Celsius Resources has reported significant high-grade copper and gold drilling results at its MCB Project in the Philippines, alongside securing a conditional water permit crucial for advancing project development.
- 113.1m intercept grading 1.32% copper and 0.41 g/t gold
- Conditional water permit granted by Philippines National Water Resources Board
- Feasibility study update and FEED program progressing on schedule
- Ongoing financing discussions with Maharlika Investment Corporation and others
- Project benefits from strong community and government support
Robust Drilling Results Reinforce Project Potential
Celsius Resources Limited has announced compelling new drilling results from its Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in the Philippines. The latest metallurgical test hole, drilled vertically, intersected a continuous 113.1-metre zone grading 1.32% copper and 0.41 grams per tonne gold starting just 8.1 metres below surface. Within this interval, a higher-grade section of 54.6 metres at 1.84% copper and 0.74 grams per tonne gold was identified, surpassing previous resource model expectations.
These findings provide strong validation of the deposit’s high-grade mineralisation continuity and are expected to enhance confidence in the mine plan and processing plant design. Peter Hume, Celsius’s Country Technical Director, highlighted that the results will support further metallurgical testwork and underpin the project’s development strategy aimed at maximising value for stakeholders.
Regulatory Milestone – Conditional Water Permit Secured
In a critical regulatory development, the Philippines National Water Resources Board has issued a conditional water permit to Makilala Mining Company, Celsius’s local affiliate. This permit authorises water abstraction activities necessary for the MCB Project’s construction phase, subject to compliance with monitoring and reporting conditions designed to protect local water resources and community rights.
The permit’s conditional status requires ongoing adherence to environmental stewardship and sustainability commitments, reflecting Celsius’s focus on responsible project advancement and strong community relations, particularly with the Balatoc community.
Feasibility and Engineering Progress on Track
The company’s updated feasibility study and Front-End Engineering Design (FEED) program remain on schedule for completion by December 2025. Interim reports from Ausenco, the engineering consultant, indicate enhancements in site layout, underground mine design, and processing plant configuration. These improvements are anticipated to reduce operating costs and improve overall project economics, especially when combined with updated commodity price forecasts.
Once finalized, the updated feasibility study will include a revised JORC Mineral Resource Estimate and Mining Reserve statement, providing a refreshed valuation framework for the project.
Financing Discussions Continue Amid Positive Momentum
Celsius is actively engaging with potential financiers, including Maharlika Investment Corporation and Kiri Industries Limited, to secure funding for the MCB Project. While initial bridging finance has been provided by Maharlika, no definitive agreements have yet been reached. The company remains focused on obtaining the best financing solution to optimise shareholder value and support project delivery.
Strong government backing and community support underpin the project’s advancement, positioning Celsius well as it navigates the final stages of project development and financing.
Outlook and Next Steps
The MCB Copper-Gold Project, located in the mineral-rich Cordillera Administrative Region of the Philippines, continues to demonstrate promising potential as a long-life underground mining operation. With high-grade drilling results, regulatory approvals, and engineering studies progressing well, Celsius is poised to refine its project economics and move closer to construction commencement.
Investors and stakeholders will be watching closely as the company finalises its feasibility study update, secures financing, and advances environmental and social governance initiatives critical to sustainable development.
Bottom Line?
With high-grade results and key permits in hand, Celsius is advancing steadily, but financing and final feasibility outcomes remain pivotal.
Questions in the middle?
- Will the ongoing financing discussions culminate in definitive funding agreements?
- How will the updated feasibility study impact the project’s valuation and development timeline?
- What measures will Celsius implement to ensure full compliance with water permit conditions and community expectations?