REG - Celsius Resources Ld - Operational Update
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RNS Number : 3169Z Celsius Resources Limited 15 September 2025
ASX/AIM RELEASE
15 September 2025
Further High-Grade Intercepts Determined
HIGHLIGHTS
· Drilling results from current drilling program highlight high-grade
intercepts of 113.1 m @ 1.32% Cu and 0.41 g/t Au from 8.1 m, including 54.6 m
@ 1.84% Cu and 0.74 g/t Au from 60.4 m.
· Conditional approval issued by the National Water Resources Board on
water abstraction in preparation for MCB Project's operational requirements.
· Feasibility Update study and FEED Program on schedule.
_______________________________________________________________________________
Celsius Resources Limited ("Celsius" or the "Company") (ASX, AIM: CLA) and its
Philippines affiliate company Makilala Mining Company, Inc. ("MMCI") is
pleased to announce results from the drilling program which commenced in June
this year 1 . The drilling program is focused on geo-technical and
hydro-geological drilling and additional metallurgical test work. Results from
the metallurgical testwork drilling has intercepted further high-grade
mineralisation where predicted, including some further extensions to the
previously interpreted high grade mineralisation.
The detailed assay results are shown in the tables below, and as stated by
Peter Hume, our Country Technical Director, "This recent drill hole was
completed to provide Ausenco and its mineral processing team with sufficient
high-quality material from the MCB deposit so that further testwork can be
completed to reaffirm the process plant design. With these new higher-grade
intercepts, we have further confidence that our mine plan, development and
operating strategy will deliver the best value for the Project, our investors,
shareholders and the community".
The Philippines National Water Resources Board has issued a Conditional Water
Permit for the next twelve months, which covers the start of our construction
of the Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB Project").
The feasibility study update continues on schedule and the Company recently
received the interim study report from Ausenco 2 . The report confirmed the
work that has been progressed since June, which pointed to enhancements in the
site layout, underground mine design, process plant design and materials
handling, which are likely to result in improved operating costs and an
overall improvement in project economics. When combined with updated commodity
price forecasts, the feasibility study financial model is expected to show an
overall improvement in the project's valuation. When the studies have been
completed, an updated JORC Mineral Resource Estimate, Mining Reserve statement
and Feasibility Study can be published. In parallel, the Front-End Engineering
Design ("FEED") study is advancing detailed engineering, ESG initiatives,
sustainability, environmental stewardship, and social responsibility to
support lasting value and meet to stakeholder expectations. The current scope
of work is expected to be completed in December.
Figure 1. Location of drill hole MTPH-001 relative to recent and historical
diamond drilling at MCB.
Drilling Results
The recently completed metallurgical test hole returned results that were
higher than anticipated when compared to the resource model, confirming the
presence of consistent high-grade copper mineralisation. The hole intersected
a continuous interval of 113.1 metres from 8.1 metres downhole, grading 1.32%
Cu and 0.41 g/t Au, including a higher-grade zone of 54.6 metres from 60.4
metres grading 1.84% Cu and 0.74 g/t Au. These results provide strong support
for the robustness of mineralisation within the targeted zone and will be
incorporated into future metallurgical test work and resource evaluation.
Table 1. Significant intersection from drill hole MTPH-001.
Hole ID East North RL Dip Azi EOH (m) From (m) To(m) Length (m) Cu (%) Au (g/t)
MTPH-001 294085 1918920 994.93 90 0 121.2 8.1 121.2 113.1 1.32 0.41
Including 60.4 115 54.6 1.84 0.74
Figure 2. Cross section (see location at Figure 1) showing drill hole MTPH-001
in proximity to MCB-042 and MCB-043 3 , highlighting significant assay results
(looking northeast).
As noted in the Company's ASX/AIM announcement of 7 August 2025, Celsius and
MMCI continue active discussions with a number of parties with regards to
potential financing for the MCB Copper-Gold project.
Maharlika Investment Corporation ("MIC") have provided initial financing from
the First OLSA bridging loan and continues to express investment interest in
in the MCB project 4 . Discussions with all interested investment parties,
including MIC and Kiri Industries Limited are continuing, although there is no
guarantee that discussions will lead to any definitive agreement 5 .
