ANNUAL REPORT 2024 | 1 ASX: CCZ ABN 52 137 606 476 2024 ANNUAL REPORT ANNUAL REPORT 2024 | 2 CORPORATE DIRECTORY DIRECTORS Gerrard (Ged) Hall (Non-Executive Chairman) Joel Logan (Non-Executive Director) (Appointed 14 March 2024) Eduardo Robaina (Non-Executive Director) (Appointed 14 March 2024) COMPANY SECRETARY Dale Hanna REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS 45 Ventnor Avenue West Perth, WA 6005 Australia Telephone: + 618 6558 0886 Facsimile: + 618 6316 3337 SHARE REGISTRY Automic Registry Services Pty Ltd Level 2, 267 St Georges Terrace Perth, WA 6000 Australia Telephone: 1300 288 664 AUDITORS HLB Mann Judd Level 4, 130 Stirling Street Perth, WA 6000 Australia SECURITIES EXCHANGE LISTING Australian Securities Exchange (Home Exchange: Perth, Western Australia) ASX Code: CCZ LONDON STOCK EXCHANGE LSE Code: CCZ ANNUAL REPORT 2024 | 3 CONTENTS Chairman’s Letter 4 Directors’ Report 6 Consolidated Statement of Profit or Loss and Other Comprehensive Income 27 Consolidated Statement of Financial Position 28 Consolidated Statement of Changes in Equity 29 Consolidated Statement of Cash Flows 30 Notes to the Consolidated Financial Statements 31 Consolidated Entity Disclosure Statement 58 Directors’ Declaration 59 Auditor’s Independence Declaration 60 Independent Auditor’s Report 61 ASX Additional Information 65 Tenement Table 68 ANNUAL REPORT 2024 | 4 CHAIRMAN’S LETTER Dear Shareholders, As we reflect on the past year, it’s evident that Castillo Copper Ltd (Castillo Copper, or the Company) has navigated through a period of transition and refocus. While the market environment has presented its share of challenges, I’m pleased to report that the Company has emerged more resilient and strategically positioned for growth. Our commitment to advancing our core assets, coupled with the targeted exploration activities, places us in a strong position to drive value in the year ahead. Among our key highlights for the year include: STRATEGIC PORTFOLIO REVIEW The Company conducted a comprehensive review of our portfolio, which was instrumental in identifying the assets that align most closely with our long-term strategic goals. Consequently. the Company is channelling its resources into developing the Big One Deposit at our NWQ Copper Project, located in the world-class Mt Isa copper belt. The Big One Deposit has a JORC 2012 compliant Mineral Resource Estimate (MRE) of 2.1Mt @ 1.1% Cu for 21,886t contained metal. To this end, Global Ore Discovery was recently appointed as the lead geological consultant to spearhead our exploration efforts, commencing with a comprehensive surface sampling campaign. The Board is optimistic that once assays from the surface sampling campaign are reconciled with known geophysical anomalies, then targets for test-drilling can be identified. As such, a key goal for FY2025 is to fully develop the potential of the Big One Deposit and then identify other prospects within the NWQ Copper Project that have comparable upside. Following the sale of the BHA West Project in Broken Hill to ASX listed Rimfire Pacific Mining (ASX: RIM), which has successfully unlocked value, the Board has resolved to find the right strategic partners to develop or sell the remaining non-core assets comprising: • Cangai Copper Mine (NSW): based on previous historical data and several drilling campaigns undertaken by CCZ, a JORC compliant inferred MRE was calculated at 4.6Mt @ 2.45% Cu for 114kt contained copper metal. In addition, there are several untested bedrock conductors open at depth which are yet to be drill-tested. • BHA East Project (NSW): leveraging historical data and recent drilling campaign, a JORC compliant inferred MRE was calculated at 64Mt @ 318 ppm Co for 21,556t contained cobalt metal and 44,260t of contained copper metal (63Mt @ 0.07% Cu) at relatively shallow depths, that enhances the result. • Mkushi Project (Zambia): a 2022 IP survey highlighted multiple zones of high chargeability coincident with known copper soil anomalies which are potential bodies of disseminated copper sulphide mineralisation and prime targets to test drill. Ged Hall CHAIRMAN London, United Kingdom 26 September 2024 COPPER MARKET UPDATE The copper market has demonstrated buoyancy throughout 2024, with the price reaching an all-time high of US$11,464 per metric tonne in May 2024.This growth has been driven by a recovery in global factory activity and glimpses of supply tightness. Investment banks, including Citi, Goldman Sachs and Morgan Stanley, are bullish on copper, with Goldman Sachs raising its year-end price target to $12,000 per tonne. This positive outlook further reinforces our strategic focus on copper assets, particularly within the NWQ project. LEADERSHIP CHANGES In line with the Company’s renewed focus on growth, we welcomed Eduardo Robaina and Joel Logan to the Castillo Copper Board. Their combined expertise in the industry will be invaluable as we work towards maximising shareholder value and advancing our key projects. Eduardo’s extensive experience in project development, coupled with Joel’s strategic insights, will undoubtedly strengthen our leadership team and support our ambitions for the future. As we move forward, Castillo Copper is firmly committed to delivering on the strategy devised by the Board at the end of 2023. Our focus remains on the NWQ Copper Project and we are confident that this approach will yield significant value for our shareholders. We are well-positioned to capitalise on the opportunities that lie ahead. I would like to express my gratitude to our shareholders for their continued support and confidence in our vision. | 5 ANNUAL REPORT 2024 ANNUAL REPORT 2024 | 6 The Directors of Castillo Copper Limited and its subsidiaries (“Castillo”, “CCZ” or the “Group”) submit the financial report of the Group for the year ended 30 June 2024. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows: DIRECTORS The names, qualifications and experience of the Company’s Directors in office during the year and until the date of this report are as follows. Directors were in office for the entire financial year unless otherwise stated. Mr Gerrard (Ged) Hall NON-EXECUTIVE CHAIRMAN Gerrard Hall is a senior front office finance and investment professional. From more than 20 years working with blue-chip investment banks including JP Morgan and UBS, Ged has a strong grounding in proprietary trading, derivatives structuring and asset management. Based in London, Mr Hall is responsible for relations with UK-based investors. He holds an MBA and MSc in Financial Management from Edinburgh Business School, and previously spent nearly a decade in the Middle East. DIRECTORS’ REPORT DIRECTORS’ REPORT | ANNUAL REPORT 2024 | 6 Mr Eduardo Robaina NON-EXECUTIVE DIRECTOR (appointed 14 March 2024) Eduardo Robaina is an experienced director and engineering consultant with over two decades of experience in the resources sector, spanning both technical and leadership positions at companies including Woodside, Mineral Resources, Santos and most recently Add Energy (part of ABL Group). In his most recent position as Managing Director at Add Energy, Mr Robaina was responsible for overseeing the business operating model, which saw the Company achieve significant financial growth over a 4-year period. He was an active member in Add Energy’s Executive team during its 2022/23 acquisition and integration into ABL Group. Eduardo holds a Bachelor of Mechanical Engineering from the Metropolitan University of Venezuela. | 7 DIRECTORS’ REPORT | ANNUAL REPORT 2024 Mr Joel Logan NON-EXECUTIVE DIRECTOR (appointed 14 March 2024) Joel is an Exploration Geologist with extensive experience in exploration, development and producing assets. These operations have hosted a variety of resources such as copper, uranium, gold, lithium, nickel, cobalt and PGEs. Mr Logan has developed strong theoretical and practical skills, enabling the delivery of geoscientific outcomes to notable Companies and operations, including the likes of BHP’s Olympic Dam Project and Azure Minerals Ltd’s Andover Project. Mr Logan’s role at Azure Minerals saw him design and execute exploration and drill hole strategies, in addition to resource development of highly mineralised LCT pegmatites. Joel holds a Bachelor of Science (Applied Geology and Geophysics) from the University of Adelaide and a Graduate Diploma in Mineral Exploration Geoscience from Curtin University. Dr Dennis Jensen MANAGING DIRECTOR (resigned 10 October 2023) Dennis is a former MP, with 12 years’ experience in federal politics, and research scientist with stints at CSIRO and DST (an agency of the Department of Defence). Since leaving politics, Dennis consulted to several mining groups prior to joining the Company. Other than being a highly qualified and adaptable executive, Dennis has an excellent understanding of how government and private sectors interact, coupled with a first-rate network. Dennis holds a Masters in Science from Melbourne University and a PhD from Monash University. | 8 DIRECTORS’ REPORT | ANNUAL REPORT 2024 Mr David Drakeley NON-EXECUTIVE DIRECTOR (resigned 14 March 2024) With over 15 years’ experience in Australia’s exploration industry, David has distinguished himself across a range of commodities. Known for his unwavering commitment to safety, David ensures that every project under his leadership prioritises the well-being of its team members. David is acutely aware of the critical importance of accurate data in today’s mining environment. He has meticulously championed the collection, management, and interpretation of exploration data, ensuring all decisions are informed and reliable. David demonstrates the capability to bridge the gap between geological science and practical application. His projects are a testament to his holistic approach, always seeking to balance the economic potential of an exploration site with its environmental and social implications. David holds a Bachelor (Hons) of Earth Science and Combined Subjects, QLD Site Senior Executive (SSE) for Surface Mines or Quarries, and QLD Site Senior Executive (SSE) for Coal Mines. Mr Jack Sedgwick NON-EXECUTIVE DIRECTOR (resigned 14 March 2024) Jack is a corporate strategist and business improvement specialist with blue-chip experience across the mining and energy sectors. Over his 15 year career, Jack has gained considerable frontline and managerial experience across a broad range of roles and industries. He has extensive experience in structural, civil, and marine engineering. Prior management consulting experience predominantly focused on mining, oil and gas, and industrials advising clients on post-merger integration, construction productivity, continuous improvement, organisation design, and cost optimisation strategies. Jack holds a Bachelor of Engineering, Bachelor of Commerce, and a Master of Business Administration (with Distinction) from the University of Western Australia. He is a graduate of the Australian Institute of Company Directors. | 9 DIRECTORS’ REPORT | ANNUAL REPORT 2024 During the financial year, in addition to regular Board discussions, the number of meetings of Directors held and the number of meetings attended by each director were as follows: DIRECTORS’ MEETINGS DIRECTORSHIPS IN OTHER LISTED ENTITIES Directorships of other listed entities held by current Directors of the Company during the last 3 years immediately before the end of the year are as follows: DIRECTOR NUMBER OF MEETINGS ELIGIBLE TO ATTEND NUMBER OF MEETINGS ATTENDED Dr Dennis Jensen 3 3 Mr Gerard Hall 8 8 Mr David Drakeley 6 6 Mr Jack Sedgwick 6 6 Mr Joel Logan 2 2 Mr Eduardo Robaina 2 2 DIRECTOR COMPANY PERIOD OF DIRECTORSHIP FROM TO Gerrard Hall Nil N/A N/A Joel Logan Nil N/A N/A Eduardo Robaina Nil N/A N/A Dennis Jensen Nil N/A N/A David Drakeley Nil N/A N/A Jack Sedgwick Nil N/A N/A | 10 DIRECTORS’ REPORT | ANNUAL REPORT 2024 COMPANY SECRETARY REMUNERATION REPORT (AUDITED) DALE HANNA Dale is a highly qualified finance professional with 20 years of experience in Chief Financial Officer, Company Secretary, corporate advisory and governance roles. He has worked at many listed-ASX groups, primarily involved in the mining and natural resources sectors, ranging from exploration, development and production phases. Dale commenced his career with Ernst & Young and is a Chartered Accountant & Secretary, with current memberships at Chartered Accountants Australia and New Zealand and the Governance Institute of Australia respectively. He holds a Bachelor of Commerce degree from Curtin University. This report outlines the remuneration arrangements in place for Directors and executives of Castillo Copper Limited in accordance with the requirements of the Corporation Act 2001 and its Regulations. For the purpose of this report, Key Management