REG - Celsius Resources Ld - Quarterly Activities Report
30/01/2026 07:00
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RNS Number : 9783Q Celsius Resources Limited 30 January 2026
30 JANUARY 2026
Quarterly Activities Report
For the quarter ended 31 December 2025
MCB COPPER-GOLD PROJECT PROGRESSes TOWARDS A FINAL INVESTMENT DECISION
HIGHLIGHTS
Definitive Feasibility Study ("DFS") confirms a technically and economically
robust Maalinao-Caigutan-Biyong Copper-Gold ("MCB Project")
o Maiden Ore Reserves of 130.2Mt supporting a 35-year mine life
o Early high-grade production profile supporting average copper and gold
production of 26.5 ktpa and 40.2 kozpa and an average C1 cash cost of
US$0.41/lb Cu (net of by-product credits) over the first 10 years of operation
o Post-tax NPV((8%)) of US$771 million (~A$1.15 billion) and an IRR of 24%
based on conservative copper and gold prices of $4.30/lb Cu and US$3,000/oz Au
for 1(st) 9 years and US$7.0/lb Cu and $US4,500/oz Au thereafter
· Grant Samuel appointed as financial financier to support the co-ordination,
structuring and negotiation of an optimal funding package for the MCB Project
o Follows strong interest from international mining financiers, offtakers
and investment groups and the receipt of offtake, debt and equity proposals
· Fourth drawdown of bridge loan facility from the Philippine sovereign
wealth fund, Maharlika Investment Corporation ("MIC") used to support
completion of the MCB DFS
Celsius Resources Limited ("Celsius" or the "Company") (ASX, AIM: CLA) is
pleased to provide the following summary of the Company's activities for the
quarter ended 31 December 2025 ("Quarter").
Projects
Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB Project" OR THE "PROJECT"),
Philippines
The Definitive Feasibility Study ("DFS") for the MCB Project, owned by
Makilala Mining Company, Inc. ("MMCI"), Celsius' affiliate company in the
Philippines, was announced in January 2026 1 (#_ftn1) 2 (#_ftn2) .
The DFS confirmed a technically and economically enhanced MCB Project. It
was completed to a Class 3 level of estimate accuracy (typically up to ±15%),
consistent with industry standards and suitable for project financing and
execution purposes. The DFS follows a Scoping Study announced in December
2021 3 (#_ftn3) .
Key outcomes from the DFS included:
· Maiden JORC 2012 Compliant Ore Reserves estimate of 130.2Mt at an
average copper grade of 0.66% and a gold grade of 0.21g/t, which supports a
35-year mine life;
· Optimisation of the sub-level open stoping underground mine plan with
paste backfill;
· Decline with truck haulage used for initial access and early
production during the first three years, before transitioning to a vertical
shaft and hoisting system as the mine deepens to improve haulage efficiency,
reduce operating costs, and support higher production rates over the long
term;
· Identification of cost efficiencies across mining, processing,
tailings management, power supply and associated infrastructure;
· Additional geotechnical and hydrogeological investigations were
undertaken to refine design inputs, reduce technical uncertainty, reduce cost
and support the Project's development pathway
Commenting on the DFS, 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."
Key technical and financial DFS outcomes are set out in the table below.
Summary of Key Technical and Financial Outcomes
ITEM FIRST 10 YEARS 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 1,234 Mlbs
Total Gold Recovered 319 koz 507 koz
Copper Price for 1(st) 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 1st 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$771 M US$1.3 BN
IRR (Pre Tax) 28.5% 30.5%
IRR (Post Tax) 22.1% 24.1%
Payback from Start of Production(1) 4.7 Years 4.7 Years
LOM C1 Cost (net of by-product credits) US$0.41/lb Cu US$1.73/lb Cu
Note: The payback period increased from 2.67 years in the Scoping Study,
primarily due to higher sustaining capital associated with the implementation
of the vertical haulage system and related surface and underground
infrastructure. While continuation of the original truck haulage methodology
would have reduced sustaining capital requirements, it would have resulted in
materially higher operating costs over the life of mine, driven by increased
haulage distances and fuel price escalation, and would have adversely affected
the long-term economics and value of the Project.
Production Profile
The production profile is set out below.
