CDT: 2026 Annual Report to shareholders
Original announcement by asx on
- Company
- Castle Minerals Limited
- Ticker
- CDT
- Exchange
- ASX
- Region
- Unavailable
- Primary commodity
- Gold
- Secondary commodities
- Graphite
- Document categories
- Drill results, Resource update, Other
- Extracted
- 2026-09-29 23:37:49 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Castle Minerals Limited's 2026 Annual Report details corporate activities, financial performance, and exploration updates. The company reported a net loss and received an auditor's going concern note, but successfully completed a capital raise. The report includes an unchanged JORC (2012) Mineral Resource Estimate for the Kambale Graphite Project, showing 9.56 Mt at 8.8% TGC Indicated and 12.87 Mt at 8.5% TGC Inferred. It also references historical gold drill results from the Wanganui Gold Project (3m at 18.66 g/t Au) and the Bundi Prospect (18m at 1.22 g/t Au and 7m at 3.26 g/t Au).
Reasoning: The document is a routine annual report. While it highlights strategic shifts and project acquisitions, the reported resource estimate is unchanged and the drill results are historical, indicating low novelty in operational outcomes. Financial performance shows a loss and a going concern note, partially offset by a capital raise.
Positive factors
- Strategic shift to focused gold exploration
- Acquisition of Nielle Gold Project as flagship
- JORC compliant resource estimate maintained
Negative factors
- Unchanged resource estimate indicates no new growth
- Historical drill results re-released with no new assays
- Company reported a net loss and auditor's going concern note
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 5
Classification and evidence
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document includes a dedicated 'Mineral Resources and Ore Reserves Statement' for the Kambale Graphite Project.
Evidence · text
“Mineral Resources and Ore Reserves Statement”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Kambale Graphite Mineral Resource Estimate is explicitly stated as compliant with the JORC Code (2012).
Evidence · text
“Castle updated its JORC Code (2012) Mineral Resource Estimate at the Kambale Graphite Project”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The resource estimate is signed off by Mr Stephen Stone and Dr Allan John Parker, both stated as Competent Persons under JORC Code (2012).
Evidence · text
“Mr Stephen Stone... 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’. ... Dr Allan John Parker... to qualify as a Competent Person as defined by the JORC code, 2012.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The Kambale Graphite Mineral Resource Estimate explicitly states a '5% TGC cut-off'.
Evidence · text
“Table 2: Graphite Mineral Resource Estimates (5% TGC cut-off)”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The Kambale Graphite estimate is stated as 'unchanged from 30 June 2025' and refers to an original update date of '23 October 2023', making it over two years old.
Evidence · text
“The Kambale estimate is unchanged from 30 June 2025. Castle updated its JORC Code (2012) Mineral Resource Estimate at the Kambale Graphite Project on 23 October 2023”
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: The drill results for Wanganui and Bundi are explicitly referred to as 'Historical drilling' and 'physically completed in the previous reporting period' with references to prior ASX announcements.
Evidence · text
“Historical drilling at Wanganui has demonstrated high-grade gold mineralisation, including 3m at 18.66g/t Au from 62m (refer to ASX Announcement on 19 August 2020 titled ‘Drilling Confirms High-Grade Primary Gold Below Shallow Pits at Wanganui’).”
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: The drill results for Wanganui and Bundi are explicitly referred to as 'Historical drilling' and 'physically completed in the previous reporting period' with references to prior ASX announcements.
Evidence · text
“assays from RC drilling that was physically completed in the previous reporting period, confirmed continuity of mineralisation, including 18m at 1.22g/t Au and 7m at 3.26g/t Au (refer to ASX Announcement on 3 July 2025 titled ‘Strong Gold Hits at Bundi Prospect, Ghana’)”
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: The 18.66 g/t Au grade at Wanganui is well above the 5 g/t gold exceptional threshold for orogenic deposits.
Evidence · text
“18.66g/t Au”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: A significant portion of the Kambale Graphite resource (12.87 Mt) is classified as Inferred, which is a speculative category.
Evidence · text
“Inferred 12,872 1,096 8.5%”
Extracted facts
Stored fact records: 5. Some facts used in scoring do not have a stored record.
Drill Results (3)
Fact 1Wanganui · goldGrade: 18.66Grade Unit: g/tIntercept: 3 mHistorical resultNeeds review: drill_no_hole_idView all detailsHide details
Identity
- Project
- Wanganui
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- CDT
Geometry
- Grade
- 18.66
- Grade Unit
- g/t
- Intercept
- 3 m
- From
- 62 m
- To
- 65 m
- Intercept Depth
- 62 m
Classification
- Sample Type
- drill
- Group ID
- Wanganui:62-65
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- drill_no_hole_id
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2020-08-19T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This is a high-grade historical gold intercept, but its re-release without new information means it has no novelty. The narrow width also limits its immediate materiality.