The Company is focused on completion of the updated Feasibility Study and FEED
program whilst securing the best possible financing solution for MCB project
and the best possible value for Celsius shareholders. We continue to deliver
on our commitments to The Philippines Government and our highly supportive
Balatoc community, with whom we are confidently advancing the MCB project.
Ancillary Permitting Update
The Philippine National Water Resources Board ("NWRB") 6 has issued a
Conditional Water Permit authorising MMCI to commence water use activities in
support of the MCB Project's development, subject to compliance with specific
conditions. In accordance with the Water Code of the Philippines (PD 1067) and
its Implementing Rules and Regulations, MMCI is required to install measuring
devices and submit quarterly utilisation reports to the NWRB. These reports
enable the NWRB to verify actual water withdrawals, assess the sustainability
of the source, and ensure that project water use does not impair existing
rights or deprive surrounding communities of their water needs. The issuance
of a permanent water permit is contingent on satisfactory compliance with
these monitoring and reporting requirements.
The Company remains committed to working diligently to meeting all regulatory
requirements while safeguarding local water resources to secure full permit
conversion.
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.
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 that 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 7 cash costs at just US$0.73/lb copper, net of gold credits.
Please note that as at the date of this announcement there are studies ongoing
to update the Feasibility Study for the Project and to complete the Front-end
Engineering and Design. These studies are scheduled for completion before
December 2025 8 .
Figure 3. 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.
Qualified / Competent Person Statement
Information in this report relating to Exploration Results is based on
information compiled, reviewed and assessed by Mr. Steven Olsen, who is a
Fellow of the Australasian Institute of Mining and Metallurgy and a Member of
the Australian Institute of Geoscientists. Mr. Olsen is a consultant to
Celsius Resources 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.
Listing Rule Disclosures
The information in this announcement at footnote 3 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 Mineral Resource Estimate for the MCB Project referred to in this
announcement was first disclosed in accordance with the requirements of ASX
Listing Rule 5.8 in the Company's ASX Announcement dated 12 December 2022
titled "Updated Mineral Resource for Celsius' MCB Copper-Gold Project". The
Company confirms that it is not aware of any new information or data that
materially affects the information included in the previous announcement and
that all material assumptions and technical parameters underpinning the
Mineral Resource Estimate continue to apply and have not materially changed.
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 2 8072 1400
E: info@celsiusresources.com.au (mailto:info@celsiusresources.com.au)
W: www.celsiusresources.com (http://www.celsiusresources.com)
Celsius Resources Limited
Neil Grimes P: +61 419 922 478
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)
Zeus Capital Limited
(Nominated Adviser & Broker)
Harry Ansell/James Joyce/ P: +44 (0) 20 3 829 5000
James Bavister
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.
Appendix 1: The following tables are provided to ensure compliance with the
JORC Code (2012) requirements for the reporting of Exploration Results for the
MCB Project.
SECTION 1:
Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (e.g. cut channels, random chips, or · Samples were collected from diamond core drilled from the surface. All
specific specialised industry standard measurement tools appropriate to the drill core was generally sampled on 2-meter intervals. In cases where
minerals under investigation, such as down whole gamma sondes, or handheld XRF geological and mineralogical characteristics change, sample length was not
instruments, etc). These examples should not be taken as limiting the broad less than 1 meter.
meaning of sampling.
· Core samples cut into half using diamond core saw following the cutting
· Include reference to measures taken to ensure sample representivity and lines marked by the Geologist. Split cores returned to its respective core
the appropriate calibration of any measurement tools or systems used. tray.
· Aspects of the determination of mineralisation that are Material to the · Samples were shipped by company vehicle to Intertek Testing Services
Public Report. In cases where 'industry standard' work has been done this which is an external laboratory located in Manila, Philippines.
would be relatively simple (eg 'reverse circulation drilling was used to
obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for · Crushed samples were fire assayed for gold (Au) using a 30-gram charge,
fire assay'). In other cases, more explanation may be required, such as where with a detection limit of 0.005 ppm. Gold values greater than 50 ppm were
there is coarse gold that has inherent sampling problems. Unusual commodities determined by gravimetric fire assay.
or mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information. · Copper (Cu) values were assayed using Four acid digestion. Elements
determined by AAS finish with final reporting for a total of 36 elements.
