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 September 2023.

Projects

Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB Project"),
Philippines (40%)

Makilala Mining Company Inc. ("MMCI"), Celsius' Philippine subsidiary, has progressed its permitting requirements and is preparing for the pre-development phase of the MCB Project in the Cordillera Administrative region, approximately 320km north of Manila.

The MCB Project's Declaration of Mining Project Feasibility (DMPF) was approved on 28 September 2023[1]. This enabled the Company to move forward with obtaining a Mineral Production Sharing Agreement (MPSA) prior to the end of the year with the Philippine National Government, that would allow the development and operation of the MCB Project.

Pertinent requirements have been submitted to the Philippine Mines and Geosciences Bureau for evaluation and approval, including a Three-Year Development/Utilisation Work Program which details the phased approach for the development, construction and operation of the project.

BOTILAO COPPER-GOLD PROSPECT (40%)

Another tenement was recently awarded under the MMCI portfolio of assets, the Botilao Copper-Gold Prospect, was issued an exploration permit on 7 August 2023[2]. The tenement is located in the Cordillera Administrative Region, southwest of the MCB Project.

Results of the historical exploration work in the area conducted by Lepanto Consolidated Mining, Inc. in the '70s along with the current geological understanding of the MCB Deposit will provide the initial working model for the Botilao Prospect work program.

Exploration works for the initial two-year permit aims to define the extent and distribution of the observed mineralisation along Botilao Creek, which will consist of regional to semi-detailed geochemical sampling and mapping to generate future targets for possible geophysical surveys and eventual diamond drilling activities.

Along with geochemical sampling, mapping of different rock types or lithologies in the area will be conducted to characterise and delineate mineralised or altered zones. Detailed mapping will focus on identified mineralised outcrops to ensure proper understanding of the classification and controls of mineralisation.

The Exploration Work Program will be complemented by an Environmental Work Program which outlines the protection and enhancement activities during the exploration period, as well as a Community Development Program consisting of socio-economic projects which will be identified in consultation with the host community.

The Botilao prospect is envisaged to bring additional value to Celsius' portfolio and complement the MCB Project once developed.

Opuwo Cobalt Project, Namibia (95%)

During the quarter, metallurgical test work continued to optimise floatation, roasting and leaching conditions for the Opuwo project.  Final results and reports are expected in the next quarter, these results along with additional mine planning work that is being conducted in the Philippines will be used as a basis to evaluate the viability of the project and what additional studies may required with the objective to produce a revised Scoping Study for the Opuwo project during 2024.

The Company continued to engage with the Government of Namibia to advance the renewal of its mineral rights (EPL 4346) which covers the full extent of the Opuwo project. From recent engagement with the Ministry of Mines and Energy, it became evident that all technical assessments for the renewal have been completed and finalisation of renewal of EPL 4346 is a now an act of formalisation, which is anticipated to be completed in the next quarter.

SAGAY Copper-Gold Project, Philippines (100%)

Celsius Resources' Philippine subsidiary, Tambuli Mining Company, Inc., on the island of Negros, has ramped up activities to complete the remaining commitments under its Exploration, Environmental, and Community Development Programs.

Activities conducted from July to September 2023 focused on the shallow high-grade copper, or the Secondary Supergene Chalcocite Enrichment zone (900SG Domain). This is a logical approach based on the results of the desktop studies and the Maiden Mineral Resource Estimate[3].

A drilling program was concluded to supplement the data gaps and to increase the resource estimation confidence of the shallow high-grade zone. Eleven diamond drill holes were completed with a total of 824.70 meterage drilled while one (1) hole was abandoned due to the intersection of the shallow water table.

Table 1. Drilling Summary

All drill cores were geotechnically and geologically logged. Geochemical core sampling have also been completed and submitted to a laboratory for analysis. Assay results of the shallow drill holes are intended to upgrade the resource estimation of the shallow copper zone. Collection of samples for further metallurgical test works which is ongoing. This is aimed at providing a thorough process flow for the extraction of copper/copper mineral concentrate by means of gravity separation. Results of the analysis will be the basis for the mine plan, process flow sheet, and financial studies which are critical components of the project's viability.

Environmental and Social Studies have been completed that would serve as baseline data for the Environmental Impact Statement for the project which is underway.

In parallel, the Company is also preparing the mandatory requirements for the application of Declaration of Mining Project Feasibility (DMPF) to be submitted within the term of the exploration permit.

Cullarin West Project, NSW (100%)