2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Copper Concentrate t (,000's) 6 56 55 91 106 121 95 140 152 124 127 70 62
Copper (Mlbs) 3 28 34 46 54 61 48 71 77 63 64 36 31
Gold (koz) - 4 9 25 40 50 38 41 44 33 34 17 11
Note: Average production from 2041 onwards - Copper concentrate is 49,000
tonnes/annum, Copper metal is 25 million lbs and Gold 6,000 ounces.
Cashflow Profile
The projected cashflow profile of the MCB Project is set out below.
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
Pre-tax cashflow US$M -121.2 -109.8 -79 -28.5 20.1 133.9 211.6 268.6 188.9 293.3 327.8 643.2 476.6 205.8 152.7 165
Cumulative Pre-tax cashflow US$M -121.2 -231.0 -310.1 -338.5 -318.4 -184.6 27 295.6 484.5 777.8 1105.6 1568.8 2045.4 2251.2 2403.9 2568.8
Note: Average annual positive cashflow from 2042 is US$93.1 million per annum.
Capital Expenditure Profile
The profile for capital expenditure including up-front and sustaining capital
expenditure is shown below.
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
Initial Capex 118.6 109.8 47.7 0 0 0 0 0 0 0 0 0 0
Sustaining Capex 0 0 14.4 29.2 24.6 21.7 16.7 21.2 10.1 6.1 4.6 2.6 2.6
Note: Annual sustaining capital expenditure from 2037-2063 is US$2.58M per
annum.
Sensitivity Analysis
The sensitivity of the MCB Projects post-tax NPV((8%)) commodity prices, head
grade and costs is summarised below.
Post-tax NPV (8%) US$M -20% +20%
Total Capital Expenditure 836 771 706
Mining operating costs 855 771 688
Total operating costs 926 771 615
Recovery 391 771 1005
Head grade 391 771 1145
Metal prices 375 771 1162
The following table shows sensitivity to discount rates for the range of
commodity prices +/- 20% for Post-Tax NPV (US$M). Commodity price assumptions
are US$4.30/lb Cu and US$3000/oz Au for years 1 to 9 and US$7/lb Cu and
US$4500/lb Au from year 10 for Life-of-Mine.
Discount rate Commodity Prices changed by:
-20% -10% - +10% +20%
8% 375 577 771 966 1162
10% 248 411 568 724 883
12% 153 287 415 543 673
Geotechnical and Hydrogeological Drilling Campaign
The Geotechnical and Hydrogeological Drilling Program 4 (#_ftn4) was
completed with 13 boreholes drilled to a total depth of 1,802.65m.
Hydrogeological investigations conducted during the campaign included Lugeon
(packer) tests, standpipe installation, and infiltration tests to determine
rock mass permeability, groundwater conditions, and hydraulic conductivity
within the proposed mine area. The results of these tests served as key inputs
for slope stability evaluation, groundwater assessment, and the preliminary
design of mine and support infrastructure.
Geological and geotechnical core logging, sample selection and preparation for
geotechnical and geochemical analyses, and in-house Point Load Testing ("PLT")
were also undertaken. The generated data form part of the geotechnical
databases required for engineering design and project evaluation.
All geological, geotechnical, hydrogeological, and test pit data obtained from
the drilling campaign were validated and consolidated. The upgraded dataset
was utilised to refine the mine plan, update the Mineral Resource Estimate
("MRE"), the Mining Reserve and to support the DFS Report.
2025 Mineral Resource Estimate
On 24 November 2025 Celsius announced an updated 2012 JORC compliant MRE of
343Mt of 0.46% copper, and 0.12g/t gold, for a total of 1.6Mt of contained
copper and 1.4Moz of contained gold, reported to a cutoff grade of 0.20%
copper 5 (#_ftn5) .
The 2025 MRE incorporates drilling completed since late 2022, significantly
enhancing confidence in the resource base. This additional drilling has
strengthened the Measured category, confirming the continuity of copper
mineralisation across key areas.
Recent programs have also refined the boundaries of mineralised zones,
providing a clearer understanding of the orientation and continuity of
higher‑grade domains (Type 1HGV). Further diamond drilling has delineated
shallow high‑grade copper mineralisation (Type 1HGH), resulting in improved
grade distribution at higher cut‑off grades. Overall, the 2025 MRE reports
an increase of 5 Mt containing 14 kt of copper compared with the 2022
estimate.