Drilling techniques · Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air · Diamond drilling was used to capture the rock samples for the new drill
blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or hole intercepts, with the following drill core size summarized as follows:
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc). · PQ sized drill core with a core diameter of 81.1 mm was used from surface
to more competent lithology. Core samples of this size are estimated to
comprise about 43%of the total length of the recently drilled holes.
· HQ sized drill core, with a core diameter of 61.1mm, was then substituted
at greater depths to accommodate variations of subsurface conditions. Core
samples of this size is estimated to comprise about 57% of the total length of
the recently drilled holes.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Core recovery has been recorded for every interval as part of the routine
results assessed. geomechanical logging.
· Measures taken to maximise sample recovery and ensure representative · Recovered core lengths on average were measured to be over 98% for the
nature of the samples. total length of the drill hole, indicating a high recovery and minimal lost
core.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of · All drilling activities were supervised by company Geologists. Trained
fine/coarse material. Core house Technician were responsible for the core recovery determination.
· Core was arranged to fit the breakages before the actual core length from
the start to the end of the drill run was measured. Percent recovery was
calculated from dividing the measured core length over the total drill run
multiplied by 100.
Logging · Whether core and chip samples have been geologically and geotechnically · Geologists were tasked to oversee the daily quick log report down to
logged to a level of detail to support appropriate Mineral Resource sampling. Daily quick log form was completed to identify the geological
estimation, mining studies and metallurgical studies. details such as lithology, alteration and mineralisation with corresponding
percentage estimate of Cu minerals and Cu grade, using an established
· Whether logging is qualitative or quantitative in nature. Core (or geological code.
costean, channel, etc) photography.
· Detailed logging proceeds describing geological characteristics present
· The total length and percentage of the relevant intersections logged. in the core, i.e. lithology, alteration, mineralogy, structures, etc.
· Core photography was undertaken after completing the geomechanical
logging.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core taken. · Samples were routinely taken over a 2m interval, and cut in half, with
half of the drill core sent for analysis and half of the drill core retained
· If non-core, whether riffled, tube sampled, rotary split, etc and whether for future reference.
sampled wet or dry.
· Samples were cut on site using a hand core saw. Samples were then
· For all sample types, the nature, quality and appropriateness of the selected and bagged on site prior to delivery to the laboratory (Intertek) in
sample preparation technique. Manila for sample preparation.
· Quality control procedures adopted for all sub-sampling stages to · The sample size is considered appropriate for type of material being
maximise representivity of samples. samples.
· Measures taken to ensure that the sampling is representative of the
in-situ material collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample sizes are appropriate to the grain size of the material
being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and laboratory · Samples were fire assayed for gold (Au) using a 30-gram charge, with a
procedures used and whether the technique is considered partial or total. detection limit of 0.005 ppm. Gold values greater than 50 ppm were determined
by gravimetric fire assay. Copper (Cu) values were assayed using four acid
· For geophysical tools, spectrometers, handheld XRF instruments, etc, the digestion. Elements determined by AAS finish
parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc. · The procedures for the submission of samples to the laboratory also
include the regular insertion of QA/QC samples in every transmittal form or
· Nature of quality control procedures adopted (e.g. standards, blanks, batch, which was typically delivered to the laboratory in batches of 50
duplicates, external laboratory checks) and whether acceptable levels of numbered samples. For each batch of 50 samples a total of 43 came from core
accuracy (i.e. lack of bias) and precision have been established. samples and an additional 7 samples were included for QA/QC checks, which were
as follows:
· Four referenced standards
· One referenced Blank
· One coarse (unrecognisable) blank
· One field duplicate taken from the quartered core
· After sample preparation, all samples were sent for final analysis to
Intertek at their laboratory in Manila. Intertek is an internationally
recognised and ISO/IEC 17025:2005 & ISO/IEC 17020:2004 certified
independent laboratory.
Verification of sampling and assaying · The verification of significant intersections by either independent or · Analytical procedures provided by an internationally certified laboratory
alternative company personnel. is considered in line with industry standard for the type of deposit and
mineralisation identified at the Property.
· The use of twinned holes.
