REG - Celsius Resources Ld - MCB DFS confirms stronger economics
23/01/2026 07:02
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RNS Number : 0493Q Celsius Resources Limited 23 January 2026
ASX/AIM RELEASE
23 January 2026
MCB Definitive Feasibility Study confirms stronger economics
HIGHLIGHTS:
· The Definitive Feasibility Study (DFS) confirms a technically and
economically robust Maalinao-Caigutan-Biyog (MCB Project).
· Pre-tax NPV(8%) of US$1.3 billion (~A$1.98 billion) at an IRR of 31%
and Post-tax NPV (8%) of US$ 771 million (≈ AU$1.15 billion) at an IRR of
24% - based on long range conservative copper and gold prices of $4.30/lb Cu
and US$3,000/oz Au for first nine years then $7.0 USD/lb Cu and $4,500 USD/oz
Au for the succeeding years.
· At current spot price of US$6.00/lb Cu and US$4500/oz Au, the Pre-tax
NPV(8%) increases to US$1.9 billion (~AU$2.9 billion) - IRR 42% Post-tax
NPV(8%) US$1.2 billion (≈ AU$1.8 billion) - IRR 34%.
· Large-scale, high-quality resource base, with a JORC (2012) compliant
Mineral Resource of 343 Mt and a Maiden Ore Reserve of 130.2 Mt, underpinning
a 35-year mine life.
· Early high-grade production profile, with mining of a high-grade core
during the first 10 years and an average C1 cash cost (net of by-product
credits) of US$0.41/lb Cu driving strong early cash flow and EBITDA of ~US$230
million per annum in Years 1-10.
· Established and scalable mining strategy, utilising sublevel open
stoping ("SLOS") with paste backfill, decline access transitioning to a shaft
and hoisting system, supporting efficient long-term operations and the
company's strong ESG Goals.
· Identified growth optionality, including potential throughput
expansion to approx.3.0 Mt/y, staged surface material recovery, and resource
upside at depth, which is not yet included in the base-case valuation.
___________________________________________________________________________
Celsius Resources Limited ("Celsius" or the" Company") (ASX, AIM: CLA) is
pleased to announce the results of the Definitive Feasibility Study ("DFS")
for the Maalinao-Caigutan-Biyog Copper-Gold Project ("Project" or "MCB") which
is held under its Philippine affiliate Company, Makilala Mining Company., Inc.
("MMCI"). The MCB Project is owned and operated by MMCI and Celsius has 40%
working interest in MCB as Celsius conditionally agreed to transfer a 60%
working interest in the MCB Project to Sodor, Inc, subject to certain
conditions, which remain outstanding, as announced on 20 March 2023.
Celsius has reported, in accordance with the JORC Code (2012), a
JORC-compliant Mineral Resource totaling 343 Mt at 0.46% Cu and 0.12 g/t Au,
containing approximately 1.6 Mt of copper and 1.4 Moz of gold, and a Maiden
Ore Reserve of 130.2 Mt at 0.66% Cu and 0.21 g/t Au, containing approximately
856 kt of copper and 891 koz of gold. The Ore Reserve comprises 22.1 Mt of
Proven Reserves and 108.2 Mt of Probable Reserves and underpins the long-term
development plan for the Project 1 .
The DFS follows a scoping study announced in December 2021 and has been
prepared with a focus on optimising the underground mine plan, advancing the
process plant design, refining surface and underground infrastructure layouts,
and developing tender-ready early work packages. The selected mining method is
sub-level open stoping, reflecting the geometry and continuity of the
mineralisation and prevailing geotechnical conditions. Ore will be processed
through a conventional crushing, grinding and flotation concentrator,
producing a high-quality copper-gold concentrate.
The DFS also sought to identify cost efficiencies across mining, processing,
tailings management, power supply and associated infrastructure. In parallel,
additional geotechnical and hydrogeological investigations were undertaken to
refine design inputs, reduce technical uncertainty, and support the Project's
development pathway in compliance with the JORC Code (2012).
