- Celsius Resources Limited (DI)
- 30 January 2026 10:26:30
Source: Sharecast
The AIM-traded company said the definitive feasibility study for the MCB project, owned by its Philippine affiliate Makilala Mining Company, outlined maiden ore reserves of 130.2 million tonnes supporting a 35-year mine life.
It said the study assumed average annual production of 26.5 kilotonnes of copper and 40.2 thousand ounces of gold, with an average C1 cash cost of 41 cents per pound of copper, net of by-product credits, over the first decade of operations.
Celsius said the project delivered a post-tax net present value of $771m, or about AUD 1.15bn, and an internal rate of return of 24%, based on conservative metal price assumptions.
The study was completed to a class 3 level of estimate accuracy and was suitable for project financing and execution, incorporating an optimised underground mine design and identified cost efficiencies across mining, processing, power supply and infrastructure.
As part of its financing preparations, Celsius said it had appointed Grant Samuel as financial adviser to coordinate and structure an optimal funding package, following strong interest from international mining financiers, offtakers and investment groups.
During the quarter, the company also completed a fourth drawdown under its bridge loan facility with the Philippine sovereign wealth fund, Maharlika Investment Corporation, to support completion of the DFS.
Executive director Neil Grimes said the study represented a key milestone for the project.
“The MCB definitive feasibility study marks a significant milestone, positioning the MCB project as a leading near-term copper-gold development opportunity in the Philippines,” he said.
“The study demonstrates a technically robust and economically enhanced project, with competitive capital intensity and operating costs.
“The company is progressing funding and offtake discussions to advance the project toward a final investment decision and construction.”
At 0907 GMT, shares in Celsius Resources were down 0.5% at 1p.
Reporting by Josh White for Sharecast.com.