REG - Celsius Resources Ld - Quarterly Activities Report - period to 31 Dec 22
31/01/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230131:nRSe3274Oa&default-theme=true
RNS Number : 3274O Celsius Resources Limited 31 January 2023
31 JANUARY 2023
CELSIUS' MCB Project moves closer to ConstRUction and operations, while
derisking its cobAlt assets
HIGHLIGHTS
· MCB Copper-Gold project continues to make significant progress as it
accomplishes key activities moving closer to mine construction and operations.
These activities include the following:
o Completion of resource drilling
o Receiving significant wide intersections and high-grade assay results
o Obtaining social licenses and interim government approvals
o Securing indicative proposals from potential local partners
· Maiden Mineral Resource for the Sagay Copper-Gold Project released
· Closing cash as at 31 December 2022 of $1.75 million.
Celsius Resources Limited ("Celsius" or the "Company") (ASX: CLA) is pleased
to provide the following summary of the Company's activities for the Quarter
ended 31 December 2022.
Projects
Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB Project"),
Philippines (100%)
Makilala Mining Company Inc., Celsius' Philippine subsidiary, continues to
advance its exploration and feasibility work program for the MCB Project
located in the Cordillera Administrative region, approximately 320km north of
Manila.
Drilling
For the quarter, three holes were drilled (MCB-042, MCB-043 and MCB-044), with
a total meterage of 447.30m. This completes the resource and geotechnical
drilling program for additional ground stability and underground mine studies.
Geotechnical and geologic core logging was also completed. A total of 294
split core samples were submitted for geochemical analysis.
Table 1. Drilling Summary
Hole IHD Date Started Date Finished Coordinates Elevation (m) Azimuth Dip Depth (m) Core Sizes
((o)) ((o))
PQ HQ NQ
(m) (m) (m)
MCB-042 09/27/2022 10/07/2022 294080mE, 999.42 315 -55 200.30 50.80 to 75.10 75.10 to 200.30 (EOH) -
1918920mN
MCB-043 10/14/2022 10/24/2022 294080mE, 999.42 140 -60 155.70 0.00 to 98.90 98.90 to 155.70 (EOH) -
1918920mN
MCB-044 10/31/2022 11/21/2022 294080mE, 999.42 90 -60 142.10 0.00 to 41.90 41.90 to 142.10 (EOH) -
1918920mN
Figure 1. Location Map of EP-003-2006-CAR showing completed drill holes
MCB-042, MCB-043 and MCB-044 for the fourth quarter of 2022
Significant results from further shallow and high-grade copper assay tests
from MCB-040 and MCB-041 have been received. (See CLA ASX announcements dated
4 October 2022 and 19 October 2022.)
The results continue to extend the envelop of the near surface mineralisation
to the east complementing previous drill results from holes completed at MCB
from 2021 to 2022, and validating the historical drilling information
completed by Freeport-McMoRan.
An analysis of these results, along with the results from MCB-036 intersecting
along 59m with 1.29% copper and 0.27g/t gold, and MCB-037 intersecting along
28.95m with 1.12% copper and 0.06g/t gold, confirmed the presence of a more
extensive shallow copper mineralisation than previously understood.
Testing of the extents of the shallow copper mineralisation will continue as
assay results from drill holes MCB-042, MCB-043, and MCB-044 are received.
Figure 2. Location of MCB-040 and MCB-041 drill holes relative to recent and
historical drilling at MCB
Table 2. Significant intersections from drill holes MCB-040 and MCB-041
Hole ID East North RL Dip Azi Total Depth Depth From Depth Length (m) Cu Au
To (%) (g/t)
MCB-040 293,968 1,918,851 1,018 45 320 433.8 30 191 162 0.58 0.02
incl. 42.5 62 19.5 0.95 0.05
incl. 114 124 10 1.17 0.04
incl. 170 192 22 0.77 0.02
339 351 12 1.22 0.06
MCB-041 294,080 1,918,820 999.4 50 45 131 19.5 30.0 10.5 0.69 0.07
66 131 65 1.73 037
Figure 3. Cross section of drill hole MCB-040 and significant assay results
(looking southwest).
