Castile Resources (ASX:CST) has announced a trading halt on the ASX starting 4 December 2024. This halt is to facilitate the planning and execution of a capital raising initiative. The halt will last until the company issues an announcement or normal trading resumes on 6 December 2024.
Castile Resources has initiated a trading halt to plan and execute a capital raising initiative, crucial for the development of its Rover 1 Project. The project, located in Tennant Creek, Northern Territory, is a high-grade iron oxide copper gold (IOCG) deposit. It aims to produce gold doré, copper and cobalt metal, and high-grade magnetite, targeting sales to electric vehicle and battery manufacturers. This strategic move aligns with Castile's ambitions to broaden its revenue streams and contribute to green steel production. With recognition from the Northern Territory Government and collaboration with NT Land Corp, Castile is positioned for significant growth in the mining and metal sectors.
The trading halt is requested to allow time for considering, planning, and executing a capital raising initiative.