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MANILA - Celsius Resources Limited announced Thursday that its Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in the Philippines continues to make progress with its Feasibility Study update and Front-End Engineering & Design (FEED) program on schedule.
The company reported that the engineering work is approaching its halfway point, with an interim study report expected to be submitted to Maharlika Investment Corporation (MIC), the Philippines Sovereign Wealth Fund, by the end of August 2025.
According to the press release, MIC has provided a second drawdown of USD 2 million this week as part of its bridge loan facility. Total (EPA:TTEF) drawdowns from MIC to date amount to USD 4 million, with USD 6 million remaining undrawn from the first omnibus loan and security agreement.
Celsius also disclosed that it has signed a non-binding memorandum of understanding with Kiri Industries Limited of India. The MOU was presented at the India-Philippine Business Forum in Bangalore, attended by Philippine President Ferdinand Marcos Jr. The company emphasized that this agreement contains no specific commercial terms and is non-exclusive.
The company stated it has been in discussions with several other parties regarding potential project financing, including both debt and equity options, as well as possible concentrate off-take arrangements.
Celsius reiterated its commitment to commence copper-gold concentrate production from the MCB Project before the end of 2027.
The MCB Project, located approximately 320km north of Manila, has a mineral resource estimate of 338 million tonnes at 0.47% copper and 0.12 g/t gold, according to the company’s December 2022 update. A previous study indicated a potential 25-year mine life with a post-tax NPV of USD 464 million.
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