REG - Celsius Resources Ld - Updated MCB Mineral Resource Estimate
24/11/2025 07:00
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RNS Number : 6526I Celsius Resources Limited 24 November 2025
The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation ("MAR")
(EU) No. 596/2014, as incorporated into UK law by the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement, this inside
information is now considered to be in the public domain.
ASX/AIM RELEASE
24 November 2025
Updated MCB Mineral Resource Estimate
HIGHLIGHTS:
· Gross Global Mineral Resource of 343Mt @ 0.46% Copper and 0.12g/t
gold (0.2% Cu cut-off)
· 1.6 million tonnes of contained copper and 1.4 million ounces of
contained gold
· Measured category of 49Mt @ 0.60% Cu and 0.19g/t Au (0.2% Cu cut-off)
· Total high-grade core of (0.5% copper cut-off) of 99 million tonnes @
0.79% copper and 0.24g/t gold in the Measured and Indicated category
· Overall, the 2025 MRE has an additional 5Mt containing 14kt total
copper compared with the 2022 MRE
_______________________________________________________________________________
Celsius Resources Limited ("Celsius" or "the Company") (ASX,AIM:CLA) is
pleased to announce an updated JORC compliant Mineral Resource Estimate
("MRE") for the Maalinao-Caigutan-Biyog Copper-Gold Project ("Project" or
"MCB"), held under its Philippine Affiliate Company, Makilala Mining Co., Inc.
("MMCI") and located at the Island of Luzon in the Philippines (Figure 1).
The Global MRE is now 343 Mt of 0.46% copper, and 0.12g/t gold, for a total of
1.6 Mt of contained copper and 1.4 Moz of contained gold reported to a
preferred lower cutoff grade of 0.2% copper.
The drilling during 2022 1 and 2025 2 was all within the boundaries of the
prior Resource estimates for MCB (Released in 2021 3 and 2022 4 . The
drilling activity was to obtain samples for a metallurgical test work program
to determine recoveries from years one (1) to five (5) of the mine life along
with further geotechnical investigation of the underground drilling to support
an updated underground mine plan. This has allowed for an increase in the
confidence level to the Measured category in addition to a refinement of the
boundaries to the Mineral Resource. This revised MRE is being utilised for the
delivery of the JORC mining reserve along with further increased confidence in
the mine plan which will be included in the updated Feasibility Study and the
front-end engineering ("FEED") due for release in December 2025.
Celsius has a 40% working interest in MCB. As announced on 20 March 2023 CLA
has conditionally agreed to transfer a 60% working interest in MCB to Sodor,
Inc, subject to certain conditions, which remain outstanding.
Makilala Technical Director Peter Hume said:
"While the focus of the recent drilling program was established to support the
updating of the Feasibility Study and the FEED program, we were pleasantly
surprised with further high-grade results."
These results, along with the recently announced recoveries, will further
underpin the MCB Project's economic viability and will be the basis of the
JORC mining reserve which is part of the updated Feasibility Study and FEED
work program"
Table 1. Summary results for the updated MRE at MCB at a cut-off grade of
0.20% copper.
Gross Net Attributable
Classification Domain Tonnes Copper Grade Gold Grade Copper Metal Gold Metal Tonnes Copper Metal Gold Metal
(Mt) (%) (g/t) (kt) (koz) (Mt) (kt) (koz)
Measured Type 1HGV 13 1.15 0.50 145 202 5 58 81
Type 1HGH 4 0.72 0.10 32 14 2 13 6
Type 3LG 32 0.37 0.08 119 84 13 48 34
Totals 49 0.60 0.19 296 300 20 118 120
Indicated Type 1HGV 48 0.66 0.28 316 433 19 126 173
Type 1HGH 11 0.79 0.12 83 41 4 33 16
Type 3LG 190 0.35 0.07 674 438 76 270 175
Totals 248 0.43 0.11 1,072 913 99 429 365
Inferred Type 1HGV 19 0.50 0.12 94 72 8 38 29
Type 1HGH 0.1 0.80 0.14 0.5 0.3 0 0 0
Type 3LG 26 0.49 0.08 129 71 10 52 28
Totals 45 0.49 0.10 224 143 18 90 57
Total Type 1HGV 79 0.70 0.28 554 708 32 222 283
Type 1HGH 15 0.77 0.11 115 55 6 46 22
Type 3LG 248 0.37 0.07 922 593 99 369 237
Totals 343 0.46 0.12 1,592 1,356 137 637 542
Note for table of results: 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 koz of Au metal. Some apparent errors may occur due to rounding.
The MCB Project is an affiliate company of Celsius and MMCI will be the
operator of the MCB Project
Changes to the MCB Mineral Resource Estimate
The 2025 MRE incorporates drilling completed by MMCI since late 2022, which
has significantly improved confidence in the resource. Additional drilling has
strengthened the definition of the Measured category by confirming the
continuity of copper mineralisation in key areas.
Recent drilling has also refined the boundaries of the mineralised zones and
provided a clearer understanding of the orientation and continuity of
higher-grade domains (Type 1HGV). Additional diamond drilling has further
defined the shallow high-grade copper mineralisation (Type 1HGH), resulting in
improved grade distribution at higher cut-off grades. Overall, the 2025 MRE
has an additional 5Mt containing 14kt total copper compared with the 2022 MRE.
The weathering model has also been updated, improving the definition of
shallow weathered material. This refined model removes the Inferred category
in weathered zones, providing more confidence in these near-surface tonnes.
With potential for future mining and processing of this material, the
weathered copper mineralisation has been retained within the updated MCB MRE.
Table 2. Comparison between the November 2025 Mineral Resource and the 2022
Mineral Resource at a cut-off grade of 0.20% copper.
MRE Classification Tonnes (Mt) Copper Grade (%) Gold Grade (g/t) Copper Metal (kt) Gold Metal (koz)
Dec-22 Measured 47 0.59 0.19 275 282
Indicated 249 0.44 0.11 1,085 904
Inferred 42 0.52 0.11 219 154
Totals 338 0.47 0.12 1,578 1,340
Nov-25 Measured 49 0.60 0.19 296 300
Indicated 248 0.43 0.11 1,072 913
Inferred 45 0.49 0.10 224 143
Totals 343 0.46 0.12 1,592 1,356
Note for table of results: 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 koz of Au metal. Some apparent errors may occur due to rounding.
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. It is the
flagship project within the Celsius portfolio which also contains other key
prospects in the pipeline for permit renewal/extension.
The updated JORC compliant Mineral Resource Estimate (subject of this release)
for the MCB Project is 343 million tonnes @ 0.46% copper and 0.12 g/t gold,
for a total of 1.6 million tonnes of contained copper and 1.4 million ounces
of gold, of which 45 million tonnes @ 0.49% copper and 0.10 g/t gold is
classified as Inferred, 248 million tonnes @ 0.43% copper and 0.11 g/t gold is
classified as Indicated, and 49 million tonnes @ 0.60% 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 the 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 5 cash costs at just US$0.73/lb copper, net of gold credits. As
at the date of this announcement there are studies ongoing to update the
Feasibility Study for the MCB Project which are scheduled for completion by
December 2025.
