REG - Celsius Resources Ld - MCB Project advancing toward operational readiness

Celsius ResourcesAnnouncement

31/10/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251031:nRSe5198Fa&default-theme=true

RNS Number : 5198F  Celsius Resources Limited  31 October 2025

31 OCTOBER 2025

 

MCB PROJECT ADVANCING TOWARD OPERATIONAL READINESS

HIGHLIGHTS

Feasibility Study update and Front-End Engineering Design ("FEED") are
progressing on schedule, supported by promising drilling results, laying the
groundwork for operational readiness.

· Second drawdown of bridge loan facility from Maharlika Investment
Corporation ("MIC") providing critical financial support to the FEED and
updated Feasibility Study.

· Closing cash as of 30 September 2025 of A$2.39 million of which A$1.49
million is held by MMCI

 

Celsius Resources Limited ("Celsius" or the "Company") (ASX, AIM: CLA) is
pleased to provide the following summary of the Company's activities for the
quarter ended 30 September 2025.

 

Projects

Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB Project" OR THE "PROJECT"),
Philippines

Makilala Mining Company, Inc. ("MMCI"), the Celsius Resources affiliate
company in the Philippines, is actively progressing the FEED and updating the
MCB Project's Feasibility Study to advance early development works 1  (#_ftn1)
.

 

The FEED program remains on track, with the current scope of work progressing
steadily towards its targeted completion in December. Parallel to this, the
Feasibility Study update is being actively informed by ongoing field work at
the Project site, ensuring that the latest site investigations are integrated
into the evolving development strategy. Ausenco has issued an Interim Study
Report to the Company which outlined key enhancements in several technical
areas. Notable improvements were identified in the site layout, underground
mine design, process plant configuration, and materials handling systems.
These refinements are expected to yield more efficient operating costs and
contribute to a stronger overall economic profile for the Project. Updated
commodity forecasts are also anticipated to positively impact the financial
model.

 

In parallel, the Geotechnical and Hydrogeological Drilling campaign is well
advanced towards producing a comprehensive surface and subsurface data and
model that will enhance the underground mine plan, refine the process plant
layout, and improve surface infrastructure design. The results will play a
critical role in guiding updates to the Feasibility Study.

 

During the quarter, one hole from the current drilling program was a
metallurgical test hole that delivered better-than-expected results compared
to the resource model, confirming consistent high-grade copper mineralisation.
Significant assay results contain 113.1m @ 1.32% Cu and 0.41g/t Au from 8.1m,
including 54.6m @ 1.84% Cu and 0.74m g/t Au from 60.4m. These findings
reconfirmed the mineralisation of the target zone and will inform upcoming
test work and resource assessment. 2  (#_ftn2)

 

Table 1. Significant intersection from drill hole MTPH-001

 

Figure 1. Location of drill hole MTPH-001 relative to recent and historical
diamond drilling at MCB 3  (#_ftn3)

 

Figure 2. Cross section (see location at Figure 1) showing drill hole MTPH-001
in proximity to MCB-042 and MCB-043, highlighting significant assay results
(looking northeast)4

 

These results reinforce the expectation that the Project will deliver optimal
value to stakeholders, including investors, shareholders, and the community.

 

SOCIAL DEVELOPMENT

 

As part of the Company's commitment under the Social Development and
Management Program ("SDMP"), several key initiatives were also implemented to
build the capacities of the host community and support community development:

 

Stakeholder Engagement

Monthly meetings of the joint Barangay Balatoc-Council of Elders were
consistently facilitated, serving as a vital platform for presenting
technical, environmental and social updates and addressing project-related
concerns. These gatherings fostered transparency, open communication, and a
stronger sense of partnership between the Company and the community.

 

Community-Based Skills Training

A total of 130 host community members completed various skills training
implemented by the Company in partnership with the Technical Education and
Skills Development Authority ("TESDA") and local service providers. These
training courses were designed to equip participants with practical, in-demand
competencies that enhance employability, strengthen livelihood opportunities
and promote financial self-reliance within the community. The programs covered
a range of technical and vocational disciplines aligned with local economic
opportunities, enabling training graduates to pursue jobs, start small
businesses, or contribute to ongoing infrastructure projects 4  (#_ftn4) . The
financial literacy and management trainings will help participants effectively
manage income, savings and small enterprises.

 

As part of the practical application component, trainees contributed to actual
construction and maintenance tasks, including electrical-related masonry work
at local schools and churches. These outputs served dual purposes: reinforcing
the trainees' learning through real-world practice and directly improving
community facilities. The initiative reflects a strategic approach to
workforce development, empowering individuals with marketable skills while
simultaneously addressing local development priorities.

