Castle Minerals Limited (CDT) AI Stock Analysis

• Market Cap: AU$11.27M
• Dividend Yield: N/A
• Average Volume (3M): 650.97K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.38
• Revenue Growth: N/A
• EPS Growth: 19.94%
• Country: AU
• Employees: 2
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): -0.03
• Shares Outstanding: 173,395,540
• 10 Day Avg. Volume: 744,349
• 30 Day Avg. Volume: 650,969
• PEG Ratio: >-0.01
• Price to Book (P/B): 3.45
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.67
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: AU$0.06 ▲(3.33% Upside)

The score is primarily held down by very weak financial performance (minimal/zero revenue, persistent losses, and ongoing cash burn). Technical indicators also lean negative (negative MACD and price below the 100-day average). Valuation provides limited support due to loss-making status (negative P/E) and no dividend yield.

Positive Factors

Conservative balance sheet / very low debt

Castle’s near-zero debt profile is a durable financial strength: with little leverage the company faces lower solvency risk through exploration cycles, preserving strategic optionality to pursue projects or wait for better financing terms without immediate debt servicing pressure.

Exploration-focused business model with asset optionality

As an exploration specialist, Castle retains structural upside via discoveries, farm-outs, JV deals or asset sales. That business model creates long-term optionality: successful drills can materially change project economics and fund progression without requiring operating revenues.

Improving cash burn trend in latest year

A reduction in cash burn is a positive, durable indicator if sustained: it lengthens runway, reduces immediate financing needs and can limit dilution risk over several quarters, improving the firm’s ability to fund targeted exploration and negotiate partner deals.

Negative Factors

Minimal or zero revenue base

No durable revenue stream constrains the company’s ability to self-fund exploration or demonstrate operational scalability. Over months this forces reliance on capital markets or partners, increasing execution risk and making sustained project advancement contingent on external funding.

Persistent negative operating and free cash flow

Chronic negative cash flow is a structural weakness: it necessitates periodic equity raises or asset disposals, which can dilute shareholders and interrupt project timelines. Long-term project development depends on reliably securing future financing under uncertain terms.

Equity volatility and deeply negative returns on equity

Deeply negative ROE signals that capital invested into the business has not generated returns, reflecting structural difficulty converting exploration spending into value. Persistent negative ROE over time undermines shareholder wealth and complicates long-term capital attraction.

Castle Minerals Limited Business Overview & Revenue Model

Company Description

Castle Minerals Limited engages in the exploration of gold and other mineral deposits in West Africa and Australia. It explores for lithium, graphite, gold, and base metals. The company holds 100% interests in Meekatharra projects; and 80% interests in Pilbara projects, as well as Earaheedy Basin project, and Donnybrook projects located in Western Australia. It also holds 100% interests in Kambale graphite project; and various gold projects located in Ghana. Castle Minerals Limited was incorporated in 2005 and is headquartered in West Perth, Australia.

How the Company Makes Money

Castle Minerals Limited generates revenue primarily through the exploration and development of mineral resources, particularly gold. The company invests in exploratory drilling and geological surveys to identify promising deposits. Once a viable mineral resource is discovered, Castle Minerals either develops the project into a mining operation or partners with larger mining companies to bring the project to production, often receiving payments, royalties, or a share of profits. Additionally, the company may sell or lease its exploration rights to other entities, providing another revenue stream. Strategic partnerships and joint ventures are significant contributors to the company's financial performance, enabling access to additional capital and expertise.

Castle Minerals Limited Financial Statement Overview

Summary

Income statement and cash flow quality are very weak (minimal/zero revenue and persistent losses; ongoing negative operating and free cash flow). The main offset is a low-debt balance sheet that reduces leverage risk, but recurring losses and cash burn remain the dominant financial factor.

Income Statement

Operating performance remains very weak. Revenue is minimal and fell to zero in 2025 (annual), after small revenues in prior years, and profitability is consistently negative with large operating losses and net losses each year. While losses narrowed versus 2023, the company still shows no durable revenue base or path to positive margins based on the provided history.

Balance Sheet

The balance sheet is conservatively levered, with essentially no debt across the period (debt-to-equity near zero), which reduces financial risk. However, equity has been volatile and profitability on equity is deeply negative (return on equity is materially below zero), indicating ongoing value erosion from recurring losses despite the low leverage.

Cash Flow

Cash generation is a key concern: operating cash flow and free cash flow are negative every year, indicating ongoing cash burn to fund operations. Cash burn improved in 2025 (annual) versus 2024 and 2023, but the business still relies on external funding to sustain activities, and cash flow remains directionally inconsistent over time.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	64.11K	30.42K	409.00	―
Gross Profit	-6.21K	-6.21K	64.11K	-19.98K	-28.19K	-1.52K
EBITDA	-3.67M	-3.66M	-2.86M	-5.57M	-2.13M	-2.06M
Net Income	-3.67M	-3.67M	-2.88M	-5.62M	-2.16M	-1.99M
Balance Sheet
Total Assets	2.60M	2.60M	1.11M	2.88M	4.98M	1.87M
Cash, Cash Equivalents and Short-Term Investments	2.50M	2.50M	1.02M	2.70M	4.76M	1.80M
Total Debt	0.00	0.00	0.00	0.00	20.55K	0.00
Total Liabilities	1.23M	1.23M	595.62K	846.53K	228.72K	198.17K
Stockholders Equity	1.37M	1.37M	510.72K	2.03M	4.75M	1.67M
Cash Flow
Free Cash Flow	-2.83M	-2.83M	-3.01M	-4.40M	-2.35M	-1.94M
Operating Cash Flow	-2.83M	-2.83M	-3.01M	-4.40M	-2.22M	-1.94M
Investing Cash Flow	35.22K	35.22K	2.11M	-2.00M	-7.47K	-2.54K
Financing Cash Flow	4.27M	4.27M	1.24M	2.33M	5.19M	3.31M

Castle Minerals Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
RR1	49 Neutral	AU$13.99M	-14.55	-6.63%	―	―	-136.67%
VKA	45 Neutral	AU$21.25M	-5.22	-41.19%	―	―	14.81%
KTA	45 Neutral	AU$10.73M	-2.17	-141.03%	―	-100.00%	36.11%
CDT	43 Neutral	AU$11.27M	-1.18	-390.08%	―	―	19.94%
FAU	37 Underperform	AU$28.84M	-27.50	-32.90%	―	―	42.86%

Castle Minerals Limited Corporate Events

Castle Minerals Retains Full Control of WA Gold Projects and Launches Strategic Review

Castle Minerals has regained and retained 100% ownership of its Polelle and Wanganui gold projects in Western Australia after allowing Great Boulder Resources’ option to lapse, citing limited work completed under the option and a more buoyant regional and gold price backdrop. The company has launched a strategic review to determine how best to unlock value from these highly prospective tenements, which lie close to multiple operating mines and host historical high-grade drill intercepts at Wanganui, while also flagging imminent exploration results from its soil sampling programs in Ghana and Côte d’Ivoire that could further influence its portfolio strategy.

The most recent analyst rating on (AU:CDT) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Castle Minerals Limited stock, see the AU:CDT Stock Forecast page.

Castle Minerals director granted 1,000,000 performance rights

Castle Minerals Limited is an ASX-listed mineral exploration company focused on exploring and developing mineral assets. The company operates in the mining/exploration sector and raises capital and allocates incentives to its board and management through equity-based remuneration.

The release advises that director Andrew Grove, through RockFrog Holdings Pty Ltd as trustee for RockFrog Trust No 1, was issued 1,000,000 Performance Rights (Class D) on 16 December 2025 that expire on 16 December 2028. The performance rights were issued in lieu of director fees and carry an estimated valuation of $44,100. No securities were disposed of, no changes to contractual interests were reported, and the interests were not traded during a closed period. This issuance modestly increases director-aligned equity exposure and signals continued use of equity incentives to conserve cash and align management with long-term performance milestones.

Castle Minerals issues 1,000,000 unquoted performance rights

No company background was provided in the release. Castle Minerals Limited issued 1,000,000 unquoted Performance Rights (Class D) on 16 December 2025, expiring 16 December 2028, under its employee incentive scheme; these securities are not intended to be quoted on ASX. The grant reflects the company’s use of equity-based remuneration to align and retain personnel, has minimal immediate cash impact, and could lead to dilution of existing shareholders if the rights vest and convert to shares, so stakeholders should monitor potential changes to the company’s capital structure and executive incentive alignment.

Castle Minerals Limited Successfully Passes All Resolutions at General Meeting

Castle Minerals Limited announced that all resolutions presented at its recent General Meeting were successfully passed by a poll. These resolutions included the adoption of the remuneration report, the election and re-election of directors, approval of a 10% placement capacity, and amendments to the company’s constitution. The outcome of the meeting reflects strong shareholder support for the company’s strategic direction and governance, potentially strengthening its position in the mining sector.

