Announcement PDF Announcement ASX: CDT 24 March 2025 Next Phase of Drilling to Commence at Kpali Gold Project • RC drill rig secured and will mobilise to site in the coming days. • 2,500m programme has been designed to: • test for extensions to high grade zones at the Kpali and nearby Bundi prospects. • investigate for possible new distal mineralisation associated with the main host shear zone. • evaluate artisanal miner workings that recently appeared 1.5km south of the Kpali prospect on the same north-south structural trend. • Drilling at Kpali and Bundi is expected to be completed mid-April 2025 with assay results reported in early-May 2025. • Second drilling programme scheduled to commence in April 2025 to follow-up recent high grade intercepts obtained at the separate Kandia Gold Project. Castle Executive Chairman, Stephen Stone, commented “We are looking forward to the RC drill rig arriving shortly at the Kpali Gold Project to follow-up the excellent intercepts we obtained in January at the namesake Kpali prospect which included a very impressive 12m at 8.29g/t Au from 25m, including 6m at 11.60g/t Au from 31m and a peak 1m intercept of 20.43g/t Au at 36m in a ‘hangingwall’ lode, and also 4m at 4.16g/t Au from 95m in a lower ‘footwall’ lode. We will also undertake follow-up drilling at the Bundi prospect, 4km north of Kpali, to test for depth extensions to mineralisation delineated there over some 1.4km. Three other holes will investigate artisanal miner workings on some rare outcropping quartz veins 1.5km south of Kpali. These lie on the same structural trend as Kpali and Bundi so success here could have positive implications for the broader prospectivity of the district. As we increase our understanding of the Kpali Gold Project we can now see many similarities in its geological and structural setting with that of several major deposits in Ghana and West Africa. This is also the case for the separate Kandia Gold Project which we aim to return to in April to follow-up some very robust intercepts we recently obtained there. West Africa is where big gold discoveries are still being made. Ghana’s relatively underexplored northern region is emerging as a new frontier as demonstrated by the recent commissioning of the Cardinal Resources 5.1Moz gold Namdini deposit and the predevelopment 2.8Moz gold Black Volta Gold Project of Azumah Resource whose high-grade Julie deposit lies immediately north of Kandia.” _____________________________________________________________________________________________________________________________ Principal and Registered Office Suite 9 / 11 Ventnor Avenue West Perth, Western Australia 6005 | Postal PO Box 437 West Perth, Western Australia 6872 Contact admin@castleminerals.com | www.castleminerals.com | Telephone +61 8 93227018 Board: Executive Chairman, Stephen Stone | Non-Executive Directors, James Guy. Matthew Horgan | Company Secretary, Jade Styants Capital Structure Ordinary Shares: 1,927.8M | Unlisted Options: 657.2M | ASX Code CDT | ACN 116 095 802 Castle Minerals Limited (ASX: CDT): RC Drilling to Commence at Kpali Gold Project - 24 March 2025 Artisanal workings Fig 1: Kpali Gold Project showing key prospects, max down-hole gold values and VTEM derived targets on reprocessed VTEM geophysics. Castle Minerals Limited (“Castle” or the “Company”) advises that a 2,500m RC drill programme is expected to commence in the coming days at its 100% owned Kpali Gold Project in Ghana’s Upper West Region. The Kpali Gold Project comprises a cluster of prospects including the namesake Kpali prospect and the Bundi prospect 4km north. The drilling will follow-up excellent intercepts recently obtained at the Kpali prospect which included (refer ASX 13 February 2025): • • 12m at 8.29g/t Au from 25m (24KPRC010) incl. • 6m at 11.60g/t Au from 31m and • a peak 1m intercept value of 20.43g/t Au at 36m and • 4m at 4.16g/t Au from 95m. 7m at 2.23g/t Au from 35m (24KPRC011) incl. Page 2 of 8 Castle Minerals Limited (ASX: CDT): RC Drilling to Commence at Kpali Gold Project - 24 March 2025 • • • • • • 4m at 3.23g/t Au from 35m and • 11m at 2.24g/t Au from 50m incl. • 1m at 8.29g/t Au from 57m. 5m at 3.66 g/t Au from 78m (24KPRC012) incl. • 2m at 7.09g/t Au 79m. 13m at 1.58g/t Au from 73m (24KPRC014) incl. • 1m at 5.62g/t Au from 79m. 1m at 8.35g/t Au from 5m (24KPRC015) and • 9m at 4.81g/t Au from 107m incl. • 2m at 8.75g/t Au from 109m. 1m at 6.64g/t Au from 70m (24KPRC016). 