CLA Celsius Resources Limited

Celsius Resources Limited ("Celsius" or the "Company") (ASX, AIM: CLA) is pleased to provide the following summary of the Company's activities for the quarter ended 31 March 2024.

Projects

Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB Project"),
Philippines (40%)

Makilala Mining Company, Inc. ("MMCI"), a Philippine affiliate of Celsius in the Philippines, has been granted a Mineral Production Sharing Agreement ("MPSA" or "Mining Permit") with the Philippine Government for its flagship Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB Project") in the Cordillera Administrative Region[1].

The Mining Permit grants the Company exclusive rights to undertake rational exploration, development, and commercial production of copper and associated minerals in the Contract Area, covering approximately 2,500 hectares, for 25 years and renewable for another 25 years.

With the issuance of the Mining Permit, MMCI will undertake the necessary work streams to proceed with the MCB mine development.

The Company has been interfacing with potential investors who have shown resounding interest and will now proceed to continue discussion to advance funding and partnership options to proceed with the development of the MCB project.

BOTILAO COPPER-GOLD PROSPECT (40%)

During the quarter, a comprehensive review of historical data was undertaken to gain a better understanding of the area's mineral potential. Research and utilisation of remote sensing techniques were also performed to identify structural features and select promising exploration targets. 

Consultations with the Provincial, Municipal, and Barangay Local Government Units and the host community were also conducted which led to the formulation of the Community Development Program and is currently under review by the national Government.

Opuwo Cobalt Project, Namibia (95%)

Celsius Resources' Namibian subsidiary held under Opuwo Cobalt Holdings (Pty) Ltd. has received renewal of the exclusive prospecting license for the Opuwo Cobalt Project ("Opuwo") in November 2023, the project lies 730km north-west of the Namibian capital city, Windhoek[2].

The Company is in early-stage discussions regarding a potential transaction with a strategic partner/s concerning the disposal of the Company's 95% interest in the Opuwo Project or part off. Any transaction undertaken by the Company will be subject to the negotiation and execution of a binding agreement.

The Company will make an announcement in accordance with its continuous disclosure obligations in the event that negotiations complete and a binding agreement is executed.

SAGAY Copper-Gold Project, Philippines (100%)

During the quarter, Tambuli Mining Company, Inc. ("TMCI"), a wholly owned Philippine subsidiary of Celsius in the Philippines, issued an updated JORC-compliant Mineral Resource Estimate ("MRE")[3] for the Sagay Copper-Gold Project ("Sagay Project") in the Negros Islands.  

The focus of the update was on the shallow supergene copper mineralisation which now includes Measured and Indicated Mineral Resources. The combined Measured, Indicated, and Inferred Mineral Resource is now at 312 million tonnes @ 0.39% copper and 0.11 g/t gold, while the Global Resource remains largely unchanged with ~1.2 million tonnes of contained copper and ~1 million ounces of contained gold.

The update to the MRE at Sagay is largely based on the results of the 2023 drilling program at a shallow copper position located ~500m to the west of the main body of mineralisation discovered to date. This shallow copper zone offers Celsius the opportunity to investigate a low-cost start-up opportunity which was the basis of the feasibility study that was submitted to the Philippine Government[4].

The study confirmed the presence of minerals in the area which are recoverable by processing the ore through gravity separation which was determined to be economically sound while ensuring that environmental protection and preservation methods would be implemented through advanced mining technologies.

Technical, environmental, and social considerations were incorporated in the mine design to reduce the mine footprint to approximately 20 hectares. Tailings would be managed through dry stacking method which eliminates the need for a tailings dam, thus reducing the possibility of environmental impacts (tailings spill).  

The approval of the Declaration of Mining Project Feasibility (DMPF) along with the issuance of the Environmental Compliance Certificate, which are currently ongoing government evaluation procedures, triggers the next stage of the permitting process leading to a mining permit that would enable the development and operations of the Sagay Project.

Cullarin West Project, NSW (100%)