# CDT: 2026 Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cdt-2026-annual-report-to-shareholders--36ba09c0-3afa-4e05-a292-cc418beb4a5f Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145703 Publisher: asx Original announcement: 2026-09-29T22:17:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T23:37:48.675Z Atlas analysis updated: 2026-09-29T23:37:48.675Z - 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 Narrative sentiment: -0.10 · Bearish ## Minestarters Atlas 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 factor: Strategic shift to focused gold exploration - Positive factor: Acquisition of Nielle Gold Project as flagship - Positive factor: JORC compliant resource estimate maintained - Negative factor: Unchanged resource estimate indicates no new growth - Negative factor: Historical drill results re-released with no new assays - Negative factor: 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 Update** Polarity: neutral Definition: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Disclosed** Polarity: positive Definition: 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 Estimate** Polarity: negative Definition: 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-release** Polarity: negative Definition: 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-release** Polarity: negative Definition: 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 Intercept** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 1 [Link to this fact](https://atlas-staging.minestarters.com/news/cdt-2026-annual-report-to-shareholders--36ba09c0-3afa-4e05-a292-cc418beb4a5f#fact-drill-facts-2) Wanganui · gold Historical result Needs review: drill\_no\_hole\_id #### 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 factor: High gold grade \(exceptional\) - Positive factor: Confirms historical high-grade mineralization - Negative factor: Result is historical and not new - Negative factor: Narrow intercept length Evidence · text > 3m at 18.66g/t Au from 62m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/cdt-2026-annual-report-to-shareholders--36ba09c0-3afa-4e05-a292-cc418beb4a5f#fact-drill-facts-3) Bundi Prospect · gold Historical result Needs review: drill\_no\_hole\_id #### 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 factor: Moderate gold grade over a good width - Positive factor: Confirms continuity of mineralization - Negative factor: Result is historical and not new Evidence · text > 18m at 1.22g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/cdt-2026-annual-report-to-shareholders--36ba09c0-3afa-4e05-a292-cc418beb4a5f#fact-drill-facts-4) Bundi Prospect · gold Historical result Needs review: drill\_no\_hole\_id #### 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 factor: Strong gold grade over a moderate width - Positive factor: Confirms continuity of mineralization - Negative factor: Result is historical and not new Evidence · text > 7m at 3.26g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: 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) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cdt-2026-annual-report-to-shareholders--36ba09c0-3afa-4e05-a292-cc418beb4a5f#fact-resource-facts-0) Kambale Graphite Project · graphite Historical result Needs review: historical\_restatement #### 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 factor: Indicated category provides reasonable geological confidence - Positive factor: Good grade for graphite resource - Positive factor: JORC 2012 compliant and QP signed - Negative factor: Estimate is unchanged from prior year, indicating no new growth Evidence · table > 9,556 Context: 8.8% #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cdt-2026-annual-report-to-shareholders--36ba09c0-3afa-4e05-a292-cc418beb4a5f#fact-resource-facts-1) Kambale Graphite Project · graphite Historical result Needs review: historical\_restatement #### 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 factor: Adds significant tonnage to the resource base - Positive factor: Good grade for graphite resource - Positive factor: JORC 2012 compliant and QP signed - Negative factor: Inferred category has lower geological confidence - Negative factor: Estimate is unchanged from prior year, indicating no new growth Evidence · table > 12,872 Context: 8.5% #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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.