Celsius Resources Limited Quarterly Activities Report and Appendix 5B
30 Aprile 2024 - 9:11AM
RNS Regulatory News
RNS Number : 5676M
Celsius Resources Limited
30 April 2024
30 April
2024
CELSIUS RESOURCES
lIMITED
QUARTERLY
REPORT
APPENDIX
5B
MCB Mining permit
granted
HIGHLIGHTS
·
Issuance of Mining Permit for the MCB
Project
· Updated
Mineral Resource for the Sagay Project
· Closing
cash as of 31 March 2024 of A$769,00
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%)
The Company is continuing to assess
the viability of the opportunity and gauge interest from other
possible partners. No development activities were conducted during
the quarter.
Corporate
AND EXPENDITURE
During the quarter 325,304,915 listed
options exercisable at $0.04 each, expired on 22 March
2024.
Post quarter end, the Company
successfully completed and closed a placement on AIM, a market
operated by the London Stock Exchange plc, to raise gross proceeds
of approximately GBP922,000 ("AIM
Placement"). The Placing securities were issued on 18 April
2024[5].
On 18 April 2024, the Company signed
a Subscription Agreement with substantial shareholder, Silvercorp
Metals, Inc., to raise a further GBP117,317 (before costs), on the
same terms as the AIM Placement[6].
Cash
Position
At the end of the quarter, the
Company held approximately A$769,000 in cash reserves.
ASX
ADDITIONAL INFORMATION
The Company provides the following
information pursuant to ASX Listing Rule requirements:
·
ASX Listing Rule 5.3.1:
Approximately A$1 million was spent
on exploration expenditure during the quarter, primarily relating
to the development of MCB, Sagay and Opuwo Projects. An adjustment
of approximately $492,000 in relation to these costs has been made
in the quarter, refer to note 8 of the Appendix 5B for further
detail.
·
ASX Listing Rule 5.3.2:
The Company confirms that there was
no mine production and development activities for the
quarter.
·
ASX Listing Rule 5.3.5:
The Company advises that there were
approximately A$138,000 in payments made to related parties of the
Company and their associates during the quarter for Director fees,
consultancy fees and reimbursement costs.
Tenement Table: ASX Listing
Rule 5.3.3 Mining tenement interests held at the end of the quarter
and their location
|
|
|
|
|
|
Western
Australia
|
Cullarin
West
|
EL
8996
|
Cullarin
Metals Pty Ltd
|
Granted
|
17/08/2026
|
100%
|
Namibia
|
Opuwo
|
EL
4346
|
Gecko
Cobalt Holdings
|
Granted
|
10/10/2025
|
95%
|
Philippines
|
Maalinao-Caigutan-Biyog
|
MPSA-356-2024-CAR
|
Makilala
Mining Company Inc.
|
Granted
|
13/03/2049
|
40%
|
Botilao
|
EP-011-2023-CAR
|
Makilala
Mining Company Inc.
|
Granted
|
29/09/2025
|
40%
|
Panaon
|
EXPA-000127-VIII
|
PDEP,
Inc.
|
Complying
with further requirements
|
TBA
|
100%
|
Sagay
|
EP-000003-VI
|
Tambuli
Mining Company Inc.
|
Granted
|
Automatic
extension until the approval of the DMPF/MPSA
|
100%
|
The mining tenement interests
acquired during the quarter and their location:
Nil.
Beneficial percentage interests held
in farm-in or farm-out agreements at the end of the
quarter:
Not applicable.
Beneficial percentage interests in
farm-in or farm-out agreements acquired or disposed of during the
quarter:
Nil.
This announcement has been authorised by the Board of
Directors of Celsius Resources Limited.
APPENDIX
5B
http://www.rns-pdf.londonstockexchange.com/rns/5676M_1-2024-4-30.pdf
The information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018.
For further information
contact:
Celsius Resources
Limited
|
|
Peter
Hume
|
P: +61 8
9482 0500
E:
info@celsiusresources.com.au
W:
www.celsiusresources.com
|
|
|
Multiplier
Media
(Australian Media
Contact)
|
|
Jon
Cuthbert
|
M: +61 402
075 707
E:
jon.cuthbert@multiplier.com.au
|
Beaumont Cornish
Limited
(Nominated
Adviser)
Roland
Cornish/Andrew Price
|
P: +44 (0)
207 628 3396
E:
corpfin@b-cornish.co.uk
|
WH Ireland
(Broker)
|
|
Harry
Ansell/James Joyce/Isaac Hooper
|
P:+44 (0)
20 7220 1666
|
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's
Nominated Adviser and is authorised and regulated by the FCA.