Figure 1. Location of the MCB Project in the province of Kalinga, Northern
Luzon, Philippines.
Figure 2. Location of MCB Exploration Tenement area and associated drilling
related to the reported MRE.
Location
The MCB Project is located in Barangay Balatoc, Municipality of Pasil,
Province of Kalinga. At the Project area settlements are generally small,
compact and occupy a limited area within the main Barangay of Balatoc. The
closest major centre is the city of Tabuk which is approximately a 3 hour
drive from the Project location.
The Exploration Tenement EP-003-2006-CAR was originally approved in 2006 and
had its 3rd renewal approved by the Mines and Geosciences Bureau ("MGB") on 19
November 2020 6 . The Exploration Permit was extended on 31 March 2022 until
May 2023. The MGB issued the Mineral Production Sharing Agreement
(MPSA-356-2024-CAR) to MMCI on 15 March 2024 7 .
Geology and Geological Interpretation
The geological interpretations and technical information that have contributed
to the 2025 MRE at MCB are based largely on surface mapping and analysis of 60
diamond drill holes (31,616.20 m) completed by Makilala Mining (MMCI) from
2006 to 2025.
Drilling at MCB has broadly defined a large-scale copper mineralisation
interpreted to be a typical porphyry copper style of mineralisation, common
throughout the Philippine archipelago.
The mineralisation and associated alteration exist across the contact between
a genetically related intrusive body (tonalite) and the surrounding host rock
material. In most cases the surrounding host rock is an older mafic volcanic
rock (see Figures 3 to 5).
Figure 3. MCB Project drill hole locations and interpreted surface geological
plan view diagram
The location and trend of the copper-gold mineralisation is influenced by two
dominant structural trends that exist at MCB. The broad fabric and trend of
the intrusive bodies and associated alteration extends in a north-east
direction, or at approximately 050 degrees with a near to vertical dip. This
orientation is also parallel to some major faulting.
The broad copper-gold domains as defined by the MCB MRE were defined based on
the continuous zones of copper and gold mineralisation which coincides with
the controlling geological host rocks, structures, and alteration features.
Figure 4. Section 1 with the interpreted host rock geology relative to the
defined copper mineralised domains. Drill holes completed after the 2022
Mineral Resource Estimate on this cross section are identified (holes MCB-042,
MCB-043, MTPH-001, and MCB-UG-002). View looking Northeast 8 (#_ftn8) .
Figure 5. Section 2 with the interpreted host rock geology relative to the
defined copper mineralised domains. Drill hole completed after the 2022
Mineral Resource Estimate on this cross section is identified (MCB-UG-001).
View looking Northeast.
There is also evidence at MCB for epithermal vein deposit types exist within
close proximity to the large-scale porphyry copper-gold mineralisation. At
this stage the only deposit type that is defined in the MRE for MCB is a
porphyry copper-gold style.
Drilling Techniques
The MRE was defined using diamond drill holes, which was the preferred
drilling method in MCB. Drilling was completed over two broad stages. The
first stage was managed by the previous owner of MMCI, Freeport McMoRan, with
a total of 25,481 metres from 46 drill holes completed within December 2006 to
July 2013. The second drilling program was implemented by MMCI, with a total
of 6,135.2 meters from 14 drill holes completed from 2021 to 2025. All diamond
drilling utilised a triple tube core barrel for the entire length to ensure
maximum sample recovery.
Sampling and Sub-sampling Techniques
Half core samples were collected from diamond holes drilled from the surface.
All drill cores were generally sampled at 2m intervals. In cases where
geological and mineralogical characteristics change, the sample length is
reduced to best fit the geological contact. The minimum observed sample size
is one metre. Sampling typically commenced after the overburden horizon.
The following sub sampling and sample preparations were observed for all the
diamond drilling at MCB.
A. Drying and Weighing: Samples were weighed, dried in an oven at 105
Celsius for 6 to 8 hours. For samples with high clay content, drying time is
extended up to 16 hours. After drying, samples were weighed again to calculate
the moisture content.
B. Crushing: Samples were then primary crushed to a size of <4mm. Using a
Boyd crusher, secondary crushing produces <2mm product size. The 1kg
crushed material is retained for final preparation.
C. Pulverizing: The 1kg split is pulverized to -200 mesh with a grinding
time of 4 to 6 minutes for 1kg ground samples.
D. Splitting: 1kg sample is split successively to obtain four samples of 250
grams each. Out of the four pulp samples, one sample is being dispatched to
the laboratory analysis while the pulp samples are retained to be used later
for duplicate assays and inter-laboratory checks.
Sample Analysis Method
All drill samples were prepared and sent to Intertek in Manila, an
internationally recognised and ISO-accredited independent laboratory. Gold was
analysed using fire-assay methods, while copper and other elements were tested
using industry-standard multi-element analytical techniques.
Assay procedures have evolved across the two drilling programs (2007-2013 and
2021-2025), with more recent drilling using updated multi-element, four-acid
digestion methods to ensure accurate copper results. Higher-precision
analytical methods were used whenever copper values exceeded standard
detection limits to ensure the most reliable grades were reported.
Quality control procedures were rigorously followed, with standards and blanks
included in nearly 10% of all samples. Independent checks of the laboratory
data confirmed no material issues, ensuring the assay results used in the MCB
MRE are accurate and reliable.
Estimation Methodology
Based on the general dimensions of the interpreted ore domains, and the likely
mining method, a parent cell block size of 10m x 10m x 10m was chosen for the
MRE.
Basic statistical information and variogram analysis was reviewed for both
copper and gold within the various defined high grade and low-grade domains.
The interpreted domains of Type 1HGH, Type 1HGV and Type 3LG were the only 3
domains that were considered to have sufficient data distributed to provide a
basis for the use of a more sophisticated interpolation method such as
Ordinary Kriging. The parameters for the Ordinary Kriging were based on an
analysis of the variograms for each domain. The variograms (defined within the
Leapfrog Edge software package) were located along the plane of the
interpreted controlling geological trend which is striking at 050 degrees at a
near vertical dip.
A broad review of the statistics for each domain did not identify significant
high value outliers that are considered likely to result in an overestimated
either locally or globally to the grade distribution within the block model.
Therefore, no top cut was applied to the MRE.
Classification Criteria
The Measured portion of the Mineral Resource was generated after the
completion of additional drilling results completed during 2022 and 2025. The
criteria for the Measured Mineral Resource were based on the first pass
interpolation for each domain. This first pass was based on a search of
ellipse parameters with a maximum distance of the Sill distance as defined by
the variography for each domain. Minimum selection criteria for the Measured
criteria also included a minimum of 8 samples from at least 2 drill holes and
a maximum total of 18 samples derived from the 2m composited data.
The Indicated Resource for the MCB model was based on a second pass which was
defined by a search distance which is~1.5x the Sill distance based off the
variogram analysis for each domain. The additional selection criteria for the
Indicated category included minimum number of samples of 4 and a maximum of 20
samples derived from the 2m composited data.
The Inferred Mineral Resource was extended for twice the distances applied to
the Indicated Mineral Resource using a minimum of 2 samples and maximum of 10
samples defined for each block. No restriction on the number of drill holes
was applied for the Indicated and Inferred Mineral Resource category.
