- Metal exploration company Castillo Copper said it had raised A$11.7 million, about £6.4 million, to accelerate the development of its core Mt Oxide in Queensland, Australia and Zambia projects to further its ambition to transform into a mid-tier copper group.

Over the next few months, the company will test-drill multiple copper targets across the big one deposit, arya and sansa prospects within tis core Mt Oxide project.

Exploration programmes at the Luanshya and Mkushi projects in Zambia would be expedited.

Castillo raised £6.4 million through the issuance of 278,395,961 shares at $0.042 (£0.023) per share, representing an 11% discount to the last 15-day trading VWAP of $0.047 (£0.026).

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