Admission Update

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLYOR INDIRECTLY IN OR INTO CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. Investors should not purchase any transferable securities referred to in this announcement except on the basis of information contained in the prospectus (the "Prospectus") in its final form that is published by Castillo Copper Limited in connection with the admission of the Company's ordinary shares (the "Ordinary Shares") to listing on the standard segment of the Official List of the Financial Conduct Authority (the "FCA") and to trading on the main market for listed securities (the "Main Market") of London Stock Exchange plc (the "London Stock Exchange"). This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States, Canada, Japan or in any other jurisdiction.

For immediate release

31 July 2020

Castillo Copper Limited

("Castillo" or the "Company")

Admission Update

The Company, the ASX-listed base metal explorer primarily focused on copper then nickel, zinc & cobalt which announced the publication of its Prospectus in relation to the admission of its Ordinary Shares of no par value to listing on the standard segment of the Official List of the FCA and to trading on the Main Market of the London Stock Exchange (together, the "Admission") on 27 July 2020 now expects that Admission will become effective and that dealings will commence at 8.00 am on 4 August 2020.

This 24 hour delay is occasioned by a settlement delay due to the prior announced date of anticipated Admission falling immediately after a weekend and the disparity of banking hours between Australia and London.

Further Information:

Simon Paull                                                                                          Nick Emerson

Managing Director                                                                               SI Capital Limited

Tel: +61 8 9389 4407                                                                          Tel +44 (0) 14 8341 350