 

Table 2. Balatoc Community-Based Skills Training Completers, 3Q 2025

 Community-Based Skills Training          Batch  No. of completers
 Financial Literacy and Management        1      22
                                          2      15
 Electrical Installation and Maintenance  1      24
                                          2      23
 Masonry                                  1      22
                                          2      24
 Total                                           130

 

Educational Assistance and Scholarship

Educational assistance and scholarship was extended to a total of 254
beneficiaries from Barangay Balatoc, reflecting a strong commitment to
uplifting the community through access to higher education and professional
advancement. Of these, 202 were college students pursuing undergraduate
degrees across various fields, while 30 were enrolled in graduate school
programs, furthering their academic specialisation and research capabilities.
Additionally, 22 beneficiaries received support for their licensure
examination review where three reviewees passed their licensure exams in
Medical Technology, Criminology, and Social Work-marking a significant
milestone in their professional journeys and contributing to the pool of
qualified practitioners in the region.

Furthermore, full scholarships were awarded to two students pursuing degrees
in Mining Engineering. This targeted support not only eases the financial
burden of their studies but also aligns with the strategic goal of developing
local expertise in the mining sector. By investing in future professionals,
the program helps ensure that the community can actively participate in and
benefit from industry-related opportunities.

ENVIRONMENTAL MANAGEMENT

 

Several key plans and program documents were developed and submitted to the
national government in line with the MCB Project's Environmental Compliance
Certificate ("ECC"). These include the Information, Education, and
Communications Plan, Hazardous Chemicals Management Plan, Carbon Sink Program,
and the Biodiversity Management Plan.

 

Also, a comprehensive internal gap assessment was carried to strengthen the
Company's Environmental Management System  ensuring readiness for ISO 14001
certification. A series of employee awareness sessions on Environmental
Management Systems were actively sustained. These sessions focused on
harmonising procedures across teams, fostering a culture of environmental
responsibility and reinforcing consistent, effective practices throughout the
organisation.

 

ANCILLARY PERMITS

 

Water Permit

The Philippine National Water Resources Board ("NWRB") has granted a
conditional water permit, authorising the initiation of water usage
activities-an essential step in preparing for the project's operational
requirements. This approval is subject to strict adherence to the conditions
stipulated under the Water Code of the Philippines 5  (#_ftn5) .

 

As part of its compliance obligations, MMCI is required to install calibrated
water measuring devices and submit quarterly utilisation reports to the NWRB.
These reports serve as a basis for the NWRB to validate actual water
withdrawals, evaluate the long-term sustainability of the water source, and
ensure that project-related water use does not infringe upon existing water
rights or compromise the needs of surrounding communities. The transition from
a conditional to a permanent water permit will depend on MMCI's continued and
satisfactory compliance with these monitoring and reporting requirements.

 

Tree-Cutting Permit

Preparatory activities are currently in progress to fulfill the documentary
requirements for the Tree Cutting Permit application.  This permit is an
essential regulatory step for initiating site development. This process is
being carried out along the finalisation of the optimised mine design and
layout, which will identify specific zones where tree removal may be necessary
to accommodate project infrastructure.

 

Construction Permit

A draft Memorandum of Agreement and Implementation Plan has been developed,
aimed at streamlining the construction permitting process in line with the
Project schedule. Forthcoming consultations with the Local Government Unit of
Pasil will help refine the provisions of the agreement and facilitate its
formalisation.

 

FUNDING SUPPORT

 

To support these ongoing activities, the Company has made a third drawdown of
funds from the Maharlika Investment Corporation's ("MIC") First OLSA bridging
loan. As at the date of this report, MMCI had drawn US$6 million of the US$10
million First OLSA to fund MMCI MCB Project related activities 6  (#_ftn6) .

 

Celsius and MMCI have been actively engaging with investors to explore funding
options for the MCB Project. MIC has continued to express interest in
participating through an equity investment in the MCB Project. A non-binding
Memorandum of Undertaking was signed with Kiri Industries, signaling potential
investment collaboration. Discussions with prospective investors remain
ongoing, with a focus on structuring both debt and equity financing solutions.
The Company is confident that a comprehensive financing package for the
Project can be achieved in the next quarter.

 

BOTILAO COPPER-GOLD PROSPECT

 

MMCI has formally submitted its Exploration, Environmental, and Community
Development Programs as part of the requirements for the first renewal of its
exploration permit. The Exploration Work Program outlines planned geological
activities and resource evaluation strategies, while the Environmental Program
details mitigation measures during exploration activities including monitoring
protocols, and compliance with national environmental regulations. The
Community Development Program highlights initiatives aimed at assisting the
host community with its community development needs and strengthen community
relations.