This announcement reflects the work undertaken by Ausenco 2 (Lead Engineer,
Process plant and surface infrastructure capital and operating costs), DMT
Consulting Limited 3 (Mining), MMCI, and their respective contractors and
consultants, as described and referenced throughout this release. It has been
prepared for the information of stakeholders and the broader investment
community, both domestic and international, and to support ongoing engagement
with existing and prospective investors.
An executive summary of the detailed DFS has been made available online, and
is accessible at: https://celsiusresources.com/announcements
(https://url.uk.m.mimecastprotect.com/s/aw7NCqYgzSOo5nrtZfQHEiZ_i?domain=celsiusresources.com)
.
Celsius Executive Director, Neil Grimes said:
"The MCB Definitive Feasibility Study marks a significant milestone,
positioning the MCB Project as a leading near-term copper-gold development
opportunity in the Philippines. The Study demonstrates a technically robust
and economically enhanced project, with competitive capital intensity and
operating costs. The Company is progressing funding and offtake discussions to
advance the Project toward a Final Investment Decision and construction."
The table below summarises the key physical and financial outcomes of the DFS,
which has been completed to a Class 3 level of estimate accuracy (typically up
to ±15%), consistent with industry standards and suitable for project
financing and execution planning. The outcomes are derived from engineering
and cost estimates developed predominantly on a first-principles basis,
supported by defined mine plans, process plant design, infrastructure layouts,
execution methodology and contractor benchmark inputs.
The table also highlights the economic significance of mining the high-grade
core zone during the initial 10 years of operation, which underpins the
Project's early cash flow profile and overall economic robustness. Key
technical and economic highlights are summarised as follows:
· Pre-tax NPV(8%) of US$1.3 billion (~A$1.98 billion) and an IRR of 31%
and Post-tax NPV (8%) of US$ 771 Million (≈ A$1.15 billion) and an IRR of
24%, assuming copper and gold prices of US$4.30/lb Cu and US$3000/oz Au for
first nine years then US$7.0 /lb Cu and US$4500/oz Au for the succeeding
years.
· At current spot price of US$6.00/lb Cu and US$4500/oz Au, the Pre-tax
NPV(8%) increases to US$1.9 billion (~AU$2.9 billion) - IRR 42% Post-tax
NPV(8%) US$1.2 billion (≈ A$1.8 billion) - IRR 34%.
· C1 Cash Cost during the first 10 years average US$0.41/lb Cu and LOM
average of US$1.73/lb Cu, net of credits.
· CAPEX of US$276 Million which includes US$ 26.5 Million in
contingency and US$15.1 Million in growth. This assumes a payback period of
4.7 years from start of production.
Table 1. Summary of Key Technical and Financial Outcomes
ITEM PREFERRED CASE FIRST 10 YEARS PREFERRED CASE LIFE OF MINE
Ore Mined 24.5 MT 89.7 MT
Copper Grade 1.08% 0.69%
Gold Grade 0.51 g/t 0.24 g/t
Copper Recovery 92.5% 89.7%
Gold Recovery 79.7% 72.6%
Mine Life 10 Years 35.3 Years
Process Plant Throughput 2.64 MTPA 2.64 MTPA
Average Annual Cu concentrate production (dry) 102.5 kt 66.0 kt
Total Copper Recovered 542 Mlbs 1234 Mlbs
Total Gold Recovered 319 koz 507 koz
Copper Price for first 9 Years (assumed) US$4.3/lb US$4.3/lb
Copper Price for remaining years US$7.0 /lb US$7.0 /lb
Gold Price For First 9 Years (assumed) US$3,000 /oz US$3,000 /oz
Gold Price for remaining years US$4,500 /oz US$4,500 /oz
Initial Capital US$276 M US$276 M
NPV (Post tax;8%) US$444 M US$771 M
NPV (Pre Tax;8%) US$771M US$1.3 B
IRR (Pre-Tax) 28.5% 30.50%
IRR (Post Tax) 22.1% 24.10%
Payback from start of production 4.7 Years 4.7 Years
LOM C1 Cost US$0.41 /lb Cu US$1.73 /lb Cu
MMCI Chief Operations Officer Patrique Jane Duran said:
"The completion of the DFS represents a major milestone and value inflection
point for the MCB Copper-Gold Project, confirming it as a long-life,
technically robust and finance-ready underground operation with strong
economics and a clear development plan. The DFS validates more than a decade
of technical work and provides a solid foundation for funding execution, and
long-term value creation.