Cut-off Grade
A preferred lower cut-off grade of 0.2% copper has been used in the reported
MRE. This is considered appropriate based on the geological continuity
associated with copper mineralisation above 0.2% copper in addition to a broad
economic cut-off point based on a US$5.00/lb copper price.
Dimensions
The copper-gold mineralisation at MCB is classified as a porphyry copper-gold
deposit which at deeper levels (below 400m depth) has a broad geometry of up
to 1km along strike towards the north-east and true widths of up to 280m. At
shallower levels, the copper mineralisation is broken up into multiple domains
which are individually up to 600m along strike and with true widths of up to
150m.
Metallurgical and Mining Parameters
Metallurgical test work was undertaken by MMCI for multiple defined ore types
and over the most common grade ranges considered applicable to a potential
mining operation at the MCB deposit. The results highlighted the potential for
good recoveries of both copper and gold into a saleable copper-gold
concentrate with average recoveries of approximately 95% for copper and 77%
for gold (see CLA announcement dated 11 November 2025).
Benchmark mining costs of US$16/t and processing costs of US$10/t respectively
for a medium sized (2.25Mt per annum) underground sublevel open stoping mining
method and processing using conventional floatation to produce a copper-gold
concentrate have been assumed where applicable for the MRE. This cost range
estimate matches closely with a broad geological cut-off grade of between 0.2%
copper and 0.25% copper (at a Copper Price of US$5/lb).
Table of Results
The table below identify the results from the block model at various higher
cut-off grades up to 0.5% copper. The ranges identified in these tables define
the range of copper cut-off grades on the possible mining options.
Table 3. Summary results for the updated MRE at MCB at a cut-off grade of 0.3%
copper.
Classification Domain Tonnes Copper Grade Gold Grade Copper Metal Gold Metal
(Mt) (%) (g/t) (kt) (koz)
Measured Type 1HGV 12 1.16 0.51 144 202
Type 1HGH 4 0.73 0.10 32 13
Type 3LG 22 0.43 0.09 93 64
Totals 38 0.70 0.23 269 280
Indicated Type 1HGV 45 0.69 0.29 308 423
Type 1HGH 11 0.79 0.12 83 41
Type 3LG 113 0.42 0.08 476 275
Totals 168 0.52 0.14 867 739
Inferred Type 1HGV 18 0.51 0.12 90 70
Type 1HGH 0.1 0.80 0.14 0.5 0.3
Type 3LG 19 0.58 0.10 107 58
Totals 36 0.55 0.11 198 128
Total Type 1HGV 75 0.73 0.29 542 694
Type 1HGH 15 0.77 0.11 115 55
Type 3LG 153 0.44 0.08 676 397
Totals 242 0.55 0.15 1,334 1,146
Table 4. Summary results for the updated MRE at MCB at a cut-off grade of 0.4%
copper.
Classification Domain Tonnes Copper Grade Gold Grade Copper Metal Gold Metal
(Mt) (%) (g/t) (kt) (koz)
Measured Type 1HGV 11 1.23 0.55 140 200
Type 1HGH 4 0.75 0.10 31 13
Type 3LG 10 0.52 0.11 53 36
Totals 26 0.87 0.30 225 249
Indicated Type 1HGV 37 0.75 0.32 282 389
Type 1HGH 10 0.81 0.12 82 41
Type 3LG 52 0.51 0.08 267 134
Totals 100 0.63 0.18 630 564
Inferred Type 1HGV 13 0.58 0.15 73 59
Type 1HGH 0.1 0.80 0.14 0.5 0.3
Type 3LG 17 0.59 0.10 103 56
Totals 30 0.59 0.12 177 115
Total Type 1HGV 61 0.81 0.33 495 648
Type 1HGH 14 0.79 0.12 113 54
Type 3LG 80 0.53 0.09 424 227
Totals 155 0.66 0.19 1,032 928
Table 5. Summary results for the updated MRE at MCB at a cut-off grade of 0.5%
copper.
Classification Domain Tonnes Copper Grade Gold Grade Copper Metal Gold Metal
(Mt) (%) (g/t) (kt) (koz)
Measured Type 1HGV 10 1.32 0.60 136 197
Type 1HGH 4 0.80 0.10 28 11
Type 3LG 4 0.64 0.13 26 17
Totals 18 1.06 0.39 190 226
Indicated Type 1HGV 29 0.84 0.38 242 346
Type 1HGH 9 0.83 0.13 79 38
Type 3LG 20 0.62 0.08 126 56
Totals 59 0.76 0.23 447 440
Inferred Type 1HGV 7 0.67 0.18 48 42
Type 1HGH 0.1 0.80 0.14 0.5 0.3
Type 3LG 15 0.61 0.10 93 50
Totals 22 0.63 0.13 142 92
Total Type 1HGV 46 0.92 0.40 425 585
Type 1HGH 13 0.82 0.12 108 50
Type 3LG 40 0.62 0.10 246 123
Totals 99 0.79 0.24 778 758
Note for table of results: 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 koz of Au metal. Some apparent errors may occur due to rounding.
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 Persons Statement
Information in this report relating to Exploration Results 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 is also considered a Qualified
Person for the purposes of the AIM Rules. Mr. Olsen consents to the inclusion
of the data in the form and context in which it appears.
Definitions
Cut-off Grade The minimum grade of a mineralised material considered economically viable to process. For this announcement, a preferred lower cut-off grade of 0.2% copper has been applied, consistent with industry practice and economic assumptions.
Feasibility Study A comprehensive technical and economic assessment conducted to determine the viability of a proposed mining project. The feasibility study evaluates all key aspects of the project, including geology, mineral resources, mining methods, processing,
infrastructure, environmental and social impacts, capital and operating costs, and financial returns. Its purpose is to provide sufficient detail and confidence to support a final investment decision and project financing. The outcomes of a feasibility
study typically include detailed engineering designs, cost estimates, implementation schedules, and risk assessments.
Front-End Engineering Design (FEED) A detailed engineering phase undertaken prior to the commencement of project construction, during which the technical requirements, design specifications, cost estimates, and project execution plans are developed. In mining, FEED typically includes studies
of process flows, plant layout, equipment selection, infrastructure, and environmental considerations. The FEED process provides the basis for final investment decisions and forms the foundation for subsequent detailed engineering, procurement, and
construction activities
Indicated Mineral Resource The part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are sufficiently well established to allow for a reasonable level of confidence in the estimate, but not as high as for Measured Resources.
Inferred Mineral Resource The part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling, resulting in a lower level of confidence.
Measured Mineral Resource The part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow for detailed mine planning.
Mineral Resource Estimate/MRE The estimate of mineral resources as calculated and presented in accordance with a minerals code or standard
Mineral Resource A concentration or occurrence of solid material of economic interest in or on the earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality),
continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence,
into Inferred, Indicated and Measured categories
Type 1HGV Vertically oriented high-grade copper mineralisation, following geological contacts
Type 1HGH Shallow, flat-lying high-grade copper mineralisation, near-surface
Type 3LG Broad zones of mineralisation with copper grades generally below high-grade thresholds, modelled for continuity and tonnage estimation
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. As at the date of this announcement there are studies ongoing to
update the Feasibility Study for the MCB Project which are scheduled for
completion by December 2025.