Figure 4. Cross section 1 (see location at Figure 2) of drill hole MCB-041 and
significant assay results (looking southwest)
Figure 5. Cross section 2 (see location at Figure 2) of drill hole MCB-041 and
significant assay results (looking southwest)
Mineral Resource Estimate
An updated JORC compliant Mineral Resource Estimate (MRE) for the MCB Project
has been announced on 12 December 2022. (See CLA ASX Announcement released on
the same date.) The Global Mineral Resource estimate is now 338 million tonnes
of 0.47% copper and 0.12g/t gold or a total of 1.6 million tonnes of contained
copper and 1.3 million ounces of contained gold reported to a preferred lower
cut-off grade of 0.2% copper.
Table 3. Summary results for the updated Mineral Resource Estimate at MCB at a
cut-off grade of 0.20% copper
Type Classification Tonnes Copper Grade Gold Grade (g/t) Copper Metal Gold Metal
(Mt) (%) (kt) (kozs)
Weathered Measured 2 0.59 0.07 11 4
Indicated 7 0.56 0.09 41 22
Inferred 0 0.38 0.12 0 0
Totals 9 0.57 0.09 53 26
Fresh Measured 45 0.59 0.19 263 277
Indicated 242 0.43 0.11 1044 883
Inferred 42 0.52 0.11 218 153
Totals 328 0.46 0.12 1525 1313
Combined Measured 47 0.59 0.19 275 282
Indicated 249 0.44 0.11 1085 904
Inferred 42 0.52 0.11 219 154
Totals 338 0.47 0.12 1578 1340
Note for Table 3: Estimates have been rounded to the nearest MT of ore, two
significant figures for Cu and Au grade, and to the nearest kt of Cu metal and
kozs of Au metal. Some errors may occur due to rounding.
Changes to the MCB Mineral Resource Estimate
Work undertaken as part of the 2022 MRE includes drilling completed by MMCI
since early 2021. The most substantial effect of the drilling results was the
inclusion of a Measured component to the MRE confirming the continuity of the
copper mineralisation at key locations throughout the MRE through infill
drilling.
The infill drilling enabled better definition of the boundaries to the overall
copper mineralisation at MCB, in addition to the specific locations which were
tested to confirm the orientation and continuity of the internal higher-grade
copper mineralisation.
The more recent diamond drilling has identified some shallow high-grade copper
mineralisation not previously defined from the earlier drilling programs. The
impact of this additional copper mineralisation was significant at shallow
levels, as defined by an increase to the copper content at higher cut-off
grades and tighter definition of the higher-grade material. This will allow
for a more refined mine plan comprising the proposed feasibility study work
scheduled for 2023.
A further change to the MRE has been the inclusion of a small portion of
weathered material which was not reported in the 2020 MRE. There is a
potential to process weathered material from the surface stabilisation and
surface infrastructure works feeding into the proposed feasibility study.
Therefore, given the prospect for mining and processing of at least a portion
of the weathered copper mineralisation, it has now been included as part of
the MCB Mineral Resource Estimate.
Table 4. Comparison between the December 2022 Mineral Resource and the January
2022 Mineral Resource above the 800mRL, which is largely within 150m of the
surface. This comparison covers Measured and Indicated sections of the Mineral
Resource only and reported to a cut-off grade of 0.5% copper
MRE Classification Tonnes Copper Grade Gold Grade (g/t) Copper Metal Gold Metal
(Mt) (%) (kt) (kozs)
Jan 2020 Measured 0 0 0 0 0
Indicated 21 0.72 0.17 153 115
Totals 21 0.72 0.17 153 115
Dec 2022 Measured 5 0.76 0.08 31 13
Indicated 18 0.77 0.16 141 96
Totals 23 0.77 0.14 180 109
Note for Table 4: Estimates have been rounded to the nearest MT of ore, two
significant figures for Cu and Au grade, and to the nearest kt of Cu metal and
kozs of Au metal. Some errors may occur due to rounding.
