REG - Celsius Resources Ld - MBC Project - certificate of approval received

Celsius ResourcesAnnouncement

18/07/2023 08:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230718:nRSR3612Ga&default-theme=true

RNS Number : 3612G  Celsius Resources Limited  18 July 2023

 

ASX/AIM RELEASE

18 JULY 2023

 

MCB Project receives Certificate of Approval for EPEP-FMRDP
HIGHLIGHTS

· Philippines Mines and Geosciences Bureau has issued a Certificate of
Approval for MCB Project's Environmental Protection and Enhancement
Program-Final Mine Rehabilitation and/or Decommissioning Plan.

· The approval of the EPEP-FMRDP is a step towards the next permitting stage
for the MCB Project's mining permit.

_______________________________________________________________________________

Celsius Resources Limited ("Celsius") is pleased to announce that its
Philippine subsidiary, Makilala Mining Company, Inc. ("MMCI or "the Company"),
has been issued a Certificate of Approval for its Environmental Protection and
Enhancement Program ("EPEP") and Final Mine Rehabilitation and/or
Decommissioning Plan ("FMRDP") for its flagship Maalinao-Caigutan-Biyog
Copper-Gold Project ("MCB" or "the Project").

 

The issuance of the Certificate of Approval indicates that the Company has
instituted the necessary environmental measures pursuant to the Philippine
Mining Act of 1995 ("Philippine Mining Act"), and its Implementing Rules and
Regulations or the Department of Environment and Natural Resources (DENR)
Administrative Order No. 2010-2. The issuance of the Certificate of Approval
indicates the Company has instituted these environmental measures prior to the
commencement of construction and mining operations, and that the Company has
committed to environmental protection for the life of the mine.

 

Among the terms and conditions of the said certificate, is the establishment
of a guarantee funding mechanism, collectively known as the Contingent
Liability and Rehabilitation Fund, to ensure satisfactory compliance with the
commitments and performance of the activities stipulated in the EPEP-FMRDP.
Under the Philippine Mining Act, applications for a mining permit shall be
supported by an EPEP-FMRDP.

 

The EPEP is a comprehensive and strategic environmental management plan that
serves as an operational link between the environmental management provisions
of the Philippine Mining Act's Implementing Rules and Regulations and the
conditions stated in the Environmental Compliance Certificate issued to the
MCB project. It contains contingency and emergency

preparedness as well as environmental monitoring and implementation costs,
while the FMRDP considers mine closure scenarios and remediation process, for
returning the mine sites and affected area to viable and self-sustaining
ecosystems, including cost estimates for its implementation.

 

Celsius Executive Chairman Atty. Julito R. Sarmiento, said:

"We are grateful for the Philippine government regulatory bodies in the prompt
review and approval of our environmental permitting requirements. In turn, we
reiterate our firm adherence to and commitment to go beyond compliance with
environmental laws in the development of the MCB Project."

The approval of the EPEP-FMRDP is another step closer in the mine permitting
process of obtaining a Mineral Production Sharing Agreement (MPSA) with the
Philippine Government which the Company envisages receiving by the end of
August 2023.

 

MCB COPPER-GOLD PROJECT

 

The MCB Copper-Gold Project (MCB) is located in the Cordillera Administrative
Region in the Philippines, approximately 320km north of Manila (Figure 1). It
is the flagship project within the Makilala portfolio which also contains
other key prospects in the pipeline for permit renewal/extension.

 

A maiden JORC Compliant Mineral Resource Estimate was declared for the MCB
Project in January 2021, comprising 313.8 million tonnes @ 0.48% copper and
0.15g/t gold, for 1.5 million tonnes of contained copper and 1.47 million
ounces of gold, of which 290.3 million tonnes @ 0.48% copper and 0.15 g/t gold
is classified as Indicated and 23.5 million tonnes @ 0.48% copper and 0.10 g/t
gold is classified as Inferred.

 

An updated JORC compliant Mineral Resource Estimate was announced for the MCB
Project on 12 December 2022, comprising 338 million tonnes @ 0.47% copper and
0.12 g/t gold, for total of 1.6 million tonnes of contained copper and 1.3
million ounces of gold, reported to a preferred lower cut-off grade of 0.2%
copper.

