Highlights

  • Castile Resources shares fell 11.11% to AUD 0.072 during the session.
  • The new Rover 1 study outlined a pre-tax NPV8 of AUD 1.08 billion.
  • The study modelled total Revenue of AUD 4.81 billion and an initial 11-year project life.
  • Castile plans to continue towards its Bankable Feasibility Study during 2026.

Castile Resources Ltd (ASX:CST) has delivered one of its most substantial project updates of 2026, with a new study outlining a larger economic case for its Rover 1 development in the Northern Territory.

Despite that progress, CST shares were trading at AUD 0.072, down 11.11%.

The company’s Market Capitalisation stood at approximately AUD 27.6 million.

Rover 1 Economics Take a Major Step Forward

Castile released its 2026 Rover 1 Scoping Study on 20 August.

The study outlined a pre-tax NPV8 of approximately AUD 1.08 billion and a pre-tax internal rate of return of 56.3%.

It also modelled total revenue of AUD 4.81 billion, project Cash Flow of AUD 1.94 billion and pre-production Capital Expenditure of AUD 171.6 million.

The initial development concept provides for an 11-year project life.

Five Revenue Streams Broaden the Project

Rover 1 is a polymetallic IOCG deposit approximately 80 kilometres southwest of Tennant Creek.

The study incorporates revenue from gold, copper, bismuth, cobalt and high-grade magnetite, widening the potential product mix beyond the earlier development case.

Bismuth alone contributed approximately AUD 600 million to modelled revenue in the updated study.

Castile’s development concept involves underground Mining and a 750,000-tonne-per-annum processing plant at Rover 1, followed by Downstream refining in Darwin.

Bankable Feasibility Study Moves Into Focus

Castile had already been progressing a Bankable Feasibility Study at Rover 1 during 2026.

The company’s wider Rover Project hosts a Mineral Resource at Rover 1 of 6.9 million tonnes containing gold, copper, silver, bismuth and cobalt.

Following the new study, the emphasis shifts towards completing further technical work and advancing funding discussions.

What Could Drive Castile Shares Next?

Completion of the Bankable Feasibility Study is likely to be one of the largest upcoming milestones.

Funding, project approvals, technical optimisation and progress towards a development decision could then become increasingly important.

Castile Resources Outlook

Castile has substantially expanded the economic framework around Rover 1 through its latest study. The project now moves towards further feasibility work, financing discussions and development planning as the company works to convert its polymetallic resource into a potential mining operation.