Celsius Resources Ltd & MCB Project Operational Update

Celsius Resources Limited (“Celsius” or  the “Company”) (ASX, AIM: CLA) is pleased to announce the following operational update, and that its Philippine affiliate, Makilala Mining Company, Inc. (“MMCI”) has made further progress with the Company’s flagship Maalinao-Caigutan-Biyog Copper-Gold Project (“MCB” or the “Project”).

The Company is pleased to confirm that the first drawdown under the first OLSA loan agreement previously announced with Mahalika Investment Corporation (“MIC”) has been received.  These funds will be applied to the Feasibility Study update and FEED program at the MCB Project being undertaken by Ausenco[1].

This progress represents a strategic milestone for the Company, as the MCB Project enters a new development phase with MIC as its MCB Project funding partner. Associated with these operations is Celsius’ commitment to responsible resource and mining development at the MCB Project.

The Company continues to be confident that the Feasibility Study update and FEED will be completed on schedule, ready for anticipated early work construction in late 2025 followed by main construction and targeting first production by 2027.

Given the increased operational factors around the technical and financial aspects of these developments at the MCB Project, Neil Grimes, currently a Non-Executive Director, has been appointed as Executive Director of the Company with immediate effect. Neil has worked extensively in the mining sector in the Philippines, and his experience of operations in-country, working alongside the MCB Project team, will continue to be of significant benefit to the Company’s operations. Neil’s executive role will focus on the following areas:

·    Supporting disciplined and transparent financial management aligned with sustainability principles to maintain the Company’s strong financial position through 2025;

·    Working closely with potential funding partners to secure the necessary financing for the MCB Project and ensure not only the Project’s long-term economic objectives but also the environmental and social viability;

·    Managing the Company’s communications with external stakeholders and leading marketing, investor and shareholder engagement initiatives, including progressive presentations of technical outcomes from the FEED and updated study; and,

·    Progressing the disposal of the Company’s projects in Namibia and Australia.

As part of these changes, Mark Van Kerkwijk will move to become a Non-Executive Director of the Company with immediate effect. The Board thanks Mark for his efforts since joining the Board and for his role in supporting the Company during the period it obtained the final MPSA[2] for MCB Project and secured its loan funding with MIC[3].  

Executive Chairman, Atty. Julito R. Sarmiento commented, “The first funding drawdown from MIC and the changes to the Board of Celsius are timely as we transition from explorer to developer and progress toward becoming the newest Copper and Gold Producer in the Philippines. We are not merely developing a mine; we are advancing a Project grounded in environmental stewardship, meaningful stakeholder partnership, and long-term climate resilience. Increasing our focus on the MCB Project will help us deliver long-term value for shareholders, while advancing a sustainable development approach that supports both the community and the environment. We will announce further progress at the appropriate time in due course.”