Castle Minerals Limited - Share Purchase Plan Letter to Eligible Shareholders and SPP Offer Booklet

Castle Minerals Limited (ASX: CDT) ('Company') confirms that the Share Purchase Plan Offer ('SPP Offer') opens today.

Eligible Shareholders who have provided an email address will be sent an email communication. Eligible Shareholders who have not provided an email address will be sent an SPP Offer Letter via post. The SPP Offer is expected to close at 5.00pm (AWST) on 9 October 2023 (unless extended, withdrawn or closed early by the Company).

Contact:

Stephen Stone

Tel: [phone]

Email: [e-mail]

CASTLE MINERALS LIMITED (ASX: CDT) SHARE PURCHASE PLAN

This letter is to notify you that the SPP is now open and provides you with instructions as to how to obtain a copy of the SPP Offer Booklet and how you can make your application. The SPP is scheduled to close at 5.00pm (AWST) on 9 October 2023. Payment must be received before this time. On 20 September 2023, Castle Minerals Limited ACN 116 095 802 (Castle or Company) announced it was conducting a non-underwritten Share Purchase Plan for Eligible Shareholders (defined below) to raise approximately $1 million (before costs) (SPP). Castle has been fast-tracking its flagship Kambale Graphite Project, Ghana, on the basis that graphite is a critical mineral that will be in considerable demand as the world moves to achieve its net zero emissions ambitions. The Company has also assembled a portfolio of early-stage critical mineral projects in Western Australia with a view to assessing and demonstrating their prospectivity.

Eligible Shareholder may apply for New Shares in parcels valued at $1,000, $2,500, $5,000, $7,500, $10,000, $15,000, $20,000, $25,000 or $30,000. Castle retains the right to accept oversubscriptions or to scale back applications (in whole or in part) at its absolute discretion, which may result in the SPP raising more or less than $1 million (subject to compliance with the ASX Listing Rules). Eligible Shareholders will also be invited to apply for 1 free attaching option for every 2 New Shares subscribed under the SPP (Options). Each free attaching Option will have an exercise price of $0.018 and expire on 31 December 2024. Subject to compliance with ASX requirements, the Options will be listed. The Options will be offered under a separate Options offer prospectus (Options Prospectus) and will be subject to shareholder approval that will be sought at the upcoming Annual General Meeting. The SPP is subject to the terms and conditions set out in the SPP Offer Booklet.

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