Castle Minerals Limited advised that an Exploration Target of 16.82 million tons to 50.46 million tons at a grade between 6.74% TGC and 10.40% TGC (Total Graphitic Carbon) has been independently estimated for the Kambale graphite project, Ghana. The estimate was limited to a vertical depth of 100m below surface and highlights that Kambale may have the scale, grade and other attributes to justify its continuing evaluation as a possible producer of a fine flake graphite concentrate that could then be processed for application in the manufacture of electric vehicle battery anodes. A series of sub-parallel lodes over a 2.7km north-south strike and within an up to 500m-wide corridor has been outlined at Kambale with mineralisation remaining open to the north, south and also to depth.

Minimal drill density, rock density and other information determined that a JORC 2012 Mineral Resource estimate could not be undertaken at this stage. A 4-hole diamond core drilling program is underway to provide core samples for Phase 2 test work. This will also provide bulk density and structural information.

A follow-on 31-hole, 2,460m RC drilling program will increase drill density, especially within the higher grade graphitic zones. Combined, these two programs will facilitate a Mineral Resource estimate planned to be delivered around end-Q1 2023, subject to a number of factors including assay turnaround times. Phase 1 test work was conducted on near-surface, trench excavated material where weathering of the graphite and gangue material will have impacted the mineralogy and subsequent bench-scale concentration process.

Whilst this `orientation' test work went relatively well, the weathering profile is observed to extend to a depth of 30-40m below surface and therefore is only partially representative of the deposit. The diamond drill core will be obtained from four locations providing a broader representation of the graphitic schist material and its variability, especially below the weathering profile. Phase 2 test work will comprise a series of beneficiation, flotation and grinding cycles on composited core aimed at producing a quantity of as near-to commercial grade fine flake graphite concentrate as possible.

This concentrate will then be assessed for its ability to be upgraded (micronised, purified, spheronised, coated) into a battery-grade fine flake concentrate for possible application in electric vehicle battery anode manufacture. A development Scoping Study will be considered once the Phase 2 test work, Mineral Resource estimate and other studies, including a market analysis, are available. The Exploration Target estimate has been prepared and reported in accordance with the 2012 edition of the JORC Code.

It was undertaken by an independent Competent Person ("CP"). who is an employee of Sahara Natural Resources. The CP visited the Kambale site on two occasions during the recently completed RC drilling program for the purpose of ensuring that all site exploration procedures were compliant with best practise.

The CP also visited the fully accredited Intertek (Ghana) Limited assaying laboratory, Tarkwa, Ghana, to observe sample preparation procedures ahead of their transport to Intertek's Perth facility for assaying. Assays were recorded for Total Carbon (all carbon sources including any organic carbon present), Total Graphitic Carbon (only the mineral phase of carbon) and sulphur. The estimate utilised historical geophysical data, drilling datasets and recently obtained topographical and hole collar survey information.

The Kambale drill database comprises a combined 352 RC, aircore and RAB holes for a total of 13,044m undertaken between 2012 and 2022. It includes the results of the recently reported 52-hole, 5,353m RC drill program that was guided by conductor anomaly targets defined by a March 2022 ground HLEM survey. The HLEM survey was undertaken by SAGAX Afrique SA and data processing and interpretation was conducted by Terra Resources Pty Limited.

Recent RC drilling encountered multiple intercepts of sub-parallel graphitic schist zones that extend approximately 2.7km along a generally north-south trend 3D software was used to review combined drilling and other geological datasets and to estimate geological and mineralisation concept models to assist in the definition of the Exploration Target. The tonnage and grade ranges estimated for the Exploration Target are based on the recently completed 52-hole RC drilling to a nominal 100m depth. It was noted that given the style of mineralisation, drilling and geophysical support it is reasonable to assume that mineralisation will extend below a vertical depth of 100m.

The interpreted HLEM conductor plates were used to guide the strike of mineralisation, supported by the RC drilling. Variations in potential width along strike and down dip were estimated.