UPDATED MCB MINERAL RESOURCE ESTIMATE
HIGHLIGHTS
- Global Mineral Resource of 343Mt @ 0.46% Copper and 0.12g/t gold (0.2% Cu cut-off)
- 1.6 million tonnes of contained copper and 1.4 million ounces of contained gold
- Measured category of 49Mt @ 0.60% Cu and 0.19g/t Au (0.2% Cu cut-off)
- Total high-grade core of (0.5% copper cut-off) of 99 million tonnes @ 0.79% copper and 0.24g/t gold in the Measured and Indicated category
- Overall, the 2025 MRE has an additional 5Mt containing 14kt total copper compared with the 2022 MRE
Celsius Resources Limited (“Celsius” or “the Company”) (ASX,AIM:CLA) is pleased to announce an updated JORC compliant Mineral Resource Estimate (“MRE”) for the Maalinao-Caigutan-Biyog Copper-Gold Project (“Project” or “MCB”), held under its Philippine Affiliate Company, Makilala Mining Co., Inc. (“MMCI”) and located at the Island of Luzon in the Philippines (Figure 1).
The Global MRE is now 343 Mt of 0.46% copper, and 0.12g/t gold, for a total of 1.6 Mt of contained copper and 1.4 Moz of contained gold reported to a preferred lower cutoff grade of 0.2% copper.
The drilling during 2022 and 2025 was all within the boundaries of the prior Resource estimates for MCB (Released in 2021 and 2022. The drilling activity was to obtain samples for a metallurgical test work program to determine recoveries from years one (1) to five (5) of the mine life along with further geotechnical investigation of the
underground drilling to support an updated underground mine plan. This has allowed for an increase in the confidence level to the Measured category in addition to a refinement of the boundaries to the Mineral Resource. This revised MRE is being utilised for the delivery of the JORC mining reserve along with further increased confidence in the mine plan which will be included in the updated Feasibility Study and the front-end engineering (“FEED”) due for release in December 2025. Celsius has a 40% working interest in MCB. As announced on 20 March 2023 CLA has conditionally agreed to transfer a 60% working interest in MCB to Sodor, Inc, subject to certain conditions, which remain outstanding.
Makilala Technical Director Peter Hume said:
“While the focus of the recent drilling program was established to support the updating of the Feasibility Study and the FEED program, we were pleasantly surprised with further high-grade results.”
These results, along with the recently announced recoveries, will further underpin the MCB Project’s economic viability and will be the basis of the JORC mining reserve which is part of the updated Feasibility Study and FEED work program”
Changes to the MCB Mineral Resource Estimate
The 2025 MRE incorporates drilling completed by MMCI since late 2022, which has significantly improved confidence in the resource. Additional drilling has strengthened
the definition of the Measured category by confirming the continuity of copper mineralisation in key areas.
Recent drilling has also refined the boundaries of the mineralised zones and provided a clearer understanding of the orientation and continuity of higher-grade domains (Type 1HGV). Additional diamond drilling has further defined the shallow high-grade copper mineralisation (Type 1HGH), resulting in improved grade distribution at higher cut-off grades. Overall, the 2025 MRE has an additional 5Mt containing 14kt total copper compared with the 2022 MRE.
The weathering model has also been updated, improving the definition of shallow weathered material. This refined model removes the Inferred category in weathered zones, providing more confidence in these near-surface tonnes. With potential for future mining and processing of this material, the weathered copper mineralisation has been retained within the updated MCB MRE.
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