Celsius Resources Limited (ASX: CLA), founded in 2017 and headquartered in Perth, Western Australia, is an ASX- and AIM-listed mining company focused on developing copper and gold assets in the Philippines and Namibia. The company is advancing a portfolio of high-potential projects, with its flagship Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project positioned as a key future producer. In addition to MCB, Celsius holds interests in the Sagay and Botilao copper-gold projects, both located in highly prospective mineral belts in the Philippines. The company is committed to sustainable mining practices and working closely with local stakeholders to ensure responsible project development.
Funding to Drive MCB Copper-Gold Project Forward
The $3.3 million placement will provide pre-project development funding for the MCB Copper-Gold Project, supporting key activities such as feasibility study updates, front-end engineering design (FEED), and early infrastructure development. The first $1.7 million tranche will be allocated immediately, while the second $1.6 million tranche is subject to shareholder approval.
Celsius’ affiliate company, Makilala Mining Company Inc. (MMCI), has secured a $76.4 million bridging loan from the Maharlika Investment Corporation, the Philippines’ sovereign wealth fund. This funding will be used to update the feasibility study, advance engineering work, and begin early-stage development, including main access road construction and skills-based training for the Balatoc community.
Celsius Executive Chairman Julito “Sarge” Sarmiento highlighted the strong investor support, stating that the placement allows Celsius to maintain a solid corporate position while advancing its copper-gold projects. The funding ensures the company can move forward with regulatory compliance, technical studies, and community engagement efforts.
Progress on Secondary Projects in the Philippines
In addition to MCB, Celsius is making progress on its secondary copper-gold assets, including the Sagay and Botilao projects.
The Sagay Project’s exploration permit has been extended, allowing the company to continue its Declaration of Mining Project Feasibility (DMPF) application with the Philippines’ Mines and Geosciences Bureau (MGB). Once approved, Celsius will proceed with securing a mineral agreement (mining permit) for further development.
Meanwhile, the Botilao Project is undergoing an extensive two-year exploration program, with historical drilling data suggesting significant mineralisation potential. The company aims to define the extent and distribution of copper-gold deposits, paving the way for future resource estimation and development planning.
Placement Details and Investor Participation
The $3.3 million capital raise was executed through a placement of 412.5 million fully paid ordinary shares at $0.008 per share, representing a 27% discount to Celsius’ last closing share price of $0.011 on March 5, 2025. Investors also received one free-attaching option for every two shares, with an exercise price of $0.01 and a three-year expiry.
The placement is divided into two tranches. The first tranche consists of 212.3 million shares, raising $1.7 million, and will settle on March 18, 2025. The second tranche, comprising 200.1 million shares, will raise $1.6 million, subject to shareholder approval in April 2025.
Additionally, Celsius directors Mark van Kerkwijk and Paul Dudley have indicated an intention to participate in the placement, subject to binding agreements and shareholder approval. The capital raise was well-supported by institutional and high-net-worth investors, reinforcing strong market confidence in Celsius’ growth strategy.
Outlook and Development Timeline
Celsius Resources is now in a strong financial position to advance its copper-gold projects in the Philippines, with the MCB Project moving towards pre-construction activities. The company expects to engage a highly reputable engineering team in the coming months to oversee mine planning, infrastructure development, and community engagement initiatives.
The next major milestones include updating the feasibility study, completing regulatory approvals, and securing full project financing agreements. With growing global demand for copper, Celsius’ long-term strategy aligns with the rising need for clean energy metals, positioning the company to benefit from future price increases and potential strategic partnerships.
As the company executes its development plans, investors will be closely monitoring progress on drilling, feasibility studies, and construction approvals, which will ultimately determine the economic viability and future production potential of Celsius’ copper-gold assets.