Celsius Resources Contact Information
Level 5, 191 St. Georges Terrace
Perth WA 6000
PO Box 7059
Cloisters Square PO
Perth WA 6850
P: +61 8 9324 4516
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 (e.g. '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 · Previous exploration and drilling were conducted between December 2006
blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or and July 2013 by Freeport-McMoRan, completing a total of 46 drill holes with
standard tube, depth of diamond tails, face-sampling bit or other type, an aggregate meterage of 25,480.55 meters.
whether core is oriented and if so, by what method, etc).
· An exploration program managed by MMCI commenced in February 2021up to
early 2022 with a total of 9 drill holes added to the updated MRE, with a
cumulative depth of 4641.7 meters.
· Five additional drillholes were drilled in the late 2022 and in 2025 with
a total meterage of 1,427.3 meters.
· The core drilling utilised a triple-tube core barrel from collar to
end-of-hole to ensure optimum core recovery, with the deepest downhole depth
being 893.8 meters (MCB-029).
· Diamond drilling was used to capture the rock samples for the new drill
hole intercepts, with the following drill core size summarized as follows:
· 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:
o Four referenced standards
o One referenced Blank
o One coarse (unrecognisable) blank
o 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.
· Drill collar locations were recently re-surveyed by Datum Engineering and
Surveying Consultancy including elevation checks against an updated
drone-based Lidar survey which has a reported "x-y-z" accuracy of 10 cm.
· Collar surveys were then logged into the master MS Access database after
validation checks were completed against the updated Lidar survey.
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.
· In the MRE, drill hole assays were composited to 2 metres which matches
closely with the sample length down hole for all drill hole sampling completed
at MCB.
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 sub-vertical dip. Drill hole directions vary relative to
bias, this should be assessed and reported if material. this dominant orientation, with some more optimal drill holes dipping at 60
degrees towards 320 degrees. There are a number of vertical drill holes which
are not optimal for assessing the geological contacts or grade distribution,
however, in most cases these drill holes are also close to other drill holes
which are dipping across the mineralised domains, typically at 60 degrees.
· There is also a defined horizontal control to the copper-gold
mineralisation which appears to extend away from the source feeder structures
which are vertical in orientation. Some shallow drilling was completed to fill
in gaps in the drill hole data existed where possible, often at
50-to-60-degree angles which are considered still reasonable for testing the
horizontal orientations identified as part of the copper-gold distribution at
MCB.
Sample security · The measures taken to ensure sample security. · The following standard procedures were enforced for the drilling of new
intercepts:
o 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.
o 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 Project is covered by Mineral Production Sharing Agreement
· The security of the tenure held at the time of reporting along with any MPSA-356-2024-CAR, which encompasses approximately 2,501 hectares and was
known impediments to obtaining a licence to operate in the area. granted on 14 March 2024.
· The tenement is held by Makilala Mining Company Inc. (MMCI), a
Philippines registered corporation that is 100% owned by Makilala Holdings
Ltd,
· The Project site is located within the Ancestral Domain of Balatoc, and
Free and Prior Informed Consent (FPIC) has been secured from the Balatoc tribe
for development and operation of the mine within the designated tenement
area.
· The MPSA grants exclusive rights for exploration, development, and
commercial production of copper and associated minerals for 25 years,
renewable for another 25 years, providing secure tenure for the Project.
· The MCB Project has obtained all National Government statutory
permits to commence development and mining operations,
·
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Exploration work and drilling was completed by Makilala Mining Company
Inc. from year 2006 to 2025, the details of which have been documented in CLA
announcements.
· 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 and 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 Section 1 (Sampling Techniques and Data) for all details regarding
exploration results including a tabulation of the following information for the drill hole information for the MCB Property in addition to a full list of
all Material drill holes: all significant drill intersections which have been reported.
· easting and northing of the drill hole collar · In addition to the drilling information that has been reported from
previous MRE, 5 new drill holes were completed by MMCI and included as part of
· elevation or RL (Reduced Level - elevation above sea level in metres) of this updated Mineral Resource estimate for MCB.
the drill hole collar
· In summary the drill hole database used for the updated MCB MRE consists
· dip and azimuth of the hole of 64 diamond drill holes with an accumulated meterage of 31,616.20.
· down hole length and interception depth · No drill hole information has been excluded.
· 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 · No exploration results are reported in this release.
and/or minimum grade truncations (eg cutting of high grades) and cut-off
grades are usually Material and should be stated. · Only individual weighted average assay results have been reported and no
metal equivalent values have been reported.
· Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values should
be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · There are several drilling orientations, but generally drill holes were
Exploration Results. designed in a rough grid pattern on lines oriented N30W-S30E spaced at 100 to
200 meters apart, with an inclination of -60 degrees. For the drilling which
· If the geometry of the mineralisation with respect to the drill hole is at an angle of -60 degrees, there is a relative angle against the contact
angle is known, its nature should be reported. of the near to vertical intrusive Tonalite and associated copper-gold
mineralisation of approximately 30 degrees. In this case, the estimated true
· If it is not known and only the down hole lengths are reported, there widths of the copper-gold mineralisation is approximately half of the reported
should be a clear statement to this effect (eg 'down hole length, true width down hole length.
not known').
· In some instances, there are vertical drill holes which are still useful
in defining the extent of the copper-gold mineralisation, but at a relatively
poor angle to define the distribution of the copper-gold mineralisation due to
being sub-parallel to the mineralisation direction.
· Recent drilling completed by MMCI has improved the distribution of assay
information over the central portion of the defined copper mineralisation to
improve confidence in the continuity and for the purpose of increasing the
category from Indicated to Measured at some important locations.
Diagrams · Appropriate maps and sections (with scales) and tabulations of intercepts · See Figure 4 and Figure 5 for representative Cross Section of the Geology
should be included for any significant discovery being reported These should and its relationship to the copper-gold mineralisation at MCB.
include but not be limited to a plan view of drill hole collar locations and
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 MRE from MCB which is the
widths should be practiced to avoid misleading reporting of Exploration subject of this 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 2025 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
· Diagrams clearly highlighting the areas of possible extensions, including mineralisation, and also to the west of the Maalinao-Panyaw fault. The
the main geological interpretations and future drilling areas, provided this location for the possible high-grade copper-gold to the west include at depth,
information is not commercially sensitive. due to the interpretation that the fault has downthrown the geology on its
western side, or toward the north-west, as a possible trend exists to the
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.
SECTION 3:
Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to
this section.)
Criteria JORC Code Explanation Commentary
Database integrity · Measures taken to ensure that data has not been corrupted by, for · The original assay sheets and drill logs were checked against the drill
example, transcription or keying errors, between its initial collection and hole database by the author and no systematic or random errors were identified
its use for Mineral Resource estimation purposes. Data validation procedures as part of this validation check of the database.
used.
· In addition, the original laboratory reports were checked against the
drill hole database. This data review did not identify any systematic or
isolated errors in the drill hole database.
· Outliers in the specific gravity measurements were excluded from the
dataset.
