MCB Project DFS Reveals $1.3B NPV and 35-Year Mine Life for Celsius Resources

Robust Economics Confirmed

Celsius Resources Limited has announced the results of the Definitive Feasibility Study (DFS) for its flagship Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in the Philippines. The DFS confirms the project’s technical robustness and economic viability, delivering a pre-tax net present value (NPV) of US$1.3 billion at an 8% discount rate and an internal rate of return (IRR) of 31%. Post-tax figures remain strong with an NPV of US$771 million and an IRR of 24%, underpinning the project's financial attractiveness.

These figures are based on conservative long-term copper and gold price assumptions, with upside potential at current spot prices where the pre-tax NPV rises to US$1.9 billion and IRR to 42%. The project’s 35-year mine life is supported by a substantial JORC-compliant Mineral Resource of 343 million tonnes and a maiden Ore Reserve of 130.2 million tonnes.

Mining and Processing Strategy

The MCB Project will employ a sublevel open stoping underground mining method with cemented paste backfill, designed to optimise ore recovery and operational efficiency. Early production focuses on a high-grade core zone, delivering an average C1 cash cost of just US$0.41 per pound of copper during the first decade, which is expected to generate strong early cash flows and EBITDA of approximately US$230 million annually.

Ore processing will be conducted through a conventional crushing, grinding, and flotation concentrator, producing a high-quality copper-gold concentrate. The project incorporates dry-stack tailings management to minimise environmental impact and improve water recovery, aligning with strong ESG commitments.

Capital and Operating Costs

The capital expenditure (CAPEX) is estimated at US$276 million, including contingencies and growth provisions, with a payback period of under five years from production start. Operating costs are competitive, with an average life-of-mine operating expense of US$96 million per year, translating to US$37 per tonne mined. The project benefits from a disciplined cost structure and risk-managed development strategy.

Regulatory and Social Progress

Significant regulatory milestones have been achieved, including the granting of the Mineral Production Sharing Agreement and an Environmental Compliance Certificate. The project has also secured Free, Prior, and Informed Consent from the Balatoc Indigenous Cultural Community, reflecting meaningful community engagement and social license to operate. Remaining permits, such as water use and construction permits, are in progress.

Growth Opportunities and Next Steps

The DFS identifies potential for throughput expansion from 2.64 to 3.0 million tonnes per year from around Year 10, leveraging fully developed underground infrastructure and process plant upgrades. Surface material recovery and resource upside at depth present additional optionality not yet included in the base case.

Celsius is advancing funding and offtake discussions, aiming for a Final Investment Decision in early 2026. The company is focused on contract tendering, detailed engineering, and securing remaining permits to maintain the project’s development momentum.