REG - Celsius Resources Ld - Quarterly Activities Report and Appendix 5B

Celsius ResourcesAnnouncement

31/07/2024 08:00

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RNS Number : 5536Y  Celsius Resources Limited  31 July 2024

Celsius resources limited

quarterly activities report for the quarter ended 30 june 2024

appendix 5b

31 july 2024

 

MCB project commenced detailed engineering design

HIGHLIGHTS

   · Commencement of Optimisation and Detailed Engineering of the MCB
project

· Interface with potential investors to secure funding and partnership
options for the MCB Project

· Closing cash as of 30 June 2024 of A$1.6 million

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 June 2024.

 

Projects

Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB Project"),

Philippines (40%)

Makilala Mining Company, Inc. ("MMCI"), an affiliate of Celsius in the
Philippines, has commenced work streams for the development of its flagship
Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB Project") in the Cordillera
Administrative Region.

 

During the period a technical working group (TWG) was established under an
Executive Order issued by the Governor of Kalinga. Members of the Company were
appointed to the TWG which will focus on the alignment and detailed
engineering pertaining to the development of the main access road. This is
part of the Memorandum of Understanding (MOU) that was signed between the
Company and the Province of Kalinga which mandates both the Company and the
local Government to develop the main access road 1 .

 

Engineering optimisation and design works commenced during the period looking
at areas that will reduce operating costs of the MCB Project. Areas focused on
an updated  underground mine design, slope stabilisation options,  along
with updating the current financial model using current metal prices and new
cut-off computations which indicated additional upside to the previously
released project economics.

 

The Company is proceeding with obtaining the Certification Precondition (CP)
under the Free, Prior and Informed Consent (FPIC) guidelines which is one of
the conditions precedent to the issued Mineral Production Sharing Agreement
(MPSA) 2 . The formal meeting with the NCIP commissions and the Balatoc
community is scheduled for mid-July where all parties will review the
agreement that has been forged between the Company and the Balatoc community
to determine if all conditions have been met. Once this process is completed,
the CP will be issued.

 

Agreements to secure funding for the MCB Project within the published six
month window are well underway with highly prospective parties.

 

The Company will make an announcement in accordance with its continuous
disclosure obligations once negotiations are complete, and a binding agreement
has been executed.

 

BOTILAO COPPER-GOLD PROSPECT (40%)

Activities during the quarter focused on historical geological data analysis,
remote sensing and planning for the conduct of reconnaissance mapping and
sampling.

 

Ground mapping and sampling activities will commence in July.

 

Engagements with stakeholders from the host community were undertaken as an
inclusive process to cultivate relationships, build trust, and gain support in
the implementation of the Company's work programs and activities.

 

 

 

 

Opuwo Cobalt Project, Namibia (95%)

The Opuwo Cobalt-Copper Project ("Opuwo Project") is held under the Company's
Namibian subsidiary Opuwo Cobalt Holdings (Pty) Ltd. The Opuwo Project lies
730km north-west of the Namibian capital city, Windhoek.

 

The Company has initiated the draft non-binding agreements for a potential
transaction with a strategic partner/s for the disposal of the Company's 95%
interest in the Opuwo Project.

 

The Company will make an announcement in due course in accordance with its
continuous disclosure obligations once negotiations have been completed and a
binding agreement is executed.

SAGAY Copper-Gold Project, Philippines (100%)

Tambuli Mining Company, Inc. ("TMCI"), a wholly owned Philippine subsidiary of
Celsius in the Philippines, is in the process of securing approval of the
technical, social and environmental plans and programs in relation to its
application for Declaration of Mining Project Feasibility ("DMPF") 3  for the
Sagay Copper-Gold Project ("Sagay Project") in the Negros Islands.

 

On 1 April 2024, TMCI was granted an extension of the exploration permit for
the Sagay Project. The Sagay Project's DMPF application submitted to the
Philippine Mines and Geosciences Bureau has been accepted and is currently
under review. The approval of the DMPF application will consequently allow
TMCI to apply for a mineral agreement with the Philippine Government 4 .

 

During the quarter, ground activities were limited and centered around
completion of the remaining environmental and community development work
program obligations.

 

Cullarin West Project, NSW (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 quarter.

