Half-year Results
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The Directors of Celsius announce the Company's half-year financial report for the half year ended 31 December 2023.
Please see below extracts from the Company's full half-year report comprising the:
Directors' Report
Statement of Profit or Loss and Other Comprehensive Income
Statement of Financial Position
Statement of Changes in Equity
Statement of Cash Flows
A copy of the half-year report is available on the Company's website, at https://celsiusresources.com
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
| Peter Hume (Managing Director) | P: +61 2 8072 1400 E: info@celsiusresources.com.au W: www.celsiusresources.com |
| Multiplier Media Jon Cuthbert | M: +61 402 075 707 E: jon.cuthbert@multiplier |
| Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Felicity Geidt/Andrew Price | P: +44 (0) 207 628 3396 E: corpfin@b-cornish.com.uk |
| WH Ireland (Broker) Harry Ansell/James Joyce/Isaac Hooper | P: +44 (0) 20 7220 1666 |
Directors' report
The following persons were directors of Celsius Resources Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated:
| Mr Julito Sarmiento | Non-Executive Chairman |
| Mr Peter Hume | Executive Director |
| Mr Michael Hulmes | Non-Executive Director |
| Mr Simon Farrell | Non-Executive Director |
| Mr Paul Dudley | Non-Executive Director |
| Ms Attilenore Manero | Non-Executive Sustainability Director |
Principal activities
During the half-year, the principal activities of the consolidated entity consisted of mineral exploration activities in Namibia and the Philippines.
There were no significant changes in the nature of the activities of the consolidated entity during the half-year.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the consolidated entity during the financial half-year.
Review of operations
The loss for the consolidated entity after providing for income tax and non-controlling interest amounted to $1,663,153 (31 December 2022: $2,061,756).
Maalinao-Caigutan-Biyog Copper Gold Project, Philippines (Celsius - 40%)
Makilala Mining Company, Inc. ("MMCI"), a Philippine affiliate of Celsius in the Philippines, has progressed its permitting requirements for its flagship Maalinao-Caigutan-Biyog ("MCB") Copper-Gold Project in the Cordillera Administrative Region.
All required technical, social, and environmental plans and programs have been approved leading to the approval of the Declaration of Mining Project Feasibility (DMPF). The DMPF was a critical step in securing a Mineral Agreement with the Philippine Government, which is anticipated Q 1, 2024.
Botilao Copper-Gold Prospect, Philippines (Celsius - 40%)
Makilala Mining Company, Inc. ("MMCI"), a Philippine subsidiary of Celsius Resources, in August of 2023 MMCI was issued an exploration permit for its Botilao Copper-Gold Prospect, adjacent to the MCB Project in the Cordillera Administrative Region.
The initial two-year exploration permit aims to define the extent and distribution of the observed mineralisation along Botilao Creek which will consist of regional to semi-detailed geochemical sampling and mapping to generate future targets for possible geophysical surveys and eventual diamond drilling activities.
The approved Exploration Work Program will be implemented alongside an Environmental Work Program and a Community Development Program (CDP).
Following the issuance of the exploration permit, table top work is being carried out to gather and consolidate available data and reports as basis for planning field activities commencing in 2024.
Sagay Copper-Gold Project, Philippines (Celsius - 100%)
Tambuli Mining Company, Inc. ("TMCI"), a wholly owned Philippine subsidiary of Celsius in the Philippines, exploration works have produced positive results for the Sagay Copper-Gold Project ("Sagay Project") which is located in Negros Island.
Exploration activities focused on the shallow high-grade copper, or the Supergene (Secondary Sulfide) Enrichment Domain (900SG).
Twelve (12) shallow drill holes were completed with a total meterage of 824.70 meters Results from the shallow drilling program confirmed a significant copper mineralisation from eight out of 12 drill holes completed.
The conclusion of the drilling program along with results of the desktop studies and compilation of all exploration data were contained in a Final Exploration Report which was submitted to the Philippine National Government. This became the basis for the formulation of the Mining Project Feasibility Study which was submitted in December 2023 to the Philippine Mines and Geosciences Bureau, along with other required technical, social, and environmental plans and programs, for the application of Declaration of Mining Project Feasibility, the approval of which will trigger the application for a mineral agreement with the Philippine Government.
Opuwo Cobalt Project, Namibia (Celsius - 95%)
Celsius Resources' Namibian subsidiary held under Opuwo Cobalt Holdings (Pty) Ltd. received a renewal of the exclusive prospecting license for the Opuwo Cobalt Project ("Opuwo"), which is located 730km north-west of the Namibian capital city, Windhoek.
The renewal of the exclusive prospecting license (EPL 4346), which covers approximately 683 km2, was issued by the Namibian Ministry of Mines and Energy on 11 October 2023 for a period of two years. The renewed license will enable Celsius to further evaluate the project's viability and strategically unlock its potential value with a view to finding a suitable partner.
Ongoing trade-off studies on mining costs, production rates, and the possibility of processing oxide ores were undertaken to determine project viability and financial outcomes.
Cullarin West Project, Australia (Celsius - 100%)
The Company is continuing to assess the viability of the opportunity and gauge interest from other possible partners. No development activities were conducted during the half-year ended 31 December 2023.
Matters subsequent to the end of the financial half-year
The Company's Philippine subsidiary, Makilala Mining Company, Inc. ("MMCI") is currently in the final stages of obtaining a Mineral Production Sharing Agreement ("MPSA") with the Philippine Government for its flagship Maalinao-Caigutan-Biyog Mining Project ("MCB Project"). The MPSA will grant MMCI exclusive rights to undertake exploration, development and commercial production of copper and associated minerals, and the issuance of the MPSA will enable MMCI to undertake the necessary work streams to proceed with the mine development of the MCB Project.
On 8 January 2024, the Company's Philippine subsidiary, Tambuli Mining Company, Inc. ("TMCI"), submitted an application for a Declaration of Mining Project Feasibility ("DMPF") with the Philippine Mines and Geosciences Bureau, confirming the technical and financial viability for the Sagay Copper