Castillo Copper non-executive director shows faith in the company with on-market purchase

Castillo Copper Ltd (ASX:CCZ) non-executive director Gerrard Hall has demonstrated his faith in the company through the on-market purchase of shares. On March 31 Hall acquired 1.8 million shares at a value of $23,400, increasing the total number of securities held after the change to 4.3 million shares. Securities are trading at 1.2 cents, up from 0.6 cents on March 23. Capital preservation initiatives The company recently implemented several initiatives aimed at preserving capital in the current climate with directors agreeing to a 50% reduction in their fees. The company’s four board members have agreed to reduce their fees as part of a series of measures to preserve cash in an environment where equity funding from capital markets has all but seized. In addition, the board will be reaching out to all suppliers and service providers to renegotiate rates and offer equity-based payment compensation as part of broader measures to reduce recurrent expenditure. The objective is to ensure that funds are optimally used to explore the three copper pillars in Australia and Zambia, as part of the strategic intent to transform Castillo into a mid-tier copper producer.