Castile Resources Limited announced the outcomes of the Rover 1 Project Preliminary Feasibility Study. The study has concluded with a robust, polymetallic project applying modern technology and downstream processing to meet future facing metals demand for Australia. HIGHLIGHTS: The Rover 1 PFS models an underground mine build with a modern 500,000tpa processing plant focussed on the production of gold, copper, cobalt and magnetite downstream products delivering strong economic outcomes with an initial project life of 8 years.

Financial modelling outcomes of the Rover 1 Project PFS estimate1: A pre-tax NPV6.5 of $451.7 million with an IRR of 46%. Total revenues of AUD 1.94 billion. Pre-tax cash flow of AUD 1.02 billion.

An undiscounted pre-tax net cash flow of AUD 686 million. Capital cost estimate of AUD 279.5 million (Processing Plant AUD 160.7 million) A simple payback (post tax) after 2 years and 7 months of production. Total production over the life of the Rover 1 Project is anticipated to be 252,300oz of gold, 58,600t of 99% copper plate, 2,560t of 99% cobalt metal and 652,300t of 96.4% magnetite (Fe3O4).

For benchmarking purposes, at the nominated PFS prices1, the average annual equivalent production in gold and alternatively in copper: In terms of gold - 85,400ozpa of AuEq ounces2 at an AISC of AUD 1,330/oz. In terms of copper - 16,100tpa of CuEq tonnes3 at an AISC of AUD 7,030/t. The Mineral Resource Estimate (MRE) for Rover 1 stands at: 5.58Mt @ 1.76g/t Au, 1.49% Cu, 0.07% Co and 23.20% Fe 3O4. Total material considered4 in the PFS for extraction and processing is: 4.32Mt @ 1.94g/t Au, 1.42% Cu, 0.07% Co and 22.33% Fe3O4.

Total Ore Reserve resulting from the PFS is: 3.11Mt @ 2.02g/t Au, 1.52% Cu, 0.07% Co and 22.92% Fe 3O4. Inferred Mineral Resource included in the PFS of: 1.20Mt @ 1.75g/t Au, 1.17% Cu, 0.07% Co and 20.78% Fe3O4.