Picture of Castillo Copper logo

CCZ Castillo Copper News Story

0.000.00%
au flag iconLast trade - 00:00
Basic MaterialsHighly SpeculativeMicro CapNeutral

REG - Castillo Copper Ltd - March 2023 Quarterly Activities Report

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230426:nRSZ5104Xa&default-theme=true

RNS Number : 5104X  Castillo Copper Limited  26 April 2023

26 April 2023

 

CASTILLO COPPER LIMITED

("Castillo", or the "Company")

 

 

March 2023 Quarterly Activities Report

 

Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily
focused on copper across Australia and Zambia, is pleased to present
shareholders its latest quarterly report for the period 1 January to 31 March
2023

 

HIGHLIGHTS:

EAST ZONE, BHA PROJECT, NEW SOUTH WALES

·    Diamond core assays from the Tors Tank Prospect boosts confidence in
the shallow, clay-hosted, rare-earth element ("REE") discovery, with the best
intercept:

o 13m @ 1,550ppm Total Rare Earth Oxides ("TREO") from 5m(1)

NWQ COPPER PROJECT, QUEENSLAND

·    Geology team will be undertaking site visits to several prospects -
including Big One, Arya and Valparaisa - during 1H 2023, to identify new drill
targets(1)

·    Entech Mining to undertake a pit optimisation and mine design study
for the Big One Deposit(1)

CANGAI COPPER MINE, NEW SOUTH WALES

·    The Board approved plans to update and enhance the confidence in the
2017 inferred JORC MRE(1)

 

ACTIVITIES REPORT

An overview of key events follows:

DEVELOPMENT WORK

Castillo has four properties comprising the NWQ Copper Project in Mt Isa's
copper-belt, the BHA Project near Broken Hill's world class silver-zinc-lead
deposit in NSW, the historic Cangai Copper Mine and four assets across
Zambia's copper-belt.

East Zone, BHA Project, NSW

On 15 February 2023, Castillo announced the assay results for diamond core
from TT_005DD (Figure 1) - undertaken at the Tors Tank Prospect which
significantly boosts confidence in the shallow, clay-hosted, rare-earth
element discovery, with the best intercept:

·    13m @ 1,550ppm Total Rare Earth Oxides from 5m(1)

 

FIGURE 1: TORS TANK DIAMOND CORE FROM 5.3-11.8M (TT_OO5DD)

Source: CCZ geology team

Notably, high value Magnetic REO (Nd+Pr+Dy+Tb) represented an exceptional
38.9% of the TREO grade vs 25% peer average(1).

Re-assays of 4m composite samples at Tors Tank & Fence Gossan to 1m
provided greater clarity on the underlying geology, whilst delivering further
evidence of an extensive, shallow REE mineralisation system - the best
intercepts comprise:

·    17m @ 1,605ppm TREO from 2m and 1m @ 3,236 TREO from 19m (FG_003RC)

·    10m @ 1,013ppm TREO from 49m (FG_001RC)

·    6m @ 1,480ppm TREO from 7m (FG_004RC)

·    5m @ 1,598ppm TREO from 14m (TT_002RC)

·    4m @ 1,342ppm TREO from 28m (FG_004RC)

·    2m @ 3,491ppm TREO from 15m (TT_003RC)(1)

Assays for circa 70% of the recent hand auger surface sampling campaign across
Fence Gossan delineated a sizeable 4.5km(2) anomalous area for REE
mineralisation. Notably, a preliminary interpretation suggests there are
several more prime targets to test-drill that could potentially extend known
mineralisation between the Fence Gossan and Tors Tank Prospects(1).

On 28 February, Castillo announced preliminary metallurgical test-work on a
20m composite sample from the Fence Gossan Prospect (FG_003RC) delivered
encouraging results, with clays - subjected to froth flotation - obtaining up
to 2-3 times REE enrichment from the head grade at up to 70% recovery. These
findings confirm REEs can be readily separated from clay within the East Zone
discovery area.