Environmental Program
MMCI's contribution to the national and local government's reforestation and
climate change initiatives have continued with the planting of 265 Benguet
Pine (Pinus kesiya) seedlings, an endemic pine tree species, within the
project area. Information, education, and communications campaign initiatives
have also been sustained to instil among the workers and the community an
environmentally conscious culture.
Community Development
Several infrastructure projects have been completed during the quarter. These
include the construction of a new footbridge, improvement of waiting sheds and
existing footbridge, school handwashing facilities, and a church sacristy and
toilet. The facilities enabled safer access and provision of basic social
services to the community.
Financial support was also extended in observance of and respect for the
community's cultural traditions, as well as assistance in emergencies in
keeping with the "bayanihan" culture of helping one another particularly in
times of need such as calamities. This shows the company's serious commitment
to its social responsibility.
Image: Photos of newly constructed footbridge (left) and school handwashing
facility (right)
Social, Environmental Licenses and Government Approvals
MMCI has lodged an application for the Declaration of Mining Project
Feasibility to the Mines and Geosciences Bureau on 28 September 2022. (See CLA
ASX Announcement dated 4 October 2022.) The submission included major
documents such as the Project Feasibility Study Report, Final Exploration
Report, Environmental Protection and Enhancement Program, Final Mine
Rehabilitation and/or Decommissioning Plan, Social Development and Management
Program, Care and Maintenance Program, and LGU Project Endorsements amongst
others. This is a critical step in securing a Mineral Agreement with the
national government.
These key documents underwent a rigorous consultation process with the host
community and local government officials to ensure that these reflect the
aspirations of the community and align with local development plans and
programs. Social and environmental safeguards were also integrated into the
overall mine development and operations plan in line with the Philippine
Mining regulations and standards.
Interim approvals for the Social Development and Management Program and Care
and Maintenance Program have already been secured while the rest of the
documents are undergoing technical review. (See CLA ASX Announcement dated 3
January 2023).
The DMPF approval, anticipated to be secured by the first quarter of 2023,
will trigger the next stage of obtaining a Mineral Processing Sharing
Agreement (MPSA).
Preparation of key requirements for the MPSA application are underway. The
Company has already secured a memorandum of agreement (MOA) reflecting the
Consent of the host Balatoc Indigenous Cultural Community (ICC) on 14 November
2022, to allow the development and operations of the MCB Project for 25 years,
renewable for another 25 years. The MOA outlines the commitments and
obligations of all parties, as well as the economic, social, environmental,
and cultural benefits of the project to the Balatoc ICC during the life of
mine. (see CLA ASX announcement dated 15 November 2022).
The Environmental Compliance Certificate from the Environmental Management
Bureau is expected to be released early in the first quarter of 2023.
A proposal from potential local partners, Sodor Inc. and the PMR Group, has
also been received, leading to the signing of a Non-Binding Term Sheet on 13
December 2022 to satisfy the MPSA requirement of a 60% Filipino-owned company.
(See CLA ASX announcements dated 14 and 19 December 2022).
Opuwo Cobalt Project, Namibia (95%)
The Opuwo Cobalt Project is one of the largest undeveloped Cobalt projects
outside of the Democratic Republic of Congo. It has a JORC Mineral Resource of
225.5 million tonnes at a grade of 0.12% cobalt, 0.43% copper, and 0.54% zinc.
Metallurgical Test Work
Metallurgical test work is ongoing to further refine the cobalt and copper
recoveries, with the end in view of improving cobalt and copper recoveries.
The tenement permits are due to expire in March, as such the Company has
lodged the necessary documentation to have the permits renewed with favourable
feedback from the Ministry of Mines.
The Company engaged SFH Metallurgy to explore a hydrometallurgical processing
route. In late August 2022 a 20kg composite sample of ore was sent to Tim
Bailey at AMML laboratories in Gosford Australia to support the test work
program.
From an economic viewpoint, the hydrometallurgical route being explored
requires the initial processing of the ore via flotation/beneficiation to
produce a bulk concentrate at a targeted metal value recovery of >80%.
