Highlights

  • MCB achieves maiden JORC reserve totalling 130.2 Mt with copper-gold grades.
  • Reserve underpins feasibility study mine plan and project financing discussions.
  • Test program indicates clean copper-gold concentrate with favourable recoveries.

Celsius Resources (LSE:CLA) has released its maiden JORC-compliant Ore Reserve Estimate for the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in the Philippines. The reserve is derived from the 2025 updated Mineral Resource Estimate and reflects parameters established through prior technical studies, the ongoing feasibility update, and front-end engineering work.

The maiden reserve totals 130.2 Mt at 0.66% Cu and 0.21 g/t Au, containing 856 kt of copper and 891 koz of gold, with a 0.84% CuEq grade. The reserve supports the mine plan within the updated feasibility study and aligns with ongoing discussions with potential financing partners. Independent verification was completed by DMT Consulting Limited, acting as the Competent Person for the JORC reserve.

Project Ownership and Tenement Status
The MCB Project is operated by Makilala Mining Co. Inc. (MMCI), the local affiliate of Celsius. Celsius currently holds a 40% working interest, and a conditional agreement remains in place regarding the transfer of a 60% interest to Sodor, Inc., pending outstanding conditions.

The project covers 2,500 hectares in the Cordillera Administrative Region in northern Philippines. MMCI holds a Mineral Production Sharing Agreement (MPSA-356-2024-CAR), issued in March 2024, following completion of regulatory milestones such as the Declaration of Mining Project Feasibility and environmental permitting requirements.

Basis of the Reserve and Technical Inputs
The reserve is supported by drilling activity from 2006 to 2025, comprising 60 diamond drill holes totalling 31,616 m. Geological interpretation confirms a porphyry copper-gold system influenced by structural trends and lithological contacts.

Mine design is based on a sub-level open stoping (SLOS) method with paste backfill and dry-stack tailings. Stope optimisation incorporated economic and geometric parameters and used revenue-factor sensitivity to determine scheduling priorities.

The economic assumptions used for cut-off grade determination include an underground mining method, average metallurgical recoveries, and long-term price inputs of USD 4.5/lb copper and USD 3,200/oz gold. The resulting cut-off grade applied is 0.46% CuEq.

Processing, Infrastructure, and Regulatory Framework
The processing facility is designed to treat 2.28 Mt/year initially, increasing to 2.6 Mt/year from Year 3, using a flowsheet consisting of crushing, grinding, flotation, and concentrate handling. Tailings management includes underground paste fill and dry-stack surface storage.

Non-process infrastructure includes power connection to the Luzon grid, access roads, accommodation, workshops, utilities, and logistics planning for concentrate transport.

Regulatory approvals include the MPSA, Free Prior and Informed Consent certification, an approved Environmental Impact Statement, and an Environmental Compliance Certificate, supporting the planned transition from feasibility and FEED work toward project development.

Share Price Snapshot
CLA was trading at GBX 0.53 per share as of 12 December 2025.