REG - Celsius Resources Ld - Half-year Report
15/03/2024 11:00
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RNS Number : 0630H Celsius Resources Limited 15 March 2024
15 March 2024
Celsius Resources Limited
("Celsius" or the "Company")
HALF-YEAR FINANCIAL REPORT
31 DECEMBER 2023
The Directors of Celsius announce the Company's half-year financial report for
the half year ended 31 December 2023.
Please see below extracts from the Company's full half-year report comprising
the:
Directors' Report
Statement of Profit or Loss and Other Comprehensive Income
Statement of Financial Position
Statement of Changes in Equity
Statement of Cash Flows
A copy of the half-year report is available on the Company's website, at
https://celsiusresources.com (https://celsiusresources.com)
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018.
Celsius Resources Contact Information
Level 5, 191 St. Georges Terrace
Perth WA 6000
PO Box 7059
Cloisters Square PO
Perth WA 6850
P: +61 2 8072 1400
E: info@celsiusresources.com.au
W: www.celsiusresources.com
Celsius Resources Limited
Peter Hume P: +61 2 8072 1400
(Managing Director) E: info@celsiusresources.com.au
W: www.celsiusresources.com
Multiplier Media
Jon Cuthbert M: +61 402 075 707
E: jon.cuthbert@multiplier
Beaumont Cornish Limited
(Nominated Adviser) P: +44 (0) 207 628 3396
Roland Cornish/Felicity Geidt/Andrew Price E: corpfin@b-cornish.com.uk
WH Ireland (Broker)
Harry Ansell/James Joyce/Isaac Hooper P: +44 (0) 20 7220 1666
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
Directors' report
The following persons were directors of Celsius Resources Limited during the
whole of the financial half-year and up to the date of this report, unless
otherwise stated:
Mr Julito Sarmiento Non-Executive Chairman
Mr Peter Hume Executive Director
Mr Michael Hulmes Non-Executive Director
Mr Simon Farrell Non-Executive Director
Mr Paul Dudley Non-Executive Director
Ms Attilenore Manero Non-Executive Sustainability Director
Principal activities
During the half-year, the principal activities of the consolidated entity
consisted of mineral exploration activities in Namibia and the Philippines.
There were no significant changes in the nature of the activities of the
consolidated entity during the half-year.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the consolidated
entity during the financial half-year.
Review of operations
The loss for the consolidated entity after providing for income tax and
non-controlling interest amounted to $1,663,153 (31 December 2022:
$2,061,756).
Maalinao-Caigutan-Biyog Copper Gold Project, Philippines (Celsius - 40%)
Makilala Mining Company, Inc. ("MMCI"), a Philippine affiliate of Celsius in
the Philippines, has progressed its permitting requirements for its flagship
Maalinao-Caigutan-Biyog ("MCB") Copper-Gold Project in the Cordillera
Administrative Region.
All required technical, social, and environmental plans and programs have been
approved leading to the approval of the Declaration of Mining Project
Feasibility (DMPF). The DMPF was a critical step in securing a Mineral
Agreement with the Philippine Government, which is anticipated Q 1, 2024.
Botilao Copper-Gold Prospect, Philippines (Celsius - 40%)
Makilala Mining Company, Inc. ("MMCI"), a Philippine subsidiary of Celsius
Resources, in August of 2023 MMCI was issued an exploration permit for its
Botilao Copper-Gold Prospect, adjacent to the MCB Project in the Cordillera
Administrative Region.
The initial two-year exploration permit aims to define the extent and
distribution of the observed mineralisation along Botilao Creek which will
consist of regional to semi-detailed geochemical sampling and mapping to
generate future targets for possible geophysical surveys and eventual diamond
drilling activities.
The approved Exploration Work Program will be implemented alongside an
Environmental Work Program and a Community Development Program (CDP).
Following the issuance of the exploration permit, table top work is being
carried out to gather and consolidate available data and reports as basis for
planning field activities commencing in 2024.
Sagay Copper-Gold Project, Philippines (Celsius - 100%)
Tambuli Mining Company, Inc. ("TMCI"), a wholly owned Philippine subsidiary of
Celsius in the Philippines, exploration works have produced positive results
for the Sagay Copper-Gold Project ("Sagay Project") which is located in Negros
Island.
Exploration activities focused on the shallow high-grade copper, or the
Supergene (Secondary Sulfide) Enrichment Domain (900SG).