Importantly, the DFS demonstrates a competitive cost structure, strong
margins, and early cash flow, from the substantial Ore Reserve and a
disciplined, risk-managed development strategy. Project optimisation
prioritises operational efficiency and delivery certainty in the early years,
while reducing the overall environmental footprint and preserving flexibility
as infrastructure is established and the operation matures, thereby supporting
both cost performance and environmental outcomes.
With the DFS now complete, the Company is focused on advancing funding
discussions, finalising execution planning and progressing toward a Final
Investment Decision. Management believes the MCB Project is well positioned to
deliver sustainable shareholder returns and to become a significant new
copper-gold producer in the Philippines, aligned with responsible mining and
ESG principles."
MCB Copper-Gold Project Location
The MCB Project covers an area of 2500 Ha in the Cordillera Administrative
Region in the Philippines, approximately 320km north of Manila. The MCB
Project is located in Barangay Balatoc, Municipality of Pasil, Province of
Kalinga. 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. (Figure 1).
The Mines and Geosciences Bureau ("MGB") issued the Mineral Production Sharing
Agreement ("MPSA") (MPSA-356-2024-CAR) to MMCI on 15 March 2024. The mining
permit covers an initial mine life of 25 years with the option for renewal for
a further 25years 4 .
Figure 1. Location of MCB Exploration Tenement area and associated drilling
related to the reported MRE.
Geology and Mineral Resource Estimate ("MRE")
The MCB Project hosts a large-scale porphyry copper-gold deposit. The MRE,
announced on 24 November 2025, is based on geological interpretation, surface
mapping and 60 diamond drill holes totaling 31,616.2 m completed by MMCI
between 2006 and 2025.
Mineralisation is associated with a tonalite intrusive and its contact with
surrounding mafic volcanic host rocks and is controlled by a dominant
north-east (~050°), near-vertical structural fabric. Mineralized domains have
been defined based on continuous copper-gold mineralisation aligned with
geological, structural and alteration controls. While minor epithermal-style
mineralisation occurs locally, the MRE is defined solely on a porphyry
copper-gold deposit model.
At depth, the system extends for up to 1 km along strike with true widths of
up to 280 m, while at shallower levels mineralisation is developed within
multiple overlapping domains of up to 600 m strike length and 150 m true
width.
The MRE has been reported at a 0.20% copper cut-off grade and classified as
Measured, Indicated and Inferred in accordance with the JORC Code (2012),
based on drill spacing, sample density and geological confidence.
Table 2. Summary results for the updated MRE at MCB at a cut-off grade of
0.20% copper 5 .
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.
Mining Summary
The MCB Project is a long-life underground copper-gold operation with a
current mine life of 35 years, based on the recently announced JORC Code
(2012) compliant Ore Reserve 6 (see Table 3).
Table 3. MCB Project Ore Reserve Estimates.
Gross Net Attributable
Tonnes Copper Grade (%) Gold Grade (g/t) Copper Equivalent Grade (%) Contained Cu (t) Contained Au (oz) Tonnes Copper Metal (t) Gold
Metal (oz)
Proven 22,074,084 0.90 0.34 1.19 197,563 244,136 8,829,634 79,025 97,654
Probable 108,198,583 0.61 0.19 0.77 658,929 647,031 43,279,433 263,572 258,812
Total 130,272,667 0.66 0.21 0.84 856,492 891,167 52,109,067 342,597 356,467
Note for table of results: Estimates have been rounded to two significant
figures for Cu and Au grade. 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.