 

The renewal of the exploration permit is ongoing and MMCI expects that the
first renewal will be finalised by December 2025. Expenditure on this project
is being carefully managed to focus on essential activities that sustain
meaningful engagement with the community, local government units, and
regulatory agencies, thereby maintaining project momentum and stakeholder
confidence as the Company prioritizes the MCB Project.

 

Opuwo Cobalt Project, Namibia

As disclosed previously to the market, the Company has opened its data room to
parties interested in acquiring the Company's Opuwo Cobalt project in Namibia
("Opuwo"). Several parties have expressed interest in acquiring the Project
and are continuing with their due diligence. As of the date of this report, no
binding agreement has been reached and, although discussions are continuing,
there can be no certainty that any binding agreement will be reached or the
timing of any such agreement.

The Opuwo tenement permit EL4346 is due for renewal. The Company has lodged
the necessary documentation to have the permit renewed with the Ministry of
Mines. The tenement remains active until such time that it is renewed by the
Ministry of Mines and the Company is continuing discussions on the renewal
process with the Namibian authorities.

 

 

SAGAY Copper-Gold Project, Philippines

Tambuli Mining Company, Inc. ("TMCI"), a wholly owned Philippine subsidiary of
Celsius in the Negros Islands, is actively engaging with the Department of
Environment and Natural Resources-Environmental Management Bureau on the
evaluation and approval of its Environmental Impact Statement ("EIS") for the
Sagay Copper-Gold Project ("Sagay Project").

 

The EIS serves as the foundation for securing an Environmental Compliance
Certificate ("ECC"), as mandated by the Philippine Mining Act of 1995 7 
(#_ftn7) . This certification ensures that the development plans and
engineering designs submitted under the Declaration of Mining Project
Feasibility ("DMPF") are technically viable, environmentally responsible, and
socially acceptable. Expenditure on the Sagay Project is being carefully
managed to focus on essential activities that sustain meaningful engagement
with the community, local government units, and regulatory agencies, thereby
maintaining project momentum and stakeholder confidence as the Company
prioritizes activities at the MCB Project.

 

Cullarin West Project, NSW

The Company has previously announced the intention to dispose of its interest
in this project 8  (#_ftn8) . No development activities were conducted during
the quarter.

 

Corporate AND EXPENDITURE

 

A General Meeting of Shareholders was held on 7 August 2025 where shareholders
approved the issue of additional free-attaching options to participants of
Tranche 2 of the placement 9  (#_ftn9) announced on 10 March 2025. The
additional free-attaching options were issued on 14 August 2025.

 

The Company released its Annual Report on Monday 29 September 2025 10 
(#_ftn10) , and post quarter end on 13 October 2025, the Company announced
that its Executive Chairman, Julito "Sarge" Sarmiento, will retire at the
Company's Annual General Meeting to be held on 26 November 2025.

 

Cash Position

At the end of the quarter, the Company held approximately A$2.39 million in
cash reserves, of which A$1.496 million was held in MMCI.

 

ASX ADDITIONAL INFORMATION

 

The Company provides the following information pursuant to ASX Listing Rule
requirements:

·    ASX Listing Rule 5.3.1:

Approximately A$4.367 million was spent on exploration expenditure during the
quarter, primarily relating to the development of the MCB Project.

·    ASX Listing Rule 5.3.2:

Nil was spent on mine production and development activities during the
quarter.

·    ASX Listing Rule 5.3.5:

The Company advises that there were approximately A$537k in payments made to
related parties of the Company and their associates during the quarter.
Approximately A$149k was for Director and consultancy fees, A$282k was for
MMCI management fees and employment costs, and A$105k was for legal fees to
Sarmiento Loriega Law Office for which Julito Sarmiento (CLA Chairman and MMCI
President) is a founding partner.

 

Tenement Table: ASX Listing Rule 5.3.3 Mining tenement interests held at the
end of the quarter and their location

 

 PERMIT                   PERMIT             REGISTERED HOLDER / APPLICANT  PERMIT STATUS                            PERMIT EXPIRY                                            INTEREST / CONTRACTUAL RIGHT

NAME
NUMBER
 New South Wales
 Cullarin West            EL 8996            Cullarin Metals Pty Ltd        Granted                                  17/08/2026                                               100%
 Namibia
 Opuwo                    EL 4346            Gecko Cobalt Holdings          Granted                                  10/10/2025                                               95%

 Philippines
 Maalinao-Caigutan-Biyog  MPSA-356-2024-CAR  Makilala Mining Company Inc.   Granted                                  13/03/2049                                               40%
 Botilao                  EP-011-2023-CAR    Makilala Mining Company Inc.   Complying with requirements for renewal  29/09/2025*                                              40%
 Panaon                   EXPA-000127-VIII   PDEP, Inc.                     Complying with further requirements      TBA                                                      100%
 Sagay                    EP-000003-VI       Tambuli Mining Company Inc.    Granted                                  Automatic extension until the approval of the DMPF/MPSA  100%

 

* December 2025 is the target issuance of the first renewal.

