15 March 2024

Celsius Resources Limited

("Celsius" or the "Company")

31 DECEMBER 2023

The Directors of Celsius announce the Company's half-year financial report for the half year ended 31 December 2023.

Please see below extracts from the Company's full half-year report comprising the:

A copy of the half-year report is available on the Company's website, at https://celsiusresources.com

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.

Celsius Resources Contact Information

Level 5, 191 St. Georges Terrace

Perth WA 6000

PO Box 7059

Cloisters Square PO

Perth WA 6850

P: +61 2 8072 1400

E: info@celsiusresources.com.au

W: www.celsiusresources.com

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.

Directors' report

The following persons were directors of Celsius Resources Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated:

Principal activities

During the half-year, the principal activities of the consolidated entity consisted of mineral exploration activities in Namibia and the Philippines.

There were no significant changes in the nature of the activities of the consolidated entity during the half-year.

Significant changes in the state of affairs

There were no significant changes in the state of affairs of the consolidated entity during the financial half-year.

Review of operations

The loss for the consolidated entity after providing for income tax and non-controlling interest amounted to $1,663,153 (31 December 2022: $2,061,756).

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

Makilala Mining Company, Inc. ("MMCI"), a Philippine affiliate of Celsius in the Philippines, has progressed its permitting requirements for its flagship Maalinao-Caigutan-Biyog ("MCB") Copper-Gold Project in the Cordillera Administrative Region.

All required technical, social, and environmental plans and programs have been approved leading to the approval of the Declaration of Mining Project Feasibility (DMPF). The DMPF was a critical step in securing a Mineral Agreement with the Philippine Government, which is anticipated Q 1, 2024.

Botilao Copper-Gold Prospect, Philippines (Celsius - 40%)

Makilala Mining Company, Inc. ("MMCI"), a Philippine subsidiary of Celsius Resources, in August of 2023 MMCI was issued an exploration permit for its Botilao Copper-Gold Prospect, adjacent to the MCB Project in the Cordillera Administrative Region.

The initial two-year exploration 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.

The approved Exploration Work Program will be implemented alongside an Environmental Work Program and a Community Development Program (CDP).

Following the issuance of the exploration permit, table top work is being carried out to gather and consolidate available data and reports as basis for planning field activities commencing in 2024.

Sagay Copper-Gold Project, Philippines (Celsius - 100%)

Tambuli Mining Company, Inc. ("TMCI"), a wholly owned Philippine subsidiary of Celsius in the Philippines, exploration works have produced positive results for the Sagay Copper-Gold Project ("Sagay Project") which is located in Negros Island.

Exploration activities focused on the shallow high-grade copper, or the Supergene (Secondary Sulfide) Enrichment Domain (900SG).

Twelve (12) shallow drill holes were completed with a total meterage of 824.70 meters Results from the shallow drilling program confirmed a significant copper mineralisation from eight out of 12 drill holes completed.

The conclusion of the drilling program along with results of the desktop studies and compilation of all exploration data were contained in a Final Exploration Report which was submitted to the Philippine National Government. This became the basis for the formulation of the Mining Project Feasibility Study which was submitted in December 2023 to the Philippine Mines and Geosciences Bureau, along with other required technical, social, and environmental plans and programs, for the application of Declaration of Mining Project Feasibility, the approval of which will trigger the application for a mineral agreement with the Philippine Government.

Opuwo Cobalt Project, Namibia (Celsius - 95%)

Celsius Resources' Namibian subsidiary held under Opuwo Cobalt Holdings (Pty) Ltd. received a renewal of the exclusive prospecting license for the Opuwo Cobalt Project ("Opuwo"), which is located 730km north-west of the Namibian capital city, Windhoek.

The renewal of the exclusive prospecting license (EPL 4346), which covers approximately 683 km2, was issued by the Namibian Ministry of Mines and Energy on 11 October 2023 for a period of two years. The renewed license will enable Celsius to further evaluate the project's viability and strategically unlock its potential value with a view to finding a suitable partner.

Ongoing trade-off studies on mining costs, production rates, and the possibility of processing oxide ores were undertaken to determine project viability and financial outcomes.

Cullarin West Project, Australia (Celsius - 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 half-year ended 31 December 2023.

Matters subsequent to the end of the financial half-year

The Company's Philippine subsidiary, Makilala Mining Company, Inc. ("MMCI") is currently in the final stages of obtaining a Mineral Production Sharing Agreement ("MPSA") with the Philippine Government for its flagship Maalinao-Caigutan-Biyog Mining Project ("MCB Project"). The MPSA will grant MMCI exclusive rights to undertake exploration, development and commercial production of copper and associated minerals, and the issuance of the MPSA will enable MMCI to undertake the necessary work streams to proceed with the mine development of the MCB Project.

On 8 January 2024, the Company's Philippine subsidiary, Tambuli Mining Company, Inc. ("TMCI"), submitted an application for a Declaration of Mining Project Feasibility ("DMPF") with the Philippine Mines and Geosciences Bureau, confirming the technical and financial viability for the Sagay Copper-Gold Project ("Sagay") in the island of Negros. On 6 February 2024, the Company updated the JORC compliant Mineral Resource Estimate ("MRE") for Sagay. The update to the MRE at Sagay was largely based on the results from the 2023 drilling program at a shallow copper position located ~500m to the west of the main body of mineralisation discovered to date, as announced to ASX on 17 October 2023.

Payment of the required land rental fee to the Pasil Local Government Unit relative to the issuance of the exploration permit for Botilao, as well as stakeholder engagements were carried out during the first quarter of 2024 as prerequisites to the ground implementation of the exploration, environmental and community development work programs which will commence by the second quarter of 2024.

No other matter or circumstance has arisen since 31 December 2023 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.