To acquire a deeper understanding of the potential to extract
REE-mineralisation from clays in the East Zone discovery area, the Board has
approved the appointment of a specialist consultancy to conduct an in-depth
metallurgy test-work program. Once completed and interpreted, the results from
this program will be key to securing interest from potential off-take partners
and providing a path to market.

NWQ Copper Project, Queensland

On 23 January 2023, Castillo announced that following a review of prospects at
the NWQ Copper Project (Mt Isa copper-belt), Castillo's geology team will be
undertaking site visits to several prospects - including Big One, Arya and
Valparaisa - during 1H 2023, to identify new drill targets(1).

The initial focus will be on the Big One, which has an inferred MRE of 2.1Mt @
1.1% Cu for 21,886t copper metal post-two drilling campaigns across 2020-21.
Moreover, factoring in a large conductor north of the line of lode, plus
reconciling available geophysics and geochemical data, Castillo's geological
consultant has set an Exploration Target that ranges from 2-6Mt @ 0.6-1.0% Cu
for 12-60kt copper metal(1).

Cautionary Statement: It should be noted that the Exploration Target tonnage
range quoted above are conceptual in nature and there has been insufficient
exploration to define a copper resource. Although a preliminary analysis was
undertaken, insufficient data exists to confidently correlate mineralised
horizons within the Exploration Target area. It is uncertain whether further
exploration may lead to the reporting of a JORC-standard resource, however,
there is some evidence to support the current exploration tonnage
calculations, and the sufficient mineralised thicknesses interpreted from
historical drilling to warrant further investigation in some areas.

The Valparaisa Prospect comprises copper mineralisation across two horizons
over a 6km strike event, with the interaction of two intersecting faults
suggesting a structurally controlled copper system that can potentially be
drill-tested(1).

At the Arya Prospect, there is a significant magnetic anomaly, south of a
known graphite system (test drilled in late 2021), that shows potential to be
a primary source of copper mineralisation(1).

On 20 February 2023, Castillo's Board approved plans to assess optimising the
Big One Deposit via implementing the following:

·    Commissioning an independent engineering contractor to conduct a pit
optimisation study on the viability of commencing copper mining operations,
utilising prospective third-party processors and effective path to market.

·    Re-formulating optimal plans for a third drilling campaign and
companion geophysical surveys to extend known mineralisation beyond the line
of lode.

To recap, the Big One Deposit has an inferred MRE at 2.1Mt @ 1.1% Cu for
21,886t(1) copper metal - with best intercepts comprising:

·    40m @ 1.64% Cu from surface incl: 11m @ 4.40% Cu from 24m, 5m @ 7.34%
Cu from 28m & 1m @ 16.65% Cu from 29m (303RC)

·    44m @ 1.19% Cu from surface incl: 14m @ 3.55% Cu from 27m, 3m @
10.88% Cu from 37m & 1m @ 12.6% Cu from 37m (301RC)

·    34m @ 1.51% Cu from surface incl: 21m @ 2.25% Cu from surface, 12m @
3.44% Cu from 3m, 6m @ 4.79% Cu from 3m and 1m @ 9.4% Cu from 9m (B0017)(1)

Post upcoming site visits to several prospects - including Arya, Valparaisa,
Boomerang and Josephine - the Board will rank the exploration potential then
present the opportunity to prospective development partners in the Mt Isa
region.

On 28 March 2023, Castillo appointed Entech Mining to undertake a pit
optimisation and mine design study for the Big One Deposit. If the findings
are positive, then next steps comprise determining the optimal path to market
and effective use of third-party processors.

Concurrently, work can focus on capitalising on Big One Deposit's exploration
potential via drill-testing known targets north of the line of lode.

