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HIGHLIGHTS

• MCB Copper-Gold Project Scoping Study results indicate a pre-tax NPV^(8%) of US$618 million (~A$865m) @ an IRR of 35% and a post-tax NPV^(8%) of US$464 million (~A$650m) @ an IRR of 31%.

• Initial capex estimate of US$253 million with a payback period of only 2.67 yrs.

• Low-cost average C1 cash cost of US$0.73/lb Cu for first 10 years of production.

• Potential for a 25-year mine life and optimised underground mine plan with identified bulk mining by sublevel open stoping as the most cost-effective mining method.

• Optimised mine plan focusing on the high-grade Cu-Au portion of the MRE, equating to 49mt at 0.85% Cu and 0.41 g/t Au, 100% of which is classified as Indicated Resources.

• Material upside potential given the Scoping Study run of mine only represents approximately 16% of the total declared JORC Mineral Resource Estimate.

Celsius Resources Ltd (ASX:CLA) is pleased to announce the results of the Maalinao-Caigutan-Biyog (MCB Project) Scoping Study has revealed a low-cost, longlife copper-gold project in the Philippines.

The Scoping Study has projected the MCB Copper-Gold Project to have an initial capital expenditure (capex) requirement of US$253 million, post-tax net present value (NPV) of US$464 million, with an average C1 cash cost for the first 10 years of production of US$0.73/lb Cu.

MCB is expected to have a payback period of just 2.67 years.

The Study confirmed the potential for a 25-year underground operation at MCB, which is located in the Barangay Balatoc area in the northern Philippines.

The MCB Project comprises classic porphyry style Cu-Au mineralisation with a high-grade sub vertical core, which has been the sole focus of the current study.

A maiden JORC compliant Mineral Resource Estimate (MRE) was declared for the MCB Project in January 2021, comprising 313.8 million tonnes at 0.48% copper and 0.15 g/t gold, for 1.5 million tonnes of contained copper and 1.47 million ounces of gold.

Celsius Resources Executive Director – Corporate Blair Sergeant said: “The results from the MCB Copper-Gold Project are very exciting for our Shareholders. The Study has identified a potential longlife, profitable, 25-year underground mining operation and a world-class asset.”

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