumble Resources Ltd (ASX: RTR). • Sale/Farm-out sought 25 Medaase! Stephen Stone, Executive Chairman stone@castleminerals.com admin@castleminerals.com Mb +61 (0) 418 804 564 or Ph +61 8 9322 7018 ASX: CDT 26