How Celsius’ Latest Drilling and Bridge Loan Propel MCB Project Forward
Celsius Resources reports steady progress on its Maalinao-Caigutan-Biyog copper-gold project, supported by promising drilling outcomes and critical bridge financing. The company also advances social and environmental initiatives while preparing for operational readiness.
- Feasibility Study update and Front-End Engineering Design on track for December completion
- Positive metallurgical drilling results confirm high-grade copper-gold mineralisation
- Second drawdown of US$10 million bridge loan from Maharlika Investment Corporation
- Community skills training and scholarships bolster local development
- Environmental permits secured; ongoing efforts to renew exploration permits and divest non-core assets
Project Development Momentum
Celsius Resources Limited continues to advance its flagship Maalinao-Caigutan-Biyog (MCB) copper-gold project in the Philippines, with key technical studies progressing on schedule. The Front-End Engineering Design (FEED) and updated Feasibility Study are targeted for completion by December 2025, underpinning the company’s move toward operational readiness.
Recent drilling results have been encouraging, particularly a metallurgical test hole revealing 113.1 meters at 1.32% copper and 0.41 grams per tonne gold, including a higher-grade section of 54.6 meters at 1.84% copper. These outcomes reinforce the robustness of the mineral resource and are expected to enhance the project’s economic profile.
Financial Backing and Funding Strategy
To support ongoing development, Celsius has drawn down the second tranche of a US$10 million bridge loan facility from Maharlika Investment Corporation (MIC). This funding is pivotal for completing FEED and the updated Feasibility Study. The company is actively engaging with investors to secure a comprehensive financing package, including potential equity participation from MIC and a non-binding agreement with Kiri Industries, signaling strong institutional interest.
Community and Environmental Commitments
Beyond technical progress, Celsius is investing in social development through its Social Development and Management Program. Over 130 community members completed skills training in areas such as electrical installation, masonry, and financial literacy, enhancing local employment prospects. Educational assistance extends to 254 beneficiaries, including scholarships for mining engineering students, aligning workforce development with project needs.
Environmental management remains a priority, with key plans submitted to Philippine authorities and internal systems being aligned for ISO 14001 certification. The company has secured a conditional water permit and is progressing applications for tree-cutting and construction permits, essential for site development.
Broader Portfolio and Corporate Updates
While focusing on the MCB Project, Celsius is managing exploration permit renewals for the Botilao copper-gold prospect and advancing environmental approvals for the Sagay project. The company is also exploring divestment options for its Opuwo cobalt project in Namibia, with interested parties conducting due diligence but no binding agreements yet.
On the corporate front, the company’s Executive Chairman, Julito “Sarge” Sarmiento, announced his retirement effective November 2025, marking a leadership transition as Celsius moves into a critical development phase. Cash reserves stood at A$2.39 million at quarter-end, supplemented by available financing facilities, providing a runway for continued project advancement.
Bottom Line?
As Celsius nears FEED completion and secures funding, the coming months will be pivotal in transforming the MCB Project from study to operation.
Questions in the middle?
- Will Celsius secure the full financing package needed to advance MCB into construction?
- How will the leadership transition impact project execution and investor confidence?
- What are the timelines and risks associated with key permit approvals, especially the tree-cutting and construction permits?