Personnel (KMP) of the Group are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Group, directly or indirectly, including any officer (whether executive or otherwise) of the Group. The remuneration report is set out under the following main headings: • Principles used to determine the nature and amount of remuneration • Details of remuneration • Service agreements • Share-based compensation • Additional disclosures relating to key management personnel | 11 DIRECTORS’ REPORT | ANNUAL REPORT 2024 PRINCIPLES USED TO DETERMINE THE NATURE AND AMOUNT OF REMUNERATION The Board is responsible for determining and reviewing compensation arrangements for the Directors. The Board assesses the appropriateness of the nature and amount of emoluments of such officers on a periodic basis by reference to relevant employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high quality board and executive team. The Group does not link the nature and amount of the emoluments of such officers to the Group’s financial or operational performance. The expected outcome of this remuneration structure is to retain and motivate Directors. As part of its Corporate Governance Policies and Procedures, the Board has adopted a formal Remuneration Committee Charter. Due to the current size of the Group and number of Directors, the Board has elected not to create a separate Remuneration Committee but has instead decided to undertake the function of the Committee as a full Board under the guidance of the formal charter. The rewards for Directors have no set or pre-determined performance conditions or key performance indicators as part of their remuneration due to the current nature of the business operations. The Board determines appropriate levels of performance rewards as and when they consider rewards are warranted. The Group has a policy which disallows executives and Directors entering into contracts to hedge their exposure to options or shares granted as part of their remuneration package. The table below shows the performance of the Group as measured by loss per share. AS AT 30 JUNE 2024 2023 2022 2021 2020 Net profit/(loss) before tax ($) (1,461,849) (6,942,228) (1,653,183) (1,624,984) (1,842,170) Net profit/(loss) after tax ($) (1,461,849) (6,942,228) (1,653,183) (1,624,984) (1,842,170) Share price at end of year ($) 0.005 0.007 0.010 0.038 0.026 Basic loss per share (cents per share) (0.11) (0.53) (0.13) (0.16) (0.25) Diluted loss per share (cents per share) (0.11) (0.53) (0.13) (0.16) (0.25) Return on capital (0.04) (0.19) (0.05) (0.08) (0.08) | 12 DIRECTORS’ REPORT | ANNUAL REPORT 2024 DETAILS OF REMUNERATION DETAILS OF KEY MANAGEMENT PERSONNEL Mr. Gerrard Hall (Non-Executive Director) Mr. Joel Logan (Non-Executive Director) (appointed 14 March 2024) Mr. Eduardo Robaina Blavia (Non-Executive Director) (appointed 14 March 2024) Mr. David Drakeley (Non-Executive Director) (resigned 14 March 2024) Mr. Jack Sedgwick (Non-Executive Director) (resigned 14 March 2024) Dr. Dennis Jensen (Managing Director) (resigned 10 October 2023) Details of the nature and amount of each element of the emolument of each Key Management Personnel of the Group for the financial year are as follows: 1Mr. Gerrard Hall is employed by SI Capital and his entitlement to director fees are included in SI Capital’s mandate. 2Mr. Geoff Reed resigned on 30 January 2023. SHORT TERM OPTIONS POST- EMPLOYMENT 2024 Directors’ Fees Consulting Fees Share- based Payments Superannuation Total Remuneration linked to performance Director $ $ $ $ $ % Mr. Jackson Sedgwick 55,726 - - 6,130 61,856 - Mr. David Drakeley 50,773 - - - 50,773 - Dr. Dennis Jensen 120,573 - - 8,250 128,823 - Mr. Gerrard Hall1 60,070 - - - 60,070 - Mr. Joel Logan 17,903 - - - 17,903 - Mr. Eduardo Robain 17,903 - - - 17,903 - 322,948 - - 14,380 337,328 - SHORT TERM OPTIONS POST- EMPLOYMENT 2023 Directors’ Fees Consulting Fees Share- based Payments Superannuation Total Remuneration linked to performance Director $ $ $ $ $ % Mr. Jackson Sedgwick 20,369 - - 2,139 22,508 - Mr. David Drakeley 22,508 - - - 22,508 - Dr. Dennis Jensen 198,900 - - - 198,900 - Mr. Geoff Reed2 58,329 - - - 58,329 - Mr. Gerrard Hall1 60,447 - - - 60,447 - 360,553 - - 2,139 362,692 - There were no other key management personnel of the Group during the financial year ended 30 June 2024. | 13 DIRECTORS’ REPORT | ANNUAL REPORT 2024 SERVICE AGREEMENTS NON-EXECUTIVE DIRECTORS’ REMUNERATION The aggregate remuneration for non-executive Directors has been set at an amount not to exceed $500,000 per annum. This amount may only be increased with the approval of Shareholders at a general meeting. SHARE-BASED COMPENSATION Issue of shares There were no shares issued to Directors and other key management personnel as part of compensation during the year ended 30 June 2024. Options No options have been granted as remuneration during the year ended 30 June 2024. Mr. Gerrard Hall Dr. Dennis Jensen Mr. David Drakeley Mr. Jack Sedgwick Mr. Joel Logan Mr. Eduardo Robaina BALANCE AT THE START OF THE YEAR 5,941,176 8,000,000 - - - - BALANCE AT APPOINTMENT - - - - - - GRANTED DURING THE YEAR AS COMPENSATION - - - - - - EXERCISED - - - - - - EXPIRED (5,941,176) - - - - - BALANCE AT RESIGNATION - 8,000,000 - - - - BALANCE AT THE END OF THE YEAR - - - - - - ADDITIONAL DISCLOSURES RELATING TO KEY MANAGEMENT PERSONNEL Key Management Personnel Options The number of options in the company held during the financial year ended 30 June 2024 by key management personnel of Castillo Copper Limited, including their personally related parties, is set out below. | 14 DIRECTORS’ REPORT | ANNUAL REPORT 2024 Mr. Gerrard Hall Dr. Dennis Jensen Mr. David Drakeley Mr. Jack Sedgwick Mr. Joel Logan Mr. Eduardo Robaina BALANCE AT THE START OF THE YEAR 8,141,837 580,000 50,000 - - - BALANCE AT APPOINTMENT - - - - - - GRANTED DURING THE YEAR AS COMPENSATION - - - - - - ON EXERCISE OF SHARE OPTIONS - - - - - - OTHER CHANGES DURING THE YEAR - - - - - - BALANCE AT RESIGNATION - 580,000 50,000 - - - BALANCE AT THE END OF THE YEAR 8,141,837 - - - - - Key Management Personnel Shareholdings The number of shares in the company held during the financial year ended 30 June 2024 held by key management personnel of Castillo Copper Limited, including their personally related parties, is set out below. Other transactions with key management personnel Field Crew Pty Ltd, a company of which Mr Drakeley is a director, charged the Group consulting fees of $171,662, inclusive of expense reimbursements (2023: $115,135). There was $2,618 outstanding at 30 June 2024 (2023: nil). Transactions with key management personnel were made at arm’s length at normal market prices and normal commercial terms. END OF REMUNERATION REPORT | 15 DIRECTORS’ REPORT | ANNUAL REPORT 2024 INTERESTS IN THE SECURITIES OF THE GROUP As at the date of this report, the interests of the Directors in the securities of Castillo Copper Limited were: DIRECTOR ORDINARY SHARES UNLISTED SHARES PERFORMANCE SHARES Mr. Gerrard Hall 8,141,837 - - Mr. Joel Logan - - - Mr. Eduardo Robaina - - - RESULTS OF OPERATIONS The net loss of the Group for the year after income tax was $1,461,849 (2023: $6,942,228) and the net assets of the Group at 30 June 2024 were $10,610,574 (2023: $12,071,269). DIVIDENDS No dividend was paid or declared by the Group during the year and up to the date of this report. CORPORATE STRUCTURE Castillo Copper Limited is a company limited by shares that is incorporated and domiciled in Australia. NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES During the financial year, the principal activity of the Group was mineral exploration and examination of new resource opportunities. The Group currently holds copper projects in Queensland and New South Wales in Australia as well as a copper project in Zambia. EMPLOYEES Other than the Directors, the Group had no employees at 30 June 2024 (2023: Nil). REVIEW OF OPERATIONS Castillo Copper Limited is an Australian-based copper exploration company with a strategy to develop multi-commodity assets that demonstrate future potential as an economic mining operation. A positive global outlook for both base and precious metals, our strategy is underpinned by the exploration, development and delivery of our four high-quality projects that we own and operate across Australia and Zambia. The Company’s current focus will be on advancing exploration activity at its wholly owned NWQ Project, situated in the copper-belt district approximately 150km north of Mt Isa in north-west Queensland. Other interests include the Cangai Copper Mine in north-east New South Wales, as well as exploration targets in Zambia. NWQ COPPER PROJECT The NWQ Copper Project comprises five mineral leases covering a total area of 977sqm. It offers outstanding potential to deliver material exploration upside in Queensland’s North West minerals province, home to one of the world’s greatest high-grade concentrations of copper, zinc, lead and silver. The Project is near several historic / currently operating copper mines including Lady Annie, Mt Oxide and Capricorn Copper. | 16 DIRECTORS’ REPORT | ANNUAL REPORT 2024 The highest likelihood of discovering copper deposits lies at the intersections of fault lines, especially within or close to the Mount Gordon Fault Zone. Extensive historical exploration database has provided Castillo Copper with 22 walk up targets, including the major ‘Big One’ copper discovery. • Significant incremental copper mineralisation located along north-trending fault structures rather than constrained in the trachyte dyke, and • Significant untested bedrock conductor north of the line of lode, materially larger than the high-grade anomaly drilled in 2020. Based on historic surface observations, circa 200m north from the line of lode there also exists a sizeable, potentially mineralised gossan that is earmarked for thorough sampling. Once geochemical data from the upcoming campaign is reconciled with historical geophysics and surface observations, high-conviction targets for test-drilling can be formulated to potentially extend known mineralisation north of the line of lode. Once approvals are secured, soil and rock chip sampling at an area north of the known orebody where there is a sizeable, untested, bedrock conductor. Previous work confirmed the known orebody commences from surface though is not fully defined as it is open to the north, east and down dip. Upon receipt of surface sampling campaign assay results, the geology team believes there will be sufficient data to formulate a drilling campaign to test key targets and extend known mineralisation. The Big One Deposit has a JORC 2012 compliant Mineral Resource Estimate (MRE) of 2.1Mt @ 1.1% Cu for 21,886t contained metal, which includes the following high-grade drilling results: • 40m @ 1.64% from surface incl: 11m @ 4.40% from 24m, 5m @ 7.34% from 28m & 1m @ 16.65% from 29m (BO_303RC) • 44m @ 1.19% Cu from surface incl: 14m @ 3.55% from 27m, 3m @ 10.88% from 37m & 1m @ 12.6% from 37m (BO_301RC) In May 2024, the company revealed a comprehensive surface sampling campaign that will concentrate on eight areas across the Big One Deposit, with historical anomalous surface copper and/or high conductivity zones. Of particular interest for follow up work, are the findings from an inaugural Induced Polarisation (IP) survey undertaken by the Company in 2020, which evidenced the following: | 17 DIRECTORS’ REPORT | ANNUAL REPORT 2024 Source: CCZ Geology Team NORTHERN ANOMALY Members of the geology team also visited the Boomerang and Josephine Prospects to assess their exploration potential. Both have been interpreted as prospective for structurally controlled copper mineralisation. The field trip included a small program of rock chip sampling taken across various geological formations. This preliminary work was undertaken to determine the prospectivity for copper mineralisation and facilitate the next phase of a more systematic exploration campaign if suitable targets are determined. From the Boomerang Prospect, 21 rock-chip samples were taken from the exposed sections of the Surprise Creek Formation. In addition, 13 rock-chip samples were obtained from the outcrops of the Gunpowder Formation, Paradise Creek Formation, and Surprise Creek Formation at the Josephine Prospect. The rock-chip samples were sent to ALS Brisbane for multi-element analysis, with assay results identifying elevated levels of copper up to 0.46% Cu at the Boomerang Prospect. | 18 DIRECTORS’ REPORT | ANNUAL REPORT 2024 MKUSHI PROJECT Mkushi is comprised of a high-quality prospective asset across central Zambia’s copper-belt – the second largest copper producer in Africa. An undrilled shear zone in Shi Yang Group’s mining lease was discovered via desktop studies in 2020, parallel to the existing Mtugu Zone and stretching 4km into Mkushi Project. Following this, over 2020 & 2021, Castillo Copper conducted 2 geochemical surveys with a study area focused on 4km shear zone and boundary of SYG mining lease. 