How Will Castle Minerals Unlock Côte d’Ivoire’s Gold Potential with New Acquisition?
Castle Minerals has secured a 90% stake in Mineralis Ltd, gaining access to seven gold exploration permits in Côte d’Ivoire, complemented by a $3.3 million capital raise and a refreshed leadership team focused on West African growth.
- Acquisition of 90% interest in Mineralis Ltd with seven Côte d’Ivoire gold permits
- Capital raising of $3.3 million to boost cash reserves to approximately $4.7 million
- Board reshuffle includes appointment of Steve Zaninovich as Non-Executive Chairman
- Strategic diversification into Côte d’Ivoire’s emerging gold exploration frontier
- Ongoing exploration plans in both Côte d’Ivoire and Ghana with drilling campaigns
Strategic Acquisition in Côte d’Ivoire
Castle Minerals Limited (ASX, CDT) has taken a significant step to broaden its West African footprint by executing a binding term sheet to acquire a 90% interest in Mineralis Ltd. This acquisition grants Castle access to seven gold exploration permits straddling the Côte d’Ivoire–Ghana border, covering an extensive 1,842 square kilometres of highly prospective Birimian terrane. The permits include one granted and six applications, positioning Castle to tap into a region experiencing a resurgence in gold exploration and discovery.
The move complements Castle’s existing portfolio in Ghana, notably its Kpali and Kandia gold projects, and offers jurisdictional diversification into Côte d’Ivoire, a country with a stable investment climate and a growing number of multi-million-ounce gold mines. The southern permit lies near the Bibiani–Chirano belt, a prolific gold-producing geological setting, while the northern permits are close to recent discoveries such as Endeavour Mining’s Tanda-Iguela project.
Capital Raise and Leadership Overhaul
Backing the acquisition is a $3.3 million placement to professional investors, which will increase Castle’s cash reserves to approximately $4.7 million before costs. This capital injection is earmarked for early-stage exploration activities across the new Côte d’Ivoire permits, as well as advancing drilling programs at Castle’s Ghanaian projects.
Alongside the acquisition, Castle is undergoing a notable board and management transformation to harness regional expertise. Steve Zaninovich, a seasoned West African mining executive with extensive project development experience, will join as Non-Executive Chairman. Mohammed Niare, a respected figure in West African mining with over 25 years’ experience, will be appointed Non-Executive Director and In-Country Project and Business Development Manager. Phillip Gallagher, known for his role in significant regional discoveries, will advise on strategy. Meanwhile, Executive Chairman Stephen Stone will transition to a non-executive role, with plans to recruit a dedicated CEO.
Exploration Outlook and Market Positioning
Castle’s acquisition strategy is designed to leverage the geological similarities between its Ghanaian assets and the Côte d’Ivoire permits, both situated within the prolific Birimian greenstone belts. The company plans an intensive exploration campaign including ground mapping, sampling, geophysical and geochemical surveys, followed by auger and reverse circulation drilling. These efforts aim to generate and test new targets, with exploration news flow expected to continue through 2025 and into 2026.
The acquisition terms include performance rights tied to resource milestones, incentivising Mineralis’ vendors to contribute to the discovery potential. Castle’s approach to board remuneration, shifting non-executive directors to incentive securities rather than cash, underscores a commitment to preserving capital for exploration.
Overall, Castle Minerals is positioning itself to capitalize on the renaissance in West African gold exploration, combining a strengthened leadership team, fresh capital, and a strategic landholding expansion into Côte d’Ivoire’s emerging gold province.
Bottom Line?
Castle’s Côte d’Ivoire acquisition and leadership refresh set the stage for a pivotal growth phase in West African gold exploration.
Questions in the middle?
- How will the new leadership team accelerate exploration success in Côte d’Ivoire?
- What are the timelines and key milestones for drilling and resource definition on the new permits?
- How might the capital raise and incentive structures impact shareholder value and project funding?