Cangai Copper Mine
On 9 March 2023, following a recent site visit to Cangai Copper Mine (one of Australia's highest grading historic copper mines) by geologist and director David Drakeley, the Board approved plans to update and enhance the confidence in the 2017 inferred JORC MRE - 107,589t contained copper metal (3.2Mt @ 3.35%)(1).
Considerable drilling work post-2017, which includes 34 RC drill-holes for a total of circa 5,000m will be factored into the updated geological model - the best intercepts from these campaigns comprised:

·    11m @ 5.94% Cu; 2.45% Zn & 19.13g/t Ag from 40m including:

o  3m @ 8.1% Cu; 2.84% Zn & 23.42g/t Ag from 41m
o  1m @ 10.25% Cu; 1.68% Zn & 32.50g/t Ag from 48m
o  1m @ 7.53% Cu; 6.04% Zn & 30.60g/t Ag from 50m (CC0023R)(1)

·    5m @ 1.56% Cu, 4.43g/t Ag & 0.4% Zn from 92m including:

o  3m @ 2.22% Cu, 6.38g/t Ag & 0.60% Zn (CC004RC)(1)

·    4.39m @ 5.06% Cu, 2.56% Zn and 20.1 g/t Ag from 49.9m (CC0036D)(1)

Furthermore, the model will factor in bulk sampling done on several historic stockpiles (which should support a higher confidence Indicated MRE), drone topographic survey and re-positioned mine workings that are accurately georeferenced.
Pleasingly, the Cangai Copper Mine still delivers material exploration potential as six down-hole electro-magnetic surveys identified two untested off-hole bedrock conductors interpreted to be open at depth(1).
Zambia Copper Projects

Other than tenement management activities, no further work was undertaken on
the Zambia assets during the review period.

CORPORATE

Board changes: On 30 January 2023, Castillo announced two new additions to the
Board, as Non-Executive Directors(1) -

o  Mr David Drakeley BSc (Hons), an experienced field geologist who has
worked as point on Castillo's drilling campaigns in Broken Hill and
Queensland, will oversee designing and implementing all future exploratory
work across the group's portfolio.

o  Mr Jack Sedgwick BEng BCom MBA (Distinction) GAICD, a hands-on corporate
strategist / business improvement specialist with blue-chip experience across
the mining / energy sectors (including working on Rio Tinto's iron ore
expansion projects), will oversee portfolio optimisation and the group's
finances.

POST PERIOD EVENT

Magnetic Rare Earth Oxide ("MREO") focused metallurgical test-work underway by
ANSTO: On 13 April 2023, Castillo appointed specialist consultant ANSTO to
undertake comprehensive metallurgical test-work on six samples from Fence
Gossan, Reefs and Tors Tanks Prospects to understand the potential to extract
REE from shallow clay zones. The scope of work will focus on characterising
REE leachability from the six samples which comprise fresh pegmatite to highly
weathered clay, especially with Magnetic Rare Earth Oxide grades ranging from
362-603ppm.

Note, this is an important step towards advancing the viability of the BHA
Project's East Zone REE potential and securing interest from prospective
development partners, especially given the extent of high-value MREO
(Nd+Pr+Dy+Tb) within the system.

PAYMENTS TO, OR TO AN ASSOCIATE OF, A RELATED PARTY OF THE ENTITY DURING THE QUARTER

$119,000 was paid to related parties of Castillo relating to executive
director salary and non-executive director fees.