· Drill core observations and validation steps were completed in August
2020 which included a review of all the defined Ore Domains and broad contact
positions between the high grade and low-grade domains in addition to the
low-grade ore to waste domain boundaries.
· All drill core from the MCB Project which were used to define the 2025
Mineral Resources have been preserved and were available for the author to
visually check against the drill logs and recorded assay results.
· Geological observations that are recorded in the drill logs leading to
the definition of the mineralised domains at MCB appear consistent and
reflective of what could be observed from the drill core by the Author. In
addition, copper sulphides and recently weathered copper-sulphides (due to
exposure of the drill core at the surface) are observable in the drill core
where high grade copper mineralisation has been reported. The relative
presence of copper sulphides and oxidised copper minerals appear reasonably
reflective of the assay results reported in the database based on the
observations made by the author of the drill core.
Site visits · Comment on any site visits undertaken by the Competent Person and the · The Author has completed site inspections of the property including
outcome of those visits. detailed review of the drill core which relate to the Mineral Resource
Estimate. The field inspections included validation of the drill collar
· If no site visits have been undertaken indicate why this is the case. locations for drill holes (using a handheld GPS) which contained significant
copper mineralisation that are included in the Mineral Resource estimate.
Geological interpretation · Confidence in (or conversely, the uncertainty of) the geological · The geological interpretation associated with the MCB Mineral Resource
interpretation of the mineral deposit. estimate is considered by the author to have a high level of confidence, with
limited variability considered likely due to a difference in the geological
· Nature of the data used and of any assumptions made. interpretation.
· The effect, if any, of alternative interpretations on Mineral Resource · The interpretation and Mineral Resource estimate have been compared
estimation. directly with the previous Mineral Resource estimate in 2022. The copper and
gold mineralization defined in the Mineral Resource estimate has a high level
· The use of geology in guiding and controlling Mineral Resource of consistency relative to the geological interpretation completed by
estimation. Freeport-McMoRan.
· The factors affecting continuity both of grade and geology. · The geological controls on the copper-gold mineralization at 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).
Dimensions · The extent and variability of the Mineral Resource expressed as length · The copper-gold mineralisation at MCB is typical for a porphyry
(along strike or otherwise), plan width, and depth below surface to the upper copper-gold deposit with the geometry of a very thick body, up to 100m in true
and lower limits of the Mineral Resource. width for the high-grade core and surrounded by over 400m in true width of
additional lower grade copper mineralisation, as a relatively elongate body
which stretches out parallel to the contact between the intrusive tonalite and
the host rock basaltic rocks.
· Away from the central core, the high-grade copper-gold mineralisation
extends further as a narrow structurally controlled sheet, interpreted again
to be mostly parallel to the tonalite - basalt contact, with some possible
extensions extending along interpreted structures which exist in a
north-north-west orientation. Both structural sets are close to vertical,
and their intersection points also are very steeply dipping
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) applied and · The MCB geological models, ore domain models and associated interpolation
key assumptions, including treatment of extreme grade values, domaining, were all completed in the 3D software modelling package Leapfrog Geo and
interpolation parameters and maximum distance of extrapolation from data Leapfrog Edge (Version 2025.1.1).
points. If a computer assisted estimation method was chosen include a
description of computer software and parameters used. · Ore Domains
· The availability of check estimates, previous estimates and/or mine o A combination of features was utilized to review and subsequently domain
production records and whether the Mineral Resource estimate takes appropriate the copper mineralisation to an appropriate level for the purpose of
account of such data. estimating the copper and gold contents.
· The assumptions made regarding recovery of by-products. · High Grade Copper Domain (s)
· Estimation of deleterious elements or other non-grade variables of o A high-grade ore type called "Ore Type 1" was based on alteration
economic significance (eg sulphur for acid mine drainage characterisation). features, magnetic susceptibility readings and copper grades.
· In the case of block model interpolation, the block size in relation to o In addition, the spatial location of this ore type was predominantly
the average sample spacing and the search employed. situated across a tonalite and mafic volcanic contact position.
· Any assumptions behind modelling of selective mining units. o For the purpose of defining an ore domain that obeyed the observed trends
and geological controls on the mineralisation, the Type 1 ore positions were
· Any assumptions about correlation between variables. reviewed relative to the potential continuity of this ore type.
· Description of how the geological interpretation was used to control the o In locations where this ore type was very narrow, or patchy and no
resource estimates. observable continuity, this ore type was not defined as a Type 1HG domain.
· Discussion of basis for using or not using grade cutting or capping. o In positions where the larger and more continuous Type 1 sections were
observed, the ore domain was further reviewed for possible continuity along
· The process of validation, the checking process used, the comparison of the trend of the tonalite/mafic volcanic contact position. In some cases,
model data to drill hole data, and use of reconciliation data if available. the Type 1HG domain was extended into a larger body, where there appeared to
be additional high-grade copper mineralisation that extended as part of this
mineralized domain in 3D space along the tonalite/mafic contact position.
o The original Type 1HG high-grade domain has been divided into two separate
domains. The Type 1HG domain was segregated into a shallow horizontal
high-grade domain (Type 1 HGH) representing shallow and relatively flat-lying
higher grade copper mineralisation, and the remaining vertically oriented
high-grade material which forms the Type 1 HGV (High Grade Vertical) domain.
Both domains are predominantly characterized by Type 1 style mineralisation.
· Low Grade Copper Domain
o Further grade continuity models were created surrounding the high-grade
material, with observable boundaries which are parallel to the older volcanics
and diorite intrusions position.
o There appear to be a natural geological boundary at close to 0.2% copper,
which has been used as the basis for developing a surrounding low-grade domain
which is substantially mineralized. The position for copper mineralisation
is not necessarily at exactly 0.2% copper, however, it is observable that
there are distinct trends with grade distributions roughly above and then
below into waste domains across this position. For example, there is a
distinct low-grade trend in the middle of the tonalite body which is parallel
to the dip and strike of the main structural trend. This observation and
apparent close link to the grade trends with the geological contacts and
alteration was the basis for creating a low-grade domain which ensured that
the data from the waste material was not mixed with the broader lower grade
trends as part of the Mineral Resource estimate
o Therefore, a low-grade domain boundary was created which obeyed the
general trend of the contact position between assay results which were above
and below 0.2% copper and for which this contact position was distinctly
parallel to the dominant geological trends.
· BLOCK SIZE
o A parent cell size of 10m x 10m x 10m was used as the final model block
size which appear to appropriately fill the model with cells and is considered
appropriate for any potential economic evaluation of the Mineral Resource,
which is most likely considered to be via the block caving method, or
large-scale open stoping mining with back fill.
· ORE CONTINUITY AND STATISTICAL ANALYSIS
o After applying the constraints on the ore domains for the high-grade and
low-grade domain boundaries, each dataset was reviewed in terms of their basic
statistics and also a review of their potential continuity based on their
variograms.
· STATISTICS AND TOP CUT
o The summary basic statistical information for copper, gold and specific
gravity associated with each domain, based on the 2-meters composited datasets
from within each domain are summarised in the following tables.
o A review of the statistics for each domain did not identify significant
high value outliers that are considered likely to result in an overestimated
either locally or globally to the grade distribution within the block model.
