Castile Resources Ltd has released an updated scoping study for the 100% owned Rover 1 Project in the Northern Territory, lifting its estimated pre-tax internal rate of return to 59.0% from 56.3% previously reported.

The updated study models an initial 11-year mine life for the iron-oxide copper-gold asset located southwest of Tennant Creek, incorporating a two-stage development pathway. Stage One involves building an underground mine and a 750,000-tonne-per-annum 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.

The evaluation models total payable production across the mine life of 269,000 ounces of gold, 72,200 tonnes of copper, 5,400 tonnes of bismuth, 2,700 tonnes of cobalt, and 1,101,500 tonnes of high-grade magnetite. Total base case project revenue is estimated at A$4.78 billion, generating A$1.95 billion in pre-tax cash flow against pre-production capital expenditure of A$170.5 million. The study delivers a pre-tax net present value at an eight percent discount rate of A$1,067.5 million and a post-tax net present value of A$677.6 million at a 44.6% post-tax internal rate of return.

The revised study marks the first time Castile has included bismuth in its financial model, adding an estimated A$600 million in revenue. Final extraction testing for bismuth is scheduled for completion ahead of the Bankable Feasibility Study due later in 2026. The mine plan incorporates approximately 30% Inferred Mineral Resources, which carry a lower level of geological confidence.

“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.”

— Mark Hepburn, Executive Chair & MD

The company has commenced formal funding negotiations based on the scoping study results. The Bankable Feasibility Study remains on track for completion later in 2026.

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