Twelve (12) shallow drill holes were completed with a total meterage of 824.70
meters Results from the shallow drilling program confirmed a significant
copper mineralisation from eight out of 12 drill holes completed.
The conclusion of the drilling program along with results of the desktop
studies and compilation of all exploration data were contained in a Final
Exploration Report which was submitted to the Philippine National Government.
This became the basis for the formulation of the Mining Project Feasibility
Study which was submitted in December 2023 to the Philippine Mines and
Geosciences Bureau, along with other required technical, social, and
environmental plans and programs, for the application of Declaration of Mining
Project Feasibility, the approval of which will trigger the application for a
mineral agreement with the Philippine Government.
Opuwo Cobalt Project, Namibia (Celsius - 95%)
Celsius Resources' Namibian subsidiary held under Opuwo Cobalt Holdings (Pty)
Ltd. received a renewal of the exclusive prospecting license for the Opuwo
Cobalt Project ("Opuwo"), which is located 730km north-west of the Namibian
capital city, Windhoek.
The renewal of the exclusive prospecting license (EPL 4346), which covers
approximately 683 km2, was issued by the Namibian Ministry of Mines and Energy
on 11 October 2023 for a period of two years. The renewed license will enable
Celsius to further evaluate the project's viability and strategically unlock
its potential value with a view to finding a suitable partner.
Ongoing trade-off studies on mining costs, production rates, and the
possibility of processing oxide ores were undertaken to determine project
viability and financial outcomes.
Cullarin West Project, Australia (Celsius - 100%)
The Company is continuing to assess the viability of the opportunity and gauge
interest from other possible partners. No development activities were
conducted during the half-year ended 31 December 2023.
Matters subsequent to the end of the financial half-year
The Company's Philippine subsidiary, Makilala Mining Company, Inc. ("MMCI") is
currently in the final stages of obtaining a Mineral Production Sharing
Agreement ("MPSA") with the Philippine Government for its flagship
Maalinao-Caigutan-Biyog Mining Project ("MCB Project"). The MPSA will grant
MMCI exclusive rights to undertake exploration, development and commercial
production of copper and associated minerals, and the issuance of the MPSA
will enable MMCI to undertake the necessary work streams to proceed with the
mine development of the MCB Project.
On 8 January 2024, the Company's Philippine subsidiary, Tambuli Mining
Company, Inc. ("TMCI"), submitted an application for a Declaration of Mining
Project Feasibility ("DMPF") with the Philippine Mines and Geosciences Bureau,
confirming the technical and financial viability for the Sagay Copper-Gold
Project ("Sagay") in the island of Negros. On 6 February 2024, the Company
updated the JORC compliant Mineral Resource Estimate ("MRE") for Sagay. The
update to the MRE at Sagay was largely based on the results from the 2023
drilling program at a shallow copper position located ~500m to the west of the
main body of mineralisation discovered to date, as announced to ASX on 17
October 2023.
Payment of the required land rental fee to the Pasil Local Government Unit
relative to the issuance of the exploration permit for Botilao, as well as
stakeholder engagements were carried out during the first quarter of 2024 as
prerequisites to the ground implementation of the exploration, environmental
and community development work programs which will commence by the second
quarter of 2024.
No other matter or circumstance has arisen since 31 December 2023 that has
significantly affected, or may significantly affect the consolidated entity's
operations, the results of those operations, or the consolidated entity's
state of affairs in future financial years.
