Castile Resources has published its 2026 Scoping Study for the Rover 1 Project in the Northern Territory, delivering a pre-tax net present value at an eight percent discount rate of A$1,077.1 million and a pre-tax internal rate of return of 56.3% under base case pricing.

The flagship iron-oxide copper-gold asset, located southwest of Tennant Creek, models an initial 11-year mine life. The development plan outlines a two-stage strategy processing 7.27 million tonnes of material at an annual rate of 750,000 tonnes. Stage One involves building an underground mine and a processing plant on site to produce gold, copper, bismuth, cobalt and high-grade magnetite in concentrate. Stage Two will construct a refining facility at the Middle Arm Sustainable Development Precinct in Darwin.

Initial pre-production capital expenditure is estimated at A$171.6 million, with the processing plant accounting for A$98.5 million. Total base case project revenue is projected at A$4.81 billion, generating A$1.94 billion in pre-tax cash flow. The study applies base case commodity assumptions including US$7.50 per pound for copper, US$5,000 per ounce for gold, US$35.00 per pound for bismuth, US$60,000 per tonne for cobalt, and US$210.00 per tonne for magnetite at a 0.70 Australian-to-US dollar exchange rate.

The current economic model incorporates bismuth for the first time following recent testing and a price rise. Final extraction testing for bismuth is scheduled for completion ahead of the Bankable Feasibility Study.

“The results of the Rover 1 Scoping Study show the extraordinary financial impact of having five revenue streams from one mine with the recent addition of bismuth. The added time and work to get the bismuth into this study has paid off with an additional $600M in revenue generation. We have prioritised the completion of the required testing to get this valuable metal into the BFS. The staged approach to the development adds flexibility to our funding strategy and Castile will now begin formal funding negotiations on the strength of this Scoping Study that will be the foundation of the Bankable Feasibility Study due in 2026.”

— Mark Hepburn, Executive Chair & MD

The study includes Inferred Mineral Resources representing approximately 30% of the mine plan. The company noted that the study is preliminary in nature and does not support the estimation of Ore Reserves. Castile raised A$8.4 million in February 2026 through a share placement to advance the definitive study work and has scheduled the release of the Bankable Feasibility Study for later in 2026.

Read the full announcement: 2026 Rover 1 Scoping Study Produces Outstanding Results