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 30 September 2024.

Projects

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

Makilala Mining Company, Inc. ("MMCI"), an affiliate of Celsius in the Philippines, has continued work streams for the development of its flagship Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB Project") in the Cordillera Administrative Region.

During the period, a Certification Precondition (CP-CAR-2024-504) was secured on 4 September 2024, confirming that Free, Prior and Informed Consent was obtained from the MCB Project's host Balatoc Indigenous Cultural Community (ICC) over their ancestral lands in accordance with Philippine Republic Act No. 8371, or the Indigenous Peoples' Rights Act of 1997[1].

The Certification was the culmination of a ~three-year process which entailed extensive stakeholder engagement, resulting in the signing of a Memorandum of Agreement ("MOA") by and between MMCI, the National Commission of Indigenous Peoples, and the Balatoc ICC stipulating the benefits, commitments, and obligations for a period of 25 years and is renewable for a further 25 years.

In consideration for entering into the MOA, the Company agreed to issue 4.05 million shares in the capital of the Company, subject to the achievement of certain performance milestones ("Performance Shares"), to the members of the Balatoc ICC through their nominated Indigenous Peoples' Organisation ("IPO")[2]. The first milestone to be satisfied for these Performance Shares was the issuance of the Certification Precondition, and within 30 days of this date the Company must issue 20% of the Performance Shares, or 810,000 Shares, to the members of the host ICC through their nominated IPO.

The Company is taking the necessary steps to gather all pertinent information including but not limited to, confirming the authorised IPO by the community to receive these Performance Shares. The issuance of such shares is conditional and executed only upon the receipt of written certification or confirmation from the NCIP that a Balatoc IPO has been duly established and registered with the NCIP.

The Certification Precondition also fulfills the compliance requirement under the issued Mineral Production Sharing Agreement with the Philippine Government[3]. It also allows the Company to finalise funding arrangements with highly prospective Philippine and international parties for the development and operations of the MCB Project. Extensive technical, financial and legal due diligence reviews have been undertaken to complete the process, with investment agreements to be announced as soon as they become binding.

During the period, tendering of contracts with international and local engineering companies has commenced for hydrological and geotechnical drilling, and to support engineering and long-term construction activities. 

BOTILAO COPPER-GOLD PROSPECT (40%)

Stakeholder engagements continued for the period to consult and present updates on the Company's plans and activities, and build relationships with the host community. This is in preparation for ramping up site-based activities of its Exploration, Environment, and Community Development Programs.

Opuwo Cobalt Project, Namibia (95%)

The Opuwo Cobalt-Copper Project ("Opuwo Project") is held under the Company's Namibian subsidiary Opuwo Cobalt Holdings (Pty) Ltd. The Opuwo Project lies 730km north-west of the Namibian capital city, Windhoek.

The Company has initiated the draft non-binding agreements for a potential transaction with a strategic partner/s for the disposal of the Company's 95% interest in the Opuwo Project.

The Company will make an announcement in due course in accordance with its continuous disclosure obligations once negotiations have been completed and a binding agreement is executed (previously it had been indicated that the agreement would be executed before 31 October).

SAGAY Copper-Gold Project, Philippines (100%)

Tambuli Mining Company, Inc. ("TMCI"), a wholly owned Philippine subsidiary of Celsius in the Philippines, has continued to secure approval of the technical, social and environmental plans and programs in relation to its application for Declaration of Mining Project Feasibility ("DMPF")[4] for the Sagay Copper-Gold Project ("Sagay Project") in the Negros Islands.  

In July 2024, TMCI announced it had secured the approval of its Social Development and Management Program, a comprehensive five-year plan for the sustained improvement in the living standards of host and neighboring communities. The approval indicates that the document has satisfactorily met the regulatory requirements under the Philippine Mining Act as a key requirement for the approve of the DMPF[5].

Cullarin West Project, NSW (100%)