Celsius Faces Leadership and Financing Decisions Amid MCB Project Delay

Project Financing Momentum

Celsius Resources Limited is advancing discussions with a leading financial advisory firm to finalize the funding package for its Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in the Philippines. The company has attracted strong interest from several well-qualified international mining groups experienced in copper and gold project finance, including offers spanning structured debt, metal streaming arrangements, and equity participation. This diverse interest underscores the project's appeal and the confidence of the market in its potential.

Feasibility Study Delay Reflects Caution

Originally slated for release in December 2025, the final Feasibility Study has been deferred to January 2026. This short delay is due to additional confirmatory metallurgical testing required to resolve two isolated results that diverged from otherwise consistent positive outcomes. Celsius emphasizes that this step is part of its rigorous quality-control process, ensuring the study meets the highest standards demanded by financiers and regulators. Importantly, the delay is not indicative of any fundamental issues with the project or its development strategy.

Implications for Project Costs and Timeline

The confirmatory work may lead to minor adjustments in capital equipment or process plant operating costs, but these changes are not expected to significantly impact the overall project economics. With the bulk of the study; including mine planning, process design, and financial modeling; already finalized, the company is positioning itself to present a robust, investment-ready package. This conservative approach aims to instill confidence among investors and stakeholders as Celsius prepares to move toward construction in 2026.

Corporate Governance Update

Alongside project developments, Celsius is actively searching for a new Chair of the Board. While details remain sparse, the company has committed to keeping shareholders informed as the process progresses. This leadership change could be pivotal in steering the company through its next growth phase, especially as it navigates complex financing arrangements and project execution.

Looking Ahead

Executive Director Neil Grimes acknowledged the delay and financing process as necessary steps to ensure the best possible outcome for the company and its shareholders. The engagement of a world-class financial advisor and the forthcoming Feasibility Study release are expected to provide clarity and momentum as Celsius prepares to advance the MCB Project into construction.