Celsius Resources Reports A$1.05M Cash and Six-Month MCB Project Extension

Extension Secures Time to Finalise Funding

Celsius Resources Limited has been granted a one-time six-month extension until March 13, 2025, to satisfy funding conditions for its Maalinao-Caigutan-Biyog Copper-Gold Project (MCB Project) in the Philippines. This extension, supported by potential investor Maharlika Investment Corporation (MIC), allows Celsius to provide additional proof of financial capability to the Philippine Department of Environment and Natural Resources - Mines and Geosciences Bureau (DENR-MGB), a critical step towards securing the Mineral Production Sharing Agreement (MPSA) with the Philippine government.

The delay in finalising the funding agreement was partly due to the late issuance of the Certification Precondition by the Philippine National Commission on Indigenous Peoples, which confirmed community consent and compliance with the Free, Prior and Informed Consent Process. MIC, a government-owned corporation focused on economic growth and social development, is actively working with Celsius' subsidiary Makilala Mining Company, Inc. (MMCI) to complete due diligence and secure approvals for the investment agreement.

Engineering and Development Progress

Alongside funding negotiations, MMCI has advanced preparations for the Front-End Engineering Design (FEED), tendering contracts with both international and local engineering firms. These efforts include hydrogeological and geotechnical drilling to support long-term construction and underground mine development. Detailed geological mapping and dam site investigations have also been initiated to inform engineering design and environmental permitting.

Innovative approaches such as the proposed use of Light Detection and Ranging (LiDAR) technology aim to streamline environmental assessments, particularly for tree cutting permits. Daily water level monitoring has commenced to support construction water permit applications, reflecting a comprehensive approach to regulatory compliance and project readiness.

Community and Workforce Engagement

Recognising the importance of local workforce development, MMCI has signed a Memorandum of Agreement with the Regional Technical Education and Skills Development Authority (TESDA). This partnership is designed to enhance skills in host and neighbouring communities, fostering employment and business opportunities that contribute to sustainable economic growth in the region.

Other Project Updates and Financial Position

Elsewhere, Celsius continues to engage with stakeholders at its Botilao Copper-Gold Prospect to maintain community support ahead of exploration and development activities. In Namibia, the company is in early-stage discussions with Stewardship Investments (Pty) Ltd regarding the potential disposal of its 95% interest in the Opuwo Cobalt Project, though no binding agreement has yet been reached.

In the Philippines, progress at the Sagay Copper-Gold Project includes securing acceptance of the Final Exploration Report and advancing approvals for the Declaration of Mining Project Feasibility (DMPF), a key regulatory milestone.

Financially, Celsius closed the quarter with A$1.053 million in cash reserves. The company also completed a placement on the AIM market raising approximately GBP350,000, supplemented by a subscription agreement with substantial shareholder Silvercorp Metals, Inc. These capital raises support ongoing project development and working capital needs.

Outlook and Strategic Considerations

With the extension secured, Celsius has critical runway to finalise funding arrangements that will unlock the MCB Project’s full potential. The company’s methodical approach to engineering, environmental compliance, and community engagement positions it well to advance towards production. However, the outcome of investment agreements and the potential disposal of the Opuwo Project remain key variables that will influence Celsius’ near-term trajectory.