News & Updates

Celsius Resources Limited (“Celsius” or the “Company”) (ASX, AIM: CLA) and its Philippines affiliate company Makilala Mining Company, Inc. (“MMCI”) is pleased to announce results from the drilling program which commenced in June this year. The drilling program is focused on geo-technical and hydro-geological drilling and additional metallurgical test work. Results from the metallurgical testwork drilling has intercepted further high-grade mineralisation where predicted, including some further extensions to the previously interpreted high grade mineralisation.

The detailed assay results are shown in the tables below, and as stated by Peter Hume, our Country Technical Director,

This recent drill hole was completed to provide Ausenco and its mineral processing team with sufficient high-quality material from the MCB deposit so that further testwork can be completed to reaffirm the process plant design. With these new higher-grade intercepts, we have further confidence that our mine plan, development and operating strategy will deliver the best value for the Project, our investors, shareholders and the community.

The Philippines National Water Resources Board has issued a Conditional Water Permit for the next twelve months, which covers the start of our construction of the Maalinao-Caigutan-Biyog Copper-Gold Project (“MCB Project”).

The feasibility study update continues on schedule and the Company recently received the interim study report from Ausenco. The report confirmed the work that has been progressed since June, which pointed to enhancements in the site layout, underground mine design, process plant design and materials handling, which are likely to result in improved operating costs and an overall improvement in project economics. When combined with updated commodity price forecasts, the feasibility study financial model is expected to show an overall improvement in the project’s valuation. When the studies have been completed, an updated JORC Mineral Resource Estimate, Mining Reserve statement and Feasibility Study can be published. In parallel, the Front-End Engineering Design (“FEED”) study is advancing detailed engineering, ESG initiatives, sustainability, environmental stewardship, and social responsibility to support lasting value and meet to stakeholder expectations. The current scope of work is expected to be completed in December.

Drilling Results

The recently completed metallurgical test hole returned results that were higher than anticipated when compared to the resource model, confirming the presence of consistent high-grade copper mineralisation. The hole intersected a continuous interval of 113.1 metres from 8.1 metres downhole, grading 1.32% Cu and 0.41 g/t Au, including a higher-grade zone of 54.6 metres from 60.4 metres grading 1.84% Cu and 0.74 g/t Au. These results provide strong support for the robustness of mineralisation within the targeted zone and will be incorporated into future metallurgical test work and resource evaluation.

As noted in the Company’s ASX/AIM announcement of 7 August 2025, Celsius and MMCI continue active discussions with a number of parties with regards to potential financing for the MCB Copper-Gold project.

Maharlika Investment Corporation (“MIC”) have provided initial financing from the First OLSA bridging loan and continues to express investment interest in in the MCB project4. Discussions with all interested investment parties, including MIC and Kiri Industries Limited are continuing, although there is no guarantee that discussions will lead to any definitive agreement.

The Company is focused on completion of the updated Feasibility Study and FEED program whilst securing the best possible financing solution for MCB project and the best possible value for Celsius shareholders. We continue to deliver on our commitments to The Philippines Government and our highly supportive Balatoc community, with whom we are confidently advancing the MCB project.

Ancillary Permitting Update

The Philippine National Water Resources Board (“NWRB”) has issued a Conditional Water Permit authorising MMCI to commence water use activities in support of the MCB Project’s development, subject to compliance with specific conditions. In accordance with the Water Code of the Philippines (PD 1067) and its Implementing Rules and Regulations, MMCI is required to install measuring devices and submit quarterly utilisation reports to the NWRB. These reports enable the NWRB to verify actual water withdrawals, assess the sustainability of the source, and ensure that project water use does not impair existing rights or deprive surrounding communities of their water needs. The issuance of a permanent water permit is contingent on satisfactory compliance with these monitoring and reporting requirements.

The Company remains committed to working diligently to meeting all regulatory requirements while safeguarding local water resources to secure full permit conversion.