· Apart from the verification of the procedures and results as described
· Documentation of primary data, data entry procedures, data verification, above, no further verification of the sampling and assaying have been
data storage (physical and electronic) protocols. undertaken.
· Discuss any adjustment to assay data. · None of the diamond drill holes in this report are twinned.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar and · All data reference points and maps for the Makilala database, including
down-hole surveys), trenches, mine workings and other locations used in drill hole collar co-ordinates are recorded in WGS 84/UTM Zone 51N.
Mineral Resource estimation.
· Compass measurements taken by Geologists were used to establish the dip
· Specification of the grid system used. and azimuth of the collar hole as part of their initial collar surveys. Drill
collar locations were positioned using a handheld Garmin GPS unit, set to UTM
· Quality and adequacy of topographic control. WGS 84 Zone 51N coordinate reference system, with an accuracy expected to be
within 2 metres. Downhole surveys were also completed using a Keeper Gyro at
50m intervals.
· Collar surveys were then logged into the master MS Excel spreadsheet as
part of the database.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · The broad drilling pattern is at 100m spacing for a series of diamond
drill holes which are oriented in a north-west direction and dipping at
· Whether the data spacing and distribution is sufficient to establish the predominantly at 60 degrees. These drill holes are augmented by some drill
degree of geological and grade continuity appropriate for the Mineral Resource holes which have a west-north-west orientation or a north-east orientation or
and Ore Reserve estimation procedure(s) and classifications applied. are vertical. (see figure 1 for Drill Hole Locations).
· Whether sample compositing has been applied. · Drill holes at the MCB deposit are distributed broadly on eight grid
lines, giving coverage of 1,000 metres from east to west.
· The drill hole spacing where significant copper-gold mineralisation has
been identified is sufficient to determine the geology and grade continuity of
the area, as well as the ore body and mineralisation extents.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · In the resource estimation, drill hole assays were composited to 2 metres
possible structures and the extent to which this is known, considering the downhole intervals.
deposit type.
· The dominant trend of the tonalite intrusion, which is directly related
· If the relationship between the drilling orientation and the orientation to the broader lower grade copper-gold mineralisation has an overall strike of
of key mineralised structures is considered to have introduced a sampling 50 degrees and a near to vertical dip. Drill hole MCB-042 to MCB-044 was
bias, this should be assessed and reported if material. drilled at a 45-degree angle to intersect the interpreted high-grade positions
which appear to be horizontal to shallow east dipping in orientation.
Sample security · The measures taken to ensure sample security. · The following standard procedures were enforced for the drilling of new
intercepts:
· Sample bags are arranged in sequence according to its sample number.
These are then weighed and jotted down to a sample dispatch note which details
the sample numbers, sample type and laboratory processing required. Geologists
ensures that the transmittal form is correct for encoding and submission. The
bags of samples are sent directly to the Intertek Laboratory in Manila by
company
· vehicle. No unsupervised third parties were given access prior to the
chain of custody procedure.
· Samples were delivered to Intertek Testing Services along with two copies
of the sample dispatch form. One copy for the laboratory to accept custody of
the sample, and the signed/received copy return to database custodian at the
Core House facility in Tabuk, Kalinga.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No other specific audit or review was conducted other than the validation
checks by the author documented earlier with regard to the sample preparation,
analysis or security for the information in the new drillholes.
SECTION 2:
Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including agreements · The Maalinao-Caigutan-Biyog (MCB) Copper-Gold project is situated in
or material issues with third parties such as joint ventures, partnerships, Luzon Central Cordillera in the Barangay of Balatoc, Municipality of Pasil,
overriding royalties, native title interests, historical sites, wilderness or Province of Kalinga.
national park and environmental settings.
· The property comprises a single Exploration Tenement (EP-003-2006-CAR)
· The security of the tenure held at the time of reporting along with any which covers an area of approximately 2,500.82 hectares. The Exploration
known impediments to obtaining a licence to operate in the area. Tenement surrounds the previous Copper-Gold mining operations known as Batong
Buhay Gold Mines, Inc.
· The underlying title is in the name of the Philippines registered
corporation Makilala Mining Company Inc. (MMCI) which is 100% owned by
Makilala Holdings Ltd.
