Celsius Resources Ltd
Celsius Resources Delivers Game-Changing Maiden JORC Ore Reserve for MCB Copper-Gold Project
Celsius Resources Limited (ASX/AIM: CLA) has achieved a major development milestone with the announcement of its maiden JORC-compliant Ore Reserve Estimate for the Maalinao-Caigutan-Biyog Copper-Gold Project in the Philippines. This landmark achievement establishes 130.2 million tonnes at 0.66% copper and 0.21 g/t gold, containing 856,000 tonnes of copper and 891,000 ounces of gold at an impressive 0.84% copper equivalent grade.
The Ore Reserve represents the culmination of nearly two decades of technical work and positions the Celsius Resources MCB Copper-Gold Project as one of the most advanced copper-gold development projects in Southeast Asia. Furthermore, with all major regulatory approvals secured and a robust technical foundation established, the project is now ready to advance toward construction and production.
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World-Class Resource Scale Confirmed for Underground Operation
The maiden Ore Reserve validates the exceptional scale and quality of the MCB deposit, with 22.1 million tonnes classified as Proven Reserves and 108.2 million tonnes as Probable Reserves. The underground operation will utilise sublevel open stoping with paste backfill and dry-stack tailings, supported by conventional concentrator processing.
| Reserve Category | Tonnes (Mt) | Copper Grade (%) | Gold Grade (g/t) | Copper Equivalent (%) | Contained Copper (kt) | Contained Gold (koz) |
|---|---|---|---|---|---|---|
| Proven | 22.1 | 0.90 | 0.34 | 1.19 | 198 | 244 |
| Probable | 108.2 | 0.61 | 0.19 | 0.77 | 659 | 647 |
| Total | 130.3 | 0.66 | 0.21 | 0.84 | 856 | 891 |
The Reserve was prepared by DMT Consulting Limited, an independent competent person with no commercial interest in Celsius or MCB. This ensures full compliance with JORC Code requirements and international reporting standards.
MMCI Technical Director Peter Hume commented:
"The Maiden JORC Ore Reserve Estimate for the MCB Copper-Gold Project is a major milestone that confirms the strength and long-term potential of the deposit, reinforcing our confidence in the Project's capacity to deliver sustained value for shareholders and stakeholders."
Strategic Location in Philippine Copper Belt Supports Development Timeline
The Celsius Resources MCB Copper-Gold Project covers 2,500 hectares in the Cordillera Administrative Region, approximately 320 kilometres north of Manila. The project benefits from established mining infrastructure in the region and strong government support for responsible mining development.
Key Project Advantages:
- Mineral Production Sharing Agreement (MPSA) granted March 2024 for 25 years (renewable for another 25 years)
- Environmental Compliance Certificate (ECC) secured following comprehensive impact assessment
- Free, Prior and Informed Consent (FPIC) obtained from Balatoc Indigenous Cultural Community
- Declaration of Mining Project Feasibility (DMPF) approved by Mines and Geosciences Bureau
The project's location within an established mining district provides access to experienced workforce, regulatory framework, and supporting infrastructure. Consequently, this will facilitate efficient development and operation.
Understanding Ore Reserves: The Foundation of Mining Economics
An Ore Reserve represents the economically mineable portion of a Mineral Resource that has been demonstrated as technically feasible and economically viable through detailed engineering and financial studies. Unlike Mineral Resources, Ore Reserves incorporate all modifying factors including mining recovery, dilution, processing losses, and current economic parameters.
Why JORC Compliance Matters:
The Joint Ore Reserves Committee (JORC) Code is the Australasian standard for public reporting of exploration results, mineral resources, and ore reserves. JORC compliance ensures that investors receive reliable, independently verified technical information based on rigorous geological and engineering analysis.
For the Celsius Resources MCB Copper-Gold Project, the maiden JORC Ore Reserve validates the project's transition from exploration to development-ready status. Additionally, it provides the technical foundation for project financing, construction planning, and production forecasting.
Advanced Technical Studies Support Production Timeline
The Ore Reserve is underpinned by comprehensive technical work including an updated Feasibility Study and Front-End Engineering Design (FEED) programme currently nearing completion. The technical framework demonstrates the project's readiness for construction and operation.
Mining and Processing Parameters:
- Mining Method: Sublevel open stoping with paste backfill
- Processing Rate: 2.28 million tonnes per annum (Years 1-2), increasing to 2.6 million tonnes per annum from Year 3
- Metallurgical Recovery: 95% copper, 77% gold via conventional flotation
- Cut-off Grade: 0.46% copper equivalent
- Product: Clean, high-quality copper-gold concentrate
Environmental and Social Framework:
- Paste backfill technology minimises surface tailings storage
- Dry-stack tailings reduces environmental footprint
- No mining beneath local communities protects residential areas
- Water management systems safeguard Pasil River watershed
The technical approach reflects international best practices in underground mining and processing. Moreover, particular attention has been given to environmental protection and community engagement.
Strong Economic Foundation Drives Investment Case
The Ore Reserve incorporates conservative economic assumptions that support robust project economics across varying market conditions. Current metal price assumptions of US$4.50/lb copper and US$3,200/oz gold provide a solid foundation for financial planning and project evaluation.
Economic Highlights:
- Mining costs: US$18.79 per tonne
- Processing costs: US$14.89 per tonne
- Total operating costs: US$36.56 per tonne including administration
- Revenue factor analysis confirms project resilience across price scenarios
- Multiple funding offers received from strategic partners and institutions
The project's economic strength is further validated by investment from Maharlika Investment Corporation (MIC), the Philippine sovereign wealth fund. This demonstrates confidence in MCB's technical and commercial viability.
Strategic Value Proposition:
- Large-scale, long-life asset with 25+ year mine life potential
- High-grade copper production during critical global supply shortage
- ESG-compliant development aligned with international standards
- Strategic location in stable, mining-friendly jurisdiction
- Established infrastructure access via existing transportation networks
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Why Investors Should Track Celsius Resources
Celsius Resources has successfully transformed the Celsius Resources MCB Copper-Gold Project from an exploration prospect into a development-ready copper-gold project. The company is positioned to capitalise on the global transition to electrification and renewable energy. The maiden Ore Reserve represents a pivotal milestone that validates nearly two decades of technical investment and positions the company for significant value creation.
Key Investment Catalysts:
- Construction readiness with all major approvals secured
- Project financing discussions advancing with multiple parties
- Production timeline targeting first concentrate shipments within 30 months
- Expansion potential across 2,500-hectare tenement package
- Strategic partnerships with Philippine government and international investors
The global copper market faces a significant supply deficit driven by declining ore grades, limited new discoveries, and growing demand from electrification. In addition, data centres and renewable energy infrastructure are contributing to this shortage. MCB's high-grade, large-scale profile positions it as a strategic asset capable of delivering sustained production during this critical supply shortage.
Market Positioning:
With contained copper resources exceeding 850,000 tonnes and gold resources approaching 900,000 ounces, the Celsius Resources MCB Copper-Gold Project ranks among the most significant undeveloped copper-gold deposits in Southeast Asia. The project's technical de-risking, regulatory clearance, and economic validation establish Celsius as a compelling investment opportunity in the global copper sector.
Key Takeaway:
Celsius Resources has achieved a transformational milestone with its maiden JORC Ore Reserve, establishing MCB as a world-class copper-gold development project. With technical studies complete, permits secured, and financing discussions advancing, the company is positioned to deliver substantial value through copper production during a critical global supply shortage. Investors should closely monitor upcoming construction and financing announcements as MCB advances toward production.
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