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- Updated PFS and bismuth scoping study prepared
- Bismuth was not included in the original PFS
- Studies to serve as the foundation for BFS
- Studies highlight significant Rover 1 evolution since 2022
Castile Resources (ASX:CST) has completed an updated pre-feasibility and bismuth scoping study for its Rover 1 multi-metal iron oxide copper gold (IOCG) project in the Northern Territory.
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The results of the two studies are set to be released to the market in the coming weeks, ahead of the completion of the bankable feasibility study (BFS) for the project.
The updated PFS and bismuth scoping study highlight the material changes and additions that have occurred at Rover 1 since the original pre-feasibility study was published in December 2022.
Together, the studies will serve as the foundation for the BFS, which will follow once final cost estimates have been received and signed off by third-party service providers.
Gold and copper are the primary revenue-anchoring metals, with critical mineral by-products bismuth and cobalt contributing materially to project economics. High-grade magnetite provides a fifth revenue stream.
Since the original PFS, the project has grown substantially, with the mineral resource estimate (MRE) increased by 41% in October 2025, delivering larger metal inventories, and an extended mine life.
MD, Mark Hepburn, said these gains, combined with materially higher prevailing and forecast metal prices across gold, copper and cobalt, have translated into significantly improved revenue and cashflow outcomes leading to increased ore reserves in the Updated PFS.
“The updated PFS and bismuth scoping study will demonstrate how significantly Rover 1 has evolved since 2022,” Mr Hepburn said.
“A larger resource base, materially higher metal prices, and the formal addition of bismuth as a significant revenue stream have together transformed the project’s economic profile.
“We are looking forward to presenting these results to our shareholders and financing partners in the coming weeks as a precursor to the BFS which will be completed once final third-party cost estimates are provided by external contractors.”
Most notable to the update has been the addition of bismuth, a critical mineral of increasing strategic importance.
Mr Hepburn said the refined bismuth product of Rover 1 positions the company favourably in a market characterised by highly concentrated supply and growing demand from defence, pharmaceutical, and electronics end-users.
A further significant operational development since the original PFS is the relocation of the refining circuit from the Rover 1 mine site to the purpose-built Middle Arm Sustainable Development Precinct (MASDP) near Darwin.
CST is steady at 7.6¢. Mkt cap $29.04M.
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