Castle Minerals Limited has received encouraging intercepts from the first 23 holes of a recently completed 52 hole, 5,353m RC drill program at its flagship Kambale Graphite Project, Ghana. Several holes returned thick, high-grade and multiple intercepts some of which fall outside of the existing Mineral Resource envelope and with many also relatively close to surface. Selected intercepts, in addition to a peak 1m intercept of 21.2%TGC from 56m (22CKRC006), include (5% TGC cut-off.

2m max internal dilution)(intercepts are not true widths): The program was designed to expand the footprint of the deposit and to better understand those areas outside of the present Inferred Resource of 14.5Mt at 7.2%C (graphitic carbon) for 1.04Mt contained graphite (JORC 2004). Once all assays have been received and processed, this historical resource estimate will no longer be reportable under JORC 2012. A JORC 2012 Exploration Target estimate will be provided in October 2022 by an independent geologist and in First Quarter 2023 the intention is to provide a new JORC 2012 compliant Mineral Resource estimate.

Another aim of this latest program was to identify and test the continuity of higher grade zones and provide locations for diamond core drilling in Fourth Quarter 2022 to obtain samples for Phase 2 test work on fresh, unweathered material. Most of the RC drill hole locations were guided by a recently completed ground HLEM geophysical survey that identified numerous conductive plates, many of which correlate well with known areas of graphitic schist but with several having no drill holes nearby. Results and reporting for the outstanding drill holes are expected to be available by early-October 2022.

Licence renewal and new subsidiary; The Project is located within a 137km 2 prospecting licence (PL10/47) previously held by Carlie Mining Limited but recently renewed in the name of newly established, wholly-owned, Ghanaian registered subsidiary, Kambale Graphite Limited. This will provide greater flexibility with development and financing The Government of Ghana has the right to acquire a 10% free carried interest in all licenses in Ghana and is entitled to a 5% Gross Royalty on production. Next steps; Once all of the drill hole assay results have been evaluated, and subject to the cessation of seasonal rains and local crop harvesting, the intention is to undertake a diamond core drilling program, most likely in late October /early-November 2022.

Using retrieved core samples, test work and preliminary flow sheet development is scheduled to commence later in 2022. It is hoped that this work will also produce a suitable quantity of concentrate to enable a high-level market positioning assessment to be undertaken.