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Castle Minerals
Investor Insight
Castle Minerals is a compelling investment opportunity, underlined by its 100 percent ownership of two high-potential gold projects, a seasoned management team with a track record of success, and a strategic location near multi-million-ounce gold deposits.
Overview
Castle Minerals (ASX:CDT) is an Australia-based exploration company dedicated to advancing high-value gold projects in Ghana, West Africa. The company holds a 100 percent interest in a highly strategic 2,686 sq. km land package within Ghana’s Upper West region, a significantly under-explored yet highly prospective geological setting within the West African gold belt.
Castle Minerals’ core mission is to identify, explore and develop economically viable gold deposits, leveraging the region’s rich mineralization and proven mining history. The company's management team brings extensive experience and a strong track record of successful discoveries, ensuring that exploration efforts are guided by industry-leading expertise and strategic execution.
Castle’s portfolio is centered around its flagship Kpali and Kandia gold projects, both of which exhibit strong potential for resource expansion and economic development. These projects are situated within prolific gold-bearing structures and have demonstrated high-grade mineralization through extensive exploration efforts. With a focus on systematic exploration, the company aims to delineate and expand resources while positioning itself as a leading player in Ghana’s growing gold industry. Castle’s commitment to sustainable exploration practices and strong community engagement further enhances its ability to operate effectively in the region.
Company Highlights
- 100 percent ownership of a 2,686 sq km strategic landholding in Ghana’s highly prospective Upper West region.
- Flagship Kpali and Kandia gold projects with high-grade gold mineralization and significant resource expansion potential.
- Strong management team with a proven track record in West African gold discoveries and project development.
- Proximity to the multi-million-ounce Black Volta gold project, enhancing economic potential and development synergies.
- Robust exploration pipeline with systematic drilling programs aimed at resource expansion and near-term development.
- Commitment to sustainable and responsible exploration practices, with strong community and government engagement.
- Positioned to capitalize on the growing global demand for gold through disciplined exploration and strategic partnerships.
Key Projects
Kpali Gold Project
The Kpali gold project, a cornerstone of Castle Minerals' exploration efforts, is strategically located approximately 30 kilometers west of the regional town of Sawla in Ghana's Upper West region. Encompassing the Kpali and Bundi prospects, along with several satellite discoveries, the project area lies within the 170 sq km Degbiwu prospecting license (PL 10/26), which is encircled by the 1,033 sq km Gbiniyiri retention license (RL 8/27). Notably, the western boundaries of these licenses are delineated by the Black Volta River, marking the border with Burkina Faso.
Geologically, Kpali is situated at the convergence of two significant greenstone belts — the Bole-Bolgatanga and Wa-Lawra/Boromo belts — and three regional-scale structures. This unique positioning is associated with several major Birimian-hosted gold deposits in the region, enhancing the project's potential for substantial gold mineralization.
Recent exploration activities have yielded promising results. In February 2025, an eight-hole reverse circulation (RC) drilling program intersected shallow, high-grade mineralization in all holes. Notable intercepts include 12 meters at 8.29 grams per ton (g/t) gold from 25 meters, including 6 meters at 11.60 g/t gold from 31 meters, with a peak 1-meter intercept of 20.43 g/t gold at 36 meters. These findings have significantly upgraded the status of the Kpali gold prospect, suggesting the presence of multiple sub-parallel lodes with high-grade gold mineralization.
The broader district encompassing Kpali contains several other high-conviction prospects, reinforcing its potential as an emerging new exploration frontier. Castle Minerals plans to undertake further drilling programs, including step-out drilling, to delineate the extent of mineralization and assess the project's viability for future development.
In summary, the Kpali Gold Project's strategic location, favorable geology, and recent high-grade drilling results position it as a significant asset within Castle Minerals' portfolio, with the potential to evolve into a major gold production site in Ghana.
Kandia Gold Project
The Kandia gold project is situated in Ghana's Upper West Region. Discovered in 2010 during reconnaissance field mapping, the project encompasses a 16-kilometer-long corridor along a significant granite-sediment contact within Birimian greenstone terrain. This geological setting is known for hosting substantial gold mineralization, with the Kandia prospect itself identified through previously unknown artisanal workings spread over approximately 600 meters of strike.
Initial exploration efforts included extensive soil sampling, airborne geophysical surveys and RC drilling, totaling 264 holes over 19,541 meters. These activities led to the identification of two primary mineralized zones: the "4,000 Zone" and the "8,000 Zone."