The optimised 35-year mine plan schedules 90.0 Mt of Ore Reserve for
extraction. The remaining 40.3 Mt of Ore Reserve has been sterilised under the
current plan due to social boundary constraints, including areas located
beneath nearby communities and surface infrastructure where underground access
is currently limited.
Recovering this material would require significant additional underground
development which, under current assumptions, would reduce the project's Net
Present Value ("NPV").
This material remains part of the declared Ore Reserve and may provide future
value. Its potential extraction will be considered in later phases of the
operation, subject to mine plan optimisation, community engagement, and
confirmation of development access.
Mining will be undertaken using transverse SLOS with cemented paste backfill,
a method well suited to the orebody geometry and favourable geotechnical
conditions. Initial access and early production are established via a decline
with truck haulage during the first three years, followed by commissioning of
a vertical shaft and hoisting system that becomes the primary material
handling system as the mine deepens to improve haulage efficiency, reduce
operating costs, and support higher production rates over the long term (refer
Figure 2. Underground Mine Design). The access strategy balances early cash
flow with long‑term operational efficiency and reduced material handling
distances.
Figure 2. Image of stoping and decline development.
The base-case mining profile ramps up to approximately 2.28 Mt/y, increases to
~2.65 Mt/y for the majority of the mine life, and provides flexibility to
support a potential increase to ~3.0 Mt/y from around Year 10, leveraging
fully developed infrastructure to offset grade decline and sustain metal
production. Geotechnical and hydrogeological conditions are considered
manageable for long-term operations, and the Mineral Resource remains open at
depth, providing clear potential for future resource growth and mine life
extension.
Metallurgy and Process Plant Summary
Metallurgical testwork undertaken by MMCI across multiple ore types and
representative grade ranges confirms supports forecast average recoveries of
approximately 92.5% for copper and 79.7% for gold for years 1-10 into a
saleable copper-gold concentrate 7 . The process plant is designed to treat
underground run-of-mine sulphide ore at 2.28 Mt/y during Years 1-2, increasing
to ~2.65 Mt/y from Year 3 onward, with variability testwork indicating that
blending in the mine is required and planned for, and additional limited
capital may be required to manage locally harder basaltic ore. Ore mined by
transverse SLOS is delivered to surface via the shaft and winder system (via
truck haulage in Year 1-3) and processed through a conventional flowsheet
comprising SSAG milling, rougher flotation, regrind, cleaner flotation and
concentrate dewatering. Tailings are either returned underground as paste
backfill or placed in a dry-stack area after Tailings filtration, supporting
efficient and environmentally responsible operation.
Figure 3: Process plant, paste backfill plant and shaft/winder system
supporting underground ore delivery.
Non- Process Infrastructure
The non-process infrastructure ("NPI") for the MCB Copper-Gold Project has
been defined in accordance with JORC Code (2012) to support safe, reliable and
efficient construction and operations over the full life of the Project. NPI
comprises all facilities, utilities and services required for mine and plant
activities other than ore processing, including a consolidated site layout,
administration and accommodation facilities, medical facilities, workshops,
warehousing, laboratories, mine surface installations, and essential utilities
such as power distribution, water supply, wastewater treatment, fuel storage
and communications. Supporting infrastructure also includes site access and
grid power connection arrangements designed to meet operational, safety and
regulatory requirements. Logistics and concentrate export infrastructure,
including transport corridors and off-site handling facilities, is
incorporated into the Project execution plan to ensure reliable year-round
product shipment. All NPI elements have been sized based on the defined
construction and steady-state workforce, ensuring infrastructure is
appropriately scaled to support operations throughout the life of the Project.
Capital Cost Estimate
The capital cost estimate for the Project, excluding provisions for growth and
contingency is USD 234.5 million. A growth provision of USD 15.1 million was
added to the base estimate, in accordance with Ausenco's internal benchmarks
and guidelines. A contingency provision of USD 26.5 million, equivalent to
11.3% of the base estimate, was added based on the P50 estimate derived
from a Monte Carlo assessment to account for estimating and project-specific
risks.
The capital cost estimate for the Project inclusive of growth and
contingency is USD 276 million.