Consolidated
Note 31 Dec 2023 31 Dec 2022
$ $
Statement of profit or loss and other comprehensive income
For the half-year ended 31 December 2023
Revenue
Other income 145 27,430
Expenses
Directors' fees (139,660) (109,894)
Travel and accommodation (66,906) (60,404)
Depreciation and amortisation expense (32,325) (10,264)
Impairment expense - (398,689)
Legal and other professional fees (427,640) (736,498)
Share based payments - (21,472)
Exploration expenditure (582,353) (393,386)
Other expenses (399,143) (361,790)
Finance costs - (273)
Foreign exchange loss (18,181) -
Loss before income tax expense (1,666,063) (2,065,240)
Income tax expense - -
Loss after income tax expense for the half-year (1,666,063) (2,065,240)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation (486,458) (182,567)
Other comprehensive income for the half-year, net of tax (486,458) (182,567)
Total comprehensive income for the half-year (2,152,521) (2,247,807)
Loss for the half-year is attributable to:
Non-controlling interest (2,910) (3,484)
Owners of Celsius Resources Limited (1,663,153) (2,061,756)
(1,666,063) (2,065,240)
Total comprehensive income for the half-year is attributable to:
Non-controlling interest (5,241) 3,684
Owners of Celsius Resources Limited (2,147,280) (2,251,491)
(2,152,521) (2,247,807)
Revenue
Other income
145
27,430
Expenses
Directors' fees
(139,660)
(109,894)
Travel and accommodation
(66,906)
(60,404)
Depreciation and amortisation expense
(32,325)
(10,264)
Impairment expense
-
(398,689)
Legal and other professional fees
(427,640)
(736,498)
Share based payments
-
(21,472)
Exploration expenditure
(582,353)
(393,386)
Other expenses
(399,143)
(361,790)
Finance costs
-
(273)
Foreign exchange loss
(18,181)
-
Loss before income tax expense
(1,666,063)
(2,065,240)
Income tax expense
-
-
Loss after income tax expense for the half-year
(1,666,063)
(2,065,240)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
(486,458)
(182,567)
Other comprehensive income for the half-year, net of tax
(486,458)
(182,567)
Total comprehensive income for the half-year
(2,152,521)
(2,247,807)
Loss for the half-year is attributable to:
Non-controlling interest
(2,910)
(3,484)
Owners of Celsius Resources Limited
(1,663,153)
(2,061,756)
(1,666,063)
(2,065,240)
Total comprehensive income for the half-year is attributable to:
Non-controlling interest
(5,241)
3,684
Owners of Celsius Resources Limited
(2,147,280)
(2,251,491)
(2,152,521)
(2,247,807)
Cents Cents
Basic earnings per share 12 (#_OepNote_TOC) (0.07) (0.14)
Diluted earnings per share 12 (#_OepNote_TOC) (0.07) (0.14)
Statement of financial position
As at 31 December 2023
Assets
Current assets
Cash and cash equivalents 4 (#_CacNote_TOC) 2,046,731 5,029,176
Other current assets 296,142 168,170
Total current assets 2,342,873 5,197,346
Non-current assets
Property, plant and equipment 245,964 272,590
Deferred exploration expenditure 5 (#_NaxNote_TOC) 31,431,013 30,258,704
Total non-current assets 31,676,977 30,531,294
Total assets 34,019,850 35,728,640
Liabilities
Current liabilities
Trade and other payables 6 (#_ClpNote_TOC) 589,539 565,808
Total current liabilities 589,539 565,808
Total liabilities 589,539 565,808
Net assets 33,430,311 35,162,832
Equity
Issued capital 7 (#_EqcNote_TOC) 81,109,712 78,839,712
Reserves 8 (#_EqrNote_TOC) (1,429,508) 904,619
Accumulated losses (46,229,050) (44,565,897)
Equity attributable to the owners of Celsius Resources Limited 33,451,154 35,178,434
Non-controlling interest 9 (#_EqmNote_TOC) (20,843) (15,602)
Total equity 33,430,311 35,162,832
Assets
Current assets
Cash and cash equivalents
4 (#_CacNote_TOC)
2,046,731
5,029,176
Other current assets
296,142
168,170
Total current assets
2,342,873
5,197,346
Non-current assets
Property, plant and equipment
245,964
272,590
Deferred exploration expenditure
5 (#_NaxNote_TOC)
31,431,013
30,258,704
Total non-current assets
31,676,977
30,531,294
Total assets
34,019,850
35,728,640
Liabilities
Current liabilities
Trade and other payables
6 (#_ClpNote_TOC)
589,539
565,808
Total current liabilities
589,539
565,808
Total liabilities
589,539
565,808
Net assets
33,430,311
35,162,832
Equity
Issued capital
7 (#_EqcNote_TOC)
81,109,712
78,839,712
Reserves
8 (#_EqrNote_TOC)
(1,429,508)
904,619
Accumulated losses
(46,229,050)
(44,565,897)
Equity attributable to the owners of Celsius Resources Limited
33,451,154
35,178,434
Non-controlling interest
9 (#_EqmNote_TOC)
