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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
Altech Batteries
Investor Insight
An innovative technology that promises positive economics places Altech Batteries in a compelling position to take advantage of a booming batteries market driven by global electrification and clean energy transition.
Overview
Altech Batteries (ASX:ATC,FRA:A3Y) is a battery technology company focused on commercialising the revolutionary CERENERGY® Sodium-Chloride Solid State (SCSS) Battery, destined for the renewable energy grid storage market. The SCSS Battery does not require lithium, cobalt, copper, graphite or manganese, bypassing these high-demand and expensive minerals, and leverages a novel sodium-chloride (common table salt) technology to produce a more durable and longer-lasting battery. This new battery uses cheaper and readily available sodium rather than the more scarce, costly and risky lithium. Altech is headed by an experienced team who understands what it takes to bring transformative technology to market.
That's not all Altech has going for it, either. Unlike other energy storage options, the company's new SCSS Battery technology promises to solve many issues associated with traditional lithium batteries, including fire and explosion risks, manufacturing costs, operating temperature ranges and lifespans.
The reality is simple: Lithium-ion batteries have been susceptible to fire and explosions and have even malfunctioned in certain temperatures – all critical issues that must be solved to ensure long-term sustainability.
CERENERGY® batteries solve these challenges. For example, they do not contain any volatile flammable electrolytes or plastic separators, and they use solid-state ceramic tubes. Simply put, the thermal runaway problem that's plaguing lithium-ion batteries is not possible with Altech's new battery technology.
Altech has a joint venture agreement with the German government battery institute Fraunhofer IKTS, which has been developing the CERENERGY® battery over the past eight years and invested over €35 million (~US$39.7 million) in research and development. Altech is commercialising the technology by providing expertise and resources to build a new 120-MWh-per-annum plant in Saxony, Germany, on Altech's land.
In 2024, the pilot line at Fraunhofer IKTS in Hermsdorf, Germany underwent a comprehensive redesign to facilitate the manufacturing of two ABS60 60 kWh battery prototypes. Innovative tools and machinery have been developed and implemented specifically for producing the battery cells required for the 60 kWh prototypes. The first ABS60 battery prototype is now online and operating successfully, passing all physical tests with great results.
As of April 2025, rigorous individual cell stress-testing conducted by Fraunhofer IKTS has confirmed the safety and operational robustness of the CERENERGY® technology under extreme conditions, including over-discharge, overcharge, high C-rates and elevated temperatures of up to 400°C.
Altech Batteries also released the results from a definitive feasibility study (DFS) conducted for the CERENERGY® project with an annual capacity of 120 MWh GridPacks. DFS showed a capital cost estimated at €156 million (US$170.15 million) with excellent project economics.
The CERENERGY® project is being developed by Altech Batteries GmbH (ABG) with 75 percent interest and joint venture partner Fraunhofer IKTS with 25 percent interest. ABG is 75 percent owned by Altech Batteries and Altech Advanced Materials AG (FSE).
Altech Batteries has executed several offtake agreements in 2024:
- Zweckverband Industriepark Schwarze Pumpe will purchase 30 MWh of energy storage capacity annually, consisting of 1 MWh GridPacks, for the first five years of production.
- Referenzkraftwerk Lausitz GmbH (RefLau), a joint venture between utility companies Enertrag SE and Energiequelle GmbH. RefLau will purchase 30 MWh of CERENERGY® energy storage capacity in the first year, then 32 MWh per year thereafter for the next four years of production. It was further agreed that Altech will purchase green electricity at competitive prices directly from the partners in the region for the planned production plant.
- Axsol GmbH (Axsol) is a leading, award-winning integrated renewable energy solutions provider. Altech has entered into an exclusive distribution agreement with Axsol to supply the western defence industry with CERENERGY® battery technology.
To address funding requirements, the company has executed a binding Bond Note Subscription Deed with major shareholder Deutsche Balaton AG, under which it candraw down up to €2.5 million (US$2.8 million) in cash in the form of interest-bearing Bearer Bonds. Altech is also in the process of selling its land in Johor to provide additional funding.
Company Highlights
- Altech Batteries is a battery technology company commercialising its revolutionary CERENERGY® Sodium-Chloride Solid State (SCSS) Battery that uses common table salt technology.
- Altech's proprietary technology does not require lithium, cobalt, copper or graphite, eliminating cost, ethical, safety and supply chain issues.
- Compared to lithium-ion batteries, the CERENERGY® battery is fire and explosion-proof, is cheaper to manufacture, suitable in any temperature range (-40°C to +60°C) and provides a greater lifespan (over 15 years).