7m at 1.67g/t Au from 39m (24KPRC017) and • 3m at 3.08g/t Au from 78m. Fig 2: Kpali Gold Prospect: Plan showing latest drill results and projection to surface of interpreted multiple mineralised sub-parallel lodes on simplified sub-surface geology. Two prior drill programmes at Kpali returned intercepts that included 4m at 3.66g/t Au from 26m, 3m at 5.20g/t Au from 125m, 28m at 2.26g/t Au from 81m including 5m at 8.41g/t from 89m, 10m at 2.01g/t Au from 22m, 5m at 4.53g/t Au from 99m and 11m at 1.86 g/t Au from 143m (refer ASX 17 September 2024 and 28 January 2014). The programme will also look to extend mineralisation along strike and to depth at Bundi where mineralisation has already been delineated over a north-south strike of 1.4km. Historical intercepts included (refer ASX 17 June 2013): • • • • 3m at 3.19g/t Au from 25m (13SWRC026); 6m at 3.32g/t Au from 37m (13SWRC027); 2m at 7.87g/t Au from 40m (13SWRC028); and 2m at 9.10g/t Au from 68m (13SWRC032). Page 3 of 8 Castle Minerals Limited (ASX: CDT): RC Drilling to Commence at Kpali Gold Project - 24 March 2025 New artisanal workings identified Recent geological mapping in the broader Project area has identified 1.5km south of the Kpali prospect artisanal miner workings centred on some rare outcropping quartz veins (the majority of the Kpali Gold Project is covered by eluvial and alluvial soils which mask the solid geology below). The working are not extensive as yet but do lie on the same structural trend as the Kpali and Bundi prospects. This has very positive implications for the district’s broader prospectivity. Geological background The Kpali Gold Prospect lies within a mineralised corridor associated with a 30m to 50m wide zone of structural deformation immediately west of a granite intrusion. Four RC drilling programmes have confirmed near-surface, shallow plunging high-grade lode-style mineralisation to a depth of at least 100m. Multiple, closely-spaced mineralised lodes have been identified over a 650m north-south strike. Overall, the geological setting at the broader Kpali Gold Project is of a typically structurally-controlled, orogenic style mineralisation within Birimian terrane. This is a similar setting to that hosting several worldclass gold mining operations in Ghana and West Africa generally. The discovery of mineralisation at the Kpali Gold Project’s Kpali, Bundi, Kpali East, Wa South East and Wa South West prospects are essentially “blind” discoveries in that the bedrock hosting mineralisation is largely obscured by surficial cover. This explains the lack of artisanal mining activity which often entices explorers into a new area. Castle’s structured and systematic approach to exploration in this environment is proving highly effective across its extensive tenure. Fig 3: Ghana’s northern region showing 1. the convergence on Castle’s Kpali Gold Project of the WaLawra and Bole-Bolgatanga Birimian greenstone belts and three major structures associated with Birimian hosted gold deposits and 2. Castle’s other projects in the region including Kandia. Page 4 of 8 Castle Minerals Limited (ASX: CDT): RC Drilling to Commence at Kpali Gold Project - 24 March 2025 A compelling driver for exploring Northern Ghana’s Kpali Gold Project is its advantageous location at the convergence of two major greenstone belts (Bole-Bolgatanga and Wa-Lawra/Boromo) and three regional-scale structures. These are all associated with gold deposits. This supports the thesis that the region provides a large and prospective “search base” for the discovery of a major new West African mining camp hosting a considerable gold endowment. Northern Ghana has more recently seen two of West Africa’s major discoveries and success stories. • The 5.1Moz Namdini Gold Deposit, discovered by Cardinal Resources Limited prior to its takeover by Shandong Gold Limited in 2020, has just been commissioned and lies on the same Bole-Bolgatanga Birimian greenstone belt as Castle’s Kandia discovery; and • The Azumah Resources Limited owned 2.8Moz Black Volta Gold Project (“BVGP”) which is earmarked for development in 2025. A majority of this gold was discovered by Castle’s Executive Chairman, Stephen Stone, under his former stewardship of Azumah. Castle’s Kandia mineralised trend is immediately along strike and south of the BVGP’s high-grade Julie deposit. Follow-up drilling at Kandia Gold Project Upon completion of drilling at the Kpali Gold Project attention will then turn to the Kandia Gold Project, 150km to the east. Drilling is expected to commence in April 2025 subject to rig availability. The opportunity at Kandia is to delineate a large tonnage of shallow mineralisation across multiple, nearsurface open-pitable deposits along the 16km prospective north-east trending Kandia contact corridor. Fig 4: Kandia Prospect: December 2024 and historical RC drilling over a 6km portion of the total 16km prospective Birimian – granodiorite contact. Page 5 of 8 Castle Minerals Limited (ASX: CDT): RC Drilling to Commence at Kpali Gold Project - 24 March 2025 The most recent drill programme at Kandia confirmed the continuity and depth extension of previously defined shallow mineralisation at the “4000-zone” with grade, mineralised width and dip appearing to increase with depth. Drill hole intercepts included 7m at 3.36g/t Au from 149m within 24m at 1.78g/t Au from 