Perth, 19 November 2024 – Celsius Resources (ASX/AIM: CLA) is pleased to announce that its Philippine affiliate, Makilala Mining Company, Inc. (MMCI), has secured a six-month extension to fulfil funding requirements for its Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project.
Granted by the Philippine Department of Environment and Natural Resources (DENR) and the Mines and Geosciences Bureau (MGB), the extension is strategically significant for MMCI and its prospective investor, Maharlika Investment Corporation (MIC).
The decision enables both parties to work towards demonstrating the financial capability mandated by their mineral production sharing agreement (MPSA).
The additional six-month period, effective until March 13, 2025, provides MMCI and MIC the necessary time to complete due diligence and regulatory approvals essential to finalising an investment agreement.
Established as a sovereign wealth fund by the Philippine government in 2023, Maharlika has approximately USD $5 billion at its disposal with the aim to catalyse economic growth in the Philippines, through strategic investments in critical sectors, including natural resources, energy, infrastructure, and agriculture.
MIC's potential involvement in the MCB Project signifies confidence in the project's economic potential and aligns with its goals to boost sustainable development.
"Since the issuance of the MCB Project's mining permit, investor interest has been robust, both from within the Philippines and internationally," said Celsius Resources Executive Chairman Julito R. Sarmiento.
"An investment from Maharlika would be transformational, not just for the MCB copper project which will be mined through sustainable practices, but for the entire Province of Kalinga providing employment, infrastructure and economic sustainable growth."
Situated in the Cordillera Administrative Region, the MCB Project boasts promising copper and gold reserves.
A JORC-compliant resource estimate from 2022 indicated 338 million tonnes at 0.47% copper, underscoring the project's significant potential.
Celsius Resources is primarily focused on advancing multiple copper-gold assets in the Philippines including the Botilao Prospect and Sagay Copper-Gold Project, in addition to the MCB Copper-Gold Project.