In parallel, the weathering model has been updated, improving the definition
of shallow weathered material. This refinement eliminates the Inferred
category in weathered zones, thereby increasing confidence in near‑surface
tonnes. Given the potential for future mining and processing, the weathered
copper mineralisation has been retained within the updated MCB Project MRE.
Table 1. Summary Results for the updated MRE at MCB at a cut-off grade of
0.20% copper
Table 2. Comparison between the 2025 Mineral Resource and the 2022 Mineral
Resource at a cut-off grade of 0.20% copper 6 (#_ftn6)
Maiden Ore Reserve Statement
A Maiden JORC-Compliant Ore Reserve Estimate was announced on 12 December 2025
with an underground gross total Ore Reserves of 130.2Mt @ 0.66% Cu and 0.21g/t
Au, for 856kt of contained copper and 891 koz of contained gold at a 0.84%
CuEq grade 7 (#_ftn7) .
The Maiden Ore Reserve Estimate was derived from the 2025 MRE and reflects the
technical and economic parameters developed to date through previous studies,
along with the ongoing DFS program.
Table 3. MCB Project Ore Reserve Estimate
The Ore Reserve forms the basis of the DFS mine plan and supports the ongoing
financing discussions with prospective partners and institutions.
Metallurgical Testwork
Metallurgical testwork show that the MCB Project can consistently produce
high-quality copper and gold. Over the first ten years of mine life, average
recoveries are expected to be about 95% for copper and 77% for gold, resulting
in a concentrate with around 25.5% copper and 5.5g/t gold, with very low
impurities. These results confirm that the project can reliably deliver
saleable copper-gold products using standard processing methods 8 (#_ftn8) .
SOCIAL DEVELOPMENT
A number of strategic social and economic initiatives were carried out for the
period to build the capacities of host community and drive development.
Stakeholder Engagement
Regular monthly meetings of the Barangay Balatoc-Council of Elders were held
to ensure that project updates were shared, risks addressed, and decisions
made transparently and collaboratively.
Community-Based Skills Training
Another batch of 25 trainees from the Balatoc community completed the
Technical Education and Skills Development Authority ("TESDA") Carpentry
National Certificate Level II (NCII) Training. The next step is to earn their
NCII Assessment and Certification which will signify that completers have
attained foundational, intermediate competency in carpentry, making them
employable locally and internationally. The training not only enhances
individual employability but also contributes to building a stronger pool of
skilled workers within the community. By attaining nationally recognised
certification, these graduates are now better positioned to access livelihood
opportunities, support their families, and contribute to local economic
growth.
With this latest batch, the total number of program completers has reached
155, underscoring the Company's sustained commitment to capacity-building and
workforce development in Balatoc. This also reflects the program's long-term
impact in empowering community members through practical skills training and
creating pathways toward sustainable employment 9 (#_ftn9) .
Educational Assistance and Scholarship
The second tranche of the Community Educational Scholarship and Assistance
Program has been released, benefiting 231 students, alongside the sustained
provision of monthly allowances to two scholars, ensuring their academic
pursuits remain supported.
Twelve reviewees who were provided support through the program successfully
passed various licensure examinations administered by the Philippine
Regulation Commission. This accomplishment reflects not only the dedication
and perseverance of the reviews but also the effectiveness of the assistance
extended by the program. By helping these individuals achieve professional
certification, the initiative has contributed to enhancing career
opportunities, strengthening the local talent pool, and fostering community
development. The success of these reviewees serves as a testament to the
program's role in empowering individuals and creating long-term benefits for
both the participants and the broader community.
Table 4. Breakdown of PRC Licensure Examination Board Passers
Type of Exam No. of Passers
Medical Technology Licensure Exam 1
Criminology Licensure Exam 1
Licensure Exam for Social Workers 1
Nursing Board Exam 5
Licensure Exam for Teachers 4
Total 12
Medical Mission
MMCI partnered with the Municipal Health Office of Pasil to deliver a Medical
Mission in Barangay Balatoc. The initiative provided essential healthcare
services to more than 200 residents, addressing both immediate medical needs
and long-term wellness. Community members benefited from a wide range of
services, including general medical consultations, dental care, minor surgical
procedures and blood-letting activities. To further support overall health,
medicines and vitamins were distributed to patients, ensuring continuity of
care beyond the mission itself.
