Resource Upgrade Raises Questions on MCB Project’s Next Development Steps
Celsius Resources has updated its Mineral Resource Estimate for the MCB Copper-Gold Project in the Philippines, reporting a larger and more confidently classified resource. This upgrade sets the stage for upcoming feasibility and engineering studies.
- Updated global resource of 343 million tonnes at 0.46% copper and 0.12 g/t gold
- Contained metals include 1.6 million tonnes of copper and 1.4 million ounces of gold
- Measured resource category increased to 49 million tonnes at higher grades
- Additional 5 million tonnes and 14,000 tonnes of copper added since 2022
- Feasibility Study and Front-End Engineering Design scheduled for completion in December 2025
Resource Upgrade Highlights
Celsius Resources Limited has announced a significant update to the Mineral Resource Estimate (MRE) for its flagship Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project, located on Luzon Island in the Philippines. The 2025 JORC-compliant MRE now stands at 343 million tonnes grading 0.46% copper and 0.12 grams per tonne gold, equating to 1.6 million tonnes of contained copper and 1.4 million ounces of gold. This represents an increase of 5 million tonnes and 14,000 tonnes of copper compared to the 2022 estimate, alongside a notable rise in the confidence level of the resource classification.
Improved Confidence and High-Grade Core
The update reflects extensive drilling completed between 2022 and 2025, which has refined the geological boundaries and confirmed the continuity of copper mineralisation, particularly in key high-grade zones. The Measured category has expanded to 49 million tonnes at 0.60% copper and 0.19 g/t gold, underscoring enhanced certainty in resource quality and supporting more detailed mine planning. The high-grade core, defined at a 0.5% copper cut-off, totals 99 million tonnes at 0.79% copper and 0.24 g/t gold within the Measured and Indicated categories.
Project Development and Economic Outlook
The MCB Project is progressing towards development with an updated Feasibility Study and Front-End Engineering Design (FEED) scheduled for release by December 2025. Previous studies have envisaged a 25-year underground mining operation producing copper-gold concentrate, with robust economics including a post-tax net present value of US$464 million and an internal rate of return of 31%, based on conservative metal price assumptions. Metallurgical test work confirms strong recoveries of approximately 95% for copper and 77% for gold, reinforcing the project's economic viability.
Strategic and Operational Context
Celsius holds a 40% working interest in the MCB Project, with a conditional agreement to transfer 60% interest to Sodor, Inc. pending certain conditions. The project benefits from secure tenure under a Mineral Production Sharing Agreement valid for 25 years, with all necessary statutory permits in place. The deposit is a classic porphyry copper-gold system, with mineralisation hosted at the contact between tonalite intrusions and mafic volcanic rocks, exhibiting both vertical and shallow high-grade domains.
Looking Ahead
With the resource upgrade underpinning increased confidence in the deposit's scale and grade, Celsius is well positioned to advance the MCB Project through critical development milestones. The forthcoming feasibility and FEED studies will provide further clarity on mining methods, capital requirements, and operational costs, shaping the project's path to production.
Bottom Line?
The MCB resource upgrade strengthens Celsius Resources’ development case, but upcoming feasibility results and interest transfer conditions remain key near-term catalysts.
Questions in the middle?
- How will the pending transfer of 60% working interest to Sodor, Inc. impact project development timelines and financing?
- What mining method will the updated Feasibility Study recommend, and how might it affect project economics?
- Are there further exploration targets or resource extensions beyond the current MRE footprint that could enhance project value?
