By Lisa Uhlman | Proactive Investors | August 8, 2025

Celsius Resources Ltd (ASX:CLA, AIM:CLA) has reported steady progress at its Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in the Philippines, where it is working with its local project company affiliate towards an updated feasibility study and front-end engineering design (FEED) program, while project financing talks for the project advance.

With funding support from Maharlika Investment Corporation (MIC), the Philippines’ sovereign wealth fund, Celsius affiliate MMCI Makilala Mining Company Inc. (MMCI) and feasibility study manager Ausenco are on track to reach the engineering halfway point and submit an interim study report to MIC by the end of the moth, Celsius said.

Feasibility study and FEED update

Celsius and MMCI continue to progress on the updated Feasibility Study and FEED for the MCB Project. The engineering phase is moving ahead as planned, with capital cost assumptions, construction designs and schedules all being carefully reviewed. The feasibility study will incorporate up-to-date commodity price expectations for copper and gold, along with foreign exchange rate assumptions, to ensure that the project remains financially viable and attractive to investors.

The project team is working towards completing the interim study report by the end of August 2025, eyeing key milestone for the ongoing development of a project that is expected to be a significant contributor to the region’s copper-gold supply.

Ongoing financing discussions

Celsius remains engaged in talks with several potential investors to secure the funding needed for the MCB Project’s development. MIC has provided initial financing through a bridge loan facility and expressed interest in an equity investment in the project. However, Celsius emphasised that no binding agreements have been reached as discussions continue.

Other parties have also expressed investment interest, with Celsius recently signing a memorandum of understanding (MOU) with Kiri Industries Ltd, an Indian conglomerate with a strong presence in the textile and copper industries.

The MOU was presented on Thursday at the India-Philippine Business Forum in Bangalore, attended by both the president of the Philippines, Ferdinand Marcos Jr, and the prime minister of India, Narendra Modi. While non-binding, the MOU sets the stage for potential negotiations regarding an investment in MMCI.

Celsius is also in discussions about various other financing options, including both debt and equity solutions, off-take agreements and advance funding.

Resource and project outlook

The MCB Project remains a key part of Celsius’ portfolio, with an updated JORC-compliant Mineral Resource Estimate of 338 million tonnes at 0.47% copper and 0.12 g/t gold. This resource underpins the project’s potential to produce significant copper and gold over a projected 25-year mine life.

The feasibility study suggests a post-tax net present value (NPV) (8%) of US$464 million, with an internal rate of return (IRR) of 31%, assuming copper at US$4.00 per pound and gold at US$1,695 per ounce — prices that are currently well below prevailing market levels.

The project’s initial capital expenditure is estimated at US$253 million, with a payback period of about 2.7 years. The first 10 years of the project are expected to treat ore at an average grade of 1.14% copper and 0.54g/t gold, with cash costs projected at just US$0.73 per pound of copper, net of gold credits.

Looking ahead

Celsius is committed to advancing the MCB Project with the aim of achieving copper-gold concentrate production by the end of 2027. As discussions with potential investors and financing partners continue, the company is focused on securing the necessary funding to bring the project to life.

With solid backing from MIC and ongoing negotiations with other parties, Celsius is positioning itself to capitalise on rising global demand for copper and gold, particularly from the renewable energy and electric vehicle sectors.

As the feasibility study progresses and project financing discussions advance, Celsius remains focused on maintaining strong governance, ensuring environmental responsibility and working closely with the local Balatoc community to foster long-term success.

Source: Proactive Investors

 

 

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