24 June 2026
Tennant Creek, NT
Study Values Rover 1 NPV8% at A$1.6B Pre-Tax with Project Life Revenues of A$7.1B
Updated Pre-Feasibility and Scoping Study Results
- GOLD
- COPPER
- BISMUTH
- COBALT
- MAGNETITE
ASX:CST · OTCQB:CLRSF
Castile Resources is developing the Rover 1 Project near Tennant Creek in the Northern Territory. The Iron Oxide Copper Gold (IOCG) deposit yields key metals gold doré and 99% copper which anchor the valuation. Rover 1 will also produce by-product critical minerals bismuth and cobalt along with a high-grade magnetite.
Castile Resources has completed an updated Pre-Feasibility Study concurrently with a Scoping Study to articulate the standalone value of bismuth to the Project.
The Rover 1 Project
A high-grade IOCG deposit with five revenue streams.
Rover 1 is a high-grade Iron Oxide Copper Gold (IOCG) deposit beneath the Rover Mineral Field, 57 km from Tennant Creek.
The Rover 1 Scoping Study contains all of the information regarding the bismuth analysis along with the June 2026 Updated Pre-Feasibility Study. These studies will be the foundation of the Bankable Feasibility Study which will be released in the second half of 2026.
The combined studies model five revenue streams from a single 750,000 tonne-per-annum underground operation.
Castile beneficiates ore at Rover 1 in Tennant Creek to a concentrate, then refines downstream at the Middle Arm Sustainable Development Precinct in Darwin, producing gold doré, 99% copper, 99% cobalt, 96.5% magnetite and bismuth concentrate.
Castile Resources has completed a full updated PFS on the gold, copper, cobalt and magnetite products along with a Scoping Study to include the bismuth. The June 2026 Scoping Study Mineral Inventory including all five metals is:
| Metal | Grade | Contained metal |
|---|---|---|
| Gold | 1.30 g/t Au | 341.3 koz |
| Copper | 1.07% Cu | 97.4 kt |
| Bismuth | 0.11% Bi | 8,900 t |
| Cobalt | 0.06% Co | 5,200 t |
| Magnetite | 22.9% magnetite | 1.88 Mt |
Sources: Rover 1 Updated Pre-Feasibility Study and Scoping Study, Jun 2026 · MRE update, ASX:CST 20 Oct 2025.
Northern Territory Castile tenements
June 2026 Study — Key Outcomes
- Total processed ore (life of mine)
- 7.27 Mt
- Total revenue (life of mine)
- A$5,371M
- Average annual revenue (steady state)
- A$547M
- Average annual EBITDA (steady state)
- A$320M
- Total life-of-mine post-tax free cashflow
- A$1,773M
- Average annual post-tax cashflow (steady state)
- A$216M
- Post-tax NPV @ 5%
- A$1,198M
- Post-tax NPV @ 6.5%
- A$1,059M
- Post-tax NPV @ 8% (Base Case)
- A$935.8M
- Post-tax NPV @ 10%
- A$793M
- Post-tax NPV @ 15%
- A$519M
- Post-tax Internal Rate of Return (IRR)
- 48%
- Payback period (from first capital deployment)
- ≈ 3.9 years (47 months)
- Maximum cumulative cash drawdown
- A$394.5M
- Months to maximum cash drawdown
- 24 months
- Total pre-production capital cost
- A$436.1M
- Total sustaining capital cost (life of mine)
- A$113.0M
- Steady-state production rate
- 750 ktpa (from 500 ktpa in the 2022 PFS)
- Production life
- ≈ 10 years steady state (2030–2039); 12-year project life including construction and ramp-up (2028–2039)
Where things stand
The path to the BFS.
Castile has completed an updated Pre-Feasibility Study and a concurrent Scoping Study on Rover 1, released June 2026. Both now underpin the Bankable Feasibility Study due in the second half of 2026.
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Dec 2022
Pre-Feasibility Study complete
Rover 1 modelled as a 500 ktpa underground operation producing four downstream products.
-
Apr 2023
Major Project Status
Awarded by the Northern Territory Government, with MASDP land allocation in Darwin for downstream refining.
-
Oct 2025
41% Mineral Resource uplift
Updated JORC 2012 MRE: 7.86 Mt for 341.3 koz Au, 97.4 kt Cu, 8,900 t Bi and 5,200 t Co.
-
Feb 2026
A$8.4M placement
76.4 million shares issued at A$0.11 to advance Rover 1 toward development.
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Jun 2026
Updated PFS and Scoping Study
Updated Pre-Feasibility Study with a concurrent Scoping Study values Rover 1 NPV (8%) at A$1.6B pre-tax with project life revenues of A$7.1B.
-
H2 2026
Bankable Feasibility Study
BFS built on the updated Pre-Feasibility and Scoping Studies, to be released in the second half of 2026.
For investors
Latest from the company.
Castile releases material developments through the ASX. The full announcement history, plus reports and presentations, sits in the Investor section.
- Market cap
- ~A$38M
- Cash at bank
- A$9.8M
- Shares on issue
- 381M
A$0.10 share price
31 March 2026
FPO