News & Updates

• The Philippine Department of Environment and Natural Resources/Mines and Geosciences Bureau has granted Makilala Mining Company, Inc. and its potential investor Maharlika Investment Corporation’s request for extension to comply with the additional proof of financial capability as the remaining MPSA requirement.

Celsius Resources Limited (“CLA” or “Celsius”) (ASX, AIM: CLA) is pleased to announce that its Philippine affiliate, Makilala Mining Company, Inc. (“MMCI” or the “Company”), has been granted an additional six-month extension to submit further proof of financial capability for its flagship Maalinao Caigutan-Biyog Copper-Gold Project (“MCB” or the “Project”).

The Philippine Department of Environment and Natural Resources (“DENR”) and the Mines and Geosciences Bureau (“MGB”) recognised that MMCI had fulfilled the requirements of the National Commission on Indigenous Peoples’ Certification Precondition, which is one of the two conditions to its Mineral Production Sharing Agreement (“MPSA”) or Mining Permit1. In July and August 2024, MMCI and its potential investor, Maharlika Investment Corporation2 (“MIC”), submitted letters to the DENR/MGB requesting an extension to comply with the other MPSA requirement to show additional proof of financial capability.

While MIC and MMCI have been working closely and diligently to complete the due diligence and documentation needed for MIC’s investment in MMCI, MIC, as a government-owned and controlled corporation, must adhere to extensive legal procedures to secure the necessary regulatory approvals for the investment agreements.

The details of the proposed investment agreement will remain confidential and will be disclosed to shareholders once the drafted contracts are finalised and become binding.

In response to MMCI and MIC’s request, a one-time six-month extension, valid until March 13, 2025, was granted, subject to a third-party assessment commissioned by MIC, being submitted to the DENR/MGB on or before March 13, 2025, once the investment agreements are executed and become binding.

Celsius Executive Chairman Atty. Julito R. Sarmiento, said:

“Since the issuance of the mining permit for the Maalinao-Caigutan-Biyog (MCB) Project, MMCI has sparked strong interest from investors in the Philippines and abroad, underscoring the significant economic potential of the project. We are advancing discussions with MIC, whose potential investment as the Philippines’ sovereign fund, could be transformational for MMCI and the Philippine mining industry. As MIC navigates the extensive regulatory requirements and process, we have been granted a one-time, six-month extension to complete the necessary documentation to show additional proof of financial capability. The respective Boards and Management teams of Celsius and MMCI are working closely with MIC and relevant parties to complete the necessary due diligence and finalise the investment agreements that will deliver the best value for our shareholders and stakeholders. We look forward to updating you as we progress towards securing a strong partnership that supports our vision for long-term success.”

Read the full article here.