News & Updates

Celsius Resources Limited (“Celsius” or the “Company”) and its Philippines affiliate project company Makilala Mining Company Inc. (“MMCI”) is pleased to announce that  progress towards the updated Feasibility Study and Front-End Engineering & Design (“FEED”) continues on schedule. Supported by continued funding from Maharlika Investment Corporation (“MIC”), The Philippines Sovereign Wealth Fund, MMCI andthe Feasibility Study managers Ausenco of  Brisbane, Australia, are on track to reach the engineering half-way point and submit an interim study report to MIC by the end of August 2025.

The Feasibility Study update is being informed by the current on ground study work at the Maalinao-Caigutan-Biyog Copper-Gold Project (“MCB Project” or the “Project”) (Barangay Balatoc, Municipality of Pasil, Kalinga Province) testing capital cost assumptions, construction designs and schedules. The Feasibility Study is also applying current and future commodity price assumptions for Gold and Copper and foreign exchange rates.

and MMCI have been in active discussions with a number of parties with regard to project financing for the MCB Project. MIC have provided initial financing from the first omnibus loan and security agreement (“First OLSA”), terms and conditions of which can be found in the announcement on 24 February 2025, of the bridge loan facility and have expressed interest in an equity investment in the MCB Project. Subject to the completion of the interim FEED report, MMCI and MIC may enter into detailed investment discussions, however there is no certainty such discussions will be successful or that any discussions will result in an investment in the MCB Project. Several other parties have also expressed interest to invest in the MCB Project. Meetings have been hosted by the Company’s Project team with these various parties, focusing on the Project’s technical and financial aspects.

One of these parties, Kiri Industries Limited of Ahmedabad, India (“Kiri”), has signed and presented today a memorandum of undertaking (“MOU”) at the India-Philippine Business Forum in Bangalore, India, attended by the President of the Philippines, Ferdinand Marcos, Jr. who is on a state visit to India upon the invitation of the Prime Minister of India, Narendra Mohdi. This high-level and non-binding MOU contains no specific or definitive commercial terms of investment at this stage and outlines the basis upon which the parties intend to negotiate in good faith to reach agreement for a potential investment by Kiri in MMCI.

With regard to other interested parties, there have been discussions about both debt and equity, or combined debt and equity financing structures, including possible concentrates off-take and advance funding options. Discussions with all parties are intended to continue as the Kiri MOU is non-exclusive and non-binding at this stage. The Company reiterates that no binding agreement has been reached in relation to the potential investment by Kiri in MMCI or by any of the other interested funding parties. The Company cautions investors that an investment decision should not be made on the basis of any potential transaction. There can be no certainty that any binding agreement will be reached or the timing of any such agreement.

As per the terms of the First OLSA between MMCI and MIC, a second drawdown of funds has been transferred to continue the Feasibility Study update and FEED programs. An amount of USD 2 million is due to be transferred to MMCI this week. Total drawdowns from the MIC bridge loan facility to date amounts to USD 4 million, with USD 6 million remaining undrawn from the First OLSA as of 7 August 2025.

Throughout these discussions, the ongoing Feasibility Study and FEED programs, The Company’s focus has been on securing the necessary funding for the construction of the MCB Project. The Company continues to build strong foundations with the aim of creating long-term success and to ensure the Project is not only technically sound and financially robust, but also developed with clear regard for environmental responsibility, social alignment and sound governance. The overall program is intended to provide shareholders and the market with confidence on the Project and Company value. Celsius and MMCI remain firmly committed to commencing copper-gold concentrate production from the MCB Project before the end of 2027.

The Directors of Celsius remain committed to securing the best possible financing solution for the MCB Project and the best possible value for Celsius shareholders. The Company continues to deliver on its commitments to the Philippines Government and its highly supportive Balatoc community, with whom the Company are confidently advancing the MCB Project.