REG - Celsius Resources Ld - MCB Project and local workforce skills

Celsius ResourcesAnnouncement

07/10/2024 07:15

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RNS Number : 1510H  Celsius Resources Limited  07 October 2024

 

ASX/AIM RELEASE

07 OCTOBER 2024

MCB Project aims to boost local workforce skills
HIGHLIGHTS

·   Memorandum of Agreement signed between Makilala Mining Company, Inc.,
Celsius' Philippine Affiliate, and the Regional Technical Education and Skills
Development Authority to develop and enhance the skills of the host and
neighboring communities' workforce for employment and business opportunities
during the construction and operations of the MCB Project

_______________________________________________________________________________

Celsius Resources Limited ("CLA" or "Celsius") (ASX, AIM: CLA) is pleased to
announce that its Philippine affiliate, Makilala Mining Company, Inc. ("MMCI
or the "Company"), has entered into a partnership agreement with the Technical
Education and Skills Development Authority ("TESDA") to develop local
community skills for its flagship Maalinao-Caigutan-Biyog Copper-Gold Project
("MCB" or the "Project").

 

The Memorandum of Agreement (MOA) which was signed on 3 October 2024 aims to
maximise the participation and build the capacity of qualified individuals
from the local community for employment and business opportunities in
preparation for the early works development anticipated to start this year and
subsequently construction and operations of the MCB Project.

 

As a government agency mandated to provide technical manpower skills to the
country's workforce, the partnership is in line with TESDA's
Technical-Vocational Education and Training (TVET) Program 1  (#_ftn1) goals
of developing 'world-class competence and positive work values' among the
Filipino workforce. It also aligns with MMCI's synergistic approach for the
efficient use of resources to achieve common goals.

 

Celsius Sustainability Director Attilenore Manero, said:

 

"Our partnership with TESDA is an important step towards empowering the local
community by providing practical skills training that equips residents to
better participate in the opportunities presented by the MCB Mining Project.
This initiative helps ensure that community members are prepared to take
advantage of job and business opportunities, thus fostering long-term growth."

 

"This collaboration supports the national goal of building a skilled workforce
that can contribute to the country's sustainable economic growth. It also
strengthens the project's social foundations by optimising community
engagement and reinforcing our belief that sustainable growth and community
well-being can go hand-in-hand striking a balance between our economic
objectives and social development objectives."

 

Under the Community-Based Skills Training Program, MMCI and TESDA Cordillera
Administrative Region (TESDA-CAR) will jointly design, develop, and implement
training programs that meet national competency standards and the requirements
of the MCB Project.

Following the signing of the MOA, MMCI and TESDA-CAR will develop a workplan
outlining the necessary human, material, and financial resources to
effectively and efficiently operationalise the agreement. Initially, the
training program will prioritise construction skills such as carpentry,
masonry, construction painting, tile setting, formworks installation, welding,
reinforcing steel works, and plumbing.

Signing of the Memorandum of Agreement between Makilala Mining Company, Inc.

and the Technical Education and Skills Development Authority

with Kalinga Provincial Governor Hon. James S. Edduba

(From left to right:  Ms. Procerphina P. Pacaydo, TESDA Kalinga Acting
Provincial Director; Ms. Attilenore P. Manero, MMCI Corp. Affairs and
Sustainability Director; Atty. Balmyrson M. Valdez, TESDA-CAR Regional
Director; Hon. Alfredo B. Malannag, Jr., Pasil Municipal Mayor; Fr. Alberto
Maiyao, Sr., Balatoc Council of Elders Chairperson; Peter Hume, MMCI Director;
Sherwin C. Bali, Cordillera Institute of Technical Education-Kalinga Campus
Administrator)

 

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 a total of 1.6 million tonnes of contained copper and 1.3
million ounces of gold, of which 249 million tonnes @ 0.44% copper and 0.11
g/t gold is classified as Indicated, 42 million tonnes @ 0.52% copper and 0.11
g/t gold is classified as Inferred, and 47 million tonnes @ 0.59% copper and
0.19 g/t gold is classified as Measured.

 

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 C1 2  (#_ftn2) 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.

 

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.

 

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.

 

Celsius Resources Contact Information

Level 5, 191 St. Georges Terrace

Perth WA 6000

 

PO Box 7059

Cloisters Square PO

Perth WA 6850

 

P: +61 8 9324 4516

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

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

 

 Celsius Resources Limited
 Mark van Kerkwijk                                                   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                                                    M: +61 402 075 707

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

 Jon Cuthbert

 Beaumont Cornish Limited

 (Nominated Adviser)

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

 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 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 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.

 

 1  (#_ftnref1) https://www.tesda.gov.ph/About/TESDA/24
(https://www.tesda.gov.ph/About/TESDA/24)

 2  (#_ftnref2) C1 costs include all direct costs in mining, processing,
general and administration, and selling (including freight).

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