Therefore, no top cut was applied to the Mineral Resource estimate.
Domain Type 1HGH Copper Gold
Count 625 625
Length 1272 1272
Mean 0.79 0.12
Standard Deviation 0.61 0.20
Coefficient of Variation 0.77 1.61
Variance 0.38 0.04
Minimum 0.05 0.01
Lower Quartile (Q1) 0.43 0.04
Second Quartile (Q2) 0.65 0.07
Upper Quartile (Q3) 0.97 0.15
Maximum 6.91 3.99
Domain Type 1HGV Copper Gold
Count 1913 1913
Length 3859 3859
Mean 1.03 0.45
Standard Deviation 0.81 0.62
Coefficient of Variation 0.78 1.36
Variance 0.66 0.38
Minimum 0.01 0.01
Lower Quartile (Q1) 0.45 0.06
Second Quartile (Q2) 0.74 0.16
Upper Quartile (Q3) 1.45 0.63
Maximum 6.52 6.11
Domain Type 3LG Copper Gold
Count 4752 4752
Length 9559 9559
Mean 0.35 0.07
Standard Deviation 0.28 0.11
Coefficient of Variation 0.81 1.57
Variance 0.08 0.01
Minimum 0.0001 0.003
Lower Quartile (Q1) 0.19 0.02
Second Quartile (Q2) 0.29 0.04
Upper Quartile (Q3) 0.43 0.08
Maximum 6.43 2.71
· VARIOGRAM ANALYSIS
o Variograms were completed for all of the reported mineralised domains.
The results were generally in line with the geological interpretations with a
high level of confidence up to in initial structure or inflection point in the
variogram between 50m and 70m for all three mineralised domains. This distance
when supported by multiple drill holes is considered to have a high degree of
confidence with regards to the copper and gold grade estimates based on the
observations of the copper grade information in 3D space relative to the host
rock geology and influencing or cross cutting major faults.
o The Sill for the variograms for each mineralised domains extended further,
but at a lower level of confidence than the initial structure defined within
each variogram. Details for each mineralised domain are summarised below.
· Type 1HGV Domain: This ore domain occurs as a vertical high-grade copper
mineralisation situated across a tonalite and mafic volcanic contact
position. The major axis has a strike of 050 degrees which is very close to
the observable trend of the geology and interpreted boundaries to the copper
mineralisation.
· Type 1HGH Domain: This ore domain occurs as a shallow and relatively flat
lying higher grade copper mineralization. The variogram analysis has strong
support for over 60m, up to an inflection point where the sill in modelled.
· Type 3LG Domain: A distinct low-grade trend in the middle of the
tonalite body and surrounding the higher-grade mineralisation domains within
the host rock mafic rocks which is parallel to the dip and strike of the main
structural trend.
· INTERPOLATION METHOD
o After definition of the ore domains and subsequent statistical and
variogram analysis were completed for each ore domain, Ordinary Kriging (OK)
was used as a standard estimator for both copper and gold values.
Moisture · Whether the tonnages are estimated on a dry basis or with natural · The tonnes estimated for the MCB deposit block models were calculated on
moisture, and the method of determination of the moisture content. a dry basis.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters applied. · The MCB deposit has been limited to a defined body of copper and gold
mineralisation which are predominantly above 0.2% copper on average.
· The 0.2% lower limit is also broadly in line with the expected lower
economic limits of the likely mining and processing options considered for
MCB.
· Therefore, a preferred lower cut-off grade of 0.2% copper was applied to
the reporting of the Mineral Resource estimate which is based on the
information provided in this report (Table 1).
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining · Benchmark mining costs of US$16/ t and processing costs of US$10/t
dimensions and internal (or, if applicable, external) mining dilution. It is respectively for a medium sized (2.25Mt per annum) underground block caving
always necessary as part of the process of determining reasonable prospects mining method and processing using floatation to produce a copper-gold
for eventual economic extraction to consider potential mining methods, but the concentrate have been assumed where applicable for the Mineral Resource
assumptions made regarding mining methods and parameters when estimating estimate.
Mineral Resources may not always be rigorous. Where this is the case, this
should be reported with an explanation of the basis of the mining assumptions · A lower cut-off grade of between 0.2% and .25copper has been used as the
made. preferred lower cut-off grade for the reported Mineral Resource estimate,
which is considered appropriate based on the geological continuity associated
with copper mineralisation above 0.2% copper in addition to a broad economic
cut-off point based on a US$5/lb copper price.
· A preliminary economic assessment ( Study - see CLA announcement on 1
December 2021) was completed for the MCB deposit which identified that an
initial mining method of sub-level open stoping with back-fill would be the
preferred mining method. The closest approximation with regards to a lower
cut-off grade for this type of mining method is close to 0.5% copper, similar
to the defined boundaries of the high-grade mineralised domains.
· A review is also ongoing with regards to some surface at stabilisation
work and block caving mining methods, both of which are considered to
identified mining options which would have economic cut-off closer to the
reported Mineral Resource of 0.2% copper.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical · Test work for the multiple mineralisation types over various grade ranges
amenability. It is always necessary as part of the process of determining have been completed at both ALS laboratory in Perth and Brisbane Met Labs.
reasonable prospects for eventual economic extraction to consider potential The results from this test work identified that high copper and gold
metallurgical methods, but the assumptions regarding metallurgical treatment recoveries (95% and 77% respectively) are possible from the MCB copper
processes and parameters made when reporting Mineral Resources may not always mineralisation using conventional floatation technology to recover a saleable
be rigorous. Where this is the case, this should be reported with an copper-gold concentrate (See CLA announcement dated 11 November 2025).
explanation of the basis of the metallurgical assumptions made.
Environ-mental factors or assumptions · Assumptions made regarding possible waste and process residue disposal · The MCB deposit exists within a relatively high mountain range with local
options. It is always necessary as part of the process of determining regions containing high topographic relief, ranging from 800m in the valleys
reasonable prospects for eventual economic extraction to consider the to over 1,300m at the surrounding mountain peaks.
potential environmental impacts of the mining and processing operation. While
at this stage the determination of potential environmental impacts, · Work completed as part of the study announced by CLA on 1 December 2021
particularly for a greenfields project, may not always be well advanced, the identified a number of mining options which are considered viable options for
status of early consideration of these potential environmental impacts should the mining of the MCB deposit which take into account the environmentally
be reported. Where these aspects have not been considered this should be sensitive nature of the high mountain range and local environment at MCB.
reported with an explanation of the environmental assumptions made.
· It is assumed at this stage that there are no additional impediments or
environmental controls which would prevent the proposed mining operation from
proceeding outside of the assumptions made in this release.
Bulk Density · Whether assumed or determined. If assumed, the basis for the assumptions. · Bulk density measurements were routinely taken throughout the drilling
If determined, the method used, whether wet or dry, the frequency of the campaign and are available for all the defined ore domains. The method used
measurements, the nature, size and representativeness of the samples. to collect the specific gravity information for each drill hole is summarised
in the sampling and core management procedures report by by the company. These
· The bulk density for bulk material must have been measured by methods procedures are summarised as follows:
that adequately account for void spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within the deposit. o Specific gravity is determined by weighing a dry core sample in air and as
submerge in water.
· Discuss assumptions for bulk density estimates used in the evaluation
process of the different materials. o Two 10 to 15 cm long split core samples are collected from each sampling
interval, one near the start and the other near the end of the interval.
o Samples were weighed in air, weighed suspended in water, and weighed in
air again to determine its saturated weight.
· A review of the bulk density measurements identified that there is
minimal variability in the bulk density measurements, apart from some
generally lower values that exist closer to the surface, or within the top
100m from surface.
· Given that the basic statistics for specific gravity in each domain
showed very low standard deviation for both uncomposited and 2m composited
drill hole data, the mean specific gravity value for each domain was applied
as the default throughout the respective block model domains. These default
values were derived from the basic statistics of the drill hole data for each
ore domain.
Classification · The basis for the classification of the Mineral Resources into varying · Measured Mineral Resource Classification
confidence categories.
o The updated Mineral Resource for MCB increased the confidence on the
· Whether appropriate account has been taken of all relevant factors (ie Measured component of the 2025 Mineral Resource Estimate. The criteria for the
relative confidence in tonnage/grade estimations, reliability of input data, Measured Mineral Resource for each domain was based on search ellipse
confidence in continuity of geology and metal values, quality, quantity and parameters with a maximum direction length of 60m which was less than 60% of
distribution of the data). the defined Sill distance for all the mineralised domains and corresponded to
an inflection point in the variogram within which the confidence level for the
· Whether the result appropriately reflects the Competent Person's view of continuity of the copper distribution is higher. Minimum selection criteria
the deposit. for the Measured criteria also included a minimum of 8 samples from at least 2
drill holes and a maximum total of 18 samples derived from the 2m composited
data.
· Indicated Mineral Resource Classification
o The Indicated Resource for the MCB model was based on the second pass
which was defined by a search distance which is approximately the ~1.5x the
Sill distance based off the Variogram analysis for each domain. The additional
selection criteria for the Indicated category included minimum number of
samples of 4 and a maximum of 20 samples derived from the 2m composited data.
· Inferred Mineral Resource Classification
o The Inferred Mineral Resource was extended for twice the distances applied
to the Indicated Mineral Resource using a minimum of 2 samples and maximum of
10 samples defined for each block. Samples derived from only 1 drill hole
were required to fill the blocks for the Inferred category.
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates. · No independent audit or review has been undertaken on the updated Mineral
Resource estimate for the MCB Project which is the subject of this JORC
Report.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · The relative quality and detail associated with the drilling information
level in the Mineral Resource estimate using an approach or procedure deemed which underpins the Mineral Resource estimate for MCB is considered to be of
appropriate by the Competent Person. For example, the application of high standard. This has enabled the author to establish a high level of
statistical or geostatistical procedures to quantify the relative accuracy of confidence associated with the geological interpretations and definition of
the resource within stated confidence limits, or, if such an approach is not the various ore domains.
deemed appropriate, a qualitative discussion of the factors that could affect
the relative accuracy and confidence of the estimate. · The analysis of the drill hole data statistics within each respective ore
domain has identified a relatively good correlation and consistency of assay
· The statement should specify whether it relates to global or local data for hundreds of meters, with some local variations being consistent with
estimates, and, if local, state the relevant tonnages, which should be what would be expected within a relatively large porphyry copper style of
relevant to technical and economic evaluation. Documentation should include mineral deposit.
assumptions made and the procedures used.
· The current level of Measured, Inferred and Indicated Mineral Resource
· These statements of relative accuracy and confidence of the estimate estimates are considered appropriate relative to the data distribution and
should be compared with production data, where available. confidence in the distribution of the copper and gold mineralisation.
Domain Type 1HGV Copper Gold
Count 1913 1913
Length 3859 3859
Mean 1.03 0.45
Standard Deviation 0.81 0.62
Coefficient of Variation 0.78 1.36
Variance 0.66 0.38
Minimum 0.01 0.01
Lower Quartile (Q1) 0.45 0.06
Second Quartile (Q2) 0.74 0.16
Upper Quartile (Q3) 1.45 0.63
Maximum 6.52 6.11
Domain Type 3LG Copper Gold
Count 4752 4752
Length 9559 9559
Mean 0.35 0.07
Standard Deviation 0.28 0.11
Coefficient of Variation 0.81 1.57
Variance 0.08 0.01
Minimum 0.0001 0.003
Lower Quartile (Q1) 0.19 0.02
Second Quartile (Q2) 0.29 0.04
Upper Quartile (Q3) 0.43 0.08
Maximum 6.43 2.71
· VARIOGRAM ANALYSIS
o Variograms were completed for all of the reported mineralised domains.
The results were generally in line with the geological interpretations with a
high level of confidence up to in initial structure or inflection point in the
variogram between 50m and 70m for all three mineralised domains. This distance
when supported by multiple drill holes is considered to have a high degree of
confidence with regards to the copper and gold grade estimates based on the
observations of the copper grade information in 3D space relative to the host
rock geology and influencing or cross cutting major faults.
o The Sill for the variograms for each mineralised domains extended further,
but at a lower level of confidence than the initial structure defined within
each variogram. Details for each mineralised domain are summarised below.
· Type 1HGV Domain: This ore domain occurs as a vertical high-grade copper
mineralisation situated across a tonalite and mafic volcanic contact
position. The major axis has a strike of 050 degrees which is very close to
the observable trend of the geology and interpreted boundaries to the copper
mineralisation.
· Type 1HGH Domain: This ore domain occurs as a shallow and relatively flat
lying higher grade copper mineralization. The variogram analysis has strong
support for over 60m, up to an inflection point where the sill in modelled.
· Type 3LG Domain: A distinct low-grade trend in the middle of the
tonalite body and surrounding the higher-grade mineralisation domains within
the host rock mafic rocks which is parallel to the dip and strike of the main
structural trend.
· INTERPOLATION METHOD
o After definition of the ore domains and subsequent statistical and
variogram analysis were completed for each ore domain, Ordinary Kriging (OK)
was used as a standard estimator for both copper and gold values.
Moisture
· Whether the tonnages are estimated on a dry basis or with natural
moisture, and the method of determination of the moisture content.
· The tonnes estimated for the MCB deposit block models were calculated on
a dry basis.
Cut-off parameters
· The basis of the adopted cut-off grade(s) or quality parameters applied.
· The MCB deposit has been limited to a defined body of copper and gold
mineralisation which are predominantly above 0.2% copper on average.
· The 0.2% lower limit is also broadly in line with the expected lower
economic limits of the likely mining and processing options considered for
MCB.
· Therefore, a preferred lower cut-off grade of 0.2% copper was applied to
the reporting of the Mineral Resource estimate which is based on the
information provided in this report (Table 1).
Mining factors or assumptions
· Assumptions made regarding possible mining methods, minimum mining
dimensions and internal (or, if applicable, external) mining dilution. It is
always necessary as part of the process of determining reasonable prospects
for eventual economic extraction to consider potential mining methods, but the
assumptions made regarding mining methods and parameters when estimating
Mineral Resources may not always be rigorous. Where this is the case, this
should be reported with an explanation of the basis of the mining assumptions
made.
· Benchmark mining costs of US$16/ t and processing costs of US$10/t
respectively for a medium sized (2.25Mt per annum) underground block caving
mining method and processing using floatation to produce a copper-gold
concentrate have been assumed where applicable for the Mineral Resource
estimate.
· A lower cut-off grade of between 0.2% and .25copper has been used as the
preferred lower cut-off grade for the reported Mineral Resource estimate,
which is considered appropriate based on the geological continuity associated
with copper mineralisation above 0.2% copper in addition to a broad economic
cut-off point based on a US$5/lb copper price.
· A preliminary economic assessment ( Study - see CLA announcement on 1
December 2021) was completed for the MCB deposit which identified that an
initial mining method of sub-level open stoping with back-fill would be the
preferred mining method. The closest approximation with regards to a lower
cut-off grade for this type of mining method is close to 0.5% copper, similar
to the defined boundaries of the high-grade mineralised domains.
· A review is also ongoing with regards to some surface at stabilisation
work and block caving mining methods, both of which are considered to
identified mining options which would have economic cut-off closer to the
reported Mineral Resource of 0.2% copper.
Metallurgical factors or assumptions
· The basis for assumptions or predictions regarding metallurgical
amenability. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider potential
metallurgical methods, but the assumptions regarding metallurgical treatment
processes and parameters made when reporting Mineral Resources may not always
be rigorous. Where this is the case, this should be reported with an
explanation of the basis of the metallurgical assumptions made.
· Test work for the multiple mineralisation types over various grade ranges
have been completed at both ALS laboratory in Perth and Brisbane Met Labs.
The results from this test work identified that high copper and gold
recoveries (95% and 77% respectively) are possible from the MCB copper
mineralisation using conventional floatation technology to recover a saleable
copper-gold concentrate (See CLA announcement dated 11 November 2025).
Environ-mental factors or assumptions
· Assumptions made regarding possible waste and process residue disposal
options. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider the
potential environmental impacts of the mining and processing operation. While
at this stage the determination of potential environmental impacts,
particularly for a greenfields project, may not always be well advanced, the
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be
reported with an explanation of the environmental assumptions made.
· The MCB deposit exists within a relatively high mountain range with local
regions containing high topographic relief, ranging from 800m in the valleys
to over 1,300m at the surrounding mountain peaks.
· Work completed as part of the study announced by CLA on 1 December 2021
identified a number of mining options which are considered viable options for
the mining of the MCB deposit which take into account the environmentally
sensitive nature of the high mountain range and local environment at MCB.
· It is assumed at this stage that there are no additional impediments or
environmental controls which would prevent the proposed mining operation from
proceeding outside of the assumptions made in this release.
Bulk Density
· Whether assumed or determined. If assumed, the basis for the assumptions.
If determined, the method used, whether wet or dry, the frequency of the
measurements, the nature, size and representativeness of the samples.
· The bulk density for bulk material must have been measured by methods
that adequately account for void spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within the deposit.
· Discuss assumptions for bulk density estimates used in the evaluation
process of the different materials.
· Bulk density measurements were routinely taken throughout the drilling
campaign and are available for all the defined ore domains. The method used
to collect the specific gravity information for each drill hole is summarised
in the sampling and core management procedures report by by the company. These
procedures are summarised as follows:
o Specific gravity is determined by weighing a dry core sample in air and as
submerge in water.
o Two 10 to 15 cm long split core samples are collected from each sampling
interval, one near the start and the other near the end of the interval.
o Samples were weighed in air, weighed suspended in water, and weighed in
air again to determine its saturated weight.
· A review of the bulk density measurements identified that there is
minimal variability in the bulk density measurements, apart from some
generally lower values that exist closer to the surface, or within the top
100m from surface.
· Given that the basic statistics for specific gravity in each domain
showed very low standard deviation for both uncomposited and 2m composited
drill hole data, the mean specific gravity value for each domain was applied
as the default throughout the respective block model domains. These default
values were derived from the basic statistics of the drill hole data for each
ore domain.
Classification
· The basis for the classification of the Mineral Resources into varying
confidence categories.
· Whether appropriate account has been taken of all relevant factors (ie
relative confidence in tonnage/grade estimations, reliability of input data,
confidence in continuity of geology and metal values, quality, quantity and
distribution of the data).
· Whether the result appropriately reflects the Competent Person's view of
the deposit.
· Measured Mineral Resource Classification
o The updated Mineral Resource for MCB increased the confidence on the
Measured component of the 2025 Mineral Resource Estimate. The criteria for the
Measured Mineral Resource for each domain was based on search ellipse
parameters with a maximum direction length of 60m which was less than 60% of
the defined Sill distance for all the mineralised domains and corresponded to
an inflection point in the variogram within which the confidence level for the
continuity of the copper distribution is higher. Minimum selection criteria
for the Measured criteria also included a minimum of 8 samples from at least 2
drill holes and a maximum total of 18 samples derived from the 2m composited
data.
· Indicated Mineral Resource Classification
o The Indicated Resource for the MCB model was based on the second pass
which was defined by a search distance which is approximately the ~1.5x the
Sill distance based off the Variogram analysis for each domain. The additional
selection criteria for the Indicated category included minimum number of
samples of 4 and a maximum of 20 samples derived from the 2m composited data.
· Inferred Mineral Resource Classification
o The Inferred Mineral Resource was extended for twice the distances applied
to the Indicated Mineral Resource using a minimum of 2 samples and maximum of
10 samples defined for each block. Samples derived from only 1 drill hole
were required to fill the blocks for the Inferred category.
Audits or reviews
· The results of any audits or reviews of Mineral Resource estimates.
· No independent audit or review has been undertaken on the updated Mineral
Resource estimate for the MCB Project which is the subject of this JORC
Report.
Discussion of relative accuracy/ confidence
· Where appropriate a statement of the relative accuracy and confidence
level in the Mineral Resource estimate using an approach or procedure deemed
appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy of
the resource within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors that could affect
the relative accuracy and confidence of the estimate.
· The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the estimate
should be compared with production data, where available.
· The relative quality and detail associated with the drilling information
which underpins the Mineral Resource estimate for MCB is considered to be of
high standard. This has enabled the author to establish a high level of
confidence associated with the geological interpretations and definition of
the various ore domains.
· The analysis of the drill hole data statistics within each respective ore
domain has identified a relatively good correlation and consistency of assay
data for hundreds of meters, with some local variations being consistent with
what would be expected within a relatively large porphyry copper style of
mineral deposit.
· The current level of Measured, Inferred and Indicated Mineral Resource
estimates are considered appropriate relative to the data distribution and
confidence in the distribution of the copper and gold mineralisation.
1 ASX announcement 19 October 2022, 4 October 2022, 3 August 2022, 4 July
2022 and 23 May 2022
2 ASX/AIM announcement 6 October 2025
3 ASX announcement 12 January 2021
4 ASX announcement 12 December 2022
5 C1 costs include all direct costs in mining, processing, general and
administration, and selling (including freight).
6 ASX announcement 24 November 2020
7 ASX/AIM announcement 18 March 2024
8 ASX/AIM announcement 15 September 2025, 6 October 2025 and 28 February
2023
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