Castle Minerals Limited has secured $4 million in new funding through a placement priced at $0.075 per share, providing the capital required to advance exploration at its flagship Nielle gold project in Côte d'Ivoire.

The placement was priced at a 4.7% premium to the 15-day volume-weighted average price and is being executed across two tranches. Tranche 1 will raise $2.865 million using the company's existing placement capacity, with settlement expected on 4 September 2026 and ordinary trading of the new shares scheduled to commence on 7 September 2026. Tranche 2 is set to raise $1.21 million, including a $75,000 commitment from company directors, and remains subject to shareholder approval at a general meeting anticipated in mid-October 2026.

Proceeds from the financing will fund the acquisition settlement for Nielle, initial drilling and technical reviews, and ongoing exploration across Castle's contiguous ~184km² landholding at Meeka South in Western Australia's Murchison Gold District, which incorporates the Polelle, Wanganui, and Meekasan projects.

The company acquired its interest in Nielle in May 2026, establishing a foothold in a West African gold belt situated about 50km north of the Tongon gold mine. Castle has since received a complete historical exploration dataset reflecting over US$3 million in prior expenditure across a 4.5km mineralised corridor.

The permit application for Nielle remains subject to formal approval by the Côte d'Ivoire Ministry of Mines, Petroleum and Energy, which serves as a key condition for completing the acquisition and starting planned drilling programs.

“Most juniors spend their first two field seasons and their first few million dollars getting to where Nielle already sits. The historical dataset hands us more than US$3 million of exploration we don't have to repeat, including drilling, geochemistry and geology across a 4.5km mineralised gold cor- ridor. Our job now is to turn that work into drill targets.

What makes this more than a data exercise is the people. Members of our team worked this ground previously and have waited years for the chance to get back onto it. We are not starting from scratch technically or on the ground, and that means we can move the moment the licence is granted.”

— Steve Zaninovich, Managing Director

With the placement completed, Castle holds approximately $5 million in gross available cash to support its operational schedule and corporate initiatives, while also pursuing portfolio optimisation in Ghana following the expiry of exclusivity on a proposed transaction.

Read the full announcement: $4M Placement to Advance High-Grade Nielle Gold Project