For testing of both the flotation and the hydrometallurgical steps,
preliminary "sighter" tests were performed to identify processing
characteristics of the ore relevant to its future treatment. Tests for the
flotation process began in September 2022, and involved using a combination of
milling, screening and flotation. These tests were aimed at identifying key
considerations in the production of a bulk concentrate.
By November 2022, a representative sample of bulk concentrate was generated,
allowing a "diagnostic" leach test to be performed as part of the evaluation
of the hydrometallurgical route. The analysis of these samples and refinement
of results is currently still under review with further refinements being
considered.
The Company has received strong interest from parties interested in partnering
on the Opuwo Project; a data room has been established with a number of
Non-Disclosure Agreements being signed.
SAGAY Copper-Gold Project, Philippines (100%)
Celsius Resources' Philippine subsidiary, Tambuli Mining Company, Inc.,
temporarily suspended drilling operations for its Sagay Copper-Gold Project.
During the quarter, continuation of desktop review and study of recent
drilling results were undertaken, along with previous drilling and exploration
data, to reinterpret the geologic and mineralisation models and resource
evaluation to improve exploration and future development strategies.
A Maiden Mineral Resource was announced on 7 November 2022, comprising of a
Global Mineral Resource Estimate of 302 million tonnes of 0.41% copper and
0.11g/t gold, at a lower cut-off grade of 0.2% copper. (See CLA ASX
announcement released on the same date).
The Mineral Resource Estimate (MRE), located at Nabiga-a Hill, has been
defined by a total of 32 broadly spaced diamond drill holes showing copper
mineralisation over an extensive area from surface down to 1.2 km. in depth.
Figure 6. Location of Nabiga-a and associated drilling related to the reported
MRE within Sagay Project
Drilling has broadly defined a large-scale copper mineralisation interpreted
to be a typical porphyry copper style mineralisation, common throughout the
Philippine archipelago. The copper mineralisation for the MRE at Sagay is
defined by three mineralised domains, two of which (100LG and 100HG) relate to
a main body of copper mineralisation which exists underneath a local
topographic high. This topographic high relates to Nabiga-a Hill with
resistive siliceous rocks interpreted to be an eroded lithocap associated with
the porphyry mineralisation.
A third mineralised domain (900SG) hosts shallow flat lying supergene copper
mineralisation towards the west of the main orebody, and is possibly related
to a satellite porphyry mineralisation. Figures 7 to 10 show a plan view and
cross sections of the mineralised domains relative to the host rock geology.
The copper mineralisation at Nabiga-a is broadly constrained by a zone of
mineralisation which exceeds 0.2% copper and is trending parallel to the main
alteration and related intrusive host rocks.
A lower cut-off grade of 0.2% copper was applied in the reported MRE which
aligns broadly with the expected economic limits of the likely mining and
processing options considered in this project.
Table 5. Summary results for the Mineral Resource Estimate at Nabiga-a at a
cut-off grade of 0.20% copper
Ore Domain Classification Tonnes Copper Grade Gold Grade (g/t) Copper Metal Gold Metal
(Mt) (%) (kt) (kozs)
100 HG Indicated 7.7 0.57 0.14 44 35
Inferred 54 0.57 0.14 308 250
100 LG Indicated 7.4 0.33 0.08 25 18
Inferred 224 0.37 0.10 827 737
900 SG Inferred 8.4 0.47 0.02 40 6
Combined Indicated 15 0.45 0.11 68 53
Inferred 287 0.41 0.11 1,175 993
COMBINED TOTAL 302 0.41 0.11 1,244 1,046
Note for Table 5: Calculations have been rounded to the nearest Mt of ore (to
the nearest 100,000t where <10Mt), two significant figures for Cu and Au
grade and to the nearest kt of Cu metal and kozs of Au metal (to the nearest
100t where <10kt). Some apparent errors may occur due to rounding.
The next phase of exploration will focus on investigating the possible
extensions of these higher-grade positions closer to the surface.
Figure 7. Plan view image of the drill hole collar locations and drill hole
traces relative to the defined mineralised domains at the -600mRL level (~700m
below surface)
Figure 8. Oblique Cross Section 1 at Nabiga-a, showing the location of
mineralised domain 900SG (Supergene mineralisation) and the western section of
the 100LG and 100HG mineralised domain
Figure 9. Oblique Cross Section 2 showing the location of the 100LG and 100HG
mineralised domain
Figure 10. Oblique Cross Section 3 showing the location of the 100LG and 100HG
mineralised domains
Cullarin West Project, NSW (100%)
The Company entered into a tenement sale agreement with Second String Pty Ltd
("Second String") for the sale of its 100% interest in EL 8996 located in the
Lachlan Fold Belt, NSW.
Completion of the agreement was conditional upon Second String completing a
Listing Agreement and the satisfaction of regulatory approvals. If the
conditions were not satisfied (or waived) by 30 September 2022, either party
may terminate the agreement.
Second String have more recently advised that after finalising relevant
technical work programs, it has been decided that they will not be proceeding
to complete the proposed deal and notified their intention to terminate the
option agreement.
The Company will now assess the viability of the opportunity and gauge
interest from other possible partners.
AIM Listing
The company will now conclude its London Stock Exchange, listing is by the end
of January 2023. There has been strong interest from UK and European
investors, as well as Institutional support which may now under pin additional
funding for both the Company and its projects. It is envisaged that The
Alternative Investment Market (AIM) will provide the company with wider
exposure to countries and sectors with access to a diverse set of investors to
support current and future development of the company's assets into operating
mines. The AIM market has a good track record for raising capital for
companies with operations in both the Philippines and Africa.
Corporate and Expenditure
On 22 December 2022 a A$2.8M investment by Lind via an initial A$1.3M
prepayment of cash for placements of ordinary fully paid shares in the capital
of the Company, and unlisted options to acquire shares exercisable at 2.5c
each on or before the date which is 3 years from the date of issue, along with
an additional optional A$1.5M of cash funding subject to mutual agreement
between the Company and Lind. The issue of the unlisted options are subject to
shareholder approval.
The Company considers the facility to be a positive step forward towards
obtaining other longer term credit facilities. If and once known and
finalised, the Company will announce the details of any further credit
facilities to the ASX, in accordance with its continuous disclosure
obligations
At the end of the quarter, the Company held approximately $1.75 million in
cash reserves. Approximately $568,000 was spent on exploration expenditure
primarily relating to the exploration and development of the MCB project,
together with ongoing metallurgical test work at the Opuwo Cobalt Project.
$44k in payments were made to related parties of the Company and their
associates during the quarter, for Director and consultancy fees.
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
Peter Hume P: +61 8 9482 0500
E: info@celsiusresources.com.au (mailto:info@celsiusresources.com.au)
W: www.celsiusresources.com (http://www.celsiusresources.com)
Multiplier Media
Jon Cuthbert M: +61 402 075 707
E: jon.cuthbert@multiplier.com.au (mailto:jon.cuthbert@multiplier.com.au)
Beaumont Cornish Limited
(Nominated Adviser)
Roland Cornish/Andrew Price +44 (0) 207 628 3396
SP Angel Corporate Finance LLP (Broker)
Ewan Leggat +44(0) 203 470 0470
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
EL 4346 Gecko Cobalt Holdings Granted 07/03/2023 95%
EL 4540 Gecko Cobalt Holdings Granted 09/02/2023 95%
Philippines
Maalinao-Caigutan-Biyog EP 003-2006-CAR Makilala Mining Company Inc. Granted 25/05/2023 100%
Colayo EXPA-073-CAR Makilala Mining Company Inc. Permit application, pending approval TBA 100%
Panaon EXPA-000127-VIII PDEP, Inc. Complying with further permitting requirements TBA 100%
Sagay EP-000003-VI Tambuli Mining Company Inc. Granted 10/02/2024 100%
The mining tenement interests relinquished during the quarter and their
location:
Abednegno Hill Nickel Project located to the south and west of Minara
Resources' Murrin nickel mine.
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.