Table 4. Capital Cost Summary.
Key Areas Value Exc. Growth Growth Total Inc. Growth
USD M USD M USD M
Mining 30.8 0.7 31.5
Process Plant 74.0 7.2 81.2
Tailings Filtration & Handling 29.9 2.6 32.5
On Site Infrastructure 45.1 4.5 49.6
Off Site Infrastructure 20.7 0.0 20.7
Project Preliminaries 10.0 0.0 10.0
Project Delivery 10.3 0.0 10.3
Owner's Costs 13.7 0.0 13.7
Sub-Total Excluding Contingency 234.5 15.1 249.5
Contingency 26.5 0.0 26.5
Total 261.0 15.1 276.1
Operating Cost Estimate
A summary of the average annual LOM operating costs is shown
in Table 5 below.
Table 5: Operating Cost Summary and Cost Metrics.
Item USD USD/t
M/Year (mined)
Mining 48.8 18.9
Process 42.4 16.4
General and Administrative 4.9 1.9
Total OPEX 96.1 37.1
Operating cost estimates for the MCB Project were prepared by Ausenco on
behalf of MMCI, incorporating mining costs developed by DMT with owner's
general and administration costs (G&A), power and fuel pricing provided by
MMCI. The estimates have been developed to a Class 3 accuracy (±15%).
Mining, reagents, paste backfill binder, and dry-stack tailings operating and
sustaining capital costs have all been derived on a first-principles basis,
using defined mine plans, testwork-based consumption rates, quoted material
prices, contractor rates and fuel consumption.
Economic Evaluation
Strong project economics, delivering a post-tax NPV (8%) of US$771 million and
a post-tax IRR of 24.1%, with payback of 4.7 years from the commencement of
operations.
Life-of-mine revenue of ~US$8.95 billion, with approximately 79% derived from
payable copper and the balance from gold credits, supporting margin stability.
Robust cash generation, with LOM EBITDA of ~US$5.1 Billion, averaging
~US$144.6 Million per annum, and ~US$230 Million per annum during the first 10
years of production, reflecting early mining of higher-grade ore.
Cash cost (C1) during the first 10 years average US$0.41/lb Cu and LOM average
of US$1.73/lb Cu, net of credits. While the life-of-mine all-in sustaining
costs ("AISC") of ~US$1.91/lb Cu after gold credits. AISC represents the total
cost of producing copper, including mining, processing, site G&A,
sustaining capital, royalties, transport and refining, providing a
comprehensive measure of operating margin and cost competitiveness.
Resilient economics, with sensitivity analysis indicating the Project is most
sensitive to metal prices and head grade, and comparatively less sensitive to
operating and capital cost variations.
Figure 4: NPV Sensitivity Analysis of Key
Assumptions.
Figure 5: IRR Sensitivity Analysis of Key Assumptions.
The preferred case used an 8% real discount rate. Sensitivity to the discount
rate is shown on the table below:
Table 6: Pre-Tax and Post Tax Net Present Value results under different discount rates.
Discount Rate 8% 10% 12%
Post Tax NPV, M USD 772 568 416
Pre Tax NPV, M USD 1,323 1,005 768
Schedule Summary
The MCB Project is supported by a fully integrated engineering, procurement
and construction execution schedule, defining the development pathway from
Final Investment Decision ("FID") targeted for Q1 2026 through to
commissioning and first concentrate expected in Q2 and Q3 2028, respectively.
Early works and detailed engineering commence immediately post-FID, with
process plant construction scheduled to start in Q1 2027 and progressive
handover to commissioning from Q2 2028, supporting an orderly start-up and
ramp-up to steady-state operations.
Figure 6: MCB Project DFS Execution Schedule (Quarterly).
Opportunities
In addition to the robust base case defined in the DFS, the MCB Project
presents a number of identified, non-base-case opportunities that have the
potential to enhance production flexibility, sustain output and improve
overall Project value. These opportunities are incremental in nature, leverage
existing or planned infrastructure, and are not included in the current mine
plan or financial model, but provide optionality that may be evaluated and
progressed as the Project advances.
