Celsius Resources Limited (ASX:CLA) Commences Engineering Activities for MCB Project
Project Update
Celsius Resources Limited (ASX:CLA) announced the commencement of on-site Front-End Engineering Design (FEED) for its flagship Maalinao-Caigutan-Biyog Copper-Gold (MCB) Project. This development follows the first drawdown of funds from Maharlika Investment Corporation under the First Omnibus Loan and Security Agreement. The FEED and feasibility study update are expected to be completed by November 2025.
Financial Highlights
Funding for the MCB Project is being managed through the OLSA facility, ensuring the extension of working capital for the remainder of 2025. Celsius will continue to cover some corporate costs, including expenses related to the Sagay and Botilao projects, which are currently on reduced programs.
Share Return Extension
Celsius has formally extended the share return period for SODOR by nine months, now effective until 16 February 2026. This extension was completed through an Undertaking and Indemnity Agreement and maintains the conditions precedent announced in February 2025.
Future Funding Plans
The company is actively engaging with potential equity funding partners to fully fund the MCB Project mining operations. Celsius emphasises maintaining capital discipline and safeguarding its financial position while securing long-term value through a structured funding strategy.
Executive Comments
Atty. Julito Sarmiento, Executive Chairman of CLA, stated, “We are pleased to confirm that the MCB Project’s developments are continuing at pace. We are grateful for the support of our shareholders and financial partners MIC and SODOR, as we look forward to collaboratively concluding equity financing for the MCB Project in the coming months. In the meantime, we are conscious of the need for careful cost management throughout the CLA Group in advance of the completion of the equity financing for the MCB Project.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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