TIDMCLA
RNS Number : 3526J
Celsius Resources Limited
15 August 2023
ASX/AIM RELEASE
15 August 2023
MCB Project Feasibility Study Approval
HIGHLIGHTS
-- Philippine Mines and Geosciences Bureau approves the MCB
Project's Mining Project Feasibility Study as technically and
economically feasible based on provisions of the Philippine Mining
Act of 1995.
-- Following this approval is the anticipated issuance of the
MCB Project's Declaration of Mining Project Feasibility and
consequently, the Mineral Production Sharing Agreement.
_______________________________________________________________________________
Celsius Resources Limited ("Celsius") is pleased to announce the
approval of the Mining Project Feasibility Study ("MPFS") for the
Maalinao-Caigutan-Biyog ("MCB") Project in the Cordillera
Administrative Region under its Philippine subsidiary, Makilala
Mining Company, Inc. ("MMCI or "the Company").
After a thorough evaluation of the Technical Committee, the
Philippine Mines and Geoscience Bureau deemed it technically and
economically feasible after consideration of the environmental,
social, and fiscal requirements prescribed under the Philippine
Mining Act of 1995[1] and its revised Implementing Rules and
Regulations[2].
Celsius Chairman Atty. Julito Sarmiento said:
"We are thankful to the Marcos, Jr.'s Administration, through
the leadership of Secretary Maria Antonia Yulo-Loyzaga of the
Department of Environment and Natural Resources and the Mines and
Geosciences Bureau, in creating a supportive and favourable climate
for the mining companies in the Philippines while ensuring that we
adhere to the national standards on responsible mining. Rest
assured that we remain committed as responsible stewards of our
natural resources in our quest to provide value not only to our
shareholders and stakeholders but to our country and host
communities as well."
The MPFS was reviewed against the submitted technical, social,
and environmental plans and programs to support the application for
the Declaration of Mining Project Feasibility (DMPF), as
follows:
Key Documents Description Date of Approval
1. Mining Project Assesses the technical and financial August 2023
Feasibility Study viability of the MCB Project to
Report (MPFS) advance towards project development
and operations by tapping into
its full potential.
-------------------------------------------- ------------------------
2. Final Exploration Details the exploration works carried September 2022
Report (FER) out in the MCB tenement area from
2006-2013 and CY 2020 to 2021 which
led to the discovery of the MCB
porphyry copper-gold deposit.
-------------------------------------------- ------------------------
3. Environmental Identifies, assesses, and mitigates Environmental
Impact Assessment the likely environmental, social, Compliance Certificate
(EIA) Report and economic impacts, both beneficial No. ECC-CO-2212-0041
and adverse, of the MCB Project issued 29 May
as compared to baseline conditions. 2023
(See CLA Announcement
dated 31 May
2023)
-------------------------------------------- ------------------------
4. Environmental A comprehensive and strategic environmental Certificate
Protection and management plan for the life of of Approval
Enhancement Program the MCB Project. It contains the No.211-2023-05
(EPEP) expected impacts, mitigating measures issued 12 July
and commitments, including protection 2023
and rehabilitation of the disturbed (See CLA Announcement
environment. It also serves as dated 18 July
an operational link between the 2023)
environmental management provisions
of the Philippine Mining Act's
revised Implementing Rules and
Regulations[3] and the conditions
stated in the Environmental Compliance
Certificate issued to the MCB Project.
-------------------------------------------- ------------------------
5. Final Mine Rehabilitation Considers all mine closure scenarios Certificate
and/or Decommissioning and cost estimates using risk-based of Approval
Plan (FMR/DP) methodologies/ approaches. It covers No.211-2023-05
the full extent of work necessary issued 12 July
to achieve the objectives of mine 2023
closure such as, but not limited (See CLA Announcement
to, decommissioning, rehabilitation, dated 18 July
maintenance, and monitoring. 2023)
-------------------------------------------- ------------------------
6. Care and Maintenance Details the Company's safety and Certificate
Program (CMP) health, social, and environmental of Approval
commitments as integral components No. 001-2023-CAR
of the MCB Project in cases of issued March
operational constraints (i.e., 2023
voluntary or involuntary stoppage). (See CLA Announcement
dated 3 January
2023)
-------------------------------------------- ------------------------
7. Social Development A five-year program developed in Certificate
and Management consultation with the MCB Project's of Approval
Program (SDMP) host and neighboring communities No. 031-2023-01-CAR
and aligned with local development issued 4 May
plans and global sustainable development 2023
goals to bring about a sustained (See CLA Announcement
improvement in their living standards. dated January
2023)
-------------------------------------------- ------------------------
Following the approvals of all submitted documents, the issuance
of the MCB Project's DMPF is anticipated in the coming weeks and
subsequently, the approval of the mining permit, the Mineral
Production Sharing Agreement (MPSA).
MCB COPPER-GOLD PROJECT
The MCB Copper-Gold Project (MCB) is located in the Cordillera
Administrative Region in the Philippines, approximately 320km north
of Manila (Figure 1). It is the flagship project within the
Makilala portfolio which also contains other key prospects in the
pipeline for permit renewal/extension.