ENVIRONMENTAL MANAGEMENT
MMCI engaged HMD Systems & Standards Specialist Circle to conduct a Gap
Assessment in preparation for ISO 14001:2015 certification. The assessment
evaluated MMCI's compliance with ISO 14001:2015 requirements, reviewed
documentation and operational controls, and highlighted areas for enhancement.
Findings confirmed that no critical or major issues were present; only minor
gaps and opportunities for improvement were identified, reinforcing the
organisation's commitment to continual improvement of its Environmental
Management System.
ANCILLARY PERMITS
Tree-Cutting Permit
All documentary requirements for the application of a tree‑cutting permit
have been formally submitted to the Department of Environment and Natural
Resources ("DENR"). The submission package includes site plans, environmental
impact assessments, and supporting compliance documents to demonstrate
adherence to regulatory standards. This step marks a key milestone in securing
the necessary approvals for land preparation and construction activities. The
project team is now coordinating with DENR officials to facilitate the review
process, address any clarifications, and ensure timely issuance of the permit
in alignment with project schedules.
FUNDING SUPPORT
The MCB Copper-Gold Project continues to benefit from the financial backing
through the Maharlika Investment Corporation's bridge loan facility, ensuring
uninterrupted progress. MMCI has drawn US$7.5 million of the US$10 million
First OLSA to fund MMCI's MCB Project-related activities 10 (#_ftn10) .
GRANT SAMUEL APPOINTED AS FINANCIAL ADVISER
In January 2026, Grant Samuel Capital Advisory Pty Limited ("Grant Samuel")
was appointed to assist Celsius' management and Board in the coordination of
an integrated financing process and the structuring and negotiation of an
optimal funding package for the MCB Project 11 (#_ftn11) .
The appointment follows strong interest from international mining financiers,
offtakers and investment groups and the receipt of offtake, debt and equity
proposals.
Bardin Davis was also engaged as a consultant to the Board on matters of
strategy, financing and project development.
BOTILAO COPPER-GOLD PROSPECT
MMCI is awaiting the formal issuance of its renewed tenement permit following
the submission of the revised Exploration, Environment, and Community
Development Programs.
Opuwo Cobalt Project, Namibia
As disclosed previously to the market, the Company has opened its data room to
parties interested in acquiring the Company's Opuwo Cobalt project in Namibia
("Opuwo"). Several parties have expressed interest in acquiring the Project
and are continuing with their due diligence. As of the date of this report, no
binding agreement has been reached and, although discussions are continuing,
there can be no certainty that any binding agreement will be reached or the
timing of any such agreement.
The Opuwo tenement permit EL4346 is due for renewal. The Company has lodged
the necessary documentation to have the permit renewed with the Ministry of
Mines. The tenement remains active until such time that it is renewed by the
Ministry of Mines and the Company is continuing discussions on the renewal
process with the Namibian authorities.
SAGAY Copper-Gold Project, Philippines
Tambuli Mining Company, Inc. ("TMCI"), a wholly owned Philippine subsidiary of
Celsius in the Negros Islands, continues to work with the DENR's Environmental
Management Bureau on the evaluation and approval of its Environmental Impact
Statement ("EIS") for the Sagay Copper-Gold Project ("Sagay Project").
The EIS is a critical requirement for securing an Environmental Compliance
Certificate ("ECC"), under the Philippine Mining Act of 1995 12 (#_ftn12) .
Obtaining the ECC will validate the Sagay Project's development plans and
engineering designs, as outlined in TMCI's Declaration of Mining Project
Feasibility, are technically sound, environmentally sustainable, and socially
acceptable.
Cullarin West Project, NSW
The Company is in the process of relinquishing its interest in this
project 13 (#_ftn13) . No development activities were conducted during the
quarter.
Corporate AND EXPENDITURE
On 12 November 2025, the Company announced it had successfully completed and
closed a placement on AIM, a market operated by the London Stock Exchange plc,
to raise gross proceeds of £0.53 million. The Placement has raised, in
aggregate, gross proceeds of approximately £0.53 million through the placing
of 106,000,000 new Ordinary Shares to new and existing shareholders, and
institutional investors in the United Kingdom and Australia, at a price of 0.5
pence per share 14 (#_ftn14) .
