Funding and Permitting Challenges Loom Over Celsius’ MCB Development

Robust Feasibility Study Confirms Long-Life Copper-Gold Project

Celsius Resources Limited has marked a significant milestone with the release of a Definitive Feasibility Study (DFS) for its Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in the Philippines. The DFS confirms a technically sound and economically attractive project, underpinned by maiden Ore Reserves of 130.2 million tonnes that support a 35-year mine life. This positions MCB as a leading near-term copper-gold development opportunity in the region.

The study outlines an early high-grade production profile, with average annual copper and gold outputs of 26,500 tonnes and 40,200 ounces respectively over the first decade. Operating costs are competitive, with a C1 cash cost of just US$0.41 per pound of copper net of by-product credits during this period. Financially, the project boasts a post-tax net present value (NPV) of US$771 million and an internal rate of return (IRR) of 24%, based on conservative long-term commodity price assumptions.

Funding and Financial Advisory Progress

To support the transition from study to development, Celsius has appointed Grant Samuel Capital Advisory to coordinate and structure an optimal funding package. This move follows strong interest from international financiers, offtakers, and investment groups, with multiple proposals for debt, equity, and offtake agreements already received. The company also benefits from a bridge loan facility provided by the Philippine sovereign wealth fund, Maharlika Investment Corporation, which has supported the completion of the DFS.

The financing strategy is critical as Celsius aims to reach a Final Investment Decision (FID) and commence construction. The appointment of Grant Samuel signals a professional and integrated approach to securing the necessary capital while balancing project economics and shareholder interests.

Technical Enhancements and Community Engagement

The DFS incorporates detailed geotechnical and hydrogeological investigations, refining mine design and reducing technical uncertainties. The project plan includes an initial decline with truck haulage transitioning to a vertical shaft system to improve efficiency and reduce long-term operating costs. Metallurgical testwork confirms the ability to produce high-quality copper and gold concentrates with excellent recoveries, supporting reliable product sales.

Beyond the technical and financial aspects, Celsius continues to invest in social development initiatives in the host communities. Skills training programs, educational scholarships, and healthcare missions demonstrate a commitment to sustainable development and local capacity building. Environmental management efforts are also underway, with preparations for ISO 14001 certification and ongoing permit applications progressing.

Broader Portfolio and Corporate Updates

While the MCB Project remains the flagship, Celsius is advancing other assets including the Sagay Copper-Gold Project in the Philippines and the Opuwo Cobalt Project in Namibia, where discussions with potential buyers continue. The company recently completed a modest £0.53 million placement on AIM and reported a cash position of approximately A$2.1 million, supplemented by available financing facilities totaling A$14 million.

Board changes were noted with the retirement of the Executive Chairman and a Non-Executive Director, as Celsius searches for new leadership to guide the next phase of growth.