139m and 5m at 3.49g/t Au from 82m within 11m at 2.26g/t Au from 79m (refer ASX 28 Jan 2025). Authorised for release to ASX by the Board of Castle Minerals Limited: Stephen Stone Executive Chairman stone@castleminerals.com +61 (0)418 804 564 COMPETENT PERSON COMPLIANCE STATEMENT The Company is not aware of any new information or data that materially affects the information included in the relevant historical market announcements referenced herein. ABOUT CASTLE MINERALS Castle Minerals Limited is an Australian Securities Exchange (ASX: CDT) listed and Perth, Western Australia headquartered company with interests in several projects in Ghana and Western Australia that are prospective for gold, graphite and base metals. In Ghana, West Africa, Castle’s 100% owned Ghanaian subsidiary, Carlie Mining Ltd, owns the Kpali Gold Project in the Upper West Region which comprises the Kpali, Kpali East and Bundi gold prospects. The Kandia Gold Project, is a separately located standalone discovery. All occur in highly prospective Birimian geological terrane, the host to many of West Africa’s and Ghana’s multi-million-ounce gold mines. The 100% owned Kambale Graphite Project is also located in Ghana’s Upper West Region. It is being progressed through technical and commercial evaluation for the production of battery grade material to be used in lithium-ion battery manufacture. Farm-outs or sales have been or are being sought for the Company’s West Australian projects. The Polelle Project, 7km southeast of the operating Bluebird gold mine near Meekatharra, hosts a mainly obscured and minimally explored greenstone belt prospective for gold and possibly base metals. The Wanganui Project is prospective for down-plunge high-grade gold shoots. Both have been optioned for purchase to Great Boulder Resources Limited (ASX: GBR) for possible incorporation into its emerging Side Well project. The Terra Rossa copper-zinc project is located on the western edge of the Earaheedy Basin. It is adjacent to the evolving World-Class Chinook-Magazine zinc-lead project of Rumble Resources Ltd (ASX: RTR). The Beasley Creek Project is prospective for gold and lithium and lies on the northern flanks of the Rocklea Dome in the southern Pilbara. Page 6 of 8 Castle Minerals Limited (ASX: CDT): RC Drilling to Commence at Kpali Gold Project - 24 March 2025 PREVIOUSLY REPORTED INFORMATION RELATING TO THIS RELEASE Additional details, where applicable, can be found in the releases referenced in this Report and/or in releases lodged by the Company with the ASX, including the following: Headline Date High Grade Gold intercepts Confirm Kpali Discovery 13 February 2025 Excellent Gold Intercepts From Drilling at Kandia Prospect 28 January 2015 Drilling Completed at Kpali and Kandia Gold Prospects 15 January 2025 Drilling Commences at Kpali and Kandia Gold Prospects 19 December 2024 Kpali Drilling Programme Completed and Drill-for-Equity Agreement 22 August 2024 Castle Commences Drilling at Kpali Gold Project 7 August 2024 Reprocessed Geophysics and Historical Intercepts to Drive Ghana Gold Expansion 11 June 2024 US$11.7 Million Farm-Out Agreement, Degbiwu and Gbiniyiri Licences, Ghana 14 August 2019 New Graphite Discovery in Ghana 30 July 2014 Maiden Resource Estimate for the Kpali Gold Prospect 2 July 2014 New Gold Zone Intersected at Kpali 20 March 2014 High Grade Gold Intersected at Bundi Prospect 31 January 2014 Kpali Gold Discovery 28 January 2014 Kpali Drill Results 18 January 2014 Multiple EM targets identified at Bundi Prospect 28 October 2013 Geophysical Survey Commences at Bundi and Kpali 13 August 2013 Drilling Extends Kpali Gold Discovery 4 July 2013 High Grade Gold Horizon Defined at Bundi Prospect 17 June 2013 New Gold Discovery at Kpali Prospect in Ghana 24 May 2013 RC Drilling Confirms Gold and Zinc Discovery at Bundi Prospect 23 May 2013 New 600m Long Gold Zone Defined – Kpali Prospect 20 May 2013 New Gold Hits South of Bundi Prospect RC drilling Commences 6 May 2013 Bundi Gold Target Increases to 1,400m 22 April 2013 Drilling Confirms Gold Mineralisation at Wa South and New Prospect Identified Auger Drilling Defines Large Gold Anomaly at Wa South 26 September 2012 19 May 2011 OTHER COMPLIANCE STATEMENTS Competent Persons Statement – Kpali Gold Project Exploration Results The scientific and technical information in this announcement 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 consented to the disclosure of all scientific or technical information contained in this announcement that relates to the geology of the deposits and exploration. Cautionary Statement – Australian Projects 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 Page 7 of 8 Castle Minerals Limited (ASX: CDT): RC Drilling to Commence at Kpali Gold Project - 24 March 2025 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). 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. Page 8 of 8