 

Corporate AND EXPENDITURE

 

During the quarter, the Company successfully completed and closed a placement
on AIM, a market operated by the London Stock Exchange plc, to raise gross
proceeds of approximately GBP922,000 ("AIM Placement"). The Placing securities
were issued on 18 April 2024 5 .

 

On 18 April 2024, the Company signed a Subscription Agreement with substantial
shareholder, Silvercorp Metals, Inc. to raise a further GBP117,317 (before
costs), on the same terms as the AIM Placement 6 .

 

On 8 May 2024, the Company appointed Mr. Mark van Kerkwijk as Executive
Director for Investor Relations, Public Relations and Marketing. This
appointment allowed for Mr. Peter Hume to step-down as Managing Director to
focus his time and energy to bring the MCB Project to full development. 7  Mr.
Hume remains as a Non-Executive Director of the Company.

 

Both Mr. van Kerkwijk and Mr. Hume replaced Mr. Michael Hulmes and Mr. Simon
Farrell on the Board as they left their Non-Executive Director positions as
part of the Company's cost-cutting measures.

 

Further to the previous announcement relating to the appointment of Mark Van
Kerkwijk as Executive Director, the following information is disclosed under
the AIM Rules.

 

Mark Cornelius van Kerkwijk, aged 56, has held the following directorships
and/or partnerships in the past 5 years:

 

Current Directorships:

Van Kerkwijk Family Superannuation Pty Ltd

Apollo Insight Pty Ltd

Hybrid FS Pty Ltd

JP Reis (Australia) Pty Ltd (Formerly Beekhul Holdings Pty Ltd)

 

Shareholdings:

Direct interest:  2,905,208 fully paid ordinary shares, representing 1.2% of
the total issued share capital.

Indirect interest - Van Kerkwijk Family Superannuation Pty Ltd, an entity
controlled by the Director: 20,133,065 fully paid ordinary shares,
representing 0.83% of the total issued share capital.

 

There is no further information on Mr van Kerkwijk to be disclosed under
Schedule 2(g) of the AIM Rules.

 

Cash Position

 

At the end of the quarter, the Company held approximately A$1.6 million in
cash reserves.

 

ASX ADDITIONAL INFORMATION

 

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

·    ASX Listing Rule 5.3.1:

Approximately A$336,000 was spent on exploration expenditure during the
quarter, primarily relating to the development of MCB and Sagay Projects.

·    ASX Listing Rule 5.3.2:

Approximately A$421,000 was spent on mine production and development
activities during the quarter for the MCB Project.

·    ASX Listing Rule 5.3.5:

The Company advises that there were approximately A$299,000 in payments made
to related parties of the Company and their associates during the quarter for
Director and consultancy fees.

 

 

 

 

 

 

 

 

 

 

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
 Western Australia
 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.   Granted                              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%

 

 

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.

 

Appendix 5B

 

http://www.rns-pdf.londonstockexchange.com/rns/5536Y_1-2024-7-31.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5536Y_1-2024-7-31.pdf)

 

 

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
 Mark van Kerkwijk                                    P: +61 8 9324 4516

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

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

 Beaumont Cornish Limited

 (Nominated Adviser)                                  P: +44 (0) 207 628 3396

 Roland Cornish/Andrew Price                          E: corpfin@b-cornish.co.uk

 Zeus Capital Limited
 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.

 

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.

 

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 8  Project, the Sagay 9 
Project or the Opuwo 10  Project. The Company also confirms that all material
assumptions and 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.

 

 

 

 

 

 1  Refer to CLA ASX Announcement dated 19 October 2023

 2  Refer to CLA ASX Announcement dated 18 March 2024

 3  Refer to ASX announcement dated 8 January 2024

 4  Refer to ASX announcement dated 10 April 2024

 5  Refer to ASX announcement dated 15 April 2024

 6  Refer to ASX announcement dated 18 April 2024

 7  Refer to ASX announcement dated 8 May 2024

 8  Refer to ASX announcement dated 12 December 2022 for an updated JORC
compliant Mineral Resource Estimate.

 9  Refer to ASX announcement dated 6 February 2024 for the updated Mineral
Resource Estimate for the Sagay Project.

 10  Refer to ASX announcement dated 1 July 2021 for the updated Mineral
Resource Estimate for the Opuwo Project.

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