Castle Minerals Faces Uncertainty as Key Assay Results and Permitting Decisions Loom

West African Exploration Momentum

Castle Minerals Limited (ASX, CDT) has made significant strides in its West African exploration strategy during the December 2025 quarter. The company initiated a large-scale soil sampling program at its granted Ebony permit in Côte d’Ivoire, targeting primary sources of alluvial gold identified by artisanal miners. This regional program, involving nearly 1,000 soil samples on a systematic grid, aims to pinpoint promising gold anomalies for follow-up drilling.

Simultaneously, Castle accelerated auger drilling across its Ghanaian portfolio. The company completed a 220-hole program at Kandia, advanced a 214-hole campaign at Bulenga, and commenced a substantial 400-hole auger program on the underexplored Gbiniyiri licence adjacent to the Kpali discovery. These efforts are designed to generate a pipeline of drill-ready targets by integrating geochemical data with structural and aeromagnetic interpretations.

Corporate and Governance Enhancements

Alongside operational progress, Castle Minerals implemented a board and leadership transition. Executive Chairman Stephen Stone stepped down, with Steven Zaninovich, an experienced engineer with over 25 years in West African gold projects, assuming the role of Non-Executive Chairman. The board was further strengthened by the appointment of Andrew Grove, a veteran geologist and mining executive with extensive West African experience, including senior roles at Chesser Resources and Perseus Mining.

Additionally, Mohamed Niaré joined as a Non-Executive Director and in-country Project & Business Development Manager, bringing valuable local expertise and community relationships. These changes aim to bolster governance and support the company’s growth ambitions in the region.

Western Australia Projects and Financial Position

Castle continues to hold 100% ownership of its Polelle and Wanganui gold projects in Western Australia’s prolific Meekatharra Goldfields. These projects, covering approximately 163 square kilometres, have demonstrated compelling historical high-grade gold intercepts, underscoring their exploration potential. The company is conducting a strategic review to determine the best path to unlock value from these assets.

Financially, Castle reported exploration expenditure of A$423,000 for the quarter and maintained a healthy cash balance of around A$3 million as of 31 December 2025. No substantive mining production occurred during the period, consistent with the company’s focus on early-stage exploration and target generation.

Looking Ahead

Castle plans to receive and interpret assay results from its Côte d’Ivoire soil sampling and Ghana auger drilling programs in the coming weeks. These data will inform prioritisation of follow-up infill sampling and initial drilling campaigns. The company also intends to progress permitting and tenure consolidation across its Côte d’Ivoire portfolio and resolve licence renewals in Ghana.

With a refreshed board, ongoing exploration momentum, and a solid financial footing, Castle Minerals is positioning itself to capitalise on the emerging gold opportunities in West Africa’s Birimian greenstone belts.