 

A Study for the MCB Project was announced by CLA on 1 December 2021, which
identified the potential for the development of a copper-gold operation with a
25-year mine life. The Study was based on an underground mining operation and
processing facility to produce a saleable copper-gold concentrate.

 

Highlights from the Study include a Post tax NPV (8%) of US$464m and IRR of
31%, assuming a copper price of US$4.00/lb and gold price of US$1,695/oz.
Initial capital expenditure is estimated to be US$253m with a payback period
of approximately 2.7 years. The designed mine production is matched to a
2.28Mtpa processing plant which will treat ore with an estimated average grade
of 1.14% copper and 0.54g/t gold for the first 10 years of planned production
with a C10F 1  (#_ftn1) cash costs at just US$0.73/lb copper, net of gold
credits.

Figure 1. Location of the MCB Project in the province of Kalinga, Northern
Luzon, Philippines.

 

This announcement has been authorised by the Board of Directors of Celsius
Resources Limited.

 

Listing Rule 5.23 Disclosure

 

The Company confirms that it is not aware of any new information or data that
relates to Exploration Results and Mineral Resources at the MCB Project and
that all material assumptions and technical parameters underpinning the
Mineral Resource continue to apply. The Company notes that, as disclosed in
this announcement and in previous announcements, a drilling program is
currently underway at the MCB Project the results of which will be
incorporated into an updated Mineral Resource in the future and that the
current Scoping Study may provide new assumptions and parameters for use in
that Mineral Resource.

 

Forward Looking Statements

 

Some of the statements appearing in this announcement may be in the nature of
forward-looking statements. You should be aware that such statements are only
predictions and are subject to inherent risks and uncertainties. Those risks
and uncertainties include factors and risks specific to the industries in
which the Company operates and proposes to operate as well as general economic
conditions, prevailing exchange rates and interest rates and conditions in the
financial markets, among other things. Actual events or results may differ
materially from the events or results expressed or implied in any
forward-looking statement.

No forward-looking statement is a guarantee or representation as to future
performance or any other future matters, which will be influenced by a number
of factors and subject to various uncertainties and contingencies, many of
which will be outside the Company's control.

The Company does not undertake any obligation to update publicly or release
any revisions to these forward-looking statements to reflect events or
circumstances after today's date or to reflect the occurrence of unanticipated
events. No representation or warranty, express or implied, is made as to the
fairness, accuracy, completeness or correctness of the information, opinions
or conclusions contained in this announcement. To the maximum extent permitted
by law, none of the Company's Directors, employees, advisors, or agents, nor
any other person, accepts any liability for any loss arising from the use of
the information contained in this announcement. You are cautioned not to place
undue reliance on any forward-looking statement. The forward-looking
statements in this announcement reflect views held only as at the date of this
announcement.

 

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 (mailto:info@celsiusresources.com.au)

W: www.celsiusresources.com (http://www.celsiusresources.com)

 

 Celsius Resources Limited
 Peter Hume                 P: +61 2 8072 1400

                            E: info@celsiusresources.com.au (mailto:info@celsiusresources.com.au)

                            W: www.celsiusresources.com (http://www.celsiusresources.com)

 Multiplier Media

 (Australia Media Contact)                            M: +61 402 075 707

 Jon Cuthbert                                         E: jon.cuthbert@multiplier.com.au (mailto:jon.cuthbert@multiplier.com.au)

 Tavistock Communications                             +44 (0) 207 628 3396

 (UK Media and Investor Relations)
 Charles Vivian                                       M: 0044 7977297903

                                                      E: charles.vivian@tavistock.co.uk

 Tara Vivian-Neal                                     M: 0044 7394408654

                                                      E: tara.vivian-neal@tavistock.co.uk

 Beaumont Cornish Limited

 (Nominated Adviser)

 Roland Cornish/Felicity Geidt/Andrew Price                                      +44 (0) 207 628 3396

 

 

 1  (#_ftnref1) C1 costs include all direct costs in mining, processing,
general and administration, and selling (including freight).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  REAGRGDRIBBDGXI