Beaumont Cornish's responsibilities as the Company's Nominated
Adviser, including a responsibility to advise and guide the Company
on its responsibilities under the AIM Rules for Companies and AIM
Rules for Nominated Advisers, are owed solely to the London Stock
Exchange. Beaumont Cornish is not acting for and will not be
responsible to any other persons for providing protections afforded
to customers of Beaumont Cornish nor for advising them in relation
to the proposed arrangements described in this announcement or any
matter referred to in it.
Competent Persons
Statement
Information in this report relating
to Exploration Results and Mineral Resources for the MCB Project
and the Sagay Project is based on information compiled,
reviewed and assessed by Mr. Steven Olsen, who is a Member of the
Australasian Institute of Mining and Metallurgy and the Australian
Institute of Geoscientists. Mr. Olsen is a consultant to Celsius
Resources Limited and has sufficient experience which is relevant
to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined by the 2012 Edition of the
Australasian Code for reporting of Exploration Results, Mineral
Resources and Ore Reserves. Mr. Olsen consents to the
inclusion of the data in the form and context in which it
appears.
The information in this Report that
relates to the estimate of Mineral Resources for the Opuwo Project
is based upon, and fairly represents, information and supporting
documentation compiled by Mr Kerry Griffin, a Competent Person, who
is a Member of the Australian Institute of Geoscientists (AIG). Mr
Griffin is a Principal Geology Consultant at Mining Plus Pty Ltd
and an independent consultant engaged by Celsius Resources Pty Ltd
for this work and has sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity being undertaken to qualify as a Competent Person
as defined in the 2012 edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves" (the JORC Code). Mr Griffin consents to the inclusion in
this announcement of matters based on his information in the form
and context in which it appears.
The Company confirms that it is not
aware of any new information or data that materially affects the
Mineral Resource for the MCB[7]
Project, the Sagay[8]
Project or the Opuwo[9] Project. The Company also
confirms that all material assumptions and parameters underpinning
the Mineral Resource estimate continue to apply and have not
materially changed.
Forward Looking
Statements
Some of the statements appearing in
this announcement may be in the nature of forward-looking
statements. You should be aware that such statements are only
predictions and are subject to inherent risks and uncertainties.
Those risks and uncertainties include factors and risks specific to
the industries in which the Company operates and proposes to
operate as well as general economic conditions, prevailing exchange
rates and interest rates and conditions in the financial markets,
among other things. Actual events or results may differ materially
from the events or results expressed or implied in any
forward-looking statement.
No forward-looking statement is a
guarantee or representation as to future performance or any other
future matters, which will be influenced by a number of factors and
subject to various uncertainties and contingencies, many of which
will be outside the Company's control.
The Company does not undertake any
obligation to update publicly or release any revisions to these
forward-looking statements to reflect events or circumstances after
today's date or to reflect the occurrence of unanticipated events.
No representation or warranty, express or implied, is made as to
the fairness, accuracy, completeness or correctness of the
information, opinions or conclusions contained in this
announcement. To the maximum extent permitted by law, none of the
Company's Directors, employees, advisors, or agents, nor any other
person, accepts any liability for any loss arising from the use of
the information contained in this announcement. You are cautioned
not to place undue reliance on any forward-looking statement. The
forward-looking statements in this announcement reflect views held
only as at the date of this announcement.
[1] Refer to ASX
announcement dated 18 March 2024 "MCB Project Mining Permit granted
by Philippine Government"
[2] Refer to ASX
announcement dated 6 November 2023 "CLA receives renewal of Opuwo
Exclusive Prospecting License"
[3] Refer to ASX
announcement dated 6 February 2024 "Resource update for Sagay
Mining Project"
[4] Refer to ASX
announcement dated 8 January 2024 "Celsius' Sagay Project applies
for DMPF"
[5] Refer to ASX
announcement dated 15 April 2024 "Result of UK Placing"
[6] Refer to ASX
announcement dated 18 April 2024 "CLA signed Subscription Agreement
with Silvercorp Metals"
[7] Refer to ASX
announcement dated 12 December 2022 for an updated JORC compliant
Mineral Resource Estimate.
[8] Refer to ASX
announcement dated 6 February 2024 for the updated Mineral Resource
Estimate for the Sagay Project.
[9] Refer to ASX
announcement dated 1 July 2021 for the updated Mineral Resource
Estimate for the Opuwo Project.
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