1,787 samples were collected at 100m intervals along 250m or 500m spaced NW-SE lines and were PxRF analysed. Results identified 5 geochemical anomalies, with the strike lengths ranging from 2-7km in total. An Induced Polarisation (IP) survey campaign undertaken at the Mkushi Project in 2022 highlighted multiple zones of high chargeability coincident with known copper soil anomalies. According to geophysicist interpretations, these are potential bodies of disseminated copper sulphide mineralisation and prime targets to test drill. With geochemical and geophysical data considered, Castillo Copper has developed drill plans to target geochemical, geophysical & magnetic anomalies, comprising 15 RC drill holes across the 3,000m combined area of A, B and C. The multiple primary targets for test drilling identified at the Mkushi Project boosts its exploration potential materially. Castillo Copper has resolved to seek a strategic partner to further develop this Zambian asset. This would enable the completion of work on the inaugural drilling campaigns for the Mkushi Project. Castillo Copper is actively seeking strategic JV or divestment partners for this asset. | 19 DIRECTORS’ REPORT | ANNUAL REPORT 2024 CANGAI COPPER PROJECT Cangai Copper Mine, one of Australia’s highest grading historic copper mines, is located approximately 40kms west of Grafton, in north-east New South Wales. On 25 July 2023, the Company’s geology team, working in conjunction with a specialist geological consultancy, produced an updated JORC (2012) compliant Mineral Resource Estimate (MRE) for the Cangai Copper Mine at: • 4.4Mt @ 2.5% Cu inferred insitu and 0.2Mt @ 1.35% Cu indicated from historic stockpiles for ~114kt contained copper metal; augmented further by zinc, gold, and silver credits (Table 1). TABLE 1: CANGI COPPER MINE RESOURCE TONNAGES CATEGORY INFERRED MASS (T) Cu (%) Co (%) Nn (%) Au (g/t) Ag (g/t) Cu (T) Co(T) Zn (T) Au (Kg) Ag (Kg) OXIDE INSITU 634,000 2.65 0.01 0.65 0.15 16.1 16,801 63 4,121 95 10,207 FRESH 3,773,000 2.48 0.01 0.55 0.31 15.2 93,570 226 20,752 1,170 57,350 EX-MINE OXIDE DUMPS 29,000 2.10 0.02 0.3 0.58 14.5 609 5 17 17 421 TOTAL 4,436,000 2.5 0.01 0.6 0.29 15.3 110,980 294 1,282 1,282 67,978 HISTORIC STOCKPILES CATEGORY INFERRED MASS (T) Cu (%) Co (%) Nn (%) Au (g/t) Ag (g/t) Cu (T) Co(T) Zn (T) Au (Kg) Ag (Kg) SMELTER SLAG AND EX-MINE OXIDE DUMPS 199,000 1.35 0.02 1.9 0.1 4.6 2,687 48 3,781 20 915 TOTAL 199,000 1.35 0.02 1.9 0.1 4.6 2,687 48 3,781 20 915 TOTAL 4,635,000 2.45 0.01 0.6 0.28 14.9 113,667 342 28,741 1,301 68,893 Notes: 1. All resource tonnages rounded to the nearest 1,000 tonnes 2. Refer to JORC Table 1 for details on data and estimation 3. Insitu tonnages calculated as a guide only, no recovery factor, loss or dilution considered. Source: CCZ Geology Team | 20 DIRECTORS’ REPORT | ANNUAL REPORT 2024 In calculating the updated MRE from the 2017 work (MRE: 3.3Mt @ 3.35% Cu for 108,000t), the geology team factored in reverse circulation and diamond core drilling campaigns undertaken across 2017-18 and used more conservative assumptions to boost the confidence in the revised 2023 MRE. The geology team noted several encouraging observations that underpins significant exploration potential for the Cangai Copper Mine, including: • The underlying orebody – which commences from surface – is not fully defined, as it remains open to the east, south-east and down dip. • There are several sizeable downhole electromagnetic (DHEM) conductors, proximal to the line of lode, that can potentially extend known mineralisation along strike. • With the revised 2023 MRE enhancing the Cangai Copper Mine’s resource size, the Board is highly optimistic the Company can realise value for shareholders from this historical producing asset. Castillo Copper is actively seeking strategic JV or divestment partners for this asset. | 21 DIRECTORS’ REPORT | ANNUAL REPORT 2024 BROKEN HILL PROJECT BROKEN HILL PROJECT: WEST On 21 March 2024, the Broken Hill Cobalt project was acquired by Rimfire Pacific Mining Ltd. Under the terms of the agreement, Rimfire has acquired an unencumbered 100% ownership of Exploration Licences 8572 and 8599 which lie adjacent to Rimfire’s Bald Hill Cobalt prospect, 30 kilometres west of Broken Hill, NSW. As per agreement terms, Rimfire issued the following Rimfire Ordinary Shares; • To Castillo Copper, 8,064,516 Rimfire Ordinary Shares (Consideration Shares) being $150,000 worth of shares at an issue price of $0.0186 (Consideration Shares Issue Price). • To Castillo Copper, a further $150,000 worth of Rimfire Ordinary Shares (Subsequent Shares) at an issue price of $0.0279, which is 50% above the Consideration Shares Issue Price (Subsequent Shares Issue Price). The Subsequent Shares were issued at the Subsequent Shares Issue Price, resulting in the issue of 5,376,345 Shares; and • To individual Royalty holders, 5,376,337 Rimfire Ordinary Shares being $100,000 worth of shares at the Consideration Shares Issue Price $0.0186 (Royalty Holder Shares). All Consideration Shares, Subsequent Shares and Royalty Holder Shares were subject to a 6-month escrow period that ended on 20 September 2024. BROKEN HILL PROJECT: EAST The Company maintained its Broken Hill East Exploration Licences: EL8434 and EL8435, which cover a combined area of 684.3km2. Regionally, the project area is situated in the Broken Hill spatial domain, which extends from far western New South Wales into eastern South Australia. Applying the Geological Survey of NSW (GSNSW) predictive geological model to the project area illustrates it is “Highly Prospective” for IOCG style mineralisation (gold-copper primarily). Since the Company acquired EL8434 and EL8435 in late 2020, the Board’s initial intent was to deliver a Maiden Mineral Resource Estimate (MRE). This was achieved in June 2022, with the Company reporting a JORC (2012) compliant MRE of 44,260t of contained copper (63Mt @ 700ppm) and 64Mt @ 318 ppm Co for 21,556t contained cobalt metal. Castillo Copper is actively seeking strategic JV or divestment partners for this asset. | 22 DIRECTORS’ REPORT | ANNUAL REPORT 2024 OPERATING AND FINANCIAL RISK The Group’s activities have inherent risk and the Board is unable to provide certainty of the expected results of activities, or that any or all of the likely activities will be achieved. The material business risks faced by the Group that could influence the Group’s future prospects, and how the Group manages these risks, are detailed below: OPERATIONAL RISKS The Group may be affected by various operational factors. In the event that any of these potential risks eventuate, the Group’s operational and financial performance may be adversely affected. No assurances can be given that the Group will achieve commercial viability through the successful exploration, sale, and/or development of its tenement interests. Until the Group is able to realise value from its projects, it is likely to incur ongoing operating losses. The operations of the Group may be affected by various factors, including failure to locate or identify mineral deposits, failure to achieve predicted grades in exploration, operational and technical difficulties encountered in exploration, insufficient or unreliable infrastructure such as transport, unanticipated metallurgical problems which may affect extraction costs, adverse weather conditions, industrial and environmental accidents, and unexpected shortages or increases in the costs of contractor services. The Group’s MREs are made in accordance with the 2012 edition of the JORC Code. MREs are estimates only. An estimate is an expression of judgement based on knowledge, experience and industry practice. Estimates which were valid when originally calculated may alter significantly when new information or techniques become available. In addition, by their very nature, resource estimates are imprecise and depend to some extent on interpretations, which may prove to be inaccurate. The tenements are at various stages of exploration, and potential investors should understand that mineral exploration and development are speculative and high-risk undertakings that may be impeded by circumstances and factors beyond the control of the Group. There can be no assurance that exploration of the Tenements, or any other exploration properties that may be acquired in the future, will result in the discovery of an economic mineral resource. Even if an apparently viable deposit is identified, there is no guarantee that it can be economically exploited. There is no assurance that exploration or project studies by the Group will result in the definition of an economically viable mineral deposit or that the exploration tonnage estimates, and conceptual project developments are able to be achieved. In the event the Group successfully delineates economic deposits on any Tenement, it may apply for a mining lease to undertake development and mining on the relevant Tenement. There is no guarantee that the Group will be granted a mining lease if one is applied for and if a mining lease is granted, it will also be subject to conditions which must be met. | 23 DIRECTORS’ REPORT | ANNUAL REPORT 2024 FURTHER CAPITAL REQUIREMENTS The Group’s projects may require additional funding to progress activities. There can be no assurance that additional capital or other types of financing will be available if needed to further exploration or possible development activities and operations or that, if available, the terms of such financing will be favourable to the Group. NATIVE TITLE AND ABORIGINAL HERITAGE There are areas of the Group’s projects over which legitimate common law and/or statutory Native Title rights of Aboriginal Australians exist. Where Native Title rights do exist, the Group must obtain consent of the relevant landowner to progress the exploration, development and mining phases of operations. Where there is an Aboriginal Site for the purposes of the Aboriginal Heritage legislation, the Group must obtain consents in accordance with the legislation. THE GROUP’S ACTIVITIES ARE SUBJECT TO GOVERNMENT REGULATIONS AND APPROVALS The Group is subject to certain Government regulations and approvals. Any material adverse change in government policies or legislation in Australia or Zambia that affect mineral exploration, mining, processing, and development activities, export activities, income tax laws, royalty regulations, government subsidiaries and environmental issues may affect the viability and profitability of any planned exploration or possible development of the Group’s portfolio of projects. GLOBAL CONDITIONS Global economic conditions (including movements inflation rates and currency exchange rates), national and international political circumstances, natural disasters, and other global events, may have an adverse effect on the Company’s exploration activities, as well as on its ability to fund those activities. General economic conditions may also affect the value of the Company and its market valuation regardless of its actual performance. | 24 DIRECTORS’ REPORT | ANNUAL REPORT 2024 CORPORATE BOARD CHANGES On 10 October 2023, the Board accepted the resignation of Managing Director Dr Dennis Jensen, who left the company on his own accord to take up a new business opportunity. On 15 December 2023, Mr Jack Sedgwick transitioned from interim Executive Director to Non-Executive Director. With these changes, all Castillo Copper Board Directors moved to Non-Executive roles. On 14 March 2024, the company announced the appointment of Mr Eduardo Robaina and Mr Joel Logan to the Castillo Copper Board of Directors. Mr Robaina assumed the role of Non-Executive Director. Mr Logan assumed the role of Non-Executive Director. Mr Jack Sedgwick and Mr David Drakeley stepped down from their roles as Non-Executive Directors. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS There were no significant changes in the state of affairs of the Group during the year, other than as outlined elsewhere in this report. SIGNIFICANT EVENTS AFTER THE BALANCE DATE On the 14 May 2024, CCZ announced that it was actively looking to align with partners to develop its remaining assets in NSW and Zambia which had previously been designated as non-core assets. At the date of this report the Company is in advanced discussions with third parties regarding a possible transaction in relation to its non-core assets but no agreements or binding terms have been signed as of the date of this report. Other than as set out above, there were no known material significant events from the end of the financial year to the date of this report that have significantly affected, or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial periods. LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS The Group remains focused on progressing its four (4) pillared strategy which includes continued exploration efforts at NWQ Copper Project in Queensland, Cangai Copper Mine and Broken Hill Project in New South Wales, and its Zambian property. ENVIRONMENTAL REGULATION AND PERFORMANCE The operations of the Group are presently subject to environmental regulation under the laws of the Commonwealth of Australia and the States of Queensland and New South Wales and the Republic of Zambia. The Group is, to the best of its knowledge, at all times in full environmental compliance with the conditions of its licenses. | 25 DIRECTORS’ REPORT | ANNUAL REPORT 2024 SHARE OPTIONS As at the date of this report, there were 8,000,000 unissued ordinary shares under unlisted options. The details of the unlisted options at the date of this report are as follows: During the year ended 30 June 2024, 121,699,971 unlisted options expired. Since the end of the financial year, a further 3,000 unlisted options and 163,439,781 listed options have expired. At the date of this report all listed options have expired. PERFORMANCE SHARES As part of the Zed Copper acquisition in the 2020 financial year, the Group issued 2 classes of performance shares to the vendors on 20 February 2020: 46,875,000 Class A performance shares Conditions precedent - converting to an equal number of CCZ shares on delineation of a JORC resource of 200,000 tonnes of contained copper at a minimum grade of 0.5% within 5 years of execution of the Share Sale Agreement. 46,875,000 Class B performance shares Conditions precedent - converting to an equal number CCZ shares on completion of a preliminary feasibility study demonstrating an internal rate of return greater than 25% within 5 years of execution of the Share Sale Agreement. None of the above conditions were met during the 2024 financial year. INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS The Group has made an agreement indemnifying all the Directors and Officers of the Group against all losses or liabilities incurred by each Director or Officer in their capacity as Directors or Officers of the Group to the extent permitted by the Corporation Act 2001. The indemnification specifically excludes wilful acts of negligence. The Group paid insurance premiums in respect of Directors’ and Officers’ Liability Insurance contracts for current officers of the Group. The liabilities insured are damages and legal costs that may be incurred in defending civil or criminal proceedings that may be brought against the Officers in their capacity as Officers of entities in the Group. The total amount of insurance premiums paid has not been disclosed due to confidentiality reasons. PROCEEDINGS ON BEHALF OF THE GROUP No person has applied for leave of the court to bring proceedings on behalf of the Group or intervene in any proceedings to which the Group is a party for the purpose of taking responsibility on behalf of the Group for all or any part of those proceedings. The Group was not a party to any such proceedings during the year. INDEMNITY AND INSURANCE OF AUDITOR The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the company or any related entity against a liability incurred by the auditor. CORPORATE GOVERNANCE In recognising the need for the highest standards of corporate behaviour and accountability, the Directors of Castillo Copper Limited support and have adhered to the principles of sound corporate governance. The Board recognises the recommendations of the Australian Securities Exchange Corporate Governance Council and considers that Castillo Copper is in compliance with those guidelines to the extent possible, which are of importance to the commercial operation of a junior listed resources company. During the financial year, shareholders continued to receive the benefit of an efficient and cost effective corporate governance policy for the Group. The Group’s Corporate Governance Statement and disclosures can be found at https:// castillocopper.com/investors/governance/. NUMBER EXCERCISE PRICE $ EXPIRY DATE 8,000,000 0.08 31 January 2025 | 26 DIRECTORS’ REPORT | ANNUAL REPORT 2024 AUDITOR’S INDEPENDENCE AND NON-AUDIT SERVICES Section 307C of the Corporations Act 2001 requires the Group’s auditors to provide the Directors of Castillo Copper Limited with an Independence Declaration in relation to the audit of the financial report. A copy of that declaration is included on page 59. There were no non-audit services provided by the Group’s auditor during the year ended 30 June 2024. Signed in accordance with a resolution of the Directors. On behalf of the Directors. GERRARD HALL Non-Executive Chairman 26 September 2024 COMPETENT PERSON’S STATEMENT The information in this report that relates to Exploration Results for the Mkushi Project, Zambia, is based on information compiled or reviewed by Mr Matt Bull, a consultant of Castillo Copper Limited. Mr Bull is a member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bull consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The information in this report that relates to Exploration Results, Exploration Targets and Mineral Resources for the NWQ Project contained in this announcement is based on a fair and accurate representation of the publicly available information at the time of compiling this report and is based on information and supporting documentation compiled by Mark Biggs. The information in this report that relates to Exploration Results and Mineral Resource Estimates for the BHA Project and Cangai Copper Mine is based on information compiled or reviewed by Mr Mark Biggs. Mr Biggs is a director of ROM Resources, a company which is a shareholder of Castillo Copper Limited. ROM Resources provides ad hoc geological consultancy services to Castillo Copper Limited. Mr Biggs is a member of the Australian Institute of Mining and Metallurgy (member #107188) and has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, and Mineral Resources. Mr Biggs holds an AusIMM Online Course Certificate in 2012 JORC Code Reporting. Mr Biggs also consents to the inclusion in this report of the matters based on information in the form and context in which it appears. ANNUAL REPORT 2024 | 27 The accompanying notes form part of these financial statements. CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME for the year ended 30 June 2024 NOTES 2024 $ 2023 $ Interest received 35,661 15,615 Other income 4 415,922 - TOTAL 451,583 15,615 Listing and public company expenses (169,688) (158,585) Accounting and audit expenses (163,150) (125,358) Consulting and Directors’ fees (544,718) (515,196) Impairment of exploration expenditure 9 (419,369) (5,672,872) Other expenses 4 (616,507) (485,832) LOSS BEFORE INCOME TAX (1,461,849) (6,942,228) Income tax benefit 5 - - LOSS AFTER INCOME TAX (1,461,849) (6,942,228) OTHER COMPREHENSIVE INCOME Item that may be reclassified subsequently to profit or loss Foreign currency translation 1,154 1,359 TOTAL OTHER COMPREHENSIVE INCOME 1,154 1,359 TOTAL COMPREHENSIVE LOSS FOR THE YEAR (1,460,695) (6,940,869) Basic and diluted loss per share (cents per share) 13 (0.11) (0.53) ANNUAL REPORT 2024 | 28 The accompanying notes form part of these financial statements. NOTES 2024 $ 2023 $ CURRENT ASSETS Cash and cash equivalents 6 1,118,294 2,897,611 Financial assets at fair value through profit or loss 7 376,344 - Other assets 8 420,707 78,845 TOTAL CURRENT ASSETS 1,915,345 2,976,456 NON-CURRENT ASSETS Other assets 8 314,361 486,961 Deferred exploration and evaluation expenditure 9 8,493,010 8,736,198 TOTAL NON-CURRENT ASSETS 8,807,371 9,223,159 TOTAL ASSETS 10,722,716 12,199,615 CURRENT LIABILITIES Trade and other payables 112,142 128,346 TOTAL CURRENT LIABILITIES 112,142 128,346 TOTAL LIABILITIES 112,142 128,346 NET ASSETS 10,610,574 12,071,269 EQUITY Issued capital 11 35,964,396 35,964,396 Reserves 12 4,082,889 4,081,735 Accumulated losses (29,436,711) (27,974,862) TOTAL EQUITY 10,610,574 12,071,269 CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 June 2024 ANNUAL REPORT 2024 | 29 ISSUED CAPITAL $ SHARE BASED PAYMENT RESERVE $ FOREIGN CURRENCY TRANSLATION RESERVE $ ACCUMULATED LOSSES $ TOTAL $ Balance at 1 July 2023 35,964,396 4,230,962 (149,227) (27,974,862) 12,071,269 Loss for the year - - - (1,461,849) (1,461,849) Other comprehensive income - - 1,154 - 1,154 Total Comprehensive Loss - - 1,154 (1,461,849) (1,460,695) Transactions with owners in their capacity as owners - - - - - Balance as at 30 June 2024 35,964,396 4,230,962 (148,073) (29,436,711) 10,610,574 ISSUED CAPITAL $ SHARE BASED PAYMENT RESERVE $ FOREIGN CURRENCY TRANSLATION RESERVE $ ACCUMULATED LOSSES $ TOTAL $ Balance at 1 July 2022 35,964,396 4,230,962 (150,586) (21,032,634) 19,012,138 Loss for the year (6,942,228) (6,942,228) Other comprehensive income 1,359 1,359 Total Comprehensive Loss 1,359 (6,942,228) (6,940,869) Transactions with owners in their capacity as owners - - - - - Balance as at 30 June 2024 35,964,396 4,230,962 (149,227) (27,974,862) 12,071,269 The accompanying notes form part of these financial statements. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 30 June 2024 ANNUAL REPORT 2024 | 30 The accompanying notes form part of these financial statements. CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 30 June 2024 NOTES 2024 $ 2023 $ CASH FLOWS FROM OPERATING ACTIVITIES Interest received 32,261 15,615 Payments to suppliers and employees (1,193,574) (1,115,720) NET CASH USED IN OPERATING ACTIVITIES 6 (1,161,313) (1,100,105) CASH FLOWS FROM INVESTING ACTIVITIES Payments for tenements bonds - (82,000) Exploration and evaluation expenditure 9 (617,285) (1,678,114) NET CASH USED IN INVESTING ACTIVITIES (617,285) (1,760,114) CASH FLOWS FROM FINANCING ACTIVITIES - - NET CASH FROM FINANCING ACTIVITIES - - NET (DECREASE) IN CASH AND CASH EQUIVALENTS (1,778,598) (2,860,219) Cash and cash equivalents at beginning of year 2,897,611 5,754,049 Foreign exchanges variances on cash (719) 3,781 CASH AND CASH EQUIVALENTS AT END OF FINANCIAL YEAR 6 1,118,294 2,897,611 ANNUAL REPORT 2024 | 31 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AT AND FOR THE YEAR ENDED 30 JUNE 2024 1. CORPORATE INFORMATION The financial report of Castillo Copper Limited and its subsidiaries (“Castillo Copper” or “the Group”) for the year ended 30 June 2024 was authorised for issue in accordance with a resolution of the Directors on 26 September 2024. Castillo Copper Limited is a company limited by shares incorporated in Australia whose shares are publicly traded on the Australian Securities Exchange and London Stock Exchange. The nature of the operations and the principal activities of the Group are described in the Directors’ Report. 