- Altech has a joint venture agreement with Fraunhofer IKTS, the German Government's Battery Institute that has been developing the SCSS technology for eight years with significant financial investment.
- The joint venture is building a new 120 MWh plant in Saxony, Germany to manufacture the new SCSS 1 MWh GridPack, designed for the lucrative and growing grid storage market.
- Rigorous testing of individual CERENERGY® battery cells has confirmed their safety and operational robustness under extreme conditions, including over-discharge, overcharge, high C-rates, and elevated temperatures.
- Additionally, Altech has successfully made its Silumina Anodes™ pilot plant in Germany operational, designed to improve lithium-ion batteries by providing a higher capacity anode for the EV market. This patented technology involves coating silicon and graphite with high-purity alumina, increasing the capacity of lithium-ion batteries compared to traditional graphite-only anodes.
- Recent breakthroughs in the Silumina Anodes™ technology include spherifying coated silicon particles, which has achieved a 50 percent capacity performance improvement in battery applications compared to traditional graphite-only anodes.
- Through a definitive feasibility study, Altech expanded the Silumina Anodes™ project output eightfold, increasing the capacity from 15 gigawatt-hours (GWh) to 120 GWh.
Key Projects
CERENERGY® Sodium-Chloride Solid State Battery Project
Altech Batteries and Fraunhofer IKTS are currently commercialising the Sodium-Chloride Solid State (SCSS) battery technology, which uses sodium over lithium. It is a solution geared toward the renewable energy grid storage market, an often overlooked but significant market for the transition to renewable energy.
Project Highlights:
- Solves Major Issues with Lithium-Ion Batteries: We've seen challenges with lithium-ion batteries become news stories as these batteries experience thermal runaway or cannot operate outside an ideal temperature range. CERENERGY® battery technology does not use combustible liquid electrolytes and has a significantly improved temperature range of 40 to 60 degrees Celsius.
- Impressive Shelf Life and Operating Life: Unlike lithium-ion batteries, the CERENERGY® battery does not use a liquid electrolyte, meaning it does not deteriorate over time; there is no loss of sodium. CERENERGY® batteries have extended shelf life compared to lithium-ion and an operating lifespan of over 15 years, which also exceeds lithium batteries.
- Pilot Plant and New GridPack Underway: Altech Batteries and Fraunhofer IKTS are now commercialising the technology with a new 120 MWh plant in Saxony. Additionally, Altech recently announced its new 1 MWh GridPack designed for grid storage. The new GridPack is suitable for all weather conditions, has low maintenance costs, and has a long battery life.
- Highly Positive DFS: The DFS excellent economics include:
- Capital cost estimated at €156 million with excellent project economics
- Pre-tax Net Present Value (NPV9) of €169 million
- Attractive Internal Rate of Return (IRR) of 19 percent
- Steady state payback period is 3.7 years, with annual revenue of €106 million per annum
- EBITDA of €51 million or margin of around 47 percent
- Altech Board Decision to Proceed to Funding Phase
- Low lifetime levelised cost of storage €0.06/kWh vs lithium-ion batteries at €0.149/kWh
- Grid energy storage market projected to grow by 28 percent CAGR
- Grant funding applications underway
- Equity and mezzanine financing discussions in progress
- Proven Safety Under Extreme Conditions: Recent rigorous testing of individual CERENERGY® cells has confirmed their safety and operational robustness. Tests included:
- Long-term cycling showing consistent performance across the full capacity range
- Over-discharge tests demonstrating exceptional resilience and ability to recover without damage
- Overcharge tests (up to four times higher than nominal voltage for 15 hours) confirming robust safety features
- C-rate flexibility tests validating performance across various charge/discharge rates
- Thermal stability testing at temperatures up to 400°C (50°C above maximum expected operational temperature)
- Cell failure testing showing continuous system operation without significant risk or performance degradation even when individual cells fail
Silumina Anodes™ Project
Altech Batteries has purchased the land in Saxony, Germany, for its 8,000-tpa proprietary Silumina Anodes™ battery materials plant. The plant has a completed pre-feasibility study with outstanding economics. The company strategically selected the plant's location to serve the European battery market. The pilot plant has now been successfully built and is operational.
Project Highlights:
- Plant Designed for Minimal Environmental Impact: The Centre of International Climate and Environmental Research (CICERO), located in Norway, has reviewed the plant's design and awarded it the rating of "Medium Green." This rating indicates that the project achieves 'green' financing.