Surface Material Optionality
The current mine plan is underground-focused, and near-surface mineralisation
was not considered in the original mine planning. Weathered surface material
exposed during slope stabilisation and infrastructure works (particularly road
works) has been identified as a potential incremental mining opportunity and
is within the Mineral Resource Estimate and Ore Reserve Estimate but excluded
from the base case mine plan and financial model. The material occurs adjacent
to internal road alignments and within areas affected by required site
development activities and therefore represents an opportunistic recovery
option, rather than a change to the core underground mining strategy.
The identified surface material comprises approximately 0.9 Mt at an average
grade of 0.64% Cu and 0.11 g/t Au, interpreted as predominantly
transition-style mineralisation. Any potential recovery would be staged and
discretionary, providing ramp-up support or contingency feed, and would not
affect the early years of operation or the base life-of-mine schedule,
preserving flexibility while maintaining the robustness of the underground
base case.
Potential Production Increase
The current mine plan aligns with the process plant ramp-up, achieving
steady-state production of 2.28 Mt/y during the initial operating period of
three years, before increasing to 2.64 Mt/y for the majority of the mine life
as underground infrastructure is established. In the early years, production
rates are constrained by the progressive development of key capital
infrastructure, including haulage, ventilation and ore-handling systems. By
approximately Year 10, the primary underground infrastructure is fully
developed, and operational constraints are materially reduced. As higher-grade
stopes are depleting and feed grades declining, the Project presents a clear
opportunity to increase ore throughput to sustain concentrate production and
enhance project value. Preliminary assessments indicate that, subject to
further study, the existing process plant primarily could support an increase
to up to ~3.0 Mt/y, leveraging established mine infrastructure and potential
concentrator upgrades, while mineralisation remains open at depth, providing
additional long-term optionality.
Risk Management
Risk and opportunity management is an integral component of the DFS for the
MCB Project and embedded throughout the engineering and planning process.
Structured risk assessments and specialist reviews were used to inform mine
design, site layout, execution strategy and early works planning, resulting in
engineering solutions that reduce risk exposure, improve constructability and
schedule confidence, and enhance project value.
A number of risks identified early in the study have been mitigated through
design changes incorporated into the DFS, while opportunities relating to mine
optimisation, infrastructure staging and operational flexibility have been
captured and reflected in the capital estimate. At completion of the DFS, the
Project benefits from a clearly defined risk profile and a structured
framework for managing residual risks and opportunities, supported by detailed
risk registers and analysis.
Study Contributors
Ausenco served as the lead consultant for the DFS, managing and integrating
the work undertaken by MMCI and various third-party specialists as detailed in
Table 6 below.
Table 7. Definitive Feasibility Study Contributors
Primary Contributor Scope
Ausenco Services Pty Ltd Process plant design, surface infrastructure and earthworks design, capital
cost estimation, operating cost estimation, financial model compilation
Makilala Mining Company, Inc. Environmental, Social, Permitting, Operations and Owners and Handover planning
and General Administration. Financial Model review and taxation, royalties,
owners' costs
DMT Consulting Pty Ltd Optimized Underground Mine Design, mine cost estimates, JORC Compliant Ore
Reserve Estimate
Brisbane Met Labs Metallurgical Test Work
BMECs Pty Ltd., Australia (John Burgess) Metallurgy and recovery models, Process plant design inputs and review
Steven Olsen, CP Geology JORC Mineral Resource Estimate and Geology
Resource Development Consultants Limited Surface geotechnical report, Dry Stacking (tailings) area design, Freshwater
Intake Structure Design, GAF Retaining Wall Design
ALS Metallurgy Pty Ltd., Australia Metallurgical Test Work (2021 DFS)
DMT Brisbane, Australia Paste Plant Technical Report
Metso Outotec Thickening and tailings filtration testwork (2021 and 2025 DFS)
Quattro Project Engineering Backfill testwork
Compliance Statements
The Company confirms that it is not aware of any new information or data that
relates to previously reported Exploration Results, Ore Reserves and Mineral
Resources at the MCB Project. In respect of previously reported Mineral
Resource Estimates dated 24 November 2022, apart from additional data that has
been used in the 24 November 2025 MRE update, all originally reported material
assumptions and technical parameters underpinning the estimates continue to
apply and have not been materially changed or qualified. The form and context
in which the relevant Competent Person's findings are presented in ASX/AIM
announcements dated 24 November 2025 and 12 December 2025, have not been
materially modified from the original documents.