Strategically, the Kandia project benefits from its proximity to major gold deposits. The 5.1-million-ounce Namdini gold project lies to the northeast on the same Bole-Bolgatanga greenstone belt, while the 2.8-million-ounce Black Volta gold project's Julie deposit is immediately along strike from the Kandia mineralized trend. This favorable location enhances Kandia's economic attractiveness and potential for development synergies.
Future exploration plans for Kandia involve extensional drilling at the "4,000 Zone" and targeted drilling in other areas with historically wide-spaced shallow drilling, such as the "8,000 Zone," where artisanal mining activities are also present. The primary objective is to delineate multiple near-surface, open-pitable deposits along the 16-kilometer prospective contact, advancing the project toward potential development.
Management Team
Stephen Stone - Executive Chairman
Stephen Stone has more than 30 years of experience in mining and exploration. As the former managing director of Azumah Resources, he led the discovery of a 2.5 Moz gold resource and 1.2 Moz ore reserve at the Wa gold project His expertise in West African gold exploration and project development is instrumental in guiding Castle’s strategic direction.
Matthew Horgan - Non-executive Director
Matthew Horgan brings a strong background in engineering, business development, and investor relations. His experience in strategic corporate growth and resource sector financing supports Castle’s development initiatives.
James Guy - Non-executive Director
James Guy is a geologist with extensive expertise in mining and exploration, specializing in gold and base metals projects across Africa and Australia. He has held senior executive positions with several ASX listed junior resources companies and with banking group, NR Rothschild & Sons. He is currently principal of James Guy & Associates
David Renner - Non-executive Director
David Renner has a strong track record in operations and corporate strategy for resource development. He is a key contributor to advancing the Kambale graphite project.
Hector Nyinaku, Non-executive Director
Hecto Nyinaku focuses on administration, finance and logistics within the mining industry. His strong networks in Ghana’s resource sector provide valuable operational support.
George Asomoah Boadu - Manager of Geology
George Asomoah Boadu has extensive field experience in Ghana’s gold and graphite exploration projects. His expertise is integral to defining Castle’s resource base and implementing effective exploration strategies.
Advancing strategic gold exploration assets in Ghana’s prolific Upper West region
Initial Drill Results at Orom-Cross Highlight High Grade Shallow Zones
These results confirm extensions to mineralisation and highlight high-grade zones within the existing deposits, further underscoring Orom-Cross's unique combination of high grade, shallow ore and large-scale potential.
Highlights:
Camp Lode
- Hole CLGT03: 27.54m @ 8.68% TGC, including 1.3m @ 18.98% TGC and 1.3m @ 13.46%TGC
- → Confirms high-grade extensions to the orebody to the south-east.
- Hole CLGT02: 3.96m @ 9.08% TGC at depth.
- Shallow intersections in CLGT01 and CLGT04 confirm near-surface mineralisation and potential to extend the pit to the north.
Significance: Adds higher-grade tonnes to the Camp Lode resource and optimises mine scheduling for early production phases.
Northern Syncline
- Hole NSGT02: 27.98m @ 4.61% TGC, including 5.57m @ 8.10% TGC (majority <30m depth).
- Hole NSGT04: 12.37m @ 6.09% TGC.
Significance: Confirms shallow, high-grade mineralisation continuity in infill zones which are critical for low-cost, open-pitable production.
Drilling Programme Integration
- Geotechnical data will feed directly into Definitive Feasibility Study ("DFS") pit wall design and mine scheduling.
- All results will be incorporated into the JORC Resource upgrade, which is expected to deliver a material increase in Reserves to support large-scale mining over life of mine.
- Additional assays from infill, step-out and deep drilling (Beehive deposit) programmes are expected shortly.
Construction of a Permanent Camp
Work is now underway on building a permanent camp at Orom-Cross which is expected to support further exploration in 2026 and provide facilities for contractors during the construction of the mine. This permanent camp represents the first tangible permanent structures on site which underlines the progress being made. With the DFS expected to be completed in Q4 2025 the next steps thereafter will be project funding and then construction of the mine.
Executive Chairman Cameron Pearce commented:
"The results confirm high-grade extensions to both Camp Lode and Northern Syncline, while reinforcing the advantage of shallow, easily mined ore that underpins our low-cost production profile.
