Castillo Copper : Assays verify up to 4.14% Cu at Big One Depo

CASTILLO COPPER

LIMITED

ASX Release

30 November 2020

CASTILLO COPPER

LIMITED

ACN 137 606 476

45 Ventnor Avenue,

West Perth,

Western Australia 6005

Tel: [phone]

Contact:

Simon Paull

Managing Director

E-mail:

[e-mail]

For the latest news:

www.castillocopper.com

Directors / Officers:

Rob Scott

Simon Paull

Gerrard Hall

ASX/LSE Symbol:

CCZ

Assays verify shallow copper mineralisation up to

4.14% Cu at Big One Deposit

1. Assay results on visually logged mineralised intersections1 verified shallow copper mineralisation - up to 4.14% Cu - apparent within four drill-holes at the Big One Deposit, with the best economic intercepts being:

• RC_213: 7m @ 1.37% Cu from 57m incl: 3m @ 2.18% Cu from 58m
• RC_211: 1m @ 4.14% Cu from 65m
• RC_206: 7m @ 0.54% Cu from 55m incl: 2m @ 1.35% Cu from 60m
• RC_207: 4m @ 0.43% Cu from 85m incl: 2m @ 1.03% Cu from 85m

1. This represents a solid start to the current drilling campaign, as there are still 28 drill-holes to complete, and starts to build on results from an earlier program which produced significant intercepts, up to 28.4% Cu2, including:

• B07: 3m @ 12.25% Cu from 42m incl: 2m @ 17.87% Cu from 43m; and 1m @ 28.4% Cu from 44m
• B05: 8m @ 2.33% Cu from 44m incl: 6m @ 3.00% Cu from 45m; and 5m
• • 3.28% Cu from 45m
• B06: 4m @ 2.20% Cu from 44m incl: 2m @ 3.19% Cu from 46m and 1m
• • 3.63% Cu from 47m
• B25: 6m @ 1.55% Cu from 66m incl: 5m @ 1.79% Cu from 66m and 2m
• • 2.08% Cu from 66m
• B02: 4m @ 1.45% Cu from 36m incl: 1m @ 2.48% Cu from 37m
• B26: 3m @ 1.36% Cu from 73m incl: 2m @ 2.29% Cu from 73m and 1m
• • 1.02% Cu from 74m

1. Based on initial interpretations, CCZ's geology team believe the intercepts from RC_213, RC_211, RC_206 & RC_207 likely intersected mineralisation in the transitional zone between the oxide and sulphide domains:
2. • This is consistent with earlier observations that confirmed visible malachite (oxide) and chalcocite (sulphide) in RC chips1, but further data points are required

1. As a result of reconciling these early results with the geological model, the remainder of the drilling campaign has been re- optimised to maximise the exploration potential

1. Assay results for the full seven drill-holes completed are being finalised and are expected to be returned shortly

***

Castillo Copper's Managing Director Simon Paull commented: "With the copper price near a seven-year high, coupled with favourable global fundamentals moving forward, the Board's strategic intent to transform CCZ into a mid-tier copper group is gaining momentum. Consequently, we are delighted with the initial assay results from the Big One Deposit which highlight that our drilling team has intersected shallow copper mineralisation. We have a busy forward agenda which will generate significant forward news flow over the balance of the year."

Castillo Copper's UK-basedDirector Ged Hall remarked: "The hard work identifying the Big One Deposit as a viable prospect has paid off, as the first batch of assay results hit the sweet spot. Our UK investors are looking forward to further news flow as by the conclusion of the current drilling campaign, we'll have an excellent understanding of the potential scalability the Big One Deposit can deliver."

Castillo Copper Limited ("CCZ") is pleased to announce that assay results on visibly logged mineralised intersections verified oxide-sulphide, shallow copper mineralisation, up to 4.14% Cu, at the Big One Deposit within the Mt Oxide Project (Appendix A) in Queensland's copper belt.