A maiden JORC Compliant Mineral Resource Estimate was declared
for the MCB Project in January 2021, comprising 313.8 million
tonnes @ 0.48% copper and 0.15g/t gold, for 1.5 million tonnes of
contained copper and 1.47 million ounces of gold, of which 290.3
million tonnes @ 0.48% copper and 0.15 g/t gold is classified as
Indicated and 23.5 million tonnes @ 0.48% copper and 0.10 g/t gold
is classified as Inferred.
An updated JORC compliant Mineral Resource Estimate was
announced for the MCB Project on 12 December 2022, comprising 338
million tonnes @ 0.47% copper and 0.12 g/t gold, for total of 1.6
million tonnes of contained copper and 1.3 million ounces of gold,
reported to a preferred lower cut-off grade of 0.2% copper.
A Study for the MCB Project was announced by CLA on 1 December
2021, which identified the potential for the development of a
copper-gold operation with a 25-year mine life. The Study was based
on an underground mining operation and processing facility to
produce a saleable copper-gold concentrate.
Highlights from the Study include a Post tax NPV (8%) of US$464m
and IRR of 31%, assuming a copper price of US$4.00/lb and gold
price of US$1,695/oz. Initial capital expenditure is estimated to
be US$253m with a payback period of approximately 2.7 years. The
designed mine production is matched to a 2.28Mtpa processing plant
which will treat ore with an estimated average grade of 1.14%
copper and 0.54g/t gold for the first 10 years of planned
production with a C1 [4] cash costs at just US$0.73/lb copper, net
of gold credits.
Figure 1. Location of the MCB Project in the province of
Kalinga, Northern Luzon, Philippines.
This announcement has been authorised by the Board of Directors
of Celsius Resources Limited.
ASX Listing Rule 5.19 and 5.23 Disclosure
The information is this announcement with respect to the Mineral
Resource Estimate for the MCB Project was first announced by
Celsius to ASX on 12 December 2022. Celsius confirms that it is not
aware of any new information or data that materially affects the
information included in the announcement dated 12 December 2022 and
that all material assumptions and technical parameters underpinning
the Mineral Resource Estimate continue to apply and have not
materially changed.
The information in this announcement with respect to the
outcomes of the Scoping Study for the MCB Project were first
released by Celsius to ASX on 1 December 2021. Celsius confirms
that all material assumptions underpinning the production target
and forecast financial information derived from the production
target referred to in the announcement of 1 December 2021 continue
to apply and have not materially changed.
Forward Looking Statements
Some of the statements appearing in this announcement may be in
the nature of forward-looking statements. You should be aware that
such statements are only predictions and are subject to inherent
risks and uncertainties. Those risks and uncertainties include
factors and risks specific to the industries in which the Company
operates and proposes to operate as well as general economic
conditions, prevailing exchange rates and interest rates and
conditions in the financial markets, among other things. Actual
events or results may differ materially from the events or results
expressed or implied in any forward-looking statement.
No forward-looking statement is a guarantee or representation as
to future performance or any other future matters, which will be
influenced by a number of factors and subject to various
uncertainties and contingencies, many of which will be outside the
Company's control.
The Company does not undertake any obligation to update publicly
or release any revisions to these forward-looking statements to
reflect events or circumstances after today's date or to reflect
the occurrence of unanticipated events. No representation or
warranty, express or implied, is made as to the fairness, accuracy,
completeness or correctness of the information, opinions or
conclusions contained in this announcement. To the maximum extent
permitted by law, none of the Company's Directors, employees,
advisors, or agents, nor any other person, accepts any liability
for any loss arising from the use of the information contained in
this announcement. You are cautioned not to place undue reliance on
any forward-looking statement. The forward-looking statements in
this announcement reflect views held only as at the date of this
announcement.
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
Celsius Resources Limited
Peter Hume P: +61 2 8072 1400
Multiplier Media
(Australia Media Contact)
Jon Cuthbert M: +61 402 075 707
E: jon.cuthbert@multiplier.com.au
Tavistock Communications
(UK Media and Investor Relations) +44 (0) 207 628 3396
Charles Vivian M: 0044 7977297903
E: charles.vivian@tavistock.co.uk
Tara Vivian-Neal M: 0044 7394408654
E: tara.vivian-neal@tavistock.co.uk
Beaumont Cornish Limited
(Nominated Adviser)
Roland Cornish/Felicity Geidt/Andrew
Price +44 (0) 207 628 3396
SPAngel
(Broker)
John Meyer/Ewan Leggat/Harry Davies-Ball +44 20 3470 0470
[1] Republic Act No. 7942, An Act Instituting a New System of
Mineral Resources Exploration, Development, Utilization, and
Conservation.
[2] Department of Environment and Natural Resources
Administrative Order No. 9640.
[3] Department of Environment and Natural Resources
Administrative Order No. 9640.
[4] C1 costs include all direct costs in mining, processing,
general and administration, and selling (including freight).
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END
MSCGPUAARUPWUAA
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