How Celsius Resources’ Maiden JORC Reserve Sets Stage for MCB Project Growth

Maiden JORC Ore Reserve Announcement

Celsius Resources Limited has taken a significant step forward in the development of its Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in the Philippines by defining its maiden JORC-compliant Ore Reserve Estimate. The announcement reveals a substantial reserve of 130.3 million tonnes grading 0.66% copper and 0.21 grams per tonne gold, translating to approximately 856,000 tonnes of contained copper and 891,000 ounces of gold at a copper equivalent grade of 0.84%. This milestone provides a solid foundation for the updated feasibility study and ongoing financing discussions.

Technical and Operational Highlights

The MCB Project is designed as an underground operation employing sublevel open stoping with paste backfill and dry-stack tailings, a method that balances operational efficiency with environmental stewardship. The mining plan supports a production rate of 2.6 million tonnes per annum from the third year onward, aligning with the processing plant’s capacity. Metallurgical test work has confirmed strong flotation recoveries, approximately 95% for copper and 77% for gold, producing a clean, high-quality copper-gold concentrate free from penalty elements, which is attractive to smelters in Asia.

Regulatory and Community Engagement

The project benefits from comprehensive regulatory approvals, including a Mineral Production Sharing Agreement (MPSA) granted in March 2024, an Environmental Compliance Certificate (ECC), and Free, Prior and Informed Consent (FPIC) from the Balatoc Indigenous Cultural Community. These endorsements reflect strong social license and community partnership, critical for sustainable development in the region. The project’s infrastructure plans include new access roads, power transmission lines connecting to the Luzon Grid, and logistics arrangements for concentrate export through Salomague Port.

Economic Viability and Future Outlook

Capital and operating costs have been estimated with an accuracy of ±15%, incorporating local contractor pricing and benchmarked international data. The financial model, constructed in real terms without escalation, demonstrates robust economic returns across a range of metal price scenarios. The Ore Reserve classification, comprising 22.1 million tonnes of Proven and 108.2 million tonnes of Probable Reserves, is underpinned by measured and indicated mineral resources, excluding inferred material to maintain confidence in economic extractability.

Next Steps and Market Implications

The final updated feasibility study and front-end engineering design (FEED) program are scheduled for completion by December 2025. These will refine capital and operating cost estimates and support final investment decisions. While the project has attracted multiple term sheet offers from reputable offtakers and financiers, full funding remains to be secured. The MCB Project’s scale, quality, and regulatory readiness position it well to meet growing global demand for copper and gold, driven by electrification and renewable energy trends.