Rover 1 Project Video

Castile Resources (ASX: CST) is developing the Rover 1 Project, a high-grade Iron Oxide Copper Gold (IOCG) deposit located in the mineral-rich Tennant Creek region of the Northern Territory, Australia. The Rover 1 Project is poised to produce a range of downstream critical and precious minerals, including gold doré, 99% copper, 99% cobalt, and high-grade 96.5% magnetite.

The Pre-Feasibility Study (PFS), completed on 5 December 2022, models an efficient underground mining operation with a modern 500,000 tonnes per annum (tpa) processing plant, specifically designed to produce high-value gold, copper, cobalt, and magnetite products.

The PFS projects a strong economic outlook, with an initial mine life of over eight years. The Rover 1 PFS highlights compelling economics, with a Pre-Tax Net Present Value (NPV) of A$451.7 million at a 6.5% discount rate and an impressive Internal Rate of Return (IRR) of 46%. Total revenues over the life of the project are expected to reach A$1.94 billion, driven by a robust production profile in high-demand critical minerals. Additionally, the PFS forecasts a pre-tax cash flow of A$1.02 billion and an undiscounted pre-tax net cash flow of A$686 million, reinforcing Rover 1 as a highly profitable venture. Significantly, there is additional upside with today’s higher commodity prices. The current gold price, around A$4,000 per ounce, represents a substantial increase from the A$2,640 per ounce used in the December 2022 PFS. With anticipated annual production of approximately 30,000 ounces, Castile is well-positioned to benefit from the higher gold prices, which will be factored into the Bankable Feasibility Study (BFS) anticipated for Q4 2025. Castile’s Rover 1 Project aligns closely with the Australian Government’s strategy to establish domestic supply chains for critical minerals, supporting the decarbonisation goals outlined in the Net Zero 2050 Paris Agreement. Castile has been featured in the Federal Government’s 2022 and 2023 Critical Minerals Prospectus and was recently included in the Austrade Business Delegation of Australian Critical Minerals Producers and Developers to India in November 2023.

The project was also granted Major Project Status by the Northern Territory Government, underscoring its significant contribution to the region’s economic development.

The video below shows the outstanding results from the 2022 Rover 1 PFS including the proposed mining and processing designs.