The entire issued share capital of 1,009,938,722 ordinary shares has been admitted to the standard segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the LSE.
This process also saw the company raise gross cash proceeds of £1.345 million via the placing of 79,117,618 new ordinary shares at a price of 1.7 pence each, capitalising Castillo at £17.16 million.
“Milestone for company”
Managing director Simon Paull said: “We are delighted to have completed our dual listing on the London Stock Exchange, a milestone for the company and one that will help us drive the business forward towards our goal to become a mid-tier copper producer.
"The London listing significantly enhances the Company’s profile and gives us access to UK institutional investors that understand the global copper industry dynamics and are prepared to fund highly prospective projects.
"We welcome our new shareholders and look forward to updating them and the wider market during this exciting period of development for Castillo Copper.”
The company has a three-pillar strategy developed to enable it to reach its copper-producing goal with two pillars in Australia, Mt Oxide and Cangai, and the Zed Projects in Zambia.
Castillo intends to allocate proceeds from the LSE listing at the three pillars along with working capital:
- Drilling current targets at Mt Oxide, as well as undertaking geological mapping, geochemistry, ground physics and drone magnetic surveys to identify test drilling opportunities at other Mt Oxide prospects;
- Commitments towards exploring the Zed Projects in Zambia; and
- Progress work on the Cangai Copper Mine, which will potentially include an aeromagnetics program and further exploration activities that ultimately results in completing a scoping study as a precursor to a bankable feasibility study.
Castillo’s strategy focuses on resource exploration projects that have the potential, through the application of disciplined and structured exploration and analysis, to be progressed towards the development of a mining operation.
The three pillars are:
Mt Oxide Project
CCZ is targeting the development of a viable copper mining operation at the Mt Oxide Project, which has significant exploration upside with several high-grade targets including an interpreted 130 metre-thick by 1,500 by 450 metres potential massive sulphide bedrock conductor that is about to be drilled.
The project is about 150 kilometres north of Mt Isa in northwest Queensland. It is within the proximity of several historic and currently operating copper mines including Lady Annie and Capricorn Copper.
CCZ is the sole shareholder of Zed, an Australian company which holds four high-quality prospective assets across Zambia’s copper-belt, the second-largest copper producer in Africa.
Castillo intends to initially focus on the Luanshya Project, which sits on the Zambian copper belt’s Lufilian Arc geological structure.
The second priority is the Mkushi Project, which contiguously surrounds an operating open-pit copper mine, in a region proven to be highly prospective for copper-gold mineralisation.
CCZ is working towards establishing a Zambian in-country presence, utilising local geologists and joint venture partner teams.
The Cangai Project, in northern New South Wales, is where the Cangai Copper Mine is located, one of Australia’s highest grading historic copper mines.
CCZ’s strategy is the development and expansion of Cangai Copper Mine, which comprises a volcanogenic massive sulphide deposit and up to 14.45% copper in assayed diamond core intersections.