Castile Resources secures significant funding

Castile Resources (ASX:CST) has successfully raised approximately $4.1 million through a placement of around 63.7 million shares at $0.065 each. The funds will aid exploration and studies at the Rover 1 Project in Northern Territory. Investors strongly supported this placement, including key offshore investors. Directors contributed $375,000, pending shareholder approval at an EGM in January 2025.

Strategic funding and project advancement

Castile Resources has raised $4.1 million to further its exploration and development efforts at the Rover 1 Project. The funds will be used for drilling, surveys, feasibility studies, and pilot plant testing. The placement was divided into two tranches, with director participation subject to shareholder approval. The offer price was set at a discount to recent trading prices, reflecting strategic pricing to attract investors. The Rover 1 Project, part of a gold-copper mining area with a high-grade IOCG deposit, aims to produce several key minerals and has received Major Project Status. This move is part of Castile Resources' broader strategy to enhance its mining operations and potential revenue streams.

Executive commentary on placement success

We are delighted with the strong support from both existing and new investors. This capital raise underpins our commitment to advancing the Rover 1 Project and exploring the Tennant Creek mining province.