Project life revenue by stream
- Gold A$2.80B 39%
- Copper A$2.07B 29%
- Bismuth A$1.17B 16%
- Cobalt A$635M 9%
- Magnetite A$432M 6%
Rover 1
The flagship: gold and critical minerals from one deposit.
Rover 1 is a high-grade IOCG deposit 57 km from Tennant Creek. The June 2026 Updated Pre-Feasibility Study and Bismuth Scoping Study model a 750,000 tpa underground operation producing gold doré, 99% copper, bismuth, cobalt and magnetite over a 12-year project life.
June 2026 study
What the updated study concluded.
The updated Pre-Feasibility Study and concurrent Bismuth Scoping Study lift Rover 1 from the 500 ktpa plan of the 2022 PFS to a 750 ktpa steady-state operation — construction and ramp-up from 2028, with roughly ten years of steady-state production from 2030 to 2039.
- Rover 1 NPV, pre-tax
- A$1.6B
- Project life revenues
- A$7.1B
- Post-tax IRR
- 48%
8% discount rate
Life of mine
Base case
- Post-tax NPV @ 8%
- A$935.8M
- Annual EBITDA
- A$320M
- Payback period
- ≈ 3.9 yrs
- Pre-production capital
- A$436.1M
- Steady-state rate
- 750 ktpa
- Project life
- 12 yrs
Base case
Steady state
From first capital deployment
Total, before first ore
Up from 500 ktpa in the 2022 PFS
≈ 10 yrs steady state, 2030–2039
See all study metrics
- Total processed ore (life of mine)
- 7.27 Mt
- Total revenue (life of mine)
- A$5,371M
- Average annual revenue (steady state)
- A$547M
- Average annual EBITDA (steady state)
- A$320M
- Total life-of-mine post-tax free cashflow
- A$1,773M
- Average annual post-tax cashflow (steady state)
- A$216M
- Post-tax NPV @ 5%
- A$1,198M
- Post-tax NPV @ 6.5%
- A$1,059M
- Post-tax NPV @ 8% (Base Case)
- A$935.8M
- Post-tax NPV @ 10%
- A$793M
- Post-tax NPV @ 15%
- A$519M
- Post-tax Internal Rate of Return (IRR)
- 48%
- Payback period (from first capital deployment)
- ≈ 3.9 years (47 months)
- Maximum cumulative cash drawdown
- A$394.5M
- Months to maximum cash drawdown
- 24 months
- Total pre-production capital cost
- A$436.1M
- Total sustaining capital cost (life of mine)
- A$113.0M
- Steady-state production rate
- 750 ktpa (from 500 ktpa in the 2022 PFS)
- Production life
- ≈ 10 years steady state (2030–2039); 12-year project life including construction and ramp-up (2028–2039)
Source: Rover 1 Updated Pre-Feasibility Study and Bismuth Scoping Study, ASX:CST, June 2026 · Mineral Resource update, ASX:CST, 20 October 2025.
Revenue streams
Five products from one orebody.
Downstream products
Finished on Australian soil.
- Gold doré, refined to finished form in Australia.
- 99% copper, produced at the Middle Arm precinct, Darwin.
- 99% cobalt, alongside the copper stream.
- 96.5% magnetite as a saleable product.
- Bismuth concentrate, with China currently producing 83% of global 4N supply.
| Metal | Grade | Contained metal |
|---|---|---|
| Gold | 1.30 g/t Au | 341.3 koz |
| Copper | 1.07% Cu | 97.4 kt |
| Bismuth | 0.11% Bi | 8,900 t |
| Cobalt | 0.06% Co | 5,200 t |
| Magnetite | 22.9% magnetite | 1.88 Mt |
Source: Rover 1 Updated Pre-Feasibility Study and Bismuth Scoping Study, ASX:CST, June 2026 · Mineral Resource update, ASX:CST, 20 October 2025.
Mine to metal
Beneficiate at Tennant Creek, refine in Darwin.
Ore is beneficiated at Rover 1 to a concentrate, then refined downstream at the Middle Arm Sustainable Development Precinct in Darwin. The NT Government awarded the project Major Project Status in April 2023, with land allocated at Middle Arm.
The route to market runs on existing infrastructure: the Tennant Creek commercial airport, the Adelaide–Darwin railway, the Stuart Highway and the Amadeus gas pipeline all sit near the project.
Geology
Jupiter and the broader Rover 1 system.
Rover 1 is an IOCG polymetallic deposit. The October 2025 Mineral Resource update lifted the JORC Mineral Resource 41% to 7.86 Mt, and the 2020 drilling season materially improved the understanding of higher-grade gold zones within the Jupiter lode and related structures.
The reinterpretation indicates Jupiter Deeps may be the depth extension of Jupiter West and continue through to the Ganymede intercepts.
Project video
A four-minute walk through the case.
Recorded after the 2022 PFS, the video walks through the mining and processing design and the downstream product strategy. The fundamentals are unchanged; the June 2026 study lifts throughput to 750 ktpa and adds the bismuth case.
2020 drill program
Bonanza intercepts in the Jupiter lode.
- 30.4m at 35.6 g/t Au and 1.46% Cu in Hole 20CRD001 reshaped Castile's view of the gold zone within the Jupiter lode.
- The 2020 drilling program highlighted high-grade bonanza gold zones similar to the super-rich lenses historically mined in the Tennant Creek goldfields.
- Data from the 2020 season supported a reinterpretation of fluid pathways: Jupiter Deeps may extend through Jupiter West to the Ganymede intercepts.
Keep going
Where to next.
The wider field
Rover Project district
Rover 1 sits within 1,054 km² of 100%-owned tenure over the Rover Mineral Field, with Explorer 108, Explorer 142 and more than 40 untested targets.
Open the Rover Project Stay currentASX announcements
The study release, the Mineral Resource update and every announcement since — as lodged with the ASX.
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