Castillo Copper Limited Strategic Asset Portfolio Review Underway (3019Q)
October 17 2023 - 2:00AM
UK Regulatory
TIDMCCZ
RNS Number : 3019Q
Castillo Copper Limited
17 October 2023
17 October 2023
CASTILLO COPPER LIMITED
("Castillo" or the "Company")
Strategic Asset Portfolio Review Underway
Castillo Copper Limited (LSE and ASX: CCZ), a base metal
explorer primarily focused on copper across Australia and Zambia,
is pleased to provide shareholders with a corporate update
following the first meeting of the updated Board of Directors.
HIGHLIGHTS
-- Following recent management changes, the Board has commenced
a wholesale strategic asset portfolio review to determine the
optimal path in the current macro environment to create shareholder
value
-- A key focus of the portfolio review will be determining which
assets remain core and highly prospective, then optimally allocate
capital to maximise the exploration potential
-- Moreover, a key focus for assets deemed core is to align with
strategic partners that are aiming to develop new copper supply
chains
-- The assets which are deemed non-core will be rationalised or sold to interested third-parties
-- The Board intends to move swiftly with the review and looks
forward to updating the market in due course
Ged Hall, Chairman of Castillo Copper, said : "The Board has
considerable work to do progressing the strategic asset portfolio
review but believes this is the right path to maximising
shareholder value. The decisions flowing on from the outcome of
this process will be announced in the coming weeks."
STRATEGIC ASSET PORTFOLIO REVIEW
While the Board believes considerable prospectivity exists
within the current tenement holdings, a strategic asset review has
commenced that will assess the location, timing and sequence of
planned exploration activities across the portfolio.
The Board intends to rationalise the existing portfolio of
assets across Zambia and Australia to optimise capital allocation.
The assets determined to be core will be developed through aligning
with a strategic partner, while the non-core assets will be sold to
interested third parties or relinquished.
CORPORATE
The revised responsibilities for the Board members are as
follows:
-- Non-Executive Chairman: Gerrard Hall (London)
-- Executive Director: Jack Sedgwick (Perth) - Strategy and Operations
-- Non-Executive Director: David Drakeley (Brisbane) - Geology and Asset Management
For further information, please contact:
Castillo Copper Limited +61 8 6558 0886
Gerrard Hall (UK), Chairman
SI Capital Limited (Financial Adviser and
Corporate Broker) +44 (0)1483 413500
Nick Emerson
Gracechurch Group (Financial PR) +44 (0)20 4582 3500
Harry Chathli, Alexis Gore, Matthew Piercy
About Castillo Copper
Castillo Copper Limited is an Australian-based explorer
primarily focused on copper across Australia and Zambia. The group
is embarking on a strategic transformation to morph into a mid-tier
copper group underpinned by its core projects:
-- A large footprint in the Mt Isa copper-belt district,
north-west Queensland, which delivers significant exploration
upside through having several high-grade targets and a sizeable
untested anomaly within its boundaries in a copper-rich region.
-- Four high-quality prospective assets across Zambia's
copper-belt which is the second largest copper producer in
Africa.
-- A large tenure footprint proximal to Broken Hill's
world-class deposit that is prospective for
zinc-silver-lead-copper-gold and platinoids.
-- Cangai Copper Mine in northern New South Wales, which is one
of Australia's highest grading historic copper mines.
The group is listed on the LSE and ASX under the ticker
"CCZ."
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END
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