SUMMARY OF THE EXPLORATION EXPENDITURE INCURRED DURING THE QUARTER

                       Consulting fees  Rates and mines departments fees
 Cangai                $74,000          -
 Broken Hill Alliance  $145,000         -
 Mt Isa                $82,000          $12,000
 Zambia                $17,000          $1,000
 Total                 $318,000         $13,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For further information, please contact:

 

 Castillo Copper Limited                                             +61 8 6558 0886 
 Dr Dennis Jensen (Australia), Managing Director                      

 Gerrard Hall (UK), Chairman 
                                                                      
 SI Capital Limited (Financial Adviser and Corporate Broker)         +44 (0)1483 413500 
 Nick Emerson                                                          
                                                                       
 Gracechurch Group (Financial PR)                                    +44 (0)20 4582 3500
 Harry Chathli, Alexis Gore, Henry Gamble                             

 

About Castillo Copper

 

Castillo Copper Limited is an Australian-based explorer primarily focused on
copper across Australia and Zambia. The group is embarking on a strategic
transformation to morph into a mid-tier copper group underpinned by its core
projects: 

 

·    A large footprint in the Mt Isa copper-belt district, north-west
Queensland, which delivers significant exploration upside through having
several high-grade targets and a sizeable untested anomaly within its
boundaries in a copper-rich region. 

·    Four high-quality prospective assets across Zambia's copper-belt
which is the second largest copper producer in Africa. 

·    A large tenure footprint proximal to Broken Hill's world-class
deposit that is prospective for zinc-silver-lead-copper-gold and platinoids.
 

·    Cangai Copper Mine in northern New South Wales, which is one of
Australia's highest grading historic copper mines. 

 

The group is listed on the LSE and ASX under the ticker "CCZ." 

 

References

1)        Note - All information referenced is from CCZ ASX Releases,
as dated in text, from 1 January 2022 to 28 April 2022 inclusive

 

Competent Person's Statements

The information in this report that relates to Exploration Results for "BHA
Project" is based on information compiled or reviewed by Mr Mark Biggs. Mr
Biggs is a director of ROM Resources, a company which is a shareholder of
Castillo Copper Limited. ROM Resources provides ad hoc geological consultancy
services to Castillo Copper Limited. Mr Biggs is a member of the Australian
Institute of Mining and Metallurgy (member #107188) and has sufficient
experience of relevance to the styles of mineralisation and types of deposits
under consideration, and to the activities undertaken, to qualify as a
Competent Person as defined in the 2012 Edition of the Joint Ore Reserves
Committee (JORC) Australasian Code for Reporting of Exploration Results, and
Mineral Resources. Mr Biggs holds an AusIMM Online Course Certificate in 2012
JORC Code Reporting. Further, Mr Biggs consents to the inclusion in this
report of the matters based on information in the form and context in which it
appears.

The information in this report that relates to Exploration Results and Mineral
Resource Estimates for "Cangai Copper Mine" is based on information compiled
or reviewed by Mr Mark Biggs.  Mr Biggs is a director of ROM Resources, a
company which is a shareholder of Castillo Copper Limited.  ROM Resources
provides ad hoc geological consultancy services to Castillo Copper Limited.
Mr Biggs is a member of the Australian Institute of Mining and Metallurgy
(member #107188) and has sufficient experience of relevance to the styles of
mineralisation and types of deposits under consideration, and to the
activities undertaken, to qualify as a Competent Person as defined in the 2012
Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for
Reporting of Exploration Results, and Mineral Resources. Mr Biggs holds an
AusIMM Online Course Certificate in 2012 JORC Code Reporting.  Mr Biggs also
consents to the inclusion in this report of the matters based on information
in the form and context in which it appears.

The information in this announcement that relates to exploration results is
based on and fairly represents information reviewed or compiled by Mr Matt
Bull, a Competent Person who is a member of the Australian Institute of
Geoscientists. Mr Bull is a Consultant of Castillo Copper Limited. Mr Bull has
sufficient experience that is relevant to the styles of mineralisation and
types of deposit under consideration and to the activity being undertaken to
qualify as a Competent Person as defined in the 2012 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves". Mr Bull has provided his prior written consent to the inclusion
in this announcement of the matters based on information in the form and
context in which it appears.

