Media

Celsius Resources is pleased to announce its Philippine subsidiary Makilala Mining Company, Inc. (“MMCI”) has received excellent results from the metallurgical testwork completed from the MCB Project, which is part of the work associated with the Scoping Study for MCB.

“The initial test results achieved at MCB are a great outcome for the Scoping Study, and have provided further confidence in the quality of the MCB project,” said Celsius Chairman Martin Buckingham.

“It’s very pleasing to see the impressive metallurgical recoveries which will underpin the outcome of the Scoping Study as this further confirms the ability to develop the project into a world class asset.

Meantime we offer prayers of hope and healing for our host community leaders and members as well as our in-country employees who have been heavily affected by the COVID-19 Pandemic in the Kalinga Province. We are doing our best to help those affected while keeping operations progressing.”

HIGHLIGHTS

• Calculated weighted average recoveries indicate an average copper recovery of 94% and gold recovery of 79% is achievable at MCB.

• Results have shown that copper recoveries of 96.7% and gold recoveries of 85.3% were achievable in a first stage rougher flotation step, which was optimised at a grind size of 150 micron.

• Metallurgical testwork completed by ALS in Perth indicates for all the defined ore types at the MCB Copper-Gold Project (MCB) a consistency in results is readily achievable in terms of grade, recovery and impurity levels.

• The copper and gold recoveries indicated are based on a conventional flotation circuit to produce a saleable copper-gold concentrate.

• The copper-gold concentrate produced in the testwork is of a high quality with an average copper grade of 26% copper, 6.5g/t gold and very low impurities and is anticipated to be easily saleable.

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