Positive factors
- High gold grade (exceptional)
- Confirms historical high-grade mineralization
Negative factors
- Result is historical and not new
- Narrow intercept length
Evidence · text
“3m at 18.66g/t Au from 62m”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
Fact 2Bundi Prospect · goldGrade: 1.22Grade Unit: g/tIntercept: 18 mHistorical resultNeeds review: drill_no_hole_idView all detailsHide details
Identity
- Project
- Bundi Prospect
- Commodity
- gold
- Region
- ghana
- Reported Region
- ghana
- Ticker
- CDT
Geometry
- Grade
- 1.22
- Grade Unit
- g/t
- Intercept
- 18 m
Classification
- Sample Type
- drill
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- drill_no_hole_id
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2025-07-03T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This historical intercept shows moderate gold grades over a reasonable width, confirming continuity. However, as a re-released historical result, it lacks novelty.
Positive factors
- Moderate gold grade over a good width
- Confirms continuity of mineralization
Negative factors
- Result is historical and not new
Evidence · text
“18m at 1.22g/t Au”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
Fact 3Bundi Prospect · goldGrade: 3.26Grade Unit: g/tIntercept: 7 mHistorical resultNeeds review: drill_no_hole_idView all detailsHide details
Identity
- Project
- Bundi Prospect
- Commodity
- gold
- Region
- ghana
- Reported Region
- ghana
- Ticker
- CDT
Geometry
- Grade
- 3.26
- Grade Unit
- g/t
- Intercept
- 7 m
Classification
- Sample Type
- drill
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- drill_no_hole_id
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2025-07-03T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This historical intercept shows strong gold grades over a moderate width, confirming continuity. However, as a re-released historical result, it lacks novelty.
Positive factors
- Strong gold grade over a moderate width
- Confirms continuity of mineralization
Negative factors
- Result is historical and not new
Evidence · text
“7m at 3.26g/t Au”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
Resource Estimates (2)
indicatedKambale Graphite Project · graphiteTonnes: 9556000Grade: 8.8Grade Unit: %Contained Metal: 843Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kambale Graphite Project
- Commodity
- graphite
- Region
- ghana
- Reported Region
- Ghana
- Ticker
- CDT
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Stephen Stone, Allan John Parker
- Resource group id
- resource:6d084f69059ada55dac5
- Deposit or zone
- Kambale
Resource Data
- Category
- indicated
- Tonnes
- 9556000
- Grade
- 8.8
- Grade Unit
- %
- Contained Metal
- 843
- Contained Unit
- kt
- Cutoff Grade
- 5
- Cutoff Unit
- % TGC
Prior Estimate
- Resource Date
- 2023-10-23
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-10-23T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This Indicated resource provides a solid foundation for the project, with a good grade and JORC compliance. However, its unchanged status from the prior year limits its novelty.
Positive factors
- Indicated category provides reasonable geological confidence
- Good grade for graphite resource
- JORC 2012 compliant and QP signed
Negative factors
- Estimate is unchanged from prior year, indicating no new growth
Evidence · table
“9,556”
Context: 8.8%
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.9 years before this release
inferredKambale Graphite Project · graphiteTonnes: 12872000Grade: 8.5Grade Unit: %Contained Metal: 1096Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kambale Graphite Project
- Commodity
- graphite
- Region
- ghana
- Reported Region
- Ghana
- Ticker
- CDT
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Stephen Stone, Allan John Parker
- Resource group id
- resource:a1bd26ecc92a9b371d3b
- Deposit or zone
- Kambale
Resource Data
- Category
- inferred
- Tonnes
- 12872000
- Grade
- 8.5
- Grade Unit
- %
- Contained Metal
- 1096
- Contained Unit
- kt
- Cutoff Grade
- 5
- Cutoff Unit
- % TGC
Prior Estimate
- Resource Date
- 2023-10-23
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-10-23T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This Inferred resource contributes to the overall scale of the project with a good grade and JORC compliance. Its unchanged status and lower confidence category reduce its novelty and immediate impact.
Positive factors
- Adds significant tonnage to the resource base
- Good grade for graphite resource
- JORC 2012 compliant and QP signed
Negative factors
- Inferred category has lower geological confidence
- Estimate is unchanged from prior year, indicating no new growth
Evidence · table
“12,872”
Context: 8.5%
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.9 years before this release
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.