The information in this report that relates to Exploration Results for "NWQ
Copper Project" is based on information compiled or reviewed by Mr Mark Biggs.
Mr Biggs is a director of ROM Resources, a company which is a shareholder of
Castillo Copper Limited. ROM Resources provides ad hoc geological consultancy
services to Castillo Copper Limited. Mr Biggs is a member of the Australian
Institute of Mining and Metallurgy (member #107188) and has sufficient
experience of relevance to the styles of mineralisation and types of deposits
under consideration, and to the activities undertaken, to qualify as a
Competent Person as defined in the 2012 Edition of the Joint Ore Reserves
Committee (JORC) Australasian Code for Reporting of Exploration Results, and
Mineral Resources. Mr Biggs holds an AusIMM Online Course Certificate in 2012
JORC Code Reporting. Further, Mr Biggs consents to the inclusion in this
report of the matters based on information in the form and context in which it
appears.

 

APPENDIX A: KEY PROJECTS

FIGURE A1: WEST AND EAST ZONE - BHA PROJECT, BROKEN HILL REGION

Source: CCZ geology team

FIGURE A2: ZAMBIA COPPER-BELT PROJECTS

Source: CCZ geology team

FIGURE A3: NWQ COPPER PROJECT, MT ISA REGION

Source: CCZ geology team

 

 

 

 

APPENDIX B: INTEREST IN MINING TENEMENTS HELD

 

 JACKADERRY (CANGAI)
 New England Orogen in NSW
 Tenement ID  Ownership at start of Quarter  Ownership at end of Quarter  Change during the Quarter
 EL8635       100%                           100%                         -
 EL8625       100%                           100%                         -
 EL8601       100%                           100%                         -

 

 BROKEN HILL
 located within a 20km radius of Broken Hill, NSW
 Tenement ID  Ownership at start of Quarter  Ownership at end of Quarter  Change during the Quarter
 EL8599       100%                           100%                         -
 EL8572       100%                           100%                         -
 EL 8434      100%                           100%                         -
 EL 8435      100%                           100%                         -

 

 MT OXIDE
 Mt Isa region, northwest Queensland
 Tenement ID  Ownership at start of Quarter  Ownership at end of Quarter  Change during the Quarter
 EPM 26513    100%                           100%                         -
 EPM 26525    100%                           100%                         -
 EPM 26574    100%                           100%                         -
 EPM 26462    100%                           100%                         -
 EPM 27440    100%                           100%                         -

 

 ZAMBIA
 Project        Tenement ID   Ownership at start of Quarter  Ownership at end of Quarter  Change during the Quarter
 Lumwana North  23914-HQ-SEL  100%                           100%                         -
 Lumwana South  23913-HQ-SEL  100%                           100%                         -
 Mkushi         24659-HQ-LEL  100%                           100%                         -
 Luanshya *     22448-HQ-LEL  -                              -                            -
 Luanshya       25195-HQ-LEL  55%                            55%                          -
 Luanshya       25273-HQ-LEL  55%                            55%                          -
 Mwansa         25261-HQ-LEL  100%                           100%                         -

*       CCZ can earn up to 80% by meeting previously disclosed milestones

 

 

 

 

 

 

 

Appendix 5B
Mining exploration entity or oil and gas exploration entity

quarterly cash flow report
 Name of entity
 Castillo Copper Ltd
 ABN                 Quarter ended ("current quarter")
 52 137 606 476      31 March 2023

 

 Consolidated statement of cash flows                                                               Current quarter  Year to date (9 months)

$A'000
$A'000
 1.                   Cash flows from operating activities
 1.1                  Receipts from customers
 1.2                  Payments for
                      (a)   exploration & evaluation
                      (b)   development
                      (c)   production
                      (d)   staff costs
                      (e)   administration and corporate costs                                      (150)            (875)
 1.3                  Dividends received (see note 3)
 1.4                  Interest received                                                             7                10
 1.5                  Interest and other costs of finance paid
 1.6                  Income taxes paid
 1.7                  Government grants and tax incentives
 1.8                  Other (provide details if material)
 1.9                  Net cash from / (used in) operating activities                                (143)            (865)