The Company held its Annual General Meeting ("AGM) on 26 November 2025. Post
the AGM Julito ("Sarge") Sarmiento retired as Executive Chairman, and
Attilenore Manero resigned as Non-Executive Director of the Company 15
(#_ftn15) . The Company is continuing its search for a new Chair and
shareholders will be updated further at the appropriate time.
Cash Position
At the end of the quarter, the Company held approximately A$2.1 million in
cash reserves, of which A$1.1 million was held in MMCI.
ASX ADDITIONAL INFORMATION
The Company provides the following information pursuant to ASX Listing Rule
requirements:
· ASX Listing Rule 5.3.1:
Approximately A$4.6 million was spent on exploration expenditure during the
quarter, primarily relating to the development of the MCB and Sagay Projects.
· ASX Listing Rule 5.3.2:
Nil was spent on mine production and development activities during the
quarter.
· ASX Listing Rule 5.3.5:
The Company advises that there were approximately A$601k in payments made to
related parties of the Company and their associates during the quarter for
Director and consultancy fees, of which A$464k was paid by MMCI using funds
advanced from MIC,
Tenement Table: ASX Listing Rule 5.3.3 Mining tenement interests held at the
end of the quarter and their location
PERMIT PERMIT REGISTERED HOLDER / APPLICANT PERMIT STATUS PERMIT EXPIRY INTEREST / CONTRACTUAL RIGHT
NAME
NUMBER
New South Wales
Cullarin West EL 8996 Cullarin Metals Pty Ltd Granted 17/08/2026 100%
Namibia
Opuwo EL 4346 Gecko Cobalt Holdings Granted 10/10/2025 95%
Philippines
Maalinao-Caigutan-Biyog MPSA-356-2024-CAR Makilala Mining Company Inc. Granted 13/03/2049 40%
Botilao EP-011-2023-CAR Makilala Mining Company Inc. Awaiting issuance of permit renewal 29/09/2025* 40%
Panaon EXPA-000127-VIII PDEP, Inc. Complying with further requirements TBA 100%
Sagay EP-000003-VI Tambuli Mining Company Inc. Granted Automatic extension until the approval of the DMPF/MPSA 100%
* December 2025 is the target issuance of the first renewal.
The mining tenement interests acquired during the quarter and their location:
Nil.
Beneficial percentage interests held in farm-in or farm-out agreements at the
end of the quarter:
Not applicable.
Beneficial percentage interests in farm-in or farm-out agreements acquired or
disposed of during the quarter:
Nil.
This announcement has been authorised by the Board of Directors of Celsius
Resources Limited.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018.
For further information contact:
Celsius Resources Limited
Neil Grimes P: +61 8 9324 4516
E: info@celsiusresources.com.au (mailto:info@celsiusresources.com.au)
W: www.celsiusresources.com (http://www.celsiusresources.com)
Multiplier Media
(Australian Media Contact)
Jon Cuthbert M: +61 402 075 707
E: jon.cuthbert@multiplier.com.aujon.cuthbert@multiplier.com.au
Zeus
(Nominated Adviser & Broker) P: +44 (0) 20 3 829 5000
Harry Ansell/James Joyce/James Bavister
Zeus Capital Limited ("Zeus") is the Company's Nominated Adviser and is
authorised and regulated by FCA. Zeus's responsibilities as the Company's
Nominated Adviser, including a responsibility to advise and guide the Company
on its responsibilities under the AIM Rules for Companies and AIM Rules for
Nominated Advisers, are owed solely to the London Stock Exchange. Zeus is not
acting for and will not be responsible to any persons for providing
protections afforded to customers of Zeus nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
Compliance Statements
For the information in this announcement that relates to exploration results
that have been previously released to ASX, the Company confirms that it is not
aware of any new information or data that materially affects the information
included in the original ASX announcement and that all material assumptions
and technical parameters continue to apply.
The Company confirms that it is not aware of any new information or data that
materially affects the Mineral Resource Estimate for the MCB 16 (#_ftn16)
Project, the Sagay 17 (#_ftn17) Project or the Opuwo 18 (#_ftn18) Project.