SHALLOW COPPER INTERCEPTS

Off to a solid start

Preliminary Assay results of visually logged mineralised intersections only (refer CCZ ASX Release - 16 November 2020) confirmed the presence of shallow copper mineralisation in four drill-holes at the Big One Deposit (Figure 1 & 2). The full assay results for the entire seven drill-holes completed are being finalised at the laboratory and are expected to be returned shortly.

FIGURE 1: PRELIMINARY ASSAY RESULTS FROM 4Q 2020 DRILLING CAMPAIGN

RC_213: 7m @ 1.37% Cu from 57m incl: to 3m @ 2.18% Cu from 58m

RC_211: 1m @ 4.14% Cu from 65m

RC_206: 7m @ 0.54% Cu from 55m incl: 2m @ 1.35% Cu from 60m

RC_207: 4m @ 0.43% Cu from 85m incl: 2m @ 1.03% Cu from 85m

Source: CCZ geology team

FIGURE 2: DRILL-HOLE LOCATIONS AT BIG ONE DEPOSIT

Source: CCZ geology team

2

Intersecting oxide-sulphide, shallow copper mineralisation at this stage of the drilling campaign is encouraging, as there are still 28 drill-holes to complete along the 600m strike which delivers incremental exploration potential (Figure 3).

FIGURE 3: DRILLING TARGETS ALONG STRIKE AT BIG ONE DEPOSIT

Source: Xplore Resources (for the first releases of the historical RC drill hole information and other geological data refer to CCZ ASX Releases - 14 January, 3 June and 14 July 2020)

Pertinently, these results start to build the case for the Big One Deposit and augment the outcome from an earlier program which produced stellar intercepts from supergene copper mineralisation up to 28.4% Cu2 (Figure 4).

FIGURE 4: HIGH GRADE ECONOMIC COPPER INTERCEPTS

B07: 3m @ 12.25% Cu from 42m incl: 2m @ 17.87% Cu from 43m; and 1m @ 28.4% Cu from 44m

B05: 8m @ 2.33% Cu from 44m incl: 6m @ 3.00% Cu from 45m; and 5m @ 3.28% Cu from 45m

B06: 4m @ 2.20% Cu from 44m incl: 2m @ 3.19% Cu from 46m and 1m @ 3.63% Cu from 47m

B25: 6m @ 1.55% Cu from 66m incl: 5m @ 1.79% Cu from 66m and 2m @ 2.08% Cu from 66m

B02: 4m @ 1.45% Cu from 36m incl: 1m @ 2.48% Cu from 37m

B26: 3m @ 1.36% Cu from 73m incl: 2m @ 2.29% Cu from 73m and 1m @ 1.02% Cu from 74m

B07: 9m @ 0.84% Cu from 32m incl: 3m @ 1.69% Cu from 36m; and 1m @ 2.37% Cu from 36m

B08: 3m @ 0.80% Cu from 48m incl: 1m @ 1.18% Cu from 49m

Source: CCZ geology team (refer to reference 2)

3

Initial interpretations and drilling campaign re-oriented

On closer review, CCZ's geology team believe the intercepts from RC_213, RC_211, RC_206 & RC_207 are likely to have intersected copper mineralisation in the transitional zone between the oxide and sulphide domain. This thesis is consistent with earlier observations which verified visible malachite (oxide) and chalcocite (sulphide) were apparent in RC chips1.

Incrementally, post reviewing the initial results and reconciling these with the geological model, the geology team have re-oriented the remainder of the drilling campaign to maximise the exploration potential.

PHOTO GALLERY: DRILLING RIG AT BIG ONE DEPOSIT

Location: 7,880,306E, 335,422N Source: CCZ geology team

Next steps

Complete the drilling campaign at the Big One Deposit and release assay results once they have been finalised from the laboratory.

For and on behalf of Castillo Copper

Simon Paull

Managing Director

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