Redcastle Resources Limited has initiated the next phase in its Queen Alexandra project, advancing from the initial Scoping Study into a pre-feasibility study (PFS) preparation phase. The company is implementing a cost-effective, targeted approach designed to fast track progress while preserving critical capital flexibility. This phase focuses on closing data gaps across multiple disciplines, including geology, resource estimation, mine planning, metallurgy, infrastructure, and approvals. The work program is set to deliver board-ready scopes, schedules, and budgets in the near term. The project builds on several recent milestones. Environmental baseline flora and fauna surveys were completed, with final reports expected in the latter half of 2025. A non-binding memorandum of understanding with a contract miner has also been signed to explore a low-capital pathway that integrates mining and third-party toll processing. Additionally, a significant milestone was achieved when Mineral Resource Estimates were increased to 42,000 ounces based on drilling from December 2024 to March 2025. The Scoping Study, released on August 1, 2025, indicated a promising high-return, staged open-pit concept at current commodity prices, especially given the co-development synergies with the nearby Redcastle Reef. In its current workstream, Redcastle Resources Limited is focused on independently reviewing the Scoping Study’s inputs and assumptions to ensure methodological continuity and improved cost accuracy. The company is working to define the full scope of the upcoming PFS and addressing any residual data gaps. This approach also includes initiating limited confirmatory metallurgical and physical testwork, consolidating environmental data for approvals, and maximizing development synergies across multiple deposits. Moreover, the company is actively seeking a range of execution and funding pathways, including profit-sharing and joint venture arrangements with industry peers and traditional capital market facilitators, to support both the PFS and the longer-term project development. From a bullish perspective, the announcement highlights significant progress in technical de-risking and cost management. The expansion of Mineral Resource Estimates, the positive indicators from the Scoping Study, and the strategic engagement with potential funding and execution partners build a strong case for accelerated project advancement. On the bearish side, caution is warranted due to the forward-looking nature of the statements and the inherent risks in commodity markets and mining development. The reliance on previously disclosed data, which has not been materially updated, may also prompt concerns about unforeseen challenges as the project moves toward development decision points. Overall, the measured and integrated approach adopted by Redcastle Resources Limited positions the Queen Alexandra project for a streamlined progression toward a commercially viable mine, reinforcing its commitment to disciplined, value-driven advancement while carefully managing development risks.