 2.                   Cash flows from investing activities
 2.1                  Payments to acquire or for:
                      (a)   entities
                      (b)   tenements
                      (c)   property, plant and equipment
                      (d)   exploration & evaluation                                                (331)            (1,454)
                      (e)   investments
                      (f)    other non-current assets                                               -                (82)
 2.2                  Proceeds from the disposal of:
                      (a)   entities
                      (b)   tenements
                      (c)   property, plant and equipment
                      (d)   investments
                      (e)   other non-current assets
 2.3                  Cash flows from loans to other entities
 2.4                  Dividends received (see note 3)
 2.5                  Other (provide details if material)
 2.6                  Net cash from / (used in) investing activities                                (331)            (1,536)

 3.                   Cash flows from financing activities
 3.1                  Proceeds from issues of equity securities (excluding convertible debt
                      securities)
 3.2                  Proceeds from issue of convertible debt securities
 3.3                  Proceeds from exercise of options
 3.4                  Transaction costs related to issues of equity securities or convertible debt
                      securities
 3.5                  Proceeds from borrowings
 3.6                  Repayment of borrowings
 3.7                  Transaction costs related to loans and borrowings
 3.8                  Dividends paid
 3.9                  Other (provide details if material)
 3.10                 Net cash from / (used in) financing activities                                -                -

 4.                   Net increase / (decrease) in cash and cash equivalents for the period
 4.1                  Cash and cash equivalents at beginning of period                              3,848            5,754
 4.2                  Net cash from / (used in) operating activities (item 1.9 above)               (143)            (865)
 4.3                  Net cash from / (used in) investing activities (item 2.6 above)               (331)            (1,536)
 4.4                  Net cash from / (used in) financing activities (item 3.10 above)              -                -
 4.5                  Effect of movement in exchange rates on cash held                             (42)             (21)
 4.6                  Cash and cash equivalents at end of period                                    3,332            3,332

 

 5.   Reconciliation of cash and cash equivalents                                                                             Current quarter  Previous quarter
      at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts
$A'000
$A'000
 5.1  Bank balances                                                                                                           3,240            3,756
 5.2  Call deposits                                                                                                           92               92
 5.3  Bank overdrafts
 5.4  Other (provide details)
 5.5  Cash and cash equivalents at end of quarter (should equal item 4.6 above)                                               3,332            3,848

 
 6.   Payments to related parties of the entity and their associates                 Current quarter

$A'000
 6.1  Aggregate amount of payments to related parties and their associates included  56(1)
      in item 1
 6.2  Aggregate amount of payments to related parties and their associates included  63(2)
      in item 2

 (1)Comprises director's fees for the quarter.

 (2)Comprises consulting fees paid to the Managing Director and exploration
 expenditure paid to Field Crew, a related entity of director David Drakeley.

 

 7.   Financing facilities                                                                              Total facility amount at quarter end  Amount drawn at quarter end
      Note: the term "facility' includes all forms of financing arrangements available to the entity.
$A'000
$A'000
      Add notes as necessary for an understanding of the sources of finance available to the entity.
 7.1  Loan facilities
 7.2  Credit standby arrangements
 7.3  Other (please specify)
 7.4  Total financing facilities

 7.5  Unused financing facilities available at quarter end
 7.6  Include in the box below a description of each facility above, including the
      lender, interest rate, maturity date and whether it is secured or unsecured.
      If any additional financing facilities have been entered into or are proposed
      to be entered into after quarter end, include a note providing details of
      those facilities as well.

