News & Updates

Celsius Resources Limited (“Celsius” or “CLA”) (ASX, AIM: CLA) is pleased to announce that its Philippine affiliate, Makilala Mining Company, Inc. (“MMCI” or the “Company”), has commenced on-site engineering activities this week for the Company’s flagship Maalinao-Caigutan-Biyog Copper-Gold Project (“MCB” or the “Project”).

This development follows the first drawdown of funds from the Maharlika Investment Corporation (“MIC”) under the First Omnibus Loan and Security Agreement (“OLSA”), previously announced on 17 June 2025. This marks a significant milestone as we advance towards completing the Front-End Engineering Design (“FEED”) and feasibility study update by around November this year.

Funding for the Company’s operations will continue to be carefully managed with a view to extending working capital for the remainder of 2025 at least. The drawdowns from the funding arrangements with MIC for the FEED and updating of the Feasibility Study and associated work programs are currently being funded from the OLSA facility and cover all MCB Project costs. Some MMCI corporate costs will continue to be paid by Celsius including administration related expenses, Sagay project and Botilao project expenses with both of these projects on significantly reduced programs.

In regard to the binding deed that the Company’s subsidiary Makilala Holding Limited (“MHL”) entered into with Sodor, Inc. (“SODOR”) on 17 March 20231, Celsius confirms that the share return period for SODOR has been formally extended, a process completed through the execution of an Undertaking and Indemnity Agreement. Celsius confirms that this extension provides an additional nine (9) months from the first OLSA signing date, which was on 16 May 2025, making it effective until 16 February 2026 (the “Extended Share Return Date”). The material terms of the arrangements with SODOR remain consistent with the conditions precedent announced on 24 February 2025.

The share issuances and SODOR’s payable amounts satisfactorily facilitated the issue of the Company’s Mining Licence2 under applicable Philippine regulations and therefore the issue of the OLSA for the development works to be financed and commenced in shareholders’ interest. The Company confirms that these arrangements will be reflected in the Company’s financial accounts as of 30 June 2025 in accordance with applicable accounting standards.

Under these terms, the return of shares issued to SODOR upon the Extended Share Return Date is contingent upon either (i) SODOR’s failure to pay MHL the aggregate price of the shares of MMCI; or (ii) PMR Holding Corp’s (“PMR”) failure to pay the subscription amount to Celsius’ wholly owned subsidiary PDEP Inc. Calling for the return of shares is at the discretion of the Company.

Celsius continues to advance discussions with interested parties with a view to finalising potential equity funding partners for the full funding of the MCB Project mining operations as efficiently and quickly as possible. The Company will keep shareholders updated on these matters, whilst the focus remains on maintaining capital discipline, safeguarding CLA’s financial position, and securing long-term value through a prudent and structured funding strategy.

Atty. Julito Sarmiento, CLA’s Executive Chairman said:

We are pleased to confirm that the MCB Project’s developments are continuing at pace. We are grateful for the support of our shareholders and financial partners MIC and SODOR, as we look forward to collaboratively concluding equity financing for the MCB Project in the coming months. In the meantime, we are conscious of the need for careful cost management throughout the CLA Group in advance of the completion of the equity financing for the MCB Project.