REG - Castillo Copper Ltd - Strategic Asset Portfolio Review Underway

Castillo CopperAnnouncement

17/10/2023 07:00

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RNS Number : 3019Q  Castillo Copper Limited  17 October 2023

 
17 October 2023
 
 

CASTILLO COPPER LIMITED

("Castillo" or the "Company")

 

Strategic Asset Portfolio Review Underway

 

Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily
focused on copper across Australia and Zambia, is pleased to provide
shareholders with a corporate update following the first meeting of the
updated Board of Directors.

HIGHLIGHTS

·    Following recent management changes, the Board has commenced a
wholesale strategic asset portfolio review to determine the optimal path in
the current macro environment to create shareholder value

·    A key focus of the portfolio review will be determining which assets
remain core and highly prospective, then optimally allocate capital to
maximise the exploration potential

·    Moreover, a key focus for assets deemed core is to align with
strategic partners that are aiming to develop new copper supply chains

·    The assets which are deemed non-core will be rationalised or sold to
interested third-parties

·    The Board intends to move swiftly with the review and looks forward
to updating the market in due course

 

Ged Hall, Chairman of Castillo Copper, said: "The Board has considerable work
to do progressing the strategic asset portfolio review but believes this is
the right path to maximising shareholder value. The decisions flowing on from
the outcome of this process will be announced in the coming weeks."

 

STRATEGIC ASSET PORTFOLIO REVIEW

 

While the Board believes considerable prospectivity exists within the current
tenement holdings, a strategic asset review has commenced that will assess the
location, timing and sequence of planned exploration activities across the
portfolio.

 

The Board intends to rationalise the existing portfolio of assets across
Zambia and Australia to optimise capital allocation. The assets determined to
be core will be developed through aligning with a strategic partner, while the
non-core assets will be sold to interested third parties or relinquished.

 

CORPORATE

 

The revised responsibilities for the Board members are as follows:

·    Non-Executive Chairman: Gerrard Hall (London)

·    Executive Director: Jack Sedgwick (Perth) - Strategy and Operations

·    Non-Executive Director: David Drakeley (Brisbane) - Geology and Asset
Management

 

For further information, please contact:

 

 Castillo Copper Limited                                             +61 8 6558 0886 
 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, Matthew Piercy                           

 

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." 

 

 

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