- Feedstock Supply of Battery-Grade Anode Materials Secured: Altech Batteries has executed a Memorandum of Understanding (MoU) with two European suppliers of battery-grade materials: SGL Carbon and Ferroglobe.
- Breakthrough in Silumina Anodes™ Technology: Altech's latest development involves spherification of silicon particles coated with nanolayers of alumina. These spherical particles are distributed within the voids of graphite, minimizing long-term damage to the electrode layer caused by expansion.
- Optimized Silicon Content: The company's R&D laboratory has optimized silicon content to a 5 percent addition, which has delivered a 50 percent capacity performance improvement in battery applications.
- Pilot Plant Now Operational: Despite initial technical challenges related to equipment delivery delays and handling difficulties with ultra-fine silicon powders, the pilot plant is now fully operational and producing high-quality coated silicon particles ready for customer evaluation.
Management Team
Luke Frederick Atkins - Non-executive Chairman
Luke Frederick Atkins is a lawyer by profession and one of the founders of the company. Atkins brings to the board extensive experience in the areas of mining, exploration and corporate governance. Atkins is also non-executive director of the successful ASX-listed mining and exploration company, Bauxite Resources (BRL) (now Australian Silica Quartz). Atkins formerly held the role of executive chairman of BRL after co-founding the company in 2007. He has played a key role in BRL third party negotiations to successfully access funding, joint venture partnerships, land and infrastructure. Atkins has had extensive experience in capital raising and has held some executive and non-executive directorships of private and publicly listed companies including several mining and exploration companies.
Iggy Tan - Managing Director
Iggy Tan is a highly experienced mining and chemical executive with several significant achievements in commercial mining projects such as capital raising, funding, construction, start-ups and operations. Tan has over 30 years of chemical and mining experience and has been an executive director of some ASX-listed companies. He holds a Master of Business Administration from the University of Southern Cross, a Bachelor of Science from the University of Western Australia, and a graduate of the Australian Institute of Company Directors.
Tan is responsible for managing and implementing the next stage of Altech's strategic business objectives. Having been involved in the commissioning and start-up of seven resource projects in Australia and overseas, including high-purity technology projects, Tan is an accomplished project builder and developer.
He was the managing director of Nickelore, Galaxy Resources and Kogi Iron. At Galaxy, Tan was responsible for capital raising, construction and start-up of the company's Mt Cattlin spodumene mine ($80 million) and the Jiangsu lithium carbonate plant ($100 million), which resulted in Galaxy becoming the world's leading producer of high-purity lithium carbonate. The Jiangsu plant was eventually sold for $260 million in 2014.
Uwe Ahrens - Alternate Director
Uwe Ahrens is the executive director of Melewar Industrial Group Berhad and managing director of Melewar Integrated Engineering Sdn Bhd. He is also on the board of other private limited companies. Ahrens holds masters in both mechanical engineering and business administration from the Technical University Darmstadt, Germany. Upon graduation, Ahrens joined the international engineering and industrial plant supplier, KOCH Transporttechnik GmbH in Germany, now part of FLSmidth Group, where he held a senior management position for 12 years, working mainly in Germany, the USA and South Africa.
In 1997, Ahrens was the general manager of KOCH in Southeast Asia and became its managing director in 1999. He joined Melewar Group in 2002 and is also currently chief technical officer of the Melewar group of companies responsible for engineering, upgrading, modification and extension of machinery and plant, as well as the overall maintenance.
Martin Stein - Chief Financial Officer & Company Secretary
Martin Stein is a finance and corporate executive with over 20 years of international experience. Stein has been the chief financial officer and company secretary for several ASX-listed companies. In these roles, he was responsible for all aspects of capital raising, financial management, shareholder liaison and corporate governance.
Before this, Stein held senior positions with Anvil Mining as well as with PwC at its London office. Whilst with PwC, he provided corporate services for companies listed on the LSE, NYSE and AIM, including Colgate-Palmolive, Sony, Heinz, DHL Express and Bosch.
E-Power Resources
Investor Insight
With a flagship project in Quebec—one of the world’s top mining jurisdictions—and a seasoned management team, E-Power Resources is well-positioned to strengthen the North American graphite supply chain and deliver strong investment potential.
Overview
E-Power Resources (CSE:EPR) is a battery materials exploration and development company strategically focused on unlocking new graphite resources to meet the accelerating demand driven by electric vehicle (EV) adoption.
