Castillo Copper has raised US $9million to be used in exploration on its ground in Australia and Zambia with the junior crediting the prospectively of its tenure, the strong price of the red metal, and the big ASX float of EMR Capital’s 29Metals copper mining business.
Castillo Copper is a copper-focused exploration company with four projects across Australia and Zambia. Based in Perth, Australia, Castillo Copper’s shares are dual listed on the Australian Stock Exchange and the London Stock Exchange under the ticker “CCZ”.
They own four projects which form the backbone of our strategy to become a mid-tier copper producer. These projects have been selected for their potential to develop economic mineral resources and we are actively progressing each project up the value curve.
Expedite exploration programs
The latter is reportedly in the final throes of raising US $500-600 million for a portfolio that includes the Capricorn operation in Queensland, located 7km from Castillo’s key Mt Oxide ground holding. Castillo plans to test multiple targets at Mt Oxide over the next few months, including the Big One, Arya and Sansa prospects.
The company will now be able to expedite exploration programs in Zambia. Castillo, which has ambitions to become a mid-tier copper producer, said the fundraising has set the bar to be “significantly higher confidence that 2021 will be a transformative year”.
New shares being issued were priced at A4.2c each. The issue was supported by sophisticated investors in Australia and the UK. The company reported cash of US $2.4million at the start of April. Shares in Castillo dropped to A4.4c in Australian trade. The stock last traded at 2.5p in London.
