Castle Acquires Remaining 10% of Mineralis, Gains 100% of 1,842 km² Gold Permits

Strategic Acquisition Strengthens West African Footprint

Castle Minerals Limited (ASX, CDT) has taken a decisive step in its West African expansion by executing a Share Purchase Agreement to acquire the remaining 10% stake in Mineralis Ltd, thereby securing 100% ownership. Mineralis holds exclusive rights to earn up to 90% interest across seven gold permits in Côte d’Ivoire, a region increasingly recognised for its gold potential but still underexplored.

This acquisition consolidates Castle’s position in a highly prospective corridor along the Côte d’Ivoire–Ghana border, where the company’s existing Ghanaian projects at Kpali and Kandia already provide a strong regional base. The permits cover a substantial 1,842 square kilometres, including one granted permit and six applications, strategically located near significant gold discoveries such as Endeavour’s 4.6 million-ounce Tanda-Iguela deposit and the Bibiani–Chirano belt hosting multi-million-ounce mines.

Exploration Backed by Committed Funding and Leadership

Backing this strategic move is a $3.3 million placement, with $1.7 million already allotted, earmarked for early-stage exploration activities including auger and reverse circulation drilling. This financial underpinning, combined with recent board and leadership changes, signals Castle’s commitment to executing a coherent exploration plan across its Côte d’Ivoire permits while advancing its Ghana projects in parallel.

The transaction includes a mix of shares, unlisted options, and performance rights tied to resource milestones, aligning vendor incentives with Castle’s exploration success. Performance rights are contingent on delineating inferred gold resources of 500,000 ounces and 1 million ounces respectively, reflecting a measured approach to value creation based on tangible exploration outcomes.

Positioned in a Growing Gold Province

Côte d’Ivoire’s Birimian greenstone belts have recently emerged as a hotspot for gold discoveries, yet much of the terrain remains underexplored. Castle’s permits straddle proven geological structures with limited systematic exploration to date, offering clear opportunities for first-pass drilling and follow-up work. The northern permit group lies just 25 kilometres south of a major discovery, while the southern permit application extends into a well-established gold belt known for significant production.

Castle’s in-house technical team, with a track record of greenfield discovery success, is well placed to unlock value from this extensive tenure. The company’s strategy to hold full ownership simplifies decision-making and enables a unified exploration approach across the permits, potentially accelerating the path to resource definition.

Next Steps and Market Implications

Castle plans to convene a shareholder meeting in early October 2025 to ratify the placement, approve securities issued under the transaction, and formalise incentive arrangements for directors and the CEO. The timing of permit grants and exploration results will be critical to watch as the company advances its West African portfolio.

While the transaction does not guarantee immediate resource discoveries, it marks a significant strategic milestone for Castle, positioning it to benefit from the growing investor interest in West African gold exploration. The company’s ability to convert its extensive landholding into defined resources will be the key driver of its future market performance.