REG - Celsius Resources Ld - Quarterly Activities Report to December 2024

Celsius ResourcesAnnouncement

31/01/2025 07:45

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RNS Number : 4431V  Celsius Resources Limited  31 January 2025

31 January 2025

Celsius resources plc

quarterly activities report 31 december 2024

 

MCB project granted extension to meet funding condition

HIGHLIGHTS

· Secured extension for the MCB Project with the support of its potential
investor Maharlika Investment Corporation to comply with the additional proof
of financial capability

· Progressed ground preparations for the Front-End Engineering Design

· Closing cash as of 31 December 2024 of A$1.053 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 31 December 2024.

 

Projects

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

Philippines (40%)

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

 

During the period, the Company was granted a one-time six-month extension,
until March 13, 2025, to finalise investment agreements with its potential
investor, Maharlika Investment Corporation (MIC). This extension will enable
the Company to provide additional proof of financial capability to the
Philippine Department of Environment and Natural Resources - Mines and
Geosciences Bureau (DENR-MGB). Satisfying this requirement will fulfill the
remaining condition for the issuance of the Mineral Production Sharing
Agreement (MPSA) with the Philippine Government 1  (#_ftn1) .

 

As announced on 4 September 2024, the Philippine National Commission on
Indigenous Peoples issued the Certification Precondition which certifies that
MMCI has obtained the consent of the community and has complied with the Free,
Prior and Informed Consent Process. 2  (#_ftn2) The delay in the issuance of
the certification has contributed to the delay in finalising the funding
agreement which prompted the Company's request for the issuance of the
one-time extension to comply with the requirements for proof of financial
capability.

 

As a Philippine Government-Owned and Controlled Corporation mandated to manage
and generate optimal returns on investments to catalyse the country's economic
growth and social development, MIC has been working closely with MMCI to
complete the technical, financial and legal due diligence and documentation to
secure the necessary approvals for the investment agreement. Details of the
proposed investment agreement will be disclosed to shareholders once the
contracts are finalised and become binding.

 

MMCI has also progressed the tendering of contracts with international and
local engineering companies to conduct front-end-engineering, along with the
hydrogeological and geotechnical drilling, to support engineering and
long-term construction activities as well as the advancement of operational
underground mine development. Evaluation of proposals and issuance of
contracts are currently being finalised.

 

In parallel with the tendering process, MMCI's technical team initiated
further detailed geological mapping at a scale of 1:1000, along with a
compass-and-tape traverse, to gather essential structural and lithological
data. Further dam site investigations and data gathering was conducted to
assess current ground situations which will feed into the Front-End
Engineering and Design. Desktop analysis and field verification was also
initiated to gather data for the tree cutting permitting requirements. The
technical team is proposing the use of Light Detection and Ranging (LiDAR), a
remote sensing technology, as a cost-efficient method in lieu of a physical
tree inventory. Daily water level monitoring has also commenced during the
quarter to gather data for the construction water permit application.

 

To address the manpower requirements for the upcoming construction and
operational phases, MMCI has signed a Memorandum of Agreement with the
Regional Technical Education and Skills Development Authority (TESDA). This
partnership aims to develop and enhance the skills of the workforce from host
and neighboring communities, fostering employment and business opportunities.
By leveraging shared resources, this collaborative approach seeks to empower
and strengthen the competence of the Filipino workforce, contributing to
sustainable economic growth.

BOTILAO COPPER-GOLD PROSPECT (40%)

MMCI has continued to engage with stakeholders to reaffirm its commitment to
open communication to address community issues and concerns as well as secure
community support. This is in preparation for the onsite activities of its
Exploration, Environment, and Community Development Programs.

 

Opuwo Cobalt Project, Namibia (95%)

As disclosed previously to the market 3  (#_ftn3) , the Company has been in
early-stage discussions regarding a potential transaction with a strategic
partner/s concerning the disposal of the Company's 95% interest in the Opuwo
Project. During the quarter, the Company agreed the terms of a non-binding
agreement with Stewardship Investments (Pty) Ltd concerning the disposal of
the Company's 95% interest in the Opuwo Project. The Company reiterates that
no binding agreement has been reached and, although discussions are
continuing, there can be no certainty that any binding agreement will be
reached or the timing of any such agreement.

 

SAGAY Copper-Gold Project, Philippines (100%)

Tambuli Mining Company, Inc. ("TMCI"), a wholly owned Philippine subsidiary of
Celsius in the Philippines, has progressed the approvals of the technical,
social and environmental plans and programs in relation to its application for
Declaration of Mining Project Feasibility ("DMPF") 4  (#_ftn4) for the Sagay
Copper-Gold Project ("Sagay Project") in the Negros Islands.

 

During the period, TMCI has secured the acceptance of the Final Exploration
Report which confirmed its compliance with the Philippine Mineral Reporting
Code 2020 guidelines, including the declaration of its mineral resource
estimates. This is one of the key requirements for the approval of the DMPF 5 
(#_ftn5) .

 

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 2024.

 

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 GBP350,000 ("AIM Placement"). The Placing securities
were issued on 16 December 2024 6  (#_ftn6) .

 

On 19 December 2024, the Company signed a Subscription Agreement with
substantial shareholder, Silvercorp Metals, Inc. to raise a further GBP42,855
(before costs), on the same terms as the AIM Placement 7  (#_ftn7) .

 

The Company held its Annual General Meeting on 18 November 2024, where all
resolutions put to members at the meeting passed 8  (#_ftn8) .

 

 

Cash Position

 

At the end of the quarter, the Company held approximately A$1.053 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$91k was spent on exploration expenditure during the quarter,
primarily relating to the development of the MCB and Sagay Projects.

·    ASX Listing Rule 5.3.2:

Approximately A$504k 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$276k 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.

 

 

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

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

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

 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 9  (#_ftn9) Project, the
Sagay 10  (#_ftn10) Project or the Opuwo 11  (#_ftn11) 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  (#_ftnref1) Refer to ASX announcement dated 14 November 2024

 2  (#_ftnref2) Refer to ASX Announcement dated 4 September 2024

 3  (#_ftnref3) Refer to ASX announcement dated 30 October 2024

 4  (#_ftnref4) Refer to ASX announcement dated 8 January 2024

 5  (#_ftnref5) Refer to ASX announcement dated 15 July 2024

 6  (#_ftnref6) Refer to ASX announcement dated 11 December 2024

 7  (#_ftnref7) Refer to ASX announcement dated 19 December 2024

 8  (#_ftnref8) Refer to ASX announcement dated 18 November 2024

 9  (#_ftnref9) Refer to ASX announcement dated 12 December 2022 for an
updated JORC compliant Mineral Resource Estimate.

 10  (#_ftnref10) Refer to ASX announcement dated 6 February 2024 for the
updated Mineral Resource Estimate for the Sagay Project.

 11  (#_ftnref11) Refer to ASX announcement dated 1 July 2021 for the updated
Mineral Resource Estimate for the Opuwo Project.

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