Castle Minerals Limited (ASX: CDT) ('Castle' or the 'Company') is pleased to report excellent intercepts from the first 22 holes of the recently completed 43-hole, 5,335m infill RC drilling programme at the rapidly advancing Kambale Graphite Project, Ghana ('Project').

Castle Managing Director, Stephen Stone, commented 'These results from the first 22 holes of the recently completed 43-hole, 5,335m RC drilling programme at the Kambale Graphite Project bode very well for the upcoming update to the already robust 15.6Mt Mineral Resource grading 9.0% TGC containing 1.41Mt of graphite. Kambale continues to deliver multiple, broad, near-surface intercepts of excellent grade highlighting the good quality and continuity of the deposit.

Better intercepts from this latest batch of results include 55m at 12.6% TGC from 11m incl. 14m at 15.4% TGC from 43m, 18m at 12% TGC from 14m incl. 8.0m at 17.2% TGC from 18m, 34m at 11.1% TGC from 121m incl. 10m at 14.0% TGC from 137m and 27m at 10.7% TGC from 39m incl. 5m at 16.7% TGC from 49m. The project is rapidly emerging as a credible, strategically located and well-timed opportunity to service the forecast surging graphite demand and looming supply deficit driven by the increasing demand for electric vehicles and stationary power storage units. These rely on lithium-ion batteries of which graphite is a key constituent. A very positive indicator for the Project is the multi-billion dollar initiatives of the USA, EU, Korea and Japan to competitively secure reliable, long term, non-China dependent sources of Critical Minerals.

This includes quality graphite concentrates and high-value battery anode material to feed a proliferation of battery giga-factories. The majority of these new holes were designed to improve the drill density in areas where mineralisation had only recently been successfully identified using EM geophysics and to enable it to be incorporated into an upcoming Mineral Resource Estimate. So, knowing that EM is a very effective discovery tool we are naturally looking forward to testing the new bank of 13 high-priority EM anomalies that we recently delineated on the broader 149km2 Kambale licence. With the next phase of metallurgical test work nearing completion we will be in a position later this year to commence an evaluation of the technical and commercial merits of producing a fine flake graphite bulk concentrate of commercial specifications and possibly added-value precursor products.'

Better intercepts from this latest batch of results include 55m at 12.6% TGC from 11m incl. 14m at 15.4% TGC from 43m (23CKRC083), 18m at 12% TGC from 14m incl. 8.0m at 17.2% TGC from 18m (23CKRC086), 34m at 11.1% TGC from 121m incl. 10m at 14.0% TGC from 137m (23CKRC092) and 27m at 10.7% TGC from 39m incl. 5m at 16.7% TGC % from 49m (23CKRC100). These intercepts bode very well for the upcoming update to the already robust Kambale MRE of 15.6Mt grading 9.0% TGC containing 1.41Mt of graphite. The majority of these new holes were designed to better define zones of mineralisation whose presence had only recently been successfully confirmed by just one or two prior RC holes drilled to test a series of HLEM geophysical conductor anomalies (ASX release 31 March 2022). Increasing the drill density of this mineralisation will enable it to be included in the MRE update and, given its coverage, management is expecting to report a material increase. Assays for the 21 outstanding holes, whose samples were prepared in the accredited Ghana laboratory of Intertek (Ghana) Limited prior to shipping to Intertek's Perth assay facility, are being reported to Castle in a series of batches and are expected to all be available in coming weeks, subject to laboratory turnaround times. Castle has now completed 21,367m metres of drilling at Kambale, much of it within the past 18 months. This has comprised 13,614m of RC, 365m of diamond coring, 2,809m of aircore and 4,579m of RAB drilling

Cautionary Statement

All of Castle's projects are considered to be of grass roots or of relatively early-stage exploration status. Other than for the Ghana projects, there has been insufficient exploration to define a Mineral Resource. No Competent Person has done sufficient work in accordance with JORC Code 2012 to conclusively determine or to estimate in what quantities gold or other minerals are present. It is possible that following further evaluation and/or exploration work that the confidence in the information used to identify areas of interest may be reduced when reported under JORC Code (2012)

Forward Looking Statement

Statements regarding Castle's plans, forecasts and projections with respect to its mineral properties and programmes are forward-looking statements. There can be no assurance that Castle's plans for development of its mineral properties will proceed. There can be no assurance that Castle will be able to confirm the presence of Mineral Resources or Ore Reserves, that any mineralisation will prove to be economic or that a mine will be successfully developed on any of Castle's mineral properties. The Castle Minerals Limited: Interim RC Drilling Results - Kambale Graphite Project Page 10 of 17 performance of Castle may be influenced by a number of factors which are outside the control of the Company, its Directors, staff or contractors.

Competent Persons Statements

The scientific and technical information in this Report that relates to the geology of the deposits and exploration results is based on information compiled by Mr Stephen Stone, who is Managing Director of Castle Minerals Limited. Mr Stone is a Member of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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'. Mr Stone is the Qualified Person overseeing Castle's exploration projects and has reviewed and approved the disclosure of all scientific or technical information contained in this announcement that relates to the geology of the deposits and exploration

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