All this data will be fed directly into both our JORC Resource upgrade and the Definitive Feasibility Study, which is due for completion in Q4 2025. Increasing ore reserves at higher grades is a critical step and we expect this to not only enhance the mine plan but also translate into a considerable uplift to project economics and NPV.
Orom-Cross already benefits from a unique combination of attributes, including abundant low cost national-grid hydropower, established roads and infrastructure, and independent test work from both Wuhan University and American Energy Technologies confirming some of the highest SPG purities recorded (up to 99.99% GC). This underscores the exceptional quality of Orom-Cross graphite and its suitability for premium battery-grade markets. Together, these factors give Orom-Cross a rare blend of scale, quality and deliverability that make it a truly bankable graphite opportunity.
With assays now beginning to come through and more results to follow we look forward to a steady flow of updates, including the JORC upgrade and the DFS. These milestones will showcase Orom-Cross as a standout global graphite project, provide the platform to move directly into financing discussions, and ultimately set the stage for a major value re-rating as we continue to de-risk."
Preliminary drill results Camp Lode
Preliminary drill results Northern Syncline
Further Drilling Detail
The Company drilled four geotechnical holes in each of the Northern Syncline and Camp Lode deposits. While primarily designed for geotechnical assessment to inform pit wall design, all holes were sampled for assays and incorporated into resource database.
At Camp Lode, these holes have indicated a possible extension to the orebody in the south-east, with hole CLGT03 intersecting 27.54m @ 8.68%GC including 2 separate intersections of 1.3M with grades of 18.98%GC and 13.46%GC respectively. These represent very high grades of graphite in comparison to the overall Orom-Cross resource. An additional intersection from hole CLGT02 of 3.96m @ 9.08%GC at depth and intersections near surface in holes CLGT01 and CLGT04 indicate potential to extend the pit to the north.
Similarly, at Northern Syncline hole NSGT02 intersected 27.98m @ 4.61%GC (including 5.57m @ 8.10%GC) and NSGT04 with 12.37m @ 6.09%GC. The intersection from NSGT02 occurs within the area of the completed infill drilling with the majority of the intersection occurring within 30 meters of the surface. The ability to mine substantial volume of graphite from shallow depths contributes to Orom-Cross having operating costs sitting within the lowest percentile of graphite projects worldwide, and this is considered a major advantage as Blencowe drives towards first production.
The results from all eight holes will be included within the resource model updates. The assay labs are continuing to prioritise the Orom-Cross samples and the Company expects further results of the infill program shortly.
For further information please contact:
Blencowe Resources Plc Sam Quinn | Tel: +44 (0)1624 681 250 |
Investor Relations Sasha Sethi | Tel: +44 (0) 7891 677 441 |
Tavira Financial Jonathan Evans | Tel: +44 (0)20 3192 1733 |
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger flakes within the deposit.
A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe is finalising the Definitive Feasibility Study phase as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.
Arrowhead Sees Significant Upside in Metals Australia’s Graphite Project
At the heart of this optimism is the company’s Lac Carheil graphite project in Quebec, Canada, which has rapidly advanced into Metals Australia’s flagship asset. The project now boasts an updated mineral resource of 50 million tonnes (Mt) grading 10.2 percent total graphitic carbon (TGC), containing 5.1 Mt of graphite, placing it among a select group of high-grade, large-scale deposits globally
Backed by strong technical partners and a grant from the Quebec government, the project is moving through a pre-feasibility study, with downstream integration plans centered on producing battery anode materials.
Lac Carheil Graphite Project: New MRE within World class graphite endowment covering 10 mapped and sampled graphite trends over 36 km in combined strike length. Less than 1/3rd of the claims held have been investigated
Highlights from the Arrowhead Report
- Valuation Range: Arrowhead estimates a fair value bracket of AU$0.071 to AU$0.087 per share, versus the current market price of AU$0.022 (Sept. 16, 2025), implying meaningful upside potential.
- Flagship Project: The Lac Carheil graphite project in Quebec now hosts a 50 Mt resource at 10.2 percent TGC, a fourfold increase from the maiden estimate, and is progressing through a pre-feasibility study.
- Strategic Positioning: The project has achieved battery-grade graphite purity of 99.99 percent and benefits from supportive trade and supply-chain dynamics, including proposed US tariffs on Chinese graphite
- Risks: As a pre-revenue exploration company, Metals Australia remains dependent on external funding despite holding AU$11.8 million in cash and having secured a C$600,000 Quebec grant
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Castle Minerals Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects