17 October 2023

CASTILLO COPPER LIMITED

("Castillo" or the "Company")

Strategic Asset Portfolio Review Underway

Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily focused on copper across Australia and Zambia, is pleased to provide shareholders with a corporate update following the first meeting of the updated Board of Directors.

HIGHLIGHTS

· Following recent management changes, the Board has commenced a wholesale strategic asset portfolio review to determine the optimal path in the current macro environment to create shareholder value

· A key focus of the portfolio review will be determining which assets remain core and highly prospective, then optimally allocate capital to maximise the exploration potential

· Moreover, a key focus for assets deemed core is to align with strategic partners that are aiming to develop new copper supply chains

· The assets which are deemed non-core will be rationalised or sold to interested third-parties

· The Board intends to move swiftly with the review and looks forward to updating the market in due course

Ged Hall, Chairman of Castillo Copper, said: "The Board has considerable work to do progressing the strategic asset portfolio review but believes this is the right path to maximising shareholder value. The decisions flowing on from the outcome of this process will be announced in the coming weeks."

STRATEGIC ASSET PORTFOLIO REVIEW

While the Board believes considerable prospectivity exists within the current tenement holdings, a strategic asset review has commenced that will assess the location, timing and sequence of planned exploration activities across the portfolio.

The Board intends to rationalise the existing portfolio of assets across Zambia and Australia to optimise capital allocation. The assets determined to be core will be developed through aligning with a strategic partner, while the non-core assets will be sold to interested third parties or relinquished.

CORPORATE

The revised responsibilities for the Board members are as follows:

· Non-Executive Chairman: Gerrard Hall (London)

· Executive Director: Jack Sedgwick (Perth) - Strategy and Operations

· Non-Executive Director: David Drakeley (Brisbane) - Geology and Asset Management

For further information, please contact:

About Castillo Copper

Castillo Copper Limited is an Australian-based explorer primarily focused on copper across Australia and Zambia. The group is embarking on a strategic transformation to morph into a mid-tier copper group underpinned by its core projects:?

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· A large footprint in the Mt Isa copper-belt district, north-west Queensland, which delivers significant exploration upside through having several high-grade targets and a sizeable untested anomaly within its boundaries in a copper-rich region.?

· Four high-quality prospective assets across Zambia's copper-belt which is the second largest copper producer in Africa.?

· A large tenure footprint proximal to Broken Hill's world-class deposit that is prospective for zinc-silver-lead-copper-gold and platinoids. ?

· Cangai Copper Mine in northern New South Wales, which is one of Australia's highest grading historic copper mines.?

The group is listed on the LSE and ASX under the ticker "CCZ."?