The Company also confirms that all material assumptions and parameters
underpinning the Mineral Resource Estimate continue to apply and have not
materially changed. The form and context in which the relevant Competent
Person's findings are presented have not been materially modified from the
original document.
The Company confirms that it is not aware of any new information or data
that materially affects the Ore Reserve Estimate for the MCB Project 19
(#_ftn19) . The Company also confirms that all material assumptions and
parameters underpinning the Ore Reserve Estimate continue to apply and have
not materially changed. The form and context in which the relevant Competent
Person's findings are presented have not been materially modified from the
original document.
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.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Celsius Resources Limited
ABN Quarter ended ("current quarter")
95 009 162 949 31 December 2025
Consolidated statement of cash flows Current quarter Year to date (6 months)
$A'000
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for - -
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (505) (754)
(e) administration and corporate costs (1,027) (1,390)
1.3 Dividends received - -
1.4 Interest received 1 2
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other (provide details if material) - -
1.9 Net cash from / (used in) operating activities (1,531) (2,142)
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment (16) (123)
(d) exploration & evaluation (4,670) (9,037)
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal of: - -
(a) entities
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
(f) mine development (see note 6) - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received - -
2.5 Other (provide details if material) - -
2.6 Net cash from / (used in) investing activities (4,686) (9,160)
3. Cash flows from financing activities 1,069 1,069
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities - -
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity securities or convertible debt (86) (86)
securities
3.5 Proceeds from borrowings 5,033 8,215
3.6 Repayment of borrowings - -
3.7 Transaction costs related to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (provide details if material) - -
3.10 Net cash from / (used in) financing activities 6,016 9,198
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 2,390 4,369
4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,531) (2,142)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (4,686) (9,160)
4.4 Net cash from / (used in) financing activities (item 3.10 above) 6,016 9,198
4.5 Effect of movement in exchange rates on cash held (38) (114)
4.6 Cash and cash equivalents at end of period 2,151 2,151
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash
$A'000
$A'000
flows) to the related items in the accounts
5.1 Bank balances 982 894
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (held by MMCI) 1,169 1,496
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 2,151 2,390
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included 215*
in item 1
6.2 Aggregate amount of payments to related parties and their associates included 386*
in item 2
- Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation for, such
payments.
* - $464,000 paid by MMCI.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements
$A'000
$A'000
available to the entity.
Add notes as necessary for an understanding of the sources of finance
available to the entity.
7.1 Loan facilities 24,963 10,959
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities - -
7.5 Unused financing facilities available at quarter end 14,004
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
Sha
re
Pla
cem
ent
Agr
eem
ent
,
Cel
siu
s
and
Pat
ras
hav
e
ent
ere
d
int
o a
Com
mit
ted
Equ
ity
Fac
ili
ty
Agr
eem
ent
whi
ch
wil
l
pro
vid
e
Cel
siu
s
wit
h a
fur
the
r
fun
din
g
fac
ili
ty
Cel
siu
s
is
not
req
uir
ed
to
dra
w
dow
n
on
the
Fac
ili
ty
and
the
re
is
no
min
imu
m
amo
unt
con
tem
pla
ted
.
The
Fac
ili
ty
ena
ble
s
the
Com
pan
y
to
con
dit
ion
all
y
acc
ess
fur
the
r
cap
ita
l
to
fun
d
its
pro
jec
t
por
tfo
lio
in
the
Phi
lip
pin
es
and
the
Com
pan
y's
ong
oin
g
wor
kin
g
cap
ita
l.
The
Fac
ili
ty
is
str
uct
ure
d
so
tha
t
the
tim
ing
of
any
or
all
dra
wdo
wns
(an
d
the
ref
ore
an
acc
ept
abl
e
iss
ue
pri
ce
of
any
sha
res
iss
ued
und
er
the
agr
eem
ent
)
are
ent
ire
ly
at
Cel
siu
s'
dis
cre
tio
n.
The
fac
ili
ty
mat
ure
s
in
Sep
tem
ber
202
6.
Und
er
the
ter
ms
of
the
Fac
ili
ty,
Cel
siu
s
may
,
at
its
dis
cre
tio
n,
pla
ce
new
ord
ina
ry
sha
res
in
the
Com
pan
y
wit
h
Pat
ras
up
to
a
tot
al
of
A$1
0
mil
lio
n
ove
r
the
nex
t
24
mon
ths
.
Cel
siu
s
may
dra
w
in
tra
che
s
of
up
to
A$5
mil
lio
n
at
its
ful
l
dis
cre
tio
n,
and
up
to
A$3
mil
lio
n
wit
h
mut
ual
con
sen
t
whi
ch
may
be
fur
the
r
inc
rea
sed
by
up
to
15%
by
Pat
ras
.
The
Fac
ili
ty
may
be
ter
min
ate
d
by
the
Com
pan
y
pri
or
to
com
ple
tio
n
of
the
two
-ye
ar
ter
m
wit
hou
t
pen
alt
y,
and
the
Fac
ili
ty
doe
s
not
res
tri
ct
Cel
siu
s
obt
ain
ing
any
for
m,
or
com
bin
ati
on,
or
equ
ity
or
deb
t
fin
anc
ing
fro
m
thi
rd
par
tie
s
or
any
oth
er
sou
rce
.
For
eac
h
pla
cem
ent
und
er
the
Fac
ili
ty,
Cel
siu
s
can
nom
ina
te
a
pri
ce
in
whi
ch
it
is
wil
lin
g
to
pla
ce
sha
res
to
Pat
ras
(or
its
nom
ine
e)
pro
vid
ed
it
is
not
bel
ow
A$0
.01
per
sha
re
("N
omi
nat
ed
Pri
ce"
).
The
ult
ima
te
pla
cem
ent
pri
ce
how
eve
r
sha
ll
be
95%
of
the
hig
her
of
the
Nom
ina
ted
Pri
ce,
or
the
"Ma
rke
t
Pri
ce"
(be
ing
the
5
day
VWA
P
of
Cel
siu
s
sha
res
(fo
r 5
day
s
nom
ina
ted
by
Pat
ras
)
ove
r
the
30
day
tra
din
g
per
iod
fol
low
ing
the
iss
ue
of
a
pla
cem
ent
not
ice
to
Pat
ras
("P
ric
ing
Per
iod
"))
.
Pat
ras
may
red
uce
the
cas
h
amo
unt
pay
abl
e
in
a
tra
nce
req
ues
ted
by
Cel
siu
s
by
up
to
1/3
0
for
eac
h
tra
din
g
day
dur
ing
the
Pri
cin
g
Per
iod
of
whi
ch
the
VWA
P
is
equ
al
or
les
s
tha
n
the
Nom
ina
ted
Pri
ce.
Mor
e
det
ail
on
the
Ter
ms
and
Con
dit
ion
s
of
the
Cel
siu
s
agr
eem
ent
can
be
fou
nd
in
the
ASX
ann
oun
cem
ent
Cor
por
ate
Fun
din
g
Upd
ate
on
16
Sep
tem
ber
202
4.
Mah
arl
ika
Inv
est
men
t
Cor
por
ati
on
("M
IC"
)
has
pro
vid
ed
a
bri
dge
loa
n
fac
ili
ty
of
up
to
USD
76.
4
mil
lio
n
("F
aci
lit
y")
to
Mak
ila
la
Min
ing
Com
pan
y,
Inc
.
("M
MCI
")
a
sub
sid
iar
y
of
the
Com
pan
y,
to
fun
d
the
Maa
lin
ao
-Ca
igu
tan
-Bi
yog
Cop
per
-Go
ld
Pro
jec
t
("M
CB"
or
the
"Pr
oje
ct"
).
US$
10
mil
lio
n
is
ava
ila
ble
und
er
the
Fir
st
OLS
A
for
nin
e
(9)
mon
ths
fro
m
sig
nin
g,
wit
h
fun
din
g
tie
d
to
the
sat
isf
act
ory
com
ple
tio
n
of
the
FEE
D /
upd
ate
d
FS.
The
fac
ili
ty
is
sec
ure
d
by
a
Sec
uri
ty
Pac
kag
e
and
the
int
ere
st
rat
e
is
12.
5%.
Mor
e
det
ail
on
the
Ter
ms
and
Con
dit
ion
s
of
the
Fac
ili
ty
can
be
fou
nd
in
the
ASX
ann
oun
cem
ent
MCB
Pro
jec
t
sec
ure
s
fun
din
g
to
jum
pst
art
dev
elo
pme
nt
on
24
Feb
rua
ry
202
5.
