Celsius Resources secures $76.4M for MCB project works

SYDNEY - Celsius Resources Limited (ASX, AIM:CLA), a mining and exploration company, has announced the successful securing of a bridge loan facility amounting to USD 76.4 million for the early development of its Maalinao-Caigutan-Biyog Copper-Gold Project (MCB Project) in the Philippines. This financial move is aimed at advancing the project’s initial activities and meeting the financial capability requirements under the Mineral Production Sharing Agreement (MPSA).

The bridge loan, provided by Maharlika Investment Corporation, the Philippines’ sovereign wealth fund, will fund the update of the company’s feasibility study and the Front-End Engineering Design (FEED), as well as partially finance early works such as main access road construction and community training programs. The agreement, signed on February 24, 2025, also received formal acceptance from the Philippine’s Department of Environment and Natural Resources, ensuring MMCI’s compliance with the MPSA’s provisional requirements.

As of March 31, 2025, Celsius reported a closing cash position of A$1.657 million. During the quarter, the company also made progress on its other projects, including ongoing exploration and community engagement activities for the Botilao Copper-Gold Prospect and the preparation of an Environmental Impact Statement Report for the Sagay Copper-Gold Project.

In addition, Celsius engaged in early-stage discussions regarding the potential sale of its 95% interest in the Opuwo Cobalt Project in Namibia. The company has reached a non-binding agreement with Stewardship Investments (Pty) Ltd concerning this disposal but emphasizes that no binding agreement has been finalized yet.

To further support its operations, Celsius secured A$3.3 million through a placement with institutional investors, with a portion of the funds raised being subject to shareholder approval at an upcoming general meeting. The company also disclosed that it spent approximately A$522k on exploration and A$372k in payments to related parties during the quarter.

This financial and operational update is based on a press release statement issued by Celsius Resources Limited and provides a snapshot of the company’s activities and strategic moves in the first quarter of 2025.

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