Castle Minerals expands West African presence with Ivory Coast gold acquisition

About this update from Castle Minerals Ltd

Castle Minerals Limited has acquired UK -based Mineralis Limited , securing access to seven gold exploration permits in Ivory Coast totalling 1,842km², in a move that significantly extends its footprint across West Africa’s gold-rich Birimian belt, the company has reported. Under the terms of the deal, Castle has acquired a 90% interest in Mineralis and has the right to earn an equivalent stake in the Ivory Coast permits, one of which has already been granted. Consideration for the acquisition includes up to 10.5mn Castle shares and 18mn three-year options at AUD0.12 ( $0.08 ), contingent on the approval of at least four permits. The agreement also includes 15mn performance shares and a AUD1mn ( $540,000mn ) cash payment upon confirmation of a 1mn ounce gold resource above 1g/t. The permits are located along the Birimian greenstone belt near the Ghanaian border, in proximity to several major gold discoveries. Six of the licences lie within 25km of Endeavour Mining’s 4.6mn ounce Tanda-Iguela project, while the southernmost permit is situated near Kinross Gold’s Chirano mine and Turaco Gold’s Afema project. To support the acquisition, Castle has completed a AUD3.3mn ( $2.12mn ) two-tranche share placement at AUD0.06 ( $0.04 ) per share, increasing its total cash reserves to AUD4.7mn ( $3.02mn ). Mineralis shareholders will also contribute AUD270,000 ( $170,000 ) in additional funds. Changes to Castle’s leadership team accompany the acquisition. Executive Chairman Stephen Stone has stepped down and has been succeeded by Steve Zaninovich , formerly of Gryphon Minerals and Teranga Gold . Phillip Gallagher , who sold the project through Mineral Holdings , and Malian geologist Mohammed Niare have joined the board to oversee operations in Ivory Coast .     © 2025 bne IntelliNews, source Magazine

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