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (1,531)
8.2 (Payments for exploration & evaluation classified as investing activities) (4,686)
(item 2.1(d)) (item 2.2 (f))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (6,217)
8.4 Cash and cash equivalents at quarter end (item 4.6) 2,151
8.5 Unused finance facilities available at quarter end (item 7.5) 14,004
8.6 Total available funding (item 8.4 + item 8.5) 16,155
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.6
No
te
:
if
th
e
en
ti
ty
ha
s
re
po
rt
ed
po
si
ti
ve
re
le
va
nt
ou
tg
oi
ng
s
(i
e
a
ne
t
ca
sh
in
fl
ow
)
in
it
em
8
.3
,
an
sw
er
it
em
8
.7
as
"N
/A
".
Ot
he
rw
is
e,
a
fi
gu
re
fo
r
th
e
es
ti
ma
te
d
qu
ar
te
rs
of
fu
nd
in
g
av
ai
la
bl
e
mu
st
be
in
cl
ud
ed
in
it
em
8.
7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not?
Answer: N/A
8.8.2 Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those
steps and how likely does it believe that they will be successful?
Answer: N/A
8.8.3 Does the entity expect to be able to continue its operations and
to meet its business objectives and, if so, on what basis?
Answer: N/A
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 30 January 2026
Authorised by: The Board of Celsius Resources
Limited..................................................................................
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's activities
for the past quarter, how they have been financed and the effect this has had
on its cash position. An entity that wishes to disclose additional information
over and above the minimum required under the Listing Rules is encouraged to
do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities, depending
on the accounting policy of the entity.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If it has
been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as complying with
recommendation 4.2 of the ASX Corporate Governance Council's Corporate
Governance Principles and Recommendations, the board should have received a
declaration from its CEO and CFO that, in their opinion, the financial records
of the entity have been properly maintained, that this report complies with
the appropriate accounting standards and gives a true and fair view of the
cash flows of the entity, and that their opinion has been formed on the basis
of a sound system of risk management and internal control which is operating
effectively.
1 (#_ftnref1) ASX/AIM Announcement 23 January 2026.
2 (#_ftnref2) Celsius has 40% working interest in MCB following it
conditionally agreeing to transfer a 60% working interest to Sodor Inc.,
subject to certain conditions, which remain outstanding. See ASX/AIM
Announcement 20 March 2023.
3 (#_ftnref3) ASX/AIM Announcement 1 December 2021
4 (#_ftnref4) ASX/AIM Announcement 11 June 2025
5 (#_ftnref5) ASX/AIM Announcement 24 November 2025
6 (#_ftnref6) ASX Announcement 12 December 2022
7 (#_ftnref7) ASX/AIM Announcement12 December 2025
8 (#_ftnref8) ASX/AIM Announcement 11 November 2025
9 (#_ftnref9) ASX/AIM Announcement 7 October 2024
10 (#_ftnref10) ASX/AIM Announcement 24 February 2025
11 (#_ftnref11) ASX/AIM Announcement 9 January 2026
12 (#_ftnref12)
https://lawphil.net/statutes/repacts/ra1995/ra_7942_1995.html
13 (#_ftnref13) ASX/AIM announcement 31 January 2023
14 (#_ftnref14) ASX/AIM announcement 12 November 2025
15 (#_ftnref15) ASX/AIM Announcement 26 November 2025
16 (#_ftnref16) Refer to ASX announcement dated 24 November 2025 for an
updated JORC compliant Mineral Resource Estimate and the relevant Competent
Persons Statement.
17 (#_ftnref17) Refer to ASX/AIM announcement dated 6 February 2024 for the
updated Mineral Resource Estimate for the Sagay Project and the relevant
Competent Persons Statement.
18 (#_ftnref18) Refer to ASX announcement dated 1 July 2021 for the updated
Mineral Resource Estimate for the Opuwo Project and the relevant Competent
Persons Statement.
19 (#_ftnref19) Refer to ASX/AIM announcement dated 12 December 2025 for the
maiden JORC Ore Reserve Estimate and the relevant Competent Persons Statement.
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