· Celsius Resources Ltd has acquired 100% of Makilala Holdings upon the
issuance of the extension to carry out exploration of the Tenement
(EP-003-2006-CAR) from the Mines and Geosciences Bureau (MGB) of the
Philippines and this requirement was met on 24(th) November 2020
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Exploration work and drilling was completed by Makilala Mining Company
Inc. which was previously a subsidiary of Freeport-McMoran Exploration
Corporation-Philippine Branch from year 2006 to 2013, the details of which
have been documented in CLA announcement dated 16 September 2020.
· The relative quality and detail associated with the drilling information is
considered to be of a high standard. This has enabled the author to
establish a high level of confidence associated with the historical drilling
information.
Geology · Deposit type, geological setting and style of mineralisation. · The geological setting for the MCB copper-gold mineralisation is typical
of a porphyry copper + gold + moly deposit as commonly defined in many
academic papers (Hedenquist and Lowernstern, 1994; Sillitoe, R. H., 2010.
Corbett and Leach, 1997). The mineralisation and associated alteration exist
across the contact between the genetically related intrusive body (tonalite)
and the surrounding host rock material. In most cases the surrounding host
rock is a mafic volcanic, however, in some instances the older (not
genetically related to copper-gold mineralisation) intrusive bodies also exist
in contact with the younger intrusive resulting in broad sections of
mineralisation and alteration within a series of intrusive bodies.
· There is also evidence at MCB for epithermal vein deposit types which
exist within close proximity to the large-scale porphyry copper-gold
mineralisation. At this stage only the deposit type that is identified from
the drilling information for MCB is a porphyry copper-gold style.
· Basalt lava flows make up the majority of the host rocks in the tenement
area, which is part of the oldest exposed unit, Basement Complex. This
Cretaceous-Paleogene Metavolcanics has been intruded by quartz diorite
complex, which in Kalinga, ranges in composition from gabbro to tonalite.
· A later stage Tonalite intrusion exists throughout the project area and
is interpreted to be genetically related to the copper-gold mineralisation at
MCB deposit.
· A dacite flow and dacitic pyroclastic blankets the older basalt host rock
and tonalitic intrusive rocks.
· There are four types of ore mineralisation that were emphasized in the
project:
o Type 1 - Early high-grade porphyry Cu-Au mineralisation, hosted both in
tonalite and basalt.
o Type 2 - Mix of high-grade porphyry Cu-Au (Type 1) and high-sulphidation
mineralisation (Type 4). Hosted in basalt and tonalites, but with strong Type
1 mineralisation that was partially overprinted by ore Type 4.
o Type 3 - Medium grade porphyry-copper
o Type 4 - High-sulphidation epithermal mineralisation
· (See figures 2 and 3 for a representative Cross Section of the Geology
and its relationship to the copper-gold mineralisation at the MCB Deposit).
Drill hole Information · A summary of all information material to the understanding of the · See Table 1 for all details pertaining to drill holes MCB-042, MCB-043,
exploration results including a tabulation of the following information for and MTPH-001 which is the subject of this release.
all Material drill holes:
· In summary, with the inclusion of the drill hole reported in this
· easting and northing of the drill hole collar announcement, the drill hole database for the Property consists of 58 diamond
core drilled holes with an accumulative meterage of 30,607.90
· elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar · See CLA announcement dated 16 September 2020 for details regarding the
historical drill hole information completed at the MCB Property which relate
· dip and azimuth of the hole to the interpretations associated with drill hole MCB-042 to MCB-044.
· down hole length and interception depth
· hole length.
· If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, maximum · Significant intersections are reported in Table 1 and are aggregated
and/or minimum grade truncations (eg cutting of high grades) and cut-off relative to broad mineralised interval which correspond with a definable and
grades are usually Material and should be stated. continuous zone of copper-gold mineralisation, nominally above a grade of 0.2%
copper. The intervals have been reported as weighted average totals.
· Where aggregate intercepts incorporate short lengths of high-grade Internal to the broader mineralisation that has been reported, there are some
results and longer lengths of low-grade results, the procedure used for such internal higher-grade copper-gold assay results reported (nominally above 0.5%
aggregation should be stated and some typical examples of such aggregations copper) which are interpreted to exist as a continuous domain of higher-grade
should be shown in detail. copper-gold mineralisation. These sections have also been reported as
weighted average totals.