(20,843)
(15,602)
Total equity
33,430,311
35,162,832
Issued Accumulated Share based payments Non-controlling Total equity
Foreign currency translation
Statement of changes in equity
For the half-year ended 31 December 2023
capital losses reserve reserve interest
Consolidated $ $ $ $ $ $
Balance at 1 July 2022 64,808,602 (38,837,014) 2,418,105 (1,214,895) 24,862 27,199,660
Loss after income tax expense for the half-year - (2,061,756) - - (3,484) (2,065,240)
Other comprehensive income for the half-year, net of tax - - - (189,738) 7,171 (182,567)
Total comprehensive income for the half-year - (2,061,756) - (189,738) 3,687 (2,247,807)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs 4,642,405 - 123,589 - - 4,765,994
Share-based payments - - 21,472 - - 21,472
Balance at 31 December 2022 69,451,007 (40,898,770) 2,563,166 (1,404,633) 28,549 29,739,319
Issued
Accumulated
Share based payments
Foreign currency translation
Non-controlling
Total equity
capital
losses
reserve
reserve
interest
Consolidated
$
$
$
$
$
$
Balance at 1 July 2022
64,808,602
(38,837,014)
2,418,105
(1,214,895)
24,862
27,199,660
Loss after income tax expense for the half-year
-
(2,061,756)
-
-
(3,484)
(2,065,240)
Other comprehensive income for the half-year, net of tax
-
-
-
(189,738)
7,171
(182,567)
Total comprehensive income for the half-year
-
(2,061,756)
-
(189,738)
3,687
(2,247,807)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs
4,642,405
-
123,589
-
-
4,765,994
Share-based payments
-
-
21,472
-
-
21,472
Balance at 31 December 2022
69,451,007
(40,898,770)
2,563,166
(1,404,633)
28,549
29,739,319
Issued Accumulated Share based payments Foreign currency translation Non-controlling Total equity
capital losses reserve reserve interest
Consolidated $ $ $ $ $ $
Balance at 1 July 2023 78,839,712 (44,565,897) 2,877,035 (1,972,416) (15,602) 35,162,832
Loss after income tax expense for the half-year - (1,663,153) - - (2,910) (1,666,063)
Other comprehensive income for the half-year, net of tax - - - (484,127) (2,331) (486,458)
Total comprehensive income for the half-year - (1,663,153) - (484,127) (5,241) (2,152,521)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs (note 7) 2,270,000 - (1,850,000) - - 420,000
Balance at 31 December 2023 81,109,712 (46,229,050) 1,027,035 (2,456,543) (20,843) 33,430,311
Consolidated
Note 31 Dec 2023 31 Dec 2022
$ $
Statement of cash flows
For the half-year ended 31 December 2023
Cash flows from operating activities
Payments to suppliers and employees (inclusive of GST) (1,700,293) (2,201,262)
Interest received 145 2,430
Net cash used in operating activities (1,700,148) (2,198,832)
Cash flows from investing activities
Payments for property, plant and equipment (5,698) (60,351)
Payments for exploration and evaluation 5 (#_NaxNote_TOC) (1,443,769) (1,593,992)
Net cash used in investing activities (1,449,467) (1,654,343)
Cash flows from financing activities
Proceeds from issue of shares 7 (#_EqcNote_TOC) 420,000 4,858,295
Share issue transaction costs - (300,651)
Net cash from financing activities 420,000 4,557,644
Net increase/(decrease) in cash and cash equivalents (2,729,615) 704,469
Cash and cash equivalents at the beginning of the financial half-year 5,029,176 1,289,845
Effects of exchange rate changes on cash and cash equivalents (252,830) 42,717
Cash and cash equivalents at the end of the financial half-year 2,046,731 2,037,031
Cash flows from operating activities
Payments to suppliers and employees (inclusive of GST)
(1,700,293)
(2,201,262)
Interest received
145
2,430
Net cash used in operating activities
(1,700,148)
(2,198,832)
Cash flows from investing activities
Payments for property, plant and equipment
(5,698)
(60,351)
Payments for exploration and evaluation
5 (#_NaxNote_TOC)
(1,443,769)
(1,593,992)
Net cash used in investing activities
(1,449,467)
(1,654,343)
Cash flows from financing activities
Proceeds from issue of shares
7 (#_EqcNote_TOC)
420,000
4,858,295
Share issue transaction costs
-
(300,651)
Net cash from financing activities
420,000
4,557,644
Net increase/(decrease) in cash and cash equivalents
(2,729,615)
704,469
Cash and cash equivalents at the beginning of the financial half-year
5,029,176
1,289,845
Effects of exchange rate changes on cash and cash equivalents
(252,830)
42,717
Cash and cash equivalents at the end of the financial half-year
2,046,731
2,037,031
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