Competent Person Statement
Information in this report relating to the Ore Reserve Estimate is based on
information compiled, reviewed and assessed by the following Competent
Persons: Mr. Steven Olsen (Geology) from Global Geologica, Mr. John Burgess
(Metallurgy) from BMECS Pty Ltd, Mr. Florian Beier (Mining) From DMT, and Mr.
Matt Pyle (Process Plant and on-site infrastructure capital and operating
costs) from Ausenco Australia, who are all Members of the Australasian
Institute of Mining and Metallurgy. Each is a consultant through their
relevant companies to Makilala Mining Company, Inc., an affiliate of Celsius
Resources Limited, and has sufficient experience relevant to the style of
mineralisation, the type of deposit, and mining project under consideration,
the activities undertaken 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 (JORC Code) and to be considered as a
Qualified Person for the purposes of the AIM Rules.
This ASX announcement and accompanying DFS have been prepared in compliance
with the current JORC Code (2012) and the ASX Listing Rules. All material
assumptions on which the forecast financial information are based have been
included in the ASX announcement and accompanying DFS.
Definitions
Term Definition
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.
Dry-Stack Tailings Dry-stack tailings is a storage method where tailings are mechanically
dewatered to form a low-moisture, semi-solid cake that is transported, placed,
and compacted into a stable, stackable landform instead of being stored as a
slurry in a conventional tailings dam.
Epithermal vein deposit An epithermal vein deposit is a shallow, low-temperature mineral system formed
when hot, metal-rich fluids circulate near the Earth's surface and precipitate
gold, silver, and other metals within fractures and veins.
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.
Mine Recovery The proportion of ore successfully extracted during mining compared to the
in-situ resource, accounting for losses due to dilution, geotechnical
constraints, and mining method.
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
Ordinary Kriging A geostatistical estimation technique that predicts block grades by weighting
nearby sample data, assuming a constant but unknown local mean.
Ore Reserve The economically mineable portion of a Mineral Resource, defined by detailed
mine planning, applying modifying factors that demonstrate technical,
economic, and regulatory viability.
Porphyry Copper Deposit A large, disseminated copper system associated with porphyritic intrusive
rocks, characterised by broad alteration zones and low-grade but bulk-mineable
mineralisation.
Proven Reserves The highest confidence category of Ore Reserves, based on detailed and
reliable information, where geological continuity and modifying factors are
well established.
Probably Reserves The Ore Reserve category with lower confidence than Proven, derived from
Indicated Resources where geological and economic factors are reasonably
assumed but not fully confirmed.
Sublevel Open Stoping/SLOS An underground mining method where ore is extracted in large, vertical or
inclined stopes, accessed from multiple sublevels, typically requiring
drill-and-blast and remote mucking.
Tonalite A coarse-grained intrusive igneous rock composed mainly of plagioclase
feldspar with lesser quartz and amphibole, typically associated with
calc-alkaline magmatic arcs.
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.
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.
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
James Joyce/ James Bavister (Investment Banking)
Harry Ansell (Broking) P: +44 (0) 20 3 829 5000
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.
1 ASX/AIM announcements 24 November 2025 and 12 December 2025
2 ASX/AIM announcement 19 May 2025
3 ASX/AIM announcement 18 June 2025
4 ASX/AIM announcement 18 March 2024
5 Refer to ASX/AIM announcement dated 24 November 2025 including the
relevant Competent Person Statement
6 Refer to ASX/AIM announcement 12 December 2025 including the relevant
Competent Person Statement
7 ASX/AIM announcement 11 November 2025
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