· The assumptions used for any reporting of metal equivalent values should
be clearly stated. · The reporting of copper equivalent values (CuEq) is based on a copper price
of US$4.0lb, gold price of US$1,695/oz and with copper and gold recoveries of
94.2% and 79% respectively as identified in the reported Scoping Study for the
MCB Project (see CLA announcement on 1 December 2021).
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · Drill hole MTPH-001 is a metallurgical test hole and was vertically
Exploration Results. drilled to obtain samples of the orebody. This hole intersected the
interpreted shallow high-grade domain which appear to be horizontal in
· If the geometry of the mineralisation with respect to the drill hole orientation in addition to some possible vertical structures which also host
angle is known, its nature should be reported. the high-grade copper mineralisation. Its results were higher than
anticipated when compared to the resource model, confirming the presence of
· If it is not known and only the down hole lengths are reported, there consistent high-grade copper mineralization.
should be a clear statement to this effect (eg 'down hole length, true width
not known'). · Based on the geometry of the mineralisation relative to drill hole MCB-042
to MCB-044, the true width of the reported higher-grade intercepts is
approximately 70 to 80% of the down hole interval reported for the drill hole.
Diagrams · Appropriate maps and sections (with scales) and tabulations of intercepts · See Figure 2 for representative Cross Section of the Geology and its
should be included for any significant discovery being reported These should relationship to the copper-gold mineralisation at MCB for drill hole MCB-042,
include, but not be limited to a plan view of drill hole collar locations and MCB-043, and MTPH-001.
appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · All data for the project has been collected, validated and reported and
practicable, representative reporting of both low and high grades and/or is considered to be a fair representation of the Exploration Results from
widths should be practiced to avoid misleading reporting of Exploration drill hole MTPH-001, which is the subject of this release.
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be reported · Historical exploration since the date of the original grant of
including (but not limited to): geological observations; geophysical survey EP-003-2006-CAR in 2006 was undertaken under the ownership and management of
results; geochemical survey results; bulk samples - size and method of Makilala Mining Company Inc. Exploration work conducted by Makilala Mining
treatment; metallurgical test results; bulk density, groundwater, geotechnical Company Inc include surface mapping and sampling (2007), ground magnetic
and rock characteristics; potential deleterious or contaminating substances. survey (2007), induced polarisation (IP) geophysical surveys (2010), and an
extended period of diamond drilling from 2006 through to 2013 for a total of
46 diamond drill holes.
Further work · The nature and scale of planned further work (eg tests for lateral · There are a few locations where the potential extension to the current
extensions or depth extensions or large-scale step-out drilling). Minerals Resource could be tested. These locations are initially defined at
depth plunging steeply to the west underneath the high-grade copper-gold
mineralisation, and also to the west of the Maalinao-Panyaw fault. The
location for the possible high-grade copper-gold to the west include at depth,
· Diagrams clearly highlighting the areas of possible extensions, including due to the interpretation that the fault has downthrown the geology on its
the main geological interpretations and future drilling areas, provided this western side, or toward the north-west, as a possible trend exists to the
information is not commercially sensitive. mineralisation in this direction which has not been tested.
· Apart from the direct extensions to the currently defined copper-gold
mineralisation, there is considerable scope for further discoveries of two
defined deposit types at the MCB Tenement.
· Porphyry copper-gold deposit types
o There are extensive intrusions in the area that are directly related to
the copper-gold mineralisation, and which could at multiple locations formed
significant high-grade copper-gold deposits.
· Epithermal vein hosted deposit types
o It is considered likely that there could be a combination of narrow high
grade, and/or more broad large scale and lower grade epithermal deposit types
that are closely related to the porphyry copper-gold deposits at MCB.
1 ASX/AIM announcement 11 June 2025
2 ASX/AIM announcements 19 May 2025 and 27 June 2025
3 ASX/AIM announcement 28 February 2023
4 ASX/AIM announcements 24 February 2025, 19 May 2025, and 17 June 2025
5 ASX announcement 7 August 2025
6 https://www.tlcpay.ph/NWRB/homepage
7 C1 costs include all direct costs in mining, processing, general and
administration, and selling (including freight).
8 ASX announcement 7 August 2025
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