Celsius Resources Limited Regulatory News (CLA)

31 Jul 2025 07:00

31 july 2025

Quarterly Activities Report for the quarter ended 30 June 2025

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

​

HIGHLIGHTS

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

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

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

Celsius Resources Limited ("Celsius" or the "Company") (ASX, AIM: CLA) is pleased to provide the following summary of the Company's activities for the quarter ended 30 June 2025.

Projects

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

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

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

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

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

MMCI has also engaged technical consultants DMT Consulting Ltd ("DMT") and Resource Development Consultants Ltd ("RDCL") to collaborate with Ausenco to progress the FEED and the Feasibility Study. DMT was contracted to update and optimise the MCB mineplan and detailed Hydrogeological Study, while RDCL will provide detailedGeotechnical interpretation analysis to support the planned surface infrastructure development of the MCB Project[5].

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

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

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

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

BOTILAO COPPER-GOLD PROSPECT

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

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

Opuwo Cobalt Project, Namibia

As disclosed previously to the market, the Company has been in early-stage discussions regarding a potential transaction with a strategic partner/s concerning the disposal of the Company's 95% interest in the Opuwo Cobalt Project in Namibia ("Opuwo Project")[7]. During the quarter, the Company continued to discuss transaction arrangements with Stewardship Investments (Pty) Ltd and has sought the interest of additional parties for disposal of the Company's 95% interest in the Opuwo Project. The Company reiterates that no binding agreement has been reached and, although discussions are continuing, there can be no certainty that any binding agreement will be reached or the timing of any such agreement.

SAGAY Copper-Gold Project, Philippines

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

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

Cullarin West Project, NSW

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

Corporate AND EXPENDITURE

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

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

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

Cash Position

At the end of the quarter, the Company held approximately A$4.456 million in cash reserves.

ASX ADDITIONAL INFORMATION

The Company provides the following information pursuant to ASX Listing Rule requirements:

· ASX Listing Rule 5.3.1:

Approximately A$1.589 million was spent on exploration expenditure during the quarter, primarily relating to the development of the MCB and Sagay Projects.

· ASX Listing Rule 5.3.2:

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

· ASX Listing Rule 5.3.5:

The Company advises that there were approximately A$440k in payments made to related parties of the Company and their associates during the quarter for Director and consultancy fees.

Tenement Table: ASX Listing Rule 5.3.3 Mining tenement interests held at the end of the quarter and their location

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:

Zeus Capital Limited ("Zeus") is the Company's Nominated Adviser and is authorised and regulated by FCA. Zeus's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Zeus is not acting for and will not be responsible to any persons for providing protections afforded to customers of Zeus nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Competent Persons Statement

Information in this report relating to Exploration Results and Mineral Resources for the MCB Project and the Sagay Project is based on information compiled, reviewed and assessed by Mr. Steven Olsen, who is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr. Olsen is a consultant to Celsius Resources Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Olsen consents to the inclusion of the data in the form and context in which it appears.

The information in this Report that relates to the estimate of Mineral Resources for the Opuwo Project is based upon, and fairly represents, information and supporting documentation compiled by Mr Kerry Griffin, a Competent Person, who is a Member of the Australian Institute of Geoscientists (AIG). Mr Griffin is a Principal Geology Consultant at Mining Plus Pty Ltd and an independent consultant engaged by Celsius Resources Pty Ltd for this work and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Mr Griffin consents to the inclusion in this announcement of matters based on his information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resource for the MCB[11] Project, the Sagay[12] Project or the Opuwo[13] Project. The Company also confirms that all material assumptions and parameters underpinning the Mineral Resource estimate continue to apply and have not materially changed.

Forward Looking Statements

Some of the statements appearing in this announcement may be in the nature of forward-looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which the Company operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement.

No forward-looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside the Company's control.

The Company does not undertake any obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of the Company's Directors, employees, advisors, or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as at the date of this announcement.