Celsius
resources limited
quarterly
activities report for the quarter ended 30 june 2024
appendix
5b
31 july
2024
MCB project commenced
detailed engineering design
HIGHLIGHTS
· Commencement of Optimisation and Detailed Engineering of the
MCB project
· Interface
with potential investors to secure funding and partnership options
for the MCB Project
· Closing
cash as of 30 June 2024 of A$1.6
million
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 June 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 commenced
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 technical working
group (TWG) was established under an Executive Order issued by the
Governor of Kalinga. Members of the Company were appointed to the
TWG which will focus on the alignment and detailed engineering
pertaining to the development of the main access road. This is part
of the Memorandum of Understanding (MOU) that was signed between
the Company and the Province of Kalinga which mandates both the
Company and the local Government to develop the main access
road[1].
Engineering optimisation and design
works commenced during the period looking at areas that will reduce
operating costs of the MCB Project. Areas focused on an updated
underground mine design, slope stabilisation options,
along with updating the current financial model using current
metal prices and new cut-off computations which indicated
additional upside to the previously released project
economics.
The Company is proceeding with
obtaining the Certification Precondition (CP) under the Free, Prior
and Informed Consent (FPIC) guidelines which is one of the
conditions precedent to the issued Mineral Production Sharing
Agreement (MPSA)[2]. The formal meeting
with the NCIP commissions and the Balatoc community is scheduled
for mid-July where all parties will review the agreement that has
been forged between the Company and the Balatoc community to
determine if all conditions have been met. Once this process is
completed, the CP will be issued.
Agreements to secure funding for the
MCB Project within the published six month window are well underway
with highly prospective parties.
The Company will make an announcement
in accordance with its continuous disclosure obligations once
negotiations are complete, and a binding agreement has been
executed.
BOTILAO COPPER-GOLD PROSPECT
(40%)
Activities during the quarter focused
on historical geological data analysis, remote sensing and planning
for the conduct of reconnaissance mapping and sampling.
Ground mapping and sampling
activities will commence in July.
Engagements with stakeholders from
the host community were undertaken as an inclusive process to
cultivate relationships, build trust, and gain support in the
implementation of the Company's work programs and
activities.
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.
SAGAY Copper-Gold Project,
Philippines (100%)
Tambuli Mining Company, Inc.
("TMCI"), a wholly owned Philippine subsidiary of Celsius in the
Philippines, is in the process of securing approval of the
technical, social and environmental plans and programs in relation
to its application for Declaration of Mining Project Feasibility
("DMPF")[3] for the Sagay Copper-Gold
Project ("Sagay Project") in the Negros
Islands.
On 1 April 2024, TMCI was granted an
extension of the exploration permit for the Sagay Project. The
Sagay Project's DMPF application submitted to the Philippine Mines
and Geosciences Bureau has been accepted and is currently under
review. The approval of the DMPF application will consequently
allow TMCI to apply for a mineral agreement with the Philippine
Government[4].
During the quarter, ground activities
were limited and centered around completion of the remaining
environmental and community development work program
obligations.
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, 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].
On 8 May 2024, the Company appointed
Mr. Mark van Kerkwijk as Executive Director for Investor Relations,
Public Relations and Marketing. This appointment allowed for Mr.
Peter Hume to step-down as Managing Director to focus his time and
energy to bring the MCB Project to full development.[7] Mr. Hume remains as a Non-Executive Director of the
Company.
Both Mr. van Kerkwijk and Mr. Hume
replaced Mr. Michael Hulmes and Mr. Simon Farrell on the Board as
they left their Non-Executive Director positions as part of the
Company's cost-cutting measures.
Further to the previous announcement
relating to the appointment of Mark Van Kerkwijk as Executive
Director, the following information is disclosed under the AIM
Rules.
Mark Cornelius van Kerkwijk, aged 56,
has held the following directorships and/or partnerships in the
past 5 years:
Current Directorships:
Van Kerkwijk Family Superannuation
Pty Ltd
Apollo Insight Pty Ltd
Hybrid FS Pty Ltd
JP Reis (Australia) Pty Ltd (Formerly
Beekhul Holdings Pty Ltd)
Shareholdings:
Direct interest: 2,905,208
fully paid ordinary shares, representing 1.2% of the total issued
share capital.
Indirect interest - Van Kerkwijk
Family Superannuation Pty Ltd, an entity controlled by the
Director: 20,133,065 fully paid ordinary shares, representing 0.83%
of the total issued share capital.
There is no further information on Mr
van Kerkwijk to be disclosed under Schedule 2(g) of the AIM
Rules.
Cash
Position
At the end of the quarter, the
Company held approximately A$1.6 million 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$336,000 was spent on
exploration expenditure during the quarter, primarily relating to
the development of MCB and Sagay Projects.
·
ASX Listing Rule 5.3.2:
Approximately A$421,000 was spent on
mine production and development activities during the quarter for
the MCB Project.
·
ASX Listing Rule 5.3.5:
The Company advises that there were
approximately A$299,000 in payments made to related parties of the
Company and their associates during the quarter for Director and
consultancy fees.
Tenement Table: ASX Listing
Rule 5.3.3 Mining tenement interests held at the end of the quarter
and their location
|
PERMIT
NAME
|
PERMIT
NUMBER
|
REGISTERED HOLDER
/ APPLICANT
|
PERMIT
STATUS
|
PERMIT
EXPIRY
|
INTEREST /
CONTRACTUAL RIGHT
|
|
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/5536Y_1-2024-7-31.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
|
|
|
Mark van
Kerkwijk
|
P: +61 8
9324 4516
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
|
|
Zeus Capital
Limited
|
|
|
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[8]
Project, the Sagay[9] Project or the
Opuwo[10] 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
CLA ASX Announcement dated 19 October 2023
[2] Refer to
CLA ASX Announcement dated 18 March 2024
[3] Refer to
ASX announcement dated 8 January 2024
[4] Refer to
ASX announcement dated 10 April 2024
[5] Refer to
ASX announcement dated 15 April 2024
[6] Refer to
ASX announcement dated 18 April 2024
[7] Refer to
ASX announcement dated 8 May 2024
[8] Refer to
ASX announcement dated 12 December 2022 for an updated JORC
compliant Mineral Resource Estimate.
[9] Refer to
ASX announcement dated 6 February 2024 for the updated Mineral
Resource Estimate for the Sagay Project.
[10] Refer to
ASX announcement dated 1 July 2021 for the updated Mineral Resource
Estimate for the Opuwo Project.