 

The mining tenement interests acquired during the quarter and their location:

Nil.

 

Beneficial percentage interests held in farm-in or farm-out agreements at the
end of the quarter:

Not applicable.

 

Beneficial percentage interests in farm-in or farm-out agreements acquired or
disposed of during the quarter:

Nil.

 

 

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

 

 

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.

 

 

 
For further information contact:
 Celsius Resources Limited
 Neil Grimes                                          P: +61 8 9324 4516

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

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

 (Australian Media Contact)
 Jon Cuthbert                                         M: +61 402 075 707

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

 Zeus Capital Limited
 (Nominated Adviser)                                  P: +44 (0) 20 3 829 5000

 James Joyce/James Bavister/George Duxberry

 (Broker)

 Harry Ansell

 

Zeus Capital Limited ("Zeus") is the Company's Nominated Adviser and is
authorised and regulated by FCA. Zeus'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. Zeus is not
acting for and will not be responsible to any persons for providing
protections afforded to customers of Zeus nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

Qualified / Competent Persons Statement

 

Information in this report relating to Exploration Results and Mineral
Resources for the MCB Project and the Sagay Project is based on information
compiled, reviewed and assessed by Mr. Steven Olsen, who is a Member of the
Australasian Institute of Mining and Metallurgy and the Australian Institute
of Geoscientists. Mr. Olsen is a consultant to Celsius Resources Limited and
has sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined by the 2012 Edition of
the Australasian Code for reporting of Exploration Results, Mineral Resources
and Ore Reserves.  Mr. Olsen consents to the inclusion of the data in the
form and context in which it appears.

 

For the information in this announcement that relates to exploration results
that have been previously released to ASX, the Company confirms that it is not
aware of any new information or data that materially affects the information
included in the original ASX announcement and that all material assumptions
and technical parameters continue to apply.

 

The information in this Report that relates to the estimate of Mineral
Resources for the Opuwo Project is based upon, and fairly represents,
information and supporting documentation compiled by Mr Kerry Griffin, a
Competent Person, who is a Member of the Australian Institute of Geoscientists
(AIG). Mr Griffin is a Principal Geology Consultant at Mining Plus Pty Ltd and
an independent consultant engaged by Celsius Resources Pty Ltd for this work
and has sufficient experience that is relevant to the style of mineralisation
and type of deposit under consideration and to the activity being undertaken
to qualify as a Competent Person as defined in the 2012 edition of the
"Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves" (the JORC Code). Mr Griffin consents to the inclusion in this
announcement of matters based on his information in the form and context in
which it appears.

 

The Company confirms that it is not aware of any new information or data that
materially affects the Mineral Resource for the MCB 11  (#_ftn11) Project, the
Sagay 12  (#_ftn12) Project or the Opuwo 13  (#_ftn13) Project. The Company
also confirms that all material assumptions and parameters underpinning the
Mineral Resource estimate continue to apply and have not materially changed.
Please note that as at the date of this announcement there are studies ongoing
to update the Feasibility Study for the MCB Project and to complete the
Front-End Engineering and Design. These studies are scheduled for completion
by December 2025.

 

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.

 

 

 

 

 

 1  (#_ftnref1) ASX/AIM announcement 27 June 2025

 2  (#_ftnref2) ASX/AIM announcement 15 September 2025

 3  (#_ftnref3) ASX/AIM announcements 19 May 2025, 27 June 2025 and 15
September 20025

 4  (#_ftnref4) ASX/AIM announcement 7 October 2024

 5  (#_ftnref5) Presidential Decree No. 1067 and its Implementing Rules and
Regulations.

 6  (#_ftnref6) ASX announcement 7 August 2025

 7  (#_ftnref7) https://lawphil.net/statutes/repacts/ra1995/ra_7942_1995.html

 8  (#_ftnref8) ASX/AIM announcement 31 January 2023

 9  (#_ftnref9) ASX/AIM announcement 9 May 2025

 10  (#_ftnref10) ASX/AIM announcement 29 September 2025

 11  (#_ftnref11) Refer to ASX announcement dated 12 December 2022 for an
updated JORC compliant Mineral Resource Estimate.

 12  (#_ftnref12) Refer to ASX/AIM announcement dated 6 February 2024 for the
updated Mineral Resource Estimate for the Sagay Project.

 13  (#_ftnref13) Refer to ASX announcement dated 1 July 2021 for the updated
Mineral Resource Estimate for the Opuwo Project.

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  DRLMMBMTMTIJBLA



            Copyright 2019 Regulatory News Service, all rights reserved