How Castile Resources Is Capitalising on Bismuth’s Price Surge Amid China’s Export Ban
Castile Resources has integrated bismuth as a by-product into its Rover 1 Bankable Feasibility Study following China’s export restrictions, positioning itself as a key supplier amid global supply shocks. The company also advances exploration with innovative technology and secures strategic partnerships in critical mineral supply chains.
- Bismuth added to Rover 1 BFS as a valuable by-product amid soaring prices
- China’s export ban triggers global bismuth supply shock and price surge
- Exploration breakthrough using Ambient Noise Tomography identifies IOCG alteration
- Castile presents at international Quad Conference, engaging major Indian and Japanese partners
- Quarter ends with $4M cash and ongoing environmental and geotechnical studies
Strategic Addition of Bismuth to Rover 1 BFS
Castile Resources has taken a decisive step by incorporating bismuth as a by-product into its flagship Rover 1 Bankable Feasibility Study (BFS). This move comes in response to China’s February 2025 export bans on bismuth, which controls over 80% of the global refined supply. The resulting supply shock has sent prices soaring, with bismuth trading in the US market at up to US$55 per pound, a nearly tenfold increase from previous levels.
Holding a Mineral Resource Estimate of 5,900 tonnes of bismuth within the Rover 1 Project, Castile now controls one of the very few bismuth resources in Australia, a stable and Tier 1 mining jurisdiction. This rare position offers Castile a significant strategic advantage as global demand intensifies, especially given bismuth’s critical role in defence applications such as guided missile technology.
Exploration Advances with Cutting-Edge Technology
On the exploration front, Castile has successfully applied Ambient Noise Tomography (ANT) technology to identify Iron Ore-Copper-Gold (IOCG) alteration at Pathfinder 38. This marks a world-first use of ANT in a broad IOCG exploration program, revealing promising mineralisation zones and guiding the selection of ten additional high-priority targets across the Rover Mineral Field.
The company plans to expand its ANT sensor fleet and continue passive seismic surveys, aiming to refine drill targeting and unlock further resource potential. These technological advances underscore Castile’s innovative approach to exploration in a competitive critical minerals landscape.
Engagement in Global Critical Minerals Supply Chain
Castile’s strategic positioning extends beyond exploration and development. The company was the sole Australian participant invited to present at the Critical Minerals Quad Conference convened by the Japanese Government alongside India, the USA, and Australia. This forum addresses the urgent need to diversify supply chains away from Chinese dominance.
During the quarter, Castile engaged with major Indian industrial conglomerates including Reliance Industries, JSW Energy, Aditya Birla Group, and Hindalco, exploring financing and offtake agreements. These discussions aim to secure downstream critical mineral supply, particularly copper, cobalt, and bismuth, to support burgeoning clean energy and defence sectors.
Operational and Financial Highlights
Environmental and geotechnical studies for the Rover 1 project continue to progress smoothly, with no adverse ground conditions detected and consistent groundwater results. Indicative capital expenditure quotes align with prior forecasts, supporting the robustness of the BFS update.
Financially, Castile ended the quarter with a solid cash position of $4.0 million, having spent $0.48 million on exploration activities. The company reported no lost time injuries, reflecting a strong safety culture as it advances its projects.
Overall, Castile Resources is capitalising on geopolitical shifts and technological innovation to enhance its critical minerals portfolio, positioning itself as a pivotal player in securing supply chains vital to defence and clean energy industries.
Bottom Line?
As global supply shocks reshape critical mineral markets, Castile’s strategic moves set the stage for its next growth phase.
Questions in the middle?
- How will Castile’s updated BFS pricing assumptions reflect ongoing metal price volatility?
- What are the timelines and expected outcomes for financing and offtake agreements with Indian and Japanese partners?
- Can further ANT surveys and drilling confirm significant new IOCG discoveries beyond Pathfinder 38?
