Castile Resources is advancing its Rover 1 Bankable Feasibility Study with updated resource estimates and rising commodity prices boosting project prospects. The company is also progressing exploration and funding discussions as it eyes critical minerals demand.
- Rover 1 BFS completion targeted for June 2026
- Significant increases in gold, copper, bismuth, and cobalt resources
- Gold price surpasses A$7,800/oz; copper near A$20,000/t
- Exploration continues with passive seismic surveys at Rover 2 and 27
- Corporate cash position at $2.41 million with ongoing funding talks
Rover 1 Project Gains Momentum
Castile Resources Limited is pushing forward with its flagship Rover 1 Project in the Northern Territory, aiming to complete a Bankable Feasibility Study (BFS) by June 2026. This study will incorporate recent upward revisions in commodity prices, reflecting a strong market environment for gold, copper, and critical minerals such as bismuth and cobalt.
Gold, the primary metal for Rover 1, has seen prices climb to approximately A$7,800 per ounce as of late January 2026, while copper has surged to around A$20,000 per tonne. These price increases have a direct positive impact on the project's economic outlook, with Castile adjusting its BFS modelling accordingly.
Resource Estimates and Metallurgical Advances
The October 2025 Mineral Resource Estimate revealed substantial growth in mineral volumes, gold resources increased by 8% to 341,300 ounces, copper by 17% to 97,400 tonnes, bismuth by 51% to 8,900 tonnes, and cobalt by 30% to 5,200 tonnes. These gains enhance the project's scale and potential revenue streams.
Castile is also progressing metallurgical test work focused on extracting high-purity bismuth and improving gold recovery ahead of bulk flotation. The company’s downstream processing strategy involves refining metals at the Middle Arm Sustainable Development Precinct in Darwin, aiming for efficient production of end products.
Exploration and Environmental Progress
Exploration efforts continue with Optimised Ambient Noise Tomography (ANT) passive seismic surveys deployed over priority targets Rover 2 and Rover 27, following successful configuration at Rover 1. Results from these surveys are expected soon and will guide the 2026 drilling campaign.
Additionally, Castile is evaluating silver and zinc resources at Explorer 108, responding to a historic silver price surge. Environmental approvals have advanced with an updated Environmental Impact Statement accepted by Northern Territory and Federal authorities, incorporating project layout modifications to reduce environmental impact.
Corporate and Financial Position
As of 31 December 2025, Castile held $2.41 million in cash, with exploration expenditure of $475,000 during the quarter. The company is actively engaging with potential debt and offtake partners, particularly for bismuth and cobalt, and is participating in key industry conferences, including discussions with South Korean government and corporations.
Castile’s management is focused on securing funding solutions that may include debt and metal prepayments, reflecting the strategic importance of critical minerals in global supply chains. The company’s outreach to government and defence contractors underscores its positioning as a downstream critical minerals developer in Australia.
Bottom Line?
With the Rover 1 BFS on track and commodity prices climbing, Castile’s next six months will be pivotal in translating resource potential into tangible project development.
Questions in the middle?
- How will ongoing commodity price volatility affect the final BFS outcomes?
- What funding structures will Castile secure to advance Rover 1 into production?
- When can investors expect results from the passive seismic surveys at Rover 2 and 27?