The company has had positive discussions with the New South Wales Resources Regulator to conclude the enforceable undertaking, which will pave the way for a resumption in trading.
A key component of the strategy has been the decision to seek a secondary listing on the standard board of the London Stock Exchange (LSE), as well as securing the support of London-based corporate advisor SI Capital.
The company’s UK team is in the process of preparing documentation, fresh funding and regulatory clearances for CCZ’s dual listing, targeting the London listing to materialises by the fourth quarter of this year.
Castillo chairman Rob Scott said the board was delighted with the rapid progress achieved to turn CCZ into a mid-tier copper group, driven by the three-pillared strategy.
He added: “We appreciate the tremendous support from our London-based corporate advisor SI Capital which is advancing the dual-listing process.
“The board is thankful for our shareholders’ continued patience and backing as we commence this exciting transformative phase in CCZ’s evolution.”
The three pillars refer to CCZ’s three distinct project areas: its five projects in Zambia; the Arya prospect within the company’s Mt Oxide project in Queensland; and its Cangai Copper Mine in New South Wales.
Within the current Australian portfolio, Cangai will remain the flagship prospect followed, followed by Mt Oxide. Due diligence has begun on the Zambia project, with initial interpretation that all five are prospective for copper mineralisation.
Based on this view, CCZ will initially focus on developing the Luanshya and Mkushi prospects if the acquisition proceeds.
CCZ's five Zambian copper projects
Since the discovery of a high-priority massive sulphide target conductor at the Arya prospect within its Mt Oxide project, CCZ’s geology team has undertaken further desktop work and secured approvals to undertake a site visit later this quarter.
The desktop work uncovered legacy rock chip assays with up to 1.84% copper present at interpreted up-dip extensions to the main sulphide body, which correlates with the target conductor.
CCZ is also considering commissioning an economic scoping study of Cangai, one of the highest grading copper deposits in Australia, to review all aspects of the project specifically the untested DHEM conductors.
The company’s board remains in contact with Noble Group and both sides are aiming to finalise the agreement to monetise legacy stockpiles, once incremental metallurgy test work is completed.
Due to the three pillared strategy, CCZ is in in the process of relinquishing its Chile tenements and Marlborough project in QLD but continues discussion with prospective partners to develop its Broken Hill project om a free carried interest basis.