REG - Celsius Resources Ld - Quarterly Activities Report

Celsius ResourcesAnnouncement

31/07/2025 07:01

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RNS Number : 2428T  Celsius Resources Limited  31 July 2025

31 july 2025

 

Quarterly Activities Report for the quarter ended 30 June 2025

 

MCB project commences FEASIBILITY STUDY UPDATE AND front-end engineering
design

HIGHLIGHTS

· The commencement of the Feasibility Study update and Front-End Engineering
Design ("FEED") marks a significant step towards final design, construction
and first Copper by 2027.

· First drawdown of bridge loan facility from Maharlika Investment
Corporation ("MIC") providing critical financial support to the FEED and
updated Feasibility Study.

· Closing cash as of 30 June 2025 of A$4.456 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 2025.

Projects

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

Makilala Mining Company, Inc. ("MMCI"), the Celsius Resources affiliate
company in the Philippines, has commenced updating the MCB Project's
Feasibility Study, in parallel with completing the FEED to advance the early
development works of its flagship Maalinao-Caigutan-Biyog Copper-Gold Project
in the Cordillera Administrative Region 1  (#_ftn1) .

 

This was made possible through the US$76.4 million bridge loan from Maharlika
Investment Corporation ("MIC"), the Philippine's sovereign wealth fund
manager. The first drawdown under the first Omnibus Loan and Security
Agreement ("OLSA") has been received following the signing of the long-form
loan agreement. 2  (#_ftn2)

 

Ausenco, a global consulting and engineering service provider, has been
contracted for the Engineer's role to undertake the work program 3  (#_ftn3) .
The engineering work packages will lay the groundwork for development designs
in support of tender packages for early works and main construction contracts.

 

DrillCorp Mining Resources and Construction Corp. has also been contracted to
undertake Geotechnical and Hydrogeological drilling.  The drilling program is
aimed to generate detailed surface and subsurface data and models to further
optimise the underground mine plan, process plant layout, and surface
infrastructure design. The outcomes of the drilling will directly inform the
updating of the Feasibility Study and the FEED 4  (#_ftn4) .

 

MMCI has also engaged technical consultants DMT Consulting Ltd ("DMT") and
Resource Development Consultants Ltd ("RDCL") to collaborate with Ausenco to
progress the FEED and the Feasibility Study. DMT was contracted to update and
optimise the MCB mine

plan and detailed Hydrogeological Study, while RDCL will provide detailed

Geotechnical interpretation analysis to support the planned surface
infrastructure development of the MCB Project 5  (#_ftn5) .

As part of the MCB Project's Social Development and Management Program
("SDMP"), training on basic construction skills for local residents has
commenced in partnership with the Technical Education and Skills Development
Authority ("TESDA")-the national agency mandated to manage and supervise
technical education and skills development in the Philippines. The training is
aligned with national competency standards, ensuring that participants acquire
skills that are not only relevant to the MCB Project's construction needs but
also transferable to broader employment opportunities beyond the project 6 
(#_ftn6) .

 

In addition, a financial literacy and management program was developed in
collaboration with local financial experts, tailored to the community's
context and needs. The program aims to build the capacity of households and
community institutions/groups to manage income prudently, make informed
financial decisions, and channel resources into sustainable, long-term
livelihoods.

 

A Community Education Committee was also established by the Balatoc Tribe
Council of Elders and Barangay Council, which will be responsible for
overseeing the educational scholarship program under the project's SDMP in
partnership with MMCI. The scholar selection and scholarship framework
development is currently in progress, which aims to advance inclusive
education and investing in the next generation.

 

This coordinated effort reflects MMCI's strategic momentum in advancing the
MCB Project toward construction and operations. With initial debt financing
from MIC and the mobilisation of local and internationally recognised experts
and technical consultants, MMCI is laying a robust foundation for the MCB
Project's development which underscores MMCI's commitment to technical
excellence, environmental diligence, strong social performance and long-term
project viability.

 

BOTILAO COPPER-GOLD PROSPECT

Engagement with the local government and the Indigenous Community Council of
Elders hasbeen continuously undertaken to progress the implementation of the
Exploration, Environment, and Community Development Programs. This proactive
and sustained collaboration is an essential component to ensure alignment with
regulatory requirements while respecting the cultural values of the host
community.

 

MMCI also partnered with Kalinga State University to conduct baseline soil and
water sampling. This initiative aims to establish reference data for
environmental monitoring if the project proceeds towards a detailed
exploration program and eventual operations.

 

Opuwo Cobalt Project, Namibia

As disclosed previously to the market, 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 Cobalt
Project in Namibia ("Opuwo Project") 7  (#_ftn7) . During the quarter, the
Company continued to discuss transaction arrangements with Stewardship
Investments (Pty) Ltd and has sought the interest of additional parties for
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

Tambuli Mining Company, Inc. ("TMCI"), a wholly owned Philippine subsidiary of
Celsius in the Philippines, has submitted its Environmental Impact Statement
for review and acceptance by the Department of Environment and Natural
Resources--Environmental Management Bureau.  This will support the
application for the Declaration of Mining Project Feasibility ("DMPF") for the
Sagay Copper-Gold Project ("Sagay Project") in the Negros Islands 8  (#_ftn8)
.

 

The Environmental Impact Statement outlines the potential environmental and
social impacts and mitigation measures of the proposed Sagay Mining Project.
This is a key requirement for securing an Environmental Compliance Certificate
which is mandatory under the Philippine Mining Act of 1995.

Cullarin West Project, NSW

The Company has previously announced the intention to dispose of its interest
in this project 9  (#_ftn9) . No development activities were conducted during
the quarter.

 

Corporate AND EXPENDITURE

On 28 April 2025, the Company held a General Meeting where shareholders
approved the issue of the Tranche 2 Placement Securities from the placement
announced on 10 March 2025 ("Placement"). The completion of Tranche 2 of the
Placement was announced on 16 May 2025, raising gross proceeds of
approximately A$1.748 million.

 

On 9 May 2025, the Company announced it will issue an additional
free-attaching option to Tranche 2 participants of the Placement on the same
terms as those free-attaching options issued to the participants in Tranche 1
and Tranche 2 of the Placement, subject to shareholder approval being
received. The General Meeting to approve the Additional Options will be held
on 7 August 2025 10  (#_ftn10) .

 

On 16 June 2025 the Company announced changes to the Board where previous
Non-Executive Director Neil Grimes has been appointed as Executive Director,
and Mark van Kerkwijk has moved from an Executive Director to a Non-Executive
Director.

 

Cash Position

At the end of the quarter, the Company held approximately A$4.456 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$1.589 million 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:

Nil was spent on mine production and development activities during the
quarter.

·    ASX Listing Rule 5.3.5:

The Company advises that there were approximately A$440k 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 Name              Permit Number      Registered Holder/ Applicant  Permit Status                        Permit Expiry                                            Interest/ Contractual Right
 New South Wales
 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
 Neil Grimes                                          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)

 Zeus Capital Limited
 (Nominated Adviser & Broker)                         P: +44 (0) 20 3 829 5000

 Harry Ansell/James Joyce/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.

 

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 11  (#_ftn11) Project, the
Sagay 12  (#_ftn12) Project or the Opuwo 13  (#_ftn13) 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) ASX/AIM announcement 27 June 2025

 2  (#_ftnref2) ASX/AIM announcements 8 April, 19 May, and 17 June 2025

 3  (#_ftnref3) ASX/AIM announcement 19 May 2025

 4  (#_ftnref4) ASX/AIM announcement 11 June 2025

 5  (#_ftnref5) ASX/AIM announcement 18 June 2025

 6  (#_ftnref6) ASX/AIM announcement 7 October 2024

 7  (#_ftnref7) ASX/AIM announcement 30 October 2024

 8  (#_ftnref8) ASX/AIM announcement 8 January 2024

 9  (#_ftnref9) ASX/AIM announcement 31 January 2023

 10  (#_ftnref10) ASX/AIM announcement 8 July 2025

 11  (#_ftnref11) Refer to ASX announcement dated 12 December 2022 for an
updated JORC compliant Mineral Resource Estimate.

 12  (#_ftnref12) Refer to ASX/AIM announcement dated 6 February 2024 for the
updated Mineral Resource Estimate for the Sagay Project.

 13  (#_ftnref13) Refer to ASX announcement dated 1 July 2021 for the updated
Mineral Resource Estimate for the Opuwo Project.

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