144,800 tonnes at 1.43 g/t gold reported at Redcastle

6,600oz sits ready for processing

Redcastle Resources Ltd (ASX:RC1) has reported a 144,800-tonne Mineral Resource Estimate at the Redcastle Gold Project’s ROM pad, grading 1.43 grams per tonne gold for 6,600 ounces. The material was mined between 1 May and 31 August 2026, but it is not yet an Ore Reserve and has not generated reported revenue.

The larger component is 142,600 tonnes from the Redcastle Reef pit, classified as Measured and containing 6,500 ounces at 1.42 g/t. Queen Alexandra contributes a much smaller 2,300 tonnes classified as Indicated, containing 100 ounces at 1.77 g/t after limited mining at the top of its highly weathered profile.

Processing remains the critical link

The stockpiles are ready for transport, but Redcastle and its joint venture partner BML Ventures have yet to settle treatment arrangements for the Redcastle Reef and Queen Alexandra ore. The company says alternative processing arrangements are being pursued, while its forward-looking disclosure states that mining is currently suspended and gives no assurance on when mining or processing might recommence.

That leaves the 6,600-ounce figure as a quantified inventory rather than a near-term production outcome. Redcastle says a significant portion may convert to Ore Reserves once treatment arrangements are finalised and the required technical and economic assessments are completed. The company has also assumed a 92% gold recovery based on earlier project-level metallurgical work, but no specific metallurgical testwork has been conducted on these stockpiles and actual recovery will depend on the eventual processing destination.

Sampling confidence varies by orebody

The Redcastle Reef estimate draws on 6m by 8m reverse-circulation grade-control drilling, geological observations and grab sampling of temporary truckload stockpiles. Four grab samples were taken from each roughly 79-tonne load, with a 9 g/t high-grade cut applied to the averaged results. Material sent directly to the ROM pad from selected areas relied on nearby drilling grades and geological characteristics, with a separate 50 g/t cut applied to the relevant one-metre samples.

The company notes that Redcastle Reef has coarse-gold characteristics and short-range grade variability. No allowance has been made for a potential positive reconciliation when the material is processed, and the estimate has not been assigned formal statistical confidence limits. The stated next test is practical rather than theoretical: reconcile stockpile tonnes and grades against weighed mill feed, plant head grade and recovered gold once treatment begins.

Joint venture economics await first revenues

BML funds 100% of working capital through to first revenues under the Redcastle-BML Ventures joint venture. After agreed joint venture costs are recovered, net proceeds are shared equally between Redcastle and BML, with project royalties totalling 4.5%. Those terms mean the eventual value of the stockpiles will depend not only on recovered ounces, but also on the selected mill, treatment costs, recovery performance and the timing of first revenue.