Competent Persons Statement
Information in this report relating to Exploration Results and Mineral
Resources for the MCB 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 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 Project or the Opuwo
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 refer to the ASX Announcement of 19
October 2022.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Celsius Resources Limited
ABN Quarter ended ("current quarter")
95 009 162 949 31 December 2022
Consolidated statement of cash flows Current quarter Year to date (6 months)
$A'000
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for - -
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (44) (400)
(e) administration and corporate costs (1,433) (1,989)
1.3 Dividends received (see note 3) - -
1.4 Interest received 2 2
1.5 Interest and other costs of finance paid (1) (1)
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other (provide details if material) - -
1.9 Net cash from / (used in) operating activities (1,476) (2,388)
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment - (3)
(d) exploration & evaluation (568) (1,574)
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal of: - -
(a) entities
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - -
2.6 Net cash from / (used in) investing activities (568) (1,577)
3. Cash flows from financing activities 1,336 4,858
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities - -
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity securities or convertible debt (45) (300)
securities
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (provide details if material) (152) (152)
3.10 Net cash from / (used in) financing activities 1,139 4,406
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 2,654 1,308
4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,476) (2,388)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (568) (1,577)
4.4 Net cash from / (used in) financing activities (item 3.10 above) 1,139 4,406
4.5 Effect of movement in exchange rates on cash held - -
4.6 Cash and cash equivalents at end of period 1,750 1,750
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash
$A'000
$A'000
flows) to the related items in the accounts
5.1 Bank balances 1,750 2,654
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 1,750 2,654
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included 44
in item 1
6.2 Aggregate amount of payments to related parties and their associates included -
in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity
report must include a description of, and an explanation for, such payments.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements
$A'000
$A'000
available to the entity.
Add notes as necessary for an understanding of the sources of finance
available to the entity.
7.1 Loan facilities - -
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities - -
7.5 Unused financing facilities available at quarter end -
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
N/A
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (1,476)
8.2 (Payments for exploration & evaluation classified as investing activities) (568)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (2,044)
8.4 Cash and cash equivalents at quarter end (item 4.6) 1,750
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 1,750
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 0.86
No
te
:
if
th
e
en
ti
ty
ha
s
re
po
rt
ed
po
si
ti
ve
re
le
va
nt
ou
tg
oi
ng
s
(i
e
a
ne
t
ca
sh
in
fl
ow
)
in
it
em
8
.3
,
an
sw
er
it
em
8
.7
as
"N
/A
".
Ot
he
rw
is
e,
a
fi
gu
re
fo
r
th
e
es
ti
ma
te
d
qu
ar
te
rs
of
fu
nd
in
g
av
ai
la
bl
e
mu
st
be
in
cl
ud
ed
in
it
em
8.
7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not?
Answer: Yes, the Company expects to have negative operating cash flows for the
time being as it is in the exploration stage and does not generate income.
8.8.2 Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those
steps and how likely does it believe that they will be successful?
Answer: The Company has now finalised its AIM, a Market operated by the London
Stock Exchange, listing. This will now provide additional funding for both the
Company and its projects. The Company has raised sufficient funds to continue
with the planned level of operations.
8.8.3 Does the entity expect to be able to continue its operations and
to meet its business objectives and, if so, on what basis?
Answer: Yes, the Company does expect to be able to continue its operations and
meet its business objectives following the successful capital raisings.
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 31 January 2023
Authorised by: The Board of Celsius Resources Limited
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying
activity report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and the effect
this has had on its cash position. An entity that wishes to disclose
additional information over and above the minimum required under the Listing
Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities, depending
on the accounting policy of the entity.
4. If this report has been authorised for release to the
market by your board of directors, you can insert here: "By the board". If it
has been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the
market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.
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 MSCEAFFEDFLDEAARecent news on Celsius Resources
See all newsREG - Celsius Resources Ld - Amendment to Quarterly Cashflow Report
AnnouncementREG - Celsius Resources Ld - Quarterly Activities Report and Appendix 5B
AnnouncementREG - AIM - AIM Notice - 26/04/2024
AnnouncementREG - Celsius Resources Ld - Subscription Agreement with Silvercorp Metals
AnnouncementREG - Celsius Resources Ld - Result of Placing
Announcement