Graphite is the dominant material used in the anodes of lithium-ion batteries, making it essential to the EV supply chain. As global EV production scales, demand for battery-grade graphite is expected to outpace current supply, creating a compelling market opportunity. Benchmark Mineral Intelligence is forecasting a 140 percent increase in graphite demand. E-Power is well-positioned to leverage this rapidly expanding market and become a key domestic supplier of this critical mineral.
In addition to its role in batteries, graphite is a foundational material for multiple industrial applications—from foundries to lubricants—further highlighting the importance of securing a reliable, scalable supply.
E-Power Resources offers investors direct exposure to the rapidly expanding battery materials sector, supported by strong market fundamentals, a focus on critical minerals, and a clear path to value creation.
The company’s flagship asset, the Tetepisca Project, spans 12,620 hectares within the emerging Tetepisca Graphite District, poised to become one of North America’s largest sources of graphite. Strategically located approximately 200 kilometers from Innovation et Développement Manicouagan’s (IDM) planned 200,000-ton-per-year battery anode facility in Baie-Comeau, Quebec, E-Power is ideally positioned to supply high-quality graphite to this major downstream user. The proximity to Baie-Comeau also provides direct access to maritime shipping routes, facilitating efficient transport to European and North American battery manufacturing hubs.
E-Power is led by an experienced management team with deep expertise in geology, corporate finance, and capital markets within the mining sector. The team is committed to advancing the Tetepisca Project and establishing E-Power Resources as a key North American supplier of graphite, a critical material in the global energy transition.Company Highlights
- E-Power Resources is a Quebec-based exploration and development company focusing on graphite assets to strengthen the North American industrial supply chain.
- The company’s flagship Tetepisca project is the largest land package within one of North America’s largest and highest-grade graphite districts and is in proximity to a planned battery anode factory that will require an ongoing supply of graphite.
- The graphite market is expected to grow exponentially as demand increases alongside battery growth.
- Graphite is necessary to manufacture anodes in EVs’ charging systems, creating a steadily growing market for the mineral. Existing use cases in other markets will continue to impact demand.
- A strong management team leads the company towards its mission to strengthen the North American graphite supply chain.
Key Projects
Tetepisca Graphite Project
The Tetepisca Graphite Project comprises 230 claims totaling 12,620 hectares in the emerging mining-friendly jurisdiction of the Tetepisca Graphite District in Québec. The project is strategically located approximately 215 kilometers from Innovation et Développement Manicouagan’s planned 200,000-ton-per-year battery anode manufacturing facility in Baie-Comeau, providing potential for future supply agreements. Baie-Comeau also offers port facilities with maritime links to European and North American battery production markets.
2024 Exploration Program Highlights
- High-Grade Discoveries: The 2024 exploration program identified five priority target areas characterized by numerous samples exceeding 5 percent graphitic carbon (Cg), with high-grade samples surpassing 20 percent Cg. Notably, a grab sample returned 28.7 percent Cg from the N5 target area .
- Promising Geology: The project area is underlain by high-grade metamorphic rocks of the Nault Formation, known to host significant flake graphite resources.
- Concentrate Grades: Preliminary metallurgical testwork achieved concentrate grades of 96.4 percent and 96.5 percent Cg from two advanced exploration targets, indicating the potential for high-quality graphite production.
Management Team
James Cross – President and Chief Executive Officer
James Cross is a seasoned management consultant with international capital markets experience across North America, Europe, the Middle East, and South Asia. From 2012 to 2017, he served as President and CEO of Canadian Gold Resources, which was acquired by Colibri Resources (TSXV:CBI) in a $4 million share transaction. He has also held leadership roles with Adroit Resources and advised numerous resource companies. Cross holds a B.Sc. in Management from Tulane University’s A.B. Freeman School of Business.
Jamie Lavigne – Vice President of Exploration and Director
Jamie Lavigne is a professional economic geologist with over 30 years of experience in exploration and mine development. He has worked with major Canadian and Australian mining companies and several junior explorers and operates his own consulting firm. Lavigne holds a B.Sc. from Memorial University and an MSc. from the University of Ottawa. He is a member of L’Ordre des Géologues du Québec and the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists.
Paul Haber – Chief Financial Officer and Corporate Secretary
Paul Haber brings over 20 years of experience in corporate finance and capital markets. He has served as CFO, board member, and audit chair for numerous public and private companies, including XTM (CSE:PAID), South American Silver (TSX:SAC), and Migao Corporation (TSX:MGO). A CPA and CA, Haber began his career at Coopers & Lybrand and holds an Honours B.A. in Management from the University of Toronto. He also holds a Chartered Director designation from the DeGroote School of Business and the Conference Board of Canada.
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