Renewal of Opuvo Exclusive Prospecting License

HIGHLIGHTS

Exclusive prospecting license renewed for 2 years for Opuwo

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Celsius Resources Limited ("CLA" or "Celsius") (ASX, AIM: CLA) is pleased to announce that it has received the renewal of the exclusive prospecting license for the Opuwo Cobalt Project ("Opuwo") which is held under its Namibian subsidiary, Opuwo Cobalt Holdings (Pty) Ltd.

The Namibian Ministry of Mines and Energy issued the 2 year renewal of the exclusive prospecting license for EPL 4346 on 11 October 2023, which covers approximately 683 km2. This will enable Celsius to further evaluate the project's viability with a view to finding a suitable partner.

Ongoing trade-off studies on mining costs, production rates and the possibility of processing oxide ores are being conducted to determine the viability and financial outcomes.

Celsius Managing Director, Peter Hume, said:

"This is a positive development as we are currently reviewing the Opuwo Project to understand how we can strategically unlock its potential value given the high demand for Cobalt from the electric vehicles sector. This project can potentially produce non-conflict Cobalt in a politically stable country for more than 40 years. With the renewal of the permit and recent positive metallurgical test work results, we anticipate this will attract potential partners in the project."

OPUWO COBALT-COPPER PROJECT

The Opuwo Cobalt-Copper Project is located about 730km north-west of the Namibian capital city, Windhoek.

The project is of a very large scale and located in a mining-friendly, politically stable, and safe location with excellent infrastructure. It has ample access to grid power, water, and services allowing a range of development options.

Aligned with Celsius' strategy of continuing to identify and develop world-class, high-grade assets, Opuwo represents significant potential.

The updated Mineral Resource Estimate as announced by CLA on 1 July 2021 was based on all drilling completed by Celsius at Opuwo, and comprises 225.5 million tonnes at a grade of 0.12% cobalt, 0.43% copper, and 0.54% zinc.

The Mineral Resource Estimate represents contained cobalt of 259,000 tonnes and contained copper of 970,000 tonnes and is classified as:

§ 45.3 million tonnes at a grade of 0.11% cobalt, 0.44% copper and 0.51% zinc in the Indicated category;

§ 180.2 million tonnes at a grade of 0.12% cobalt, 0.43% copper and 0.55% zinc in the Inferred category[1].

This announcement has been authorised by the Board of Directors of Celsius Resources Limited.

Listing Rule 5.23 Disclosure

The Company confirms that it is not aware of any new information or data that relates to Exploration Results and Mineral Resources at the Opuwo Cobalt Project and that all material assumptions and technical parameters underpinning the Mineral Resource continue to apply. The Company notes that, as disclosed in this announcement and in previous announcements, the drilling program has been completed at the Opuwo project, and metallurgical test work is ongoing of which the results will feed into future optimisation work to update the Scoping Study and future feasibility studies.

Celsius Resources Contact Information

Level 5, 191 St. Georges Terrace

Perth WA 6000

PO Box 7059

Cloisters Square PO

Perth WA 6850

P: +61 2 8072 1400

W: www.celsiusresources.com

Celsius Resources Limited

[1] Refer to ASX announcement dated 1 July 2021 "Celsius doubles resource at Opuwo cobalt-copper project"