Castle Minerals Issues Addendum for Upcoming AGM

Castle Minerals Limited has issued an Addendum to the Notice of its Annual General Meeting, scheduled for November 27, 2025. This addendum includes additional resolutions and a replacement proxy form, which shareholders are encouraged to use for voting. The meeting will be held both in-person and virtually, providing flexibility for shareholder participation. The announcement highlights the importance of the resolutions and the need for shareholders to review the documents thoroughly, ensuring they are prepared to vote on all matters, particularly Resolutions 7 and 8, using the new proxy form.

Castle Minerals Appoints Andrew Grove as Non-Executive Director

Castle Minerals Limited has appointed veteran geologist and mining executive Andrew Grove as a Non-Executive Director, effective immediately. Grove brings over 35 years of experience in exploration, development, operations, and financing, with a strong focus on West Africa. His appointment is expected to enhance Castle’s strategic focus on Ghana and Côte d’Ivoire, where the company is pursuing numerous gold opportunities. Grove’s extensive background, including leadership roles at Chesser Resources and Aura Energy, is anticipated to strengthen the board’s technical oversight and decision-making, supporting Castle’s growth ambitions in these underexplored mining jurisdictions.

Castle Minerals Issues Shares for Advisory Services

Castle Minerals Limited has issued 1,052,632 new ordinary shares to Spark Plus Pte Ltd as payment for corporate advisory services. This issuance was conducted without disclosure to investors under the Corporations Act, and the company has complied with relevant legal provisions. This move reflects Castle’s strategic financial management and may impact its market operations by strengthening its advisory capabilities.

Castle Minerals Limited Announces Quotation of New Securities

Castle Minerals Limited has announced the quotation of 1,052,632 ordinary fully paid securities on the Australian Securities Exchange (ASX). This move is part of a previously announced transaction, indicating the company’s ongoing efforts to strengthen its financial position and enhance its market presence.

Castle Minerals Limited Announces Proposed Securities Issue

Castle Minerals Limited has announced a proposed issue of 1,052,632 ordinary fully paid securities, as part of a placement or other type of issue, to be quoted on the ASX. This move is expected to enhance the company’s capital structure, potentially providing additional resources for its exploration activities and strengthening its market position.

Castle Minerals Announces Director’s Interest Change

Castle Minerals Limited has announced a change in the director’s interest, with Matthew Horgan acquiring 1,000,000 performance rights expiring on 31 October 2028. This acquisition was issued in lieu of director fees and reflects the company’s approach to compensating its leadership, potentially impacting its financial strategies and stakeholder interests.

Castle Minerals Announces Director’s Interest Change Post-Mineralis Acquisition

Castle Minerals Limited has announced a change in the director’s interest, specifically related to Steven Zaninovich, who has acquired a significant number of securities, including ordinary shares, unlisted options, and performance rights. These acquisitions are part of the company’s strategic move following the acquisition of Mineralis Ltd, indicating a potential strengthening of its operational capabilities and market position. The issuance of performance rights in lieu of director fees suggests a focus on aligning management incentives with company performance.

Castle Minerals Expands Financial Base with New Share Issuance

Castle Minerals Limited has issued 1,075,241 new ordinary shares at $0.06 per share to sophisticated and professional investors, following a placement announced earlier. This strategic move is part of Castle’s ongoing efforts to strengthen its financial position and support its exploration activities in West Africa, particularly in Ghana and Côte d’Ivoire. The issuance was conducted without disclosure under specific provisions of the Corporations Act, demonstrating the company’s compliance with regulatory requirements. This development underscores Castle’s commitment to advancing its projects in a region renowned for its gold mining potential.

Castle Minerals Limited Announces Quotation of New Securities

Castle Minerals Limited has announced the quotation of 1,075,241 fully paid ordinary securities on the Australian Securities Exchange (ASX) under the code CDT, effective from October 31, 2025. This move is part of a previously announced transaction, potentially impacting the company’s market liquidity and investor interest.

Castle Minerals Expands West African Footprint with Strategic Acquisition

Castle Minerals Limited has made significant strides in expanding its operations in West Africa, particularly with the acquisition of Mineralis Ltd, which grants it rights to earn up to 90% across seven permits on the Côte d’Ivoire–Ghana border. This strategic move is supported by a $3.3 million placement and aims to enhance Castle’s exploration capabilities in the region. In Ghana, Castle’s drilling results at Bundi and Kandia have shown promising continuity and depth potential, with mineralized zones thickening at depth. The company has also strengthened its board and management team to support its West African strategy, positioning itself for further growth and development in the gold mining sector.