 

 8.   Estimated cash available for future operating activities                        $A'000
 8.1  Net cash from / (used in) operating activities (item 1.9)                       (143)
 8.2  (Payments for exploration & evaluation classified as investing activities)      (331)
      (item 2.1(d))
 8.3  Total relevant outgoings (item 8.1 + item 8.2)                                  (474)
 8.4  Cash and cash equivalents at quarter end (item 4.6)                             3,332
 8.5  Unused finance facilities available at quarter end (item 7.5)
 8.6  Total available funding (item 8.4 + item 8.5)                                   3,332

 8.7  Estimated quarters of funding available (item 8.6 divided by item 8.3)          7.0
                                                                                      No
                                                                                      te
                                                                                      :
                                                                                      if
                                                                                      th
                                                                                      e
                                                                                      en
                                                                                      ti
                                                                                      ty
                                                                                      ha
                                                                                      s
                                                                                      re
                                                                                      po
                                                                                      rt
                                                                                      ed
                                                                                      po
                                                                                      si
                                                                                      ti
                                                                                      ve
                                                                                      re
                                                                                      le
                                                                                      va
                                                                                      nt
                                                                                      ou
                                                                                      tg
                                                                                      oi
                                                                                      ng
                                                                                      s
                                                                                      (i
                                                                                      e
                                                                                      a
                                                                                      ne
                                                                                      t
                                                                                      ca
                                                                                      sh
                                                                                      in
                                                                                      fl
                                                                                      ow
                                                                                      )
                                                                                      in
                                                                                      it
                                                                                      em
                                                                                       8
                                                                                      .3
                                                                                      ,
                                                                                      an
                                                                                      sw
                                                                                      er
                                                                                      it
                                                                                      em
                                                                                       8
                                                                                      .7
                                                                                      as
                                                                                      "N
                                                                                      /A
                                                                                      ".
                                                                                      Ot
                                                                                      he
                                                                                      rw
                                                                                      is
                                                                                      e,
                                                                                      a
                                                                                      fi
                                                                                      gu
                                                                                      re
                                                                                      fo
                                                                                      r
                                                                                      th
                                                                                      e
                                                                                      es
                                                                                      ti
                                                                                      ma
                                                                                      te
                                                                                      d
                                                                                      qu
                                                                                      ar
                                                                                      te
                                                                                      rs
                                                                                      of
                                                                                      fu
                                                                                      nd
                                                                                      in
                                                                                      g
                                                                                      av
                                                                                      ai
                                                                                      la
                                                                                      bl
                                                                                      e
                                                                                      mu
                                                                                      st
                                                                                      be
                                                                                      in
                                                                                      cl
                                                                                      ud
                                                                                      ed
                                                                                      in
                                                                                      it
                                                                                      em
                                                                                      8.
                                                                                      7.
 8.8  If item 8.7 is less than 2 quarters, please provide answers to the following
      questions:
      8.8.1     Does the entity expect that it will continue to have the current
      level of net operating cash flows for the time being and, if not, why not?
      Answer: N/A

      8.8.2     Has the entity taken any steps, or does it propose to take any
      steps, to raise further cash to fund its operations and, if so, what are those
      steps and how likely does it believe that they will be successful?
      Answer: N/A

      8.8.3     Does the entity expect to be able to continue its operations and
      to meet its business objectives and, if so, on what basis?
      Answer: N/A

      Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
      and 8.8.3 above must be answered.

 

Compliance statement

1        This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.

2        This statement gives a true and fair view of the matters
disclosed.

 

 

Date:                26 April 2023

 

 

Authorised by:  The Board of Directors

(Name of body or officer authorising release - see note 4)

 

Notes

1.          This quarterly cash flow report and the accompanying
activity report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and the effect
this has had on its cash position. An entity that wishes to disclose
additional information over and above the minimum required under the Listing
Rules is encouraged to do so.

2.          If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.

3.          Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities, depending
on the accounting policy of the entity.

4.          If this report has been authorised for release to the
market by your board of directors, you can insert here: "By the board". If it
has been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".

5.          If this report has been authorised for release to the
market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLPPUGCCUPWUAQ

Recent news on Castillo Copper

See all news