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (A) BASIS OF PREPARATION The financial report is a general-purpose financial report, which has been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. The Group is a for profit entity for financial reporting purposes under Australian Accounting Standards. The financial report has been prepared on an accrual basis and is based on historical costs. Material accounting policies adopted in preparation of this financial report are presented below and have been consistently applied unless otherwise stated. The presentation currency is Australian dollars. (B) STATEMENT OF COMPLIANCE The financial report complies with Australian Accounting Standards, which include Australian equivalents to International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial report, comprising the financial statements and notes thereto, complies with International Financial Reporting Standards (IFRS). (C) ADOPTION OF NEW AND REVISED STANDARDS Standards and Interpretations applicable 30 June 2024. In the year ended 30 June 2024, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to the Company and effective for the current annual reporting period. As a result of this review, the Directors have determined that there is no material impact of the new and revised Standards and Interpretations on the Group and therefore, no material change is necessary to Group accounting policies. Standards and interpretations issued, but not yet effective. The Directors have also reviewed all Standards and Interpretations issued, but not yet effective for the period 30 June 2024. As a result of this review the Directors have determined that there is no material impact of the Standards and Interpretations issued but not yet effective on the Company. (D) GOING CONCERN This report has been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and settlement of liabilities in the normal course of business. The Group incurred a net loss for the year ended 30 June 2024 of of $1,461,849 and net cash outflows from operating activities of $1,161,313 net cash outflows from investing activities of $617,285 and net cash flows from financing activities of $Nil. At 30 June 2024, the Group had a net asset position of $10,610,574. The cash and cash equivalents balance at 30 June 2024 was $1,118,294. Notwithstanding these results, the Directors believe that the Company will be able to continue as a going concern and as a result the financial statements have been prepared on a going concern basis. The financial report has been prepared on the assumption that the Group is a going concern for the following reasons: • the ability of the Group to scale back parts of its operations and reduce costs if required; ANNUAL REPORT 2024 | 32 • the Board is of the opinion that the Group has, or shall have access to, sufficient funds to meet the planned corporate activities and working capital requirements; and • as the Group is an ASX-listed entity, the Group has the ability to raise additional funds, if required. In the event that the Group is unable to achieve the actions noted above, there is a material uncertainty that may cast significant doubt as to the Group’s ability to continue as a going concern, and it may be required to realise its assets at amounts different to those currently recognised, settle liabilities other than in the ordinary course of business and make provisions for other costs which may arise as a result of cessation or curtailment of normal business operations. The directors have reviewed the Group’s financial position and are of the opinion that the use of the going concern basis of accounting is appropriate. (E) BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of Castillo Copper Limited and its subsidiaries as at 30 June each year (‘the Company’). Subsidiaries are all those entities (including special purpose entities) over which the Company has control. The Company controls an entity when the company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the Group. The financial statements of the subsidiaries are prepared for the same reporting period as the parent Company, using consistent accounting policies. In preparing the consolidated financial statements, all intercompany balances and transactions, income and expenses and profit and losses resulting from intra-company transactions have been eliminated in full. Subsidiaries are fully consolidated from the date on which control is obtained by the Company and cease to be consolidated from the date on which control is transferred out of the Company. A change in the ownership interest of a subsidiary that does not result in a loss of control, is accounted for as an equity transaction. (F) FOREIGN CURRENCY TRANSLATION (I) FUNCTIONAL AND PRESENTATION CURRENCY Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The functional and presentation currency of Castillo Copper Limited is Australian Dollars. The functional currency of the Chilean subsidiary is Chilean Peso. The functional currency of the Zambian subsidiaries is United States Dollars. (II) TRANSACTIONS AND BALANCES Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income. (III) GROUP ENTITIES The results and financial position of all the Company entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; • income and expenses for each statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and • all resulting exchange differences are recognised as a separate component of equity. ANNUAL REPORT 2024 | 33 On consolidation, exchange differences arising from the translation of any net investment in foreign entities are taken to foreign currency translation reserve. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, a proportionate share of such exchange differences are recognised in the statement of comprehensive income, as part of the gain or loss on sale where applicable. (G) IMPAIRMENT OF NON-FINANCIAL ASSETS The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of its fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets of the Group. In such cases the asset is tested for impairment as part of the cash generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses relating to continuing operations are recognised in those expense categories consistent with the function of the impaired asset unless the asset is carried at revalued amount (in which case the impairment loss is treated as a revaluation decrease). An assessment is also made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss unless the asset is carried at revalued amount, in which case the reversal is treated as a revaluation increase. After such a reversal the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. (H) EXPLORATION AND EVALUATION EXPENDITURE Exploration and evaluation expenditure incurred by or on behalf of the Group is accumulated separately for each area of interest. Such expenditure comprises net direct costs and an appropriate portion of related overhead expenditure, but does not include general overheads or administrative expenditure not having a specific nexus with a particular area of interest. Each area of interest is limited to a size related to a known or probable mineral resource capable of supporting a mining operation. Exploration and evaluation expenditure for each area of interest is carried forward as an asset provided that one of the following conditions is met: • such costs are expected to be recouped through successful development and exploitation of the area of interest or, alternatively, by its sale; or • exploration and evaluation activities in the area of interest have not yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in relation to the area are continuing. Expenditure which fails to meet the conditions outlined above is impaired; furthermore, the Directors regularly review the carrying value of exploration and evaluation expenditure and make write downs if the values are not expected to be recoverable. ANNUAL REPORT 2024 | 34 Identifiable exploration assets acquired are recognised as assets at their cost of acquisition, as determined by the requirements of AASB 6 Exploration for and evaluation of mineral resources. Exploration assets acquired are reassessed on a regular basis and these costs are carried forward provided that at least one of the conditions referred to in AASB 6 is met. Exploration and evaluation expenditure incurred subsequent to acquisition in respect of an exploration asset acquired, is accounted for in accordance with the policy outlined above for exploration expenditure incurred by or on behalf of the entity. Acquired exploration assets are not written down below acquisition cost until such time as the acquisition cost is not expected to be recovered. When an area of interest is abandoned, any expenditure carried forward in respect of that area is written off. Expenditure is not carried forward in respect of any area of interest/mineral resource unless the Group’s rights of tenure to that area of interest are current. (I) CASH AND CASH EQUIVALENTS Cash and short term deposits in the statement of financial position include cash on hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown as current liabilities in the statement of financial position. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as described above. (J) INVESTMENTS AND OTHER FINANCIAL ASSETS Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortised cost or fair value depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided. Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the consolidated entity has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified as financial assets at fair value through profit or loss. Typically, such financial assets will be either: (i) held for trading, where they are acquired for the purpose of selling in the short-term with an intention of making a profit, or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value movements are recognised in profit or loss. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Financial assets at fair value through other comprehensive income include equity investments which the consolidated entity intends to hold for the foreseeable future and has irrevocably elected to classify them as such upon initial recognition. IMPAIRMENT OF FINANCIAL ASSETS The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the consolidated entity’s assessment at the end of each reporting period as to whether the financial instrument’s credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain. ANNUAL REPORT 2024 | 35 Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset’s lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset’s lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate. For financial assets mandatorily measured at fair value through other comprehensive income, the loss allowance is recognised in other comprehensive income with a corresponding expense through profit or loss. In all other cases, the loss allowance reduces the asset’s carrying value with a corresponding expense through profit or loss. (K) CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. CAPITALISED EXPLORATION AND EVALUATION EXPENDITURE The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number of factors, including whether the Group decides to exploit the related lease itself or, if not, whether it successfully recovers the related exploration and evaluation asset through sale. Factors which could impact the future recoverability include the level of proved, probable and inferred mineral resources, future technological changes which could impact the cost of mining, future legal changes (including changes to environmental restoration obligations) and changes to commodity prices. To the extent that capitalised exploration and evaluation expenditure is determined not to be recoverable in the future, this will reduce profits and net assets in the period in which this determination is made. In addition, exploration and evaluation expenditure is capitalised if activities in the area of interest have not yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves. To the extent that it is determined in the future that this capitalised expenditure should be written off, this will reduce profits and net assets in the period in which this determination is made. SHARE-BASED PAYMENT TRANSACTIONS The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using a Black and Scholes model, using the assumptions detailed in note 11. REHABILITATION PROVISION The Group’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The Group recognises management’s best estimate for asset retirement obligations in the period in which they are incurred. Actual costs incurred in the future periods could differ materially from the estimates. Additionally, future changes to environmental laws and regulations, life of mine estimates and discount rates could affect the carrying amount of this provision. ANNUAL REPORT 2024 | 36 (L) REHABILITATION PROVISION A provision for rehabilitation and restoration is recognised when there is a present obligation as a result of activities undertaken, it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount of the provision can be measured reliably. The estimated future obligations include the costs of abandoning sites, removing facilities and restoring the affected areas. The provision for future restoration costs is the best estimate of the present value of the expenditure required to settle the restoration obligation at the balance date. Future restoration costs are reviewed annually and any changes in the estimate are reflected in the present value of the restoration provision at each balance date. The initial estimate of the restoration and rehabilitation provision is capitalised into the cost of the related asset and amortised on the same basis as the related asset, unless the present obligation arises from the production of inventory in the period, in which case the amount is included in the cost of production for the period. Changes in the estimate of the provision for rehabilitation are treated in the same manner, except that the unwinding of the effect of discounting on the provision is recognised as a finance cost rather than being capitalised into the cost of the related asset. (M) INCOME TAX Deferred income tax is provided for on all temporary differences at balance date between the tax base of assets and liabilities and their carrying amounts for financial reporting purposes. No deferred income tax will be recognised from the initial recognition of goodwill or of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss. No deferred income tax will be recognised in respect of temporary differences associated with investments in subsidiaries if the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary differences will not reverse in the near future. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or liability is settled. Deferred tax is credited in the statement of comprehensive income except where it relates to items that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity. Deferred income tax assets are recognised for all deductible temporary differences, carry forward of unused tax assets and unused tax losses to the extent that it is probable that future tax profits will be available against which deductible temporary differences can be utilised. The amount of benefits brought to account or which may be realised in the future is based on tax rates (and tax laws) that have been enacted or substantially enacted at the balance date and the anticipation that the Group will derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law. The carrying amount of deferred tax assets is reviewed at each balance date and only recognised to the extent that sufficient future assessable income is expected to be obtained. Income taxes relating to items recognised directly in equity are recognised in equity and not in the statement of comprehensive income. (N) ISSUED CAPITAL Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. (O) REVENUE Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue is capable of being reliably measured. The following specific recognition criteria must also be met before revenue is recognised: INTEREST INCOME Revenue is recognised as the interest accrues (using the effective interest method, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument) to the net carrying amount of the financial asset. ANNUAL REPORT 2024 | 37 (P) EARNINGS / LOSS PER SHARE BASIC EARNINGS / LOSS PER SHARE Basic earnings / loss per share is calculated by dividing the profit/loss attributable to equity holders of the Group, excluding any costs of servicing equity other than dividends, by the weighted average number of ordinary shares, adjusted for any bonus elements. DILUTED EARNINGS / LOSS PER SHARE Diluted earnings / loss per share is calculated as net profit/loss attributable to members of the Group, adjusted for: • costs of servicing equity (other than dividends) and preference share dividends; • the after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as expenses; and • other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential ordinary shares; and • divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus elements. (Q) GOODS AND SERVICES TAX Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST. The net amount of GST recoverable from, or payable to, the Australian Tax Office is included as part of receivables or payables in the statement of financial position. Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. (R) TRADE AND OTHER PAYABLES Liabilities for trade creditors and other amounts are measured at amortised cost, which is the fair value of the consideration to be paid in the future for goods and services received that are unpaid, whether or not billed to the Group. (S) SHARE-BASED PAYMENT TRANSACTIONS The Group provides benefits to individuals acting as, and providing services similar to employees (including Directors) of the Group in the form of share based payment transactions, whereby individuals render services in exchange for shares or rights over shares (‘equity settled transactions’). The cost of these equity settled transactions with employees is measured by reference to the fair value at the date at which they are granted. The fair value is determined by using the Black Scholes formula taking into account the terms and conditions upon which the instruments were granted, as discussed in note 11(e). In valuing equity settled transactions, no account is taken of any performance conditions, other than conditions linked to the price of the shares of Castillo Copper Limited (‘market conditions’). The cost of the equity settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (‘vesting date’). The cumulative expense recognised for equity settled transactions at each reporting date until vesting date reflects (i) the extent to which the vesting period has expired and (ii) the number of awards that, in the opinion of the Directors of the Group, will ultimately vest. This opinion is formed based on the best available information at balance date. No adjustment is made for the likelihood of the market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant date. The statement of comprehensive income charge or credit for a period represents the movement in cumulative expense recognised at the beginning and end of the period. ANNUAL REPORT 2024 | 38 No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition. Where the terms of an equity settled award are modified, as a minimum, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of the modification, as measured at the date of the modification. Where an equity settled award is cancelled, it is treated as if it had vested on the date of the cancellation, and any expense not yet recognised for the award is recognised immediately. However if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were a modification of the original award, as described in the previous paragraph. The cost of equity-settled transactions with non-employees is measured by reference to the fair value of goods and services received unless this cannot be measured reliably, in which case the cost is measured by reference to the fair value of the equity instruments granted. The dilutive effect, if any, of outstanding options is reflected in the computation of loss per share (see note 13). (T) COMPARATIVE INFORMATION When required by Accounting Standards, comparative information has been reclassified to be consistent with the presentation in the current year. (U) OPERATING SEGMENTS Operating segments are presented using the ‘management approach’, where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers (‘CODM’). The CODM is responsible for the allocation of resources to operating segments and assessing their performance. (V) FAIR VALUE MEASUREMENT When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principle market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interest. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Assets and liabilities measured at fair value are classified, into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed each reporting date and transfers between levels are determined based on a reassessment of the lowest level input that is significant to the fair value measurement. For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data. (W) PARENT ENTITY FINANCIAL INFORMATION The financial information for the parent entity, Castillo Copper Limited, disclosed in Note 17 has been prepared on the same basis as the consolidated financial statements, except as set out below. INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE ENTITIES Investments in subsidiaries, associates and joint venture entities are accounted for at cost in the parent entity’s financial statements. Dividends received from associates are recognised in the parent entity’s profit or loss, rather than being deducted from the carrying amount of these investments. ANNUAL REPORT 2024 | 39 2024 NWQ (QLD) $ CANGAI (NSW) $ BROKEN HILL (NSW) $ ZAMBIA $ UNALLOCATED $ TOTAL $ SEGMENT ASSETS AND LIABILITIES Current assets - 152,600 20,000 - 1,742,745 1,915,345 Non-current assets 6,690,813 168,500 1,316,415 631,522 122 8,807,371 Current liabilities - - - - (112,142) (112,142) SEGMENT INCOME AND EXPENSES Interest income - - - - 35,661 35,661 Other income - - 415,922 - - 415,922 Other expenses - (210,247) - (228,616) (1,474,569) (1,913,432) Loss before tax - (210,247) 415,922 (228,616) (1,438,908) (1,461,849) 2023 NWQ (QLD) $ CANGAI (NSW) $ BROKEN HILL (NSW) $ ZAMBIA $ UNALLOCATED $ TOTAL $ SEGMENT ASSETS AND LIABILITIES Current assets - - - - 2,976,456 2,976,456 Non-current assets 6,605,846 321,100 1,527,490 768,601 122 9,223,159 Current liabilities - - - - (128,346) (128,346) SEGMENT INCOME AND EXPENSES Interest income - - - - 15,615 15,615 Other expenses - (5,322,762) - (350,110) (1,284,971) (6,957,843) Loss before tax - (5,322,762) - (350,110) (1,269,356) (6,942,228) 3. SEGMENT INFORMATION Management has determined the operating segments based on the reports reviewed by the Board of Directors that are used to make strategic decisions. The entity has four geographical segments being exploration in Northwest Queensland (NWQ), New South Wales (Cangai), New South Wales (Broken Hill) and Zambia. Revenue attributable to all segments is immaterial. Allocation of asset, liabilities, income and expenses to each segment is shown below: ANNUAL REPORT 2024 | 40 4. OTHER INCOME AND EXPENSES 2024 $ 2023 $ OTHER INCOME Gain on sale of exploration assets1 415,922 - Total other income 415,922 - 1Refer to Note 9. OTHER EXPENSES Travel and Accomodation 1,327 6,780 Legal 25,433 7,860 Loss on revaluation of assets held at fair value through the profit and loss 134,409 - Insurance 74,609 98,270 Foreign Exchange Losses / (Gains) 720 (482) Investor Relations 335,416 336,944 Other 44,593 36,460 Total Other Expenses 616,507 485,832 2024 $ 2023 $ Major component of tax expense for the year: - - Current tax - - Deferred tax - - Total - - 5. INCOME TAX (A) INCOME TAX EXPENSE/(BENEFIT) ANNUAL REPORT 2024 | 41 2024 $ 2023 $ Loss from continuing operations before income tax expense (1,461,849) (6,942,228) Tax at the Australian rate of 25% (2023: 30%) (365,462) (2,082,668) Non-allowable expenses 1,872 - Income tax benefit not bought to account 363,590 2,082,668 Income tax expense - - 2024 $ 2023 $ ASSETS Total losses available to offset against future taxable income 6,539,166 7,353,655 Total accrued expenses 9,699 12,461 Total share issue costs deductible over five years 111,651 285,972 LIABILITIES Prepayments (10,102) - Financial assets held at fair value through profit and loss (33,323) - Deferred tax liability on capitalised exploration costs (2,136,828) (2,390,279) Deferred tax assets not brought to account as realisation is not regarded as probable (4,480,262) (5,261,809) Deferred tax asset recognised - - (B) NUMERICAL RECONCILIATION BETWEEN AGGREGATE TAX EXPENSE RECOGNISED IN THE STATEMENT OF COMPREHENSIVE INCOME AND TAX EXPENSE CALCULATED PER THE STATUTORY INCOME TAX RATE A reconciliation between tax expense and the product of accounting result before income tax multiplied by the Group’s applicable tax rate is as follows: (C) THE FOLLOWING DEFERRED TAX BALANCES HAVE NOT BEEN BOUGHT TO ACCOUNT: ANNUAL REPORT 2024 | 42 2024 $ 2023 $ Unused tax losses 26,156,655 24,512,183 Potential tax benefit not recognised at 25% (2023: 30%) 6,539,166 7,353,655 (D) UNUSED TAX LOSSES The benefit for tax losses will only be obtained if: (i) the Group derives future assessable income in Australia of a nature and of an amount sufficient to enable the benefit from the deductions for the losses to be realised; (ii) the Group continues to comply with the conditions for deductibility imposed by tax legislation in Australia; and (iii) no changes in tax legislation in Australia, adversely affect the Group in realising the benefit from the deductions for the losses. 6. CASH AND CASH EQUIVALENTS 2024 $ 2023 $ (A) RECONCILIATION OF OPERATING LOSS AFTER TAX TO NET THE CASH FLOWS USED IN OPERATIONS Loss from ordinary activities after tax (1,461,849) (6,942,228) NON-CASH ITEMS Loss on revaluation of financial assets held at fair value through profit or loss 134,409 - Impairment expense 419,369 5,672,872 Foreign exchange loss/(gain) 1,874 (455) Sale of non current assets for shares (415,922) - PROFIT & LOSS ITEMS CLASSED AS INVESTING ACTIVITIES Consulting fees relating to exploration expenditure 163,515 150,000 CHANGES IN ASSETS AND LIABILITIES (Decrease) / increase in trade and other payables (15,682) 26,942 Decrease / (Increase) in other receivables 12,973 (7,236) Net cash flow used in operating activities (1,161,313) (1,100,105) ANNUAL REPORT 2024 | 43 (B) RECONCILIATION OF CASH Cash at bank earns interest at floating rates based on daily bank deposit rates. Term deposits earn interest at fixed rates based on the 3-month term deposit rate. Ordinary shares at fair value through profit or loss are measured at fair value based on quoted prices (unadjusted) in active markets for identical assets that the entity can access at the measurement date. RECONCILIATION Reconciliation of the fair values at the beginning and end of the current and previous financial year are set out below: 7. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 2024 $ 2023 $ CASH BALANCE COMPRISES: Cash at bank 718,294 2,805,611 Term deposits 400,000 92,000 Total 1,118,294 2,897,611 2024 $ 2023 $ CURRENT Listed ordinary shares - designated at fair value through profit or loss 376,344 - Total 376,344 - 2024 $ 2023 $ Opening fair value - - Additions 510,753 - Revaluation increments (134,409) - Closing fair value 376,344 - 8. OTHER ASSETS 2024 $ 2023 $ CURRENT GST/VAT receivable 21,544 37,764 Prepayments 40,408 41,081 Accrued interest 3,400 - Tenement guarantees 172,600 - R&D Tax Incentive receivable 182,755 - Total 420,707 78,845 NON-CURRENT Tenement guarantees 314,361 486,961 Total 314,361 486,961 Current tenement guarantees relate to security deposits that were refunded by the New South Wales State Government in August 2024. | 44 ANNUAL REPORT 2024 ANNUAL REPORT 2024 | 45 9. DEFERRED EXPLORATION AND EVALUATION EXPENDITURE 10. TRADE AND OTHER PAYABLES 2024 $ 2023 $ EXPLORATION AND EVALUATION PHASE: Opening balance 8,736,198 12,899,486 Exploration and evaluation expenditure during the period 453,768 1,509,584 R&D Tax Incentive receivable relating to capitalised exploration expenditure (182,756) - Impairment1 (419,369) (5,672,872) Sale of exploration assets2 (94,831) - Closing balance 8,493,010 8,736,198 2024 $ 2023 $ CURRENT Trade and other payables 81,642 87,586 Accruals 30,500 40,758 Total 112,142 128,344 1At each reporting date, the Group undertakes an assessment of the carrying amount of its exploration and evaluation assets. During the period, the Group identified indicators or impairment on certain exploration and evaluation assets under AASB 6 Exploration and Evaluation of Mineral Resources. As a result of this review, an impairment charge of $419,369 has been recognised in the statement of profit or loss and other comprehensive income in relation to areas of interest where no future exploration and evaluation activities are expected or where the right to explore has expired. 2On 21 March 2024 the sale of the Company’s Exploration Licenses 8572 and 8599 in Broken Hill, NSW, to Rimfire Pacific Mining Limited (ASX: RIM) as announced on 11 January 2024 was completed. As consideration for the sale, the Group received 13,440,861 shares in RIM with a value of $510,753. As a result, a gain on sale of exploration assets of $415,922 has been recognised in the statement of profit or loss and other comprehensive income. The recoupment of costs carried forward in relation to areas of interest in the exploration and evaluation phase is dependent on the successful development and commercial exploration or sale of respective areas. Trade and other payables are non-interest bearing and payable on demand. Due to their short-term nature, the carrying value of trade and other payables is assumed to approximate their fair value. ANNUAL REPORT 2024 | 46 11. ISSUED CAPITAL (C) ORDINARY SHARES The Group does not have authorised capital nor par value in respect of its issued capital. Ordinary shares have the right to receive dividends as declared and, in the event of a winding up of the Company, to participate in the proceeds from sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person or proxy, at a meeting of the Company. (D) SHARE OPTIONS At 30 June 2024 there were 11,000,000 (30 June 2023: 132,699,971) unlisted options and 163,439,781 (30 June 2023: 163,439,781) listed options (ASX: CCZOA, CCZOB) with various exercise prices and expiry dates. The following share-based payment arrangements were in place during the period: 2024 $ 2023 $ (A) ISSUED AND PAID UP CAPITAL Ordinary shares fully paid 35,965,396 35,965,396 2024 2024 NUMBER OF SHARES $ NUMBER OF SHARES $ (B) MOVEMENTS IN ORDINARY SHARES ON ISSUE Opening balance 1,299,505,355 35,964,396 1,299,505,355 35,964,396 Closing balance 1,299,505,355 35,964,396 1,299,505,355 35,964,396 SERIES NUMBER GRANT DATE EXPIRY DATE EXCERSISE PRICE $ FAIR VALUE AT GRANT DATE VESTING DATE LISTED / UNLISTED 1 14,285,714 15 June 2021 31 July 2024 $0.08 $0.022 15 June 2021 Listed 2 2,955,665 16 June 2021 1 August 2024 £0.044 $0.021 16 June 2021 Listed 3 2,418,044 5 August 2021 31 July 2024 $0.08 $0.007 5 August 2021 Listed 4 462,378 17 August 2021 1 August 2024 £0.044 $0.017 17 August 2021 Listed 5 4,000,000 27 October 2021 31 July 2024 $0.08 $0.007 27 October 2021 Listed 6 3,000,000 30 November 2021 31 July 2024 $0.08 $0.010 30 November 2021 Unlisted 7 8,000,000 1 February 2022 31 January 2025 $0.08 $0.007 1 February 2022 Unlisted ANNUAL REPORT 2024 | 47 No options were exercised during the period. 79,117,618 listed options and 42,582,353 unlisted options expired during the period. Since the end of the financial year, 163,439,781 listed and 3,000,000 unlisted options have expired. No listed or unlisted options have been issued since the end of the year. Weighted remaining contractual life (years) 0.11 Weighted average exercise price $0.08 Options granted as equity compensation benefits to Key Management Personnel during the year are set out in the audited remuneration report. (E) PERFORMANCE SHARES The fair value of the equity-settled unlisted options granted in prior periods was estimated as at the date of grant using the Black and Scholes model taking into account the terms and conditions upon which they were granted, as follows: 46,875,000 CLASS A PERFORMANCE SHARES Conditions precedent - converting to an equal number of CCZ shares on delineation of a JORC resource of 200,000 tonnes of contained copper at a minimum grade of 0.5% within 5 years of execution of the Share Sale Agreement. 46,875,000 CLASS B PERFORMANCE SHARES Conditions precedent - converting to an equal number CCZ shares on completion of a preliminary feasibility study demonstrating an internal rate of return greater than 25% within 5 years of execution of the Share Sale Agreement. The performance shares will expire on 20 February 2025. ANNUAL REPORT 2024 | 48 12. RESERVES SHARE BASED PAYMENT RESERVE The share based payment reserve is used to record the value of equity benefits provided to Directors and executives as part of their remuneration and non-employees for their services. FOREIGN CURRENCY TRANSLATION RESERVE The foreign exchange differences arising on translation of balances originally denominated in a foreign currency into the functional currency are taken to the foreign currency translation reserve. The reserve is recognised in profit or loss when the net investment is disposed of. There have been no transactions involving ordinary shares or potential ordinary shares that would significantly change the number of ordinary shares or potential ordinary shares outstanding between the reporting date and the date of completion of these financial statements. There are no potential ordinary shares on issue that are considered to be dilutive, therefore basic earnings per share also represents diluted earnings per share. 13. LOSS PER SHARE 2024 $ 2023 $ Loss used in calculating basic and dilutive EPS (1,461,849) (6,942,228) 2024 2023 NUMBER OF SHARES Weighted average number of ordinary shares used in calculating basic loss per share: 1,299,505,355 1,299,505,355 Effect of dilution: Share options - - Adjusted weighted average number of ordinary shares used in calculating diluted loss per share: 1,299,505,355 1,299,505,355 Basic and diluted loss per share (cents per share) (0.11) (0.53) ANNUAL REPORT 2024 | 49 14. AUDITOR’S REMUNERATION 15. RELATED PARTY DISCLOSURES (A) KEY MANAGEMENT PERSONNEL Compensation of key management personnel B) OTHER TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL Field Crew Pty Ltd, a company of which Mr Drakeley is a director, charged the Group consulting fees of $171,662 inclusive of expense reimbursements (2023: $115,135). There was $2,618 outstanding at 30 June 2024 (2023: nil). The auditor of Castillo Copper Limited is HLB Mann Judd. Amounts received or due and receivable for: 2024 $ 2023 $ Audit or review of the financial report of the entity and any other entity in the Group 50,599 46,358 Total 50,599 46,358 2024 $ 2023 $ Short term employee benefits 322,948 360,553 Post-employment benefits 14,380 2,139 Total 337,328 362,692 ANNUAL REPORT 2024 | 50 NAME OF ENTITY COUNTRY OF INCORPORATION EQUITY HOLDING 2024 2023 Castillo Copper Chile SPA Chile 100% 100% Castillo Exploration Limited Australia 100% 100% Qld Commodities Pty Ltd Australia 100% 100% Total Iron Pty Ltd Australia 100% 100% Total Minerals Pty Ltd Australia 100% 100% BHA No. 1 Pty Ltd Australia 100% 100% Atlantica Holdings (Bermuda) Bermuda 75% 75% Zed Copper Pty Ltd Australia 100% 100% Chalo Mining Group Ltd Zambia 100% 100% Luflilian Resources Zambia Ltd Zambia 100% 100% Belmt Resources Mining Company Ltd Zambia 50% 50% C) SUBSIDIARIES The consolidated financial statements incorporate the assets, liabilities and results of Castillo Copper Limited and the following subsidiaries: Castillo Copper Limited is the ultimate Australian parent entity and ultimate parent of the Group. Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and not disclosed in this note. 16. FINANCIAL RISK MANAGEMENT Exposure to liquidity, interest rate, price, credit, and foreign exchange risk arises in the normal course of the Group’s business. The Group does not hold or use derivative financial instruments. The Group’s principal financial instruments comprise mainly of deposits with banks. The totals for each category of financial instruments are as follows: The Group uses different methods as discussed below to manage risks that arise from these financial instruments. The objective is to support the delivery of the financial targets while protecting future financial security. 2024 $ 2023 $ FINANCIAL ASSETS Cash and cash equivalents 1,118,294 2,897,611 Financial assets at fair value through profit or loss 376,344 - Other receivables (current and non-current) 694,660 524,725 Total 2,189,298 3,422,336 FINANCIAL LIABILITIES Trade and other payables 112,142 128,346 ANNUAL REPORT 2024 | 51 (A) CAPITAL RISK MANAGEMENT The Group’s capital comprises share capital and reserves less accumulated losses. As at 30 June 2024, the Group has net assets of $10,610,574 (2023: $12,071,269). The Group manages its capital to ensure its ability to continue as a going concern and to optimise returns to its shareholders. (B) LIQUIDITY RISK Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities. The Group manages liquidity risk by maintaining sufficient cash facilities to meet the operating requirements of the business and investing excess funds in highly liquid short term investments. The responsibility for liquidity risk management rests with the Board of Directors. Alternatives for sourcing future capital needs include the cash position and future equity raising alternatives. These alternatives are evaluated to determine the optimal mix of capital resources for our capital needs. The Board expects that, assuming no material adverse change in a combination of our sources of liquidity, present levels of liquidity will be adequate to meet expected capital needs. MATURITY ANALYSIS FOR FINANCIAL LIABILITIES Financial liabilities of the Group comprise trade and other payables. As at 30 June 2024 any financial liabilities that are contractually maturing within 60 days have been disclosed as current. Trade and other payables that have a deferred payment date of greater than 12 months have been disclosed as non-current. (C) INTEREST RATE RISK Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair value of financial instruments. The Group’s exposure to changes to interest rate risk relates primarily to its earnings on cash and term deposits. The Group manages the risk by investing in short term deposits. 2024 $ 2023 $ Cash and cash equivalents 1,118,294 2,897,611 ANNUAL REPORT 2024 | 52 INTEREST RATE SENSITIVITY The following table demonstrates the sensitivity of the Group’s statement of comprehensive income to a reasonably possible change in interest rates, with all other variables constant. A sensitivity of 100 basis points has been used as this is considered reasonable given the current level of both short term and long term Australian Dollar interest rates. This would represent two to four movements by the Reserve Bank of Australia. (D) PRICE RISK The Group is exposed to price risk through its short-term holding of Australian shares (all listed on the ASX). The sensitivity analysis of the Group’s exposure to price risk is as follows: (E) FAIR VALUE MEASUREMENT Other than financial assets held at fair value through the profit or loss (refer Note 7), there were no financial assets or liabilities at 30 June 2024 requiring fair value estimation and disclosure as they are either not carried at fair value or in the case for short term assets and liabilities, their carrying values approximate fair value. EFFECT ON POST TAX LOSS ($) INCREASE / (DECREASE) EFFECT ON EQUITY INCLUDING RETAINED EARNINGS ($) INCREASE / (DECREASE) 2024 2023 2024 2023 Increase 100 basis points 11,183 28,976 11,183 28,976 Decrease 100 basis points (11,183) (28,976) (11,183) (28,976) % CHANGE EFFECT ON POST TAX LOSS ($) INCREASE / (DECREASE) EFFECT ON EQUITY INCLUDING RETAINED EARNINGS ($) INCREASE / (DECREASE) 2024 2023 2024 2023 Increase 100% 376,344 - 376,344 - Decrease 100% (376,344) - (376,344) - ANNUAL REPORT 2024 | 53 CHILEAN PESO (CLP) 2024 $ 2023 $ Assets 88,392 103,800 Liabilities (10,584) (12,932) Total 77,808 90,868 BRITISH POUND STERLING (GBP) 2024 $ 2023 $ Assets 322,120 639,899 Liabilities - (15,432) Total 322,120 624,467 (F) CREDIT RISK EXPOSURES Credit risk represents the risk that the counterparty to the financial instrument will fail to discharge an obligation and cause the Group to incur a financial loss. The Group’s maximum credit exposure is the carrying amounts on the statement of financial position. The Group holds financial instruments with credit worthy third parties. At 30 June 2024, the Group held cash at bank. These were held with financial institutions with a rating from Standard & Poor’s of AA- or above (long term). The Group has no past due or impaired debtors as at 30 June 2024. (G) FOREIGN EXCHANGE The Group undertakes certain transactions denominated in foreign currencies hence exposures to exchange rate fluctuations arise. The Group does not manage these exposures with foreign currency derivative products. The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities at the balance date expressed in Australian dollars are as follows: The Group is exposed to Chilean Peso (CLP) and British Pound Sterling (GBP) currency fluctuations. The following table details the Group’s sensitivity to a 10% increase and decrease in the Australian dollar against the relevant foreign currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represent management’s assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. The sensitivity analysis includes external loans as well as loans to foreign operations within the Group where the denomination of the loan is in a currency other than the currency of the lender or the borrower. A positive number indicates an increase in profit and equity where the Australian Dollar weakens against the respective currency. For a strengthening of the Australian Dollar against the respective currency there would be an equal and opposite impact on the profit and equity and the balances below would be negative. 10% INCREASE 2024 $ 2023 $ Profit/(loss) and equity – CLP 7,781 9,343 Profit/(loss) and equity – GBP 32,212 62,447 Total 39,993 71,790 10% DECREASE 2024 $ 2023 $ Profit/(loss) and equity – CLP (7,781) (9,343) Profit/(loss) and equity – GBP (32,212) (62,447) Total (39,993) (71,790) | 54 ANNUAL REPORT 2024 ANNUAL REPORT 2024 | 55 17. PARENT ENTITY INFORMATION The following details information related to the parent entity, Castillo Copper Limited, at 30 June 2024. The information presented here has been prepared using consistent accounting policies as presented in note 2. 2024 $ 2023 $ Current assets 1,914,216 2,975,126 Non-current assets 8,175,849 8,454,557 Total Assets 10,090,065 11,429,683 Current liabilities 101,558 115,952 Non-current liabilities - - Total liabilities 101,558 115,952 Net Assets 9,988,507 11,313,731 Issued capital 35,964,396 35,964,396 Reserves 4,230,962 4,230,962 Accumulated losses (30,206,851) (28,881,627) Total equity 9,988,507 11,313,731 Loss of the parent entity 1,325,224 4,882,693 Other comprehensive income for the year Total comprehensive loss of the parent entity 1,325,224 4,882,693 (A) GUARANTEES Castillo Copper Limited has not entered into any guarantees in relation to the debts of its subsidiary. (B) OTHER COMMITMENTS AND CONTINGENCIES Castillo Copper Limited has not entered into any commitments and does not have any known contingent liabilities at year end. ANNUAL REPORT 2024 | 56 18. CONTINGENT LIABILITIES 19. COMMITMENTS 20. DIVIDENDS The Company has entered into the following royalty agreements: • 1% net smelter return royalty in respect of the area covered by the tenements acquired from Qld Commodities Pty Ltd vendors (or their nominee); • 3% net smelter return royalty in respect of the area covered by the tenements acquired from Total Minerals Pty Ltd vendors (or their nominee); • 3% net smelter return royalty in respect of the area covered by the tenements acquired from Total Iron Pty Ltd vendors (or their nominee). • 2% net smelter return royalty in respect of the area covered by the tenements acquired from Zed Copper Pty Ltd vendors (or their nominee). Other than outlined above, there are no contingent liabilities. To maintain current contractual rights concerning its mineral projects, the Group has certain commitments to meet work program requirements. Whilst there are no minimum expenditure requirements, the total estimated expenditure on current work programs, less expenditure incurred on these work programs at balance date are as follows: No dividend was paid or declared by the Group in the period since the end of the financial year, and up to the date of this report. The Directors’ do not recommend that any amount be paid by way of a dividend for the financial year ended 30 June 2024. The balance of the franking account is Nil at 30 June 2024 (2023: Nil). 2024 $ 2023 $ (RESTATED) Within one year 1,617,097 1,252,755 After one year but not more than five years 2,317,500 1,877,598 Longer than five years - - Total 3,934,597 3,130,353 ANNUAL REPORT 2024 | 57 21. SHARE-BASED PAYMENTS 22. SUBSEQUENT EVENTS (A) SHARES ISSUED TO SUPPLIERS There were no shares issued to suppliers in lieu of cash payment during the year ended 30 June 2024. (B) FAIR VALUE OF OPTIONS The fair value of all options issued in previous years have been determined using the Black & Scholes model taking in to account the inputs outlined in Note 11(e). On the 14 May 2024, CCZ announced that it was actively looking to align with partners to develop its remaining assets in NSW and Zambia which had previously been designated as non-core assets. At the date of this report the Company is in advanced discussions with third parties regarding a possible transaction in relation to its non-core assets but no agreements or binding terms have been signed as of the date of this report. Other than as stated above, there were no known material significant events from the end of the financial year to the date of this report that have significantly affected, or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial periods. CONSOLIDATED ENTITY DISCLOSURE STATEMENT AS AT 30 JUNE 2024 ENTITY NAME ENTITY TYPE PLACE FORMED / COUNTRY OF INCORPORATION OWNERSHIP INTEREST % TAX RESIDENCY Castillo Copper Chile SPA Body corporate Chile 100.00% Australia Castillo Exploration Limited Body corporate Australia 100.00% Australia Qld Commodities Pty Ltd Body corporate Australia 100.00% Australia Total Iron Pty Ltd Body corporate Australia 100.00% Australia Total Minerals Pty Ltd Body corporate Australia 100.00% Australia BHA No. 1 Pty Ltd Body corporate Australia 100.00% Australia Atlantica Holdings (Bermuda) Body corporate Bermuda 100.00% Australia Zed Copper Pty Ltd Body corporate Australia 100.00% Australia Chalo Mining Group Ltd Body corporate Zambia 100.00% Australia Luflilian Resources Zambia Ltd Body corporate Zambia 100.00% Australia Belmt Resources Mining Company Ltd Body corporate Zambia 100.00% Australia | 58 ANNUAL REPORT 2024 ANNUAL REPORT 2024 | 59 DIRECTOR’S DECLARATION The Directors of the company declare that: 1. in the Directors’ opinion, the financial statements and accompanying notes set out on pages 27 to 57 are in accordance with the Corporations Act 2001 and: a. comply with Accounting Standards and the Corporations Regulations 2001, professional reporting requirements and all other mandatory requirements; and b. give a true and fair view of the Group’s financial position as at 30 June 2024 and of its performance for the year ended on that date; 2. in the Directors’ opinion, the information disclosed in the consolidated entity disclosure statement on page 58 is true and correct; 3. in the Directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; and 4. the Directors have been given the declarations by the Chief Executive Officer (or equivalent) and Chief Financial Officer (or equivalent) required by section 295A. This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors by: Ged Hall NON-EXECUTIVE CHAIRMAN 26 September 2024 ANNUAL REPORT 2024 | 60 AUDITOR’S INDEPENDENCE DECLARATION ANNUAL REPORT 2024 | 61 INDEPENDENT AUDITOR’S REPORT ANNUAL REPORT 2024 | 62 ANNUAL REPORT 2024 | 63 ANNUAL REPORT 2024 | 64 ANNUAL REPORT 2024 | 65 ASX ADDITIONAL INFORMATION Additional information required by the Australian Stock Exchange Ltd and not shown elsewhere in this report is as follows. The information is current at 27 August 2024. DISTRIBUTION OF SHARE HOLDERS There were 2,035 holders of ordinary shares holding less than a marketable parcel, with total of 90,555,115 shares amounting to 6.97% of Issued Capital. QUOTED EQUITY SECURITIES AS AT 27 AUGUST 2024 VOTING RIGHTS Each fully paid ordinary share carries the rights of one vote per share. ORDINARY SHARES NUMBER OF HOLDERS NUMBER OF SHARES 1 - 1,000 75 10,891 1,001 - 5,000 15 46,127 5,001 - 10,000 118 1,043,902 10,001 - 100,000 1,725 78,020,534 100,001 - and over 1,271 1,220,383,901 Total 3,204 1,299,505,355 EQUITY SECURITY QUOTED Ordinary Shares 1,299,505,355 ANNUAL REPORT 2024 | 66 UNQUOTED SECURITIES NUMBER ON ISSUE EXERCISE PRICE EXPIRY DATE Performance Shares – Class A 46,875,000 Nil1 - Performance Shares – Class B 46,875,000 Nil2 - Unquoted Options3 8,000,000 8c 31/01/2025 UNQUOTED SECURITIES The number of unquoted securities on issue at 27 August 2024: Persons holding more than 20% of a given class of unquoted securities as at 9 August 2024: 1. converting to an equal number of CCZ shares on delineation of a JORC resource of 200,000 tonnes ofcontained copper at a minimum grade of 0.5% within 5 years of execution of the Share Sale Agreement.50% held by N & E Beltz Pty Ltd and 50% held by Resource Corporate Pty Ltd. 2. converting to an equal number CCZ shares on completion of a preliminary feasibility studydemonstrating an internal rate of return greater than 25% within 5 years of execution of the Share SaleAgreement. 50% held by N & E Beltz Pty Ltd and 50% held by Resource Corporate Pty Ltd. 3. 100% held by DTJ Enterprises Pty Ltd. SUBSTANTIAL SHAREHOLDERS There are no substantial shareholders. RESTRICTED SECURITIES There are no restricted securities. STOCK EXCHANGE The Company is listed on the Australian Securities Exchange and has been allocated the code “CCZ”. The “Home Exchange” is Perth. The Company is also listed on the London Stock Exchange and has been allocated the code “CCZ”. OTHER INFORMATION Castillo Copper Limited, is incorporated and domiciled in Australia, and is a publicly listed company limited by shares. ON-MARKET BUY-BACK There is currently no on-market buy-back in place. ANNUAL REPORT 2024 | 67 NAME NUMBER OF SHARES % COMPUTERSHARE CLEARING PTY LTD 165,751,164 12.75% MR JOHN MCDONALD & MR SHAUN MCDONALD 90,444,444 6.96% BNP PARIBAS NOMINEES PTY LTD 29,847,294 2.30% SUNSET CAPITAL MANAGEMENT PTY LTD 26,000,000 2.00% TWW ASSETS PTY LTD 24,459,524 1.88% JBO ASSETS PTY LTD 24,259,525 1.87% TAKA CUSTODIANS PTY LTD 16,793,750 1.29% REBECCA BRADLEY 15,000,000 1.15% MR BRADLEY JOHN KENNEY 15,000,000 1.15% CITICORP NOMINEES PTY LIMITED 13,979,065 1.08% DR SOMNUK PHONESOUK 10,000,000 0.77% LEGGAT INVESTMENTS PTY LTD 9,428,570 0.73% FOUCART PTY LTD 8,507,500 0.65% MR BRIAN THOMAS CLAYTON & MRS JANET CLAYTON 8,333,320 0.64% REDIMA PTY LTD 8,155,887 0.63% MR ANTONIO TONY CAGLIUSO 8,020,000 0.62% MR KENNETH JOSEPH HALL 7,850,000 0.60% JD SQUARED INVESTMENTS PTY LTD 7,750,000 0.60% MR GARY MCGLINCHEY & MRS DEIDRE MCGLINCHEY 6,989,727 0.54% AUSFIN EMPIRE PTY LTD 6,950,244 0.53% Total 503,520,014 38.75% UNQUOTED SECURITIES The number of unquoted securities on issue at 27 August 2024: ANNUAL REPORT 2024 | 68 TENEMENT INFORMATION AS REQUIRED BY LISTING RULE 5.3.3 JACKADERRY (CANGAI) NEW ENGLAND OROGEN IN NSW Tenement ID Ownership at end of year Status EL8635 100% Granted EL8625 100% Granted EL8601 100% Granted BROKEN HILL LOCATED WITHIN A 20KM RADIUS OF BROKEN HILL, NSW Tenement ID Ownership at end of year Status EL8434 100% Granted EL8435 100% Granted ZAMBIA Tenement ID Ownership at end of year Status 24659-HQ-LEL 100% Granted MT OXIDE MT ISA REGION, NORTHWEST QUEENSLAND Tenement ID Ownership at end of year Status EPM 26513 100% Granted EPM 26525 100% Granted EPM 26574 100% Granted EPM 26462 100% Granted EPM27440 100% Granted ANNUAL REPORT 2024 | 69 PART OF A BETTER FUTURE 45 Ventnor Avenue, West Perth 6005 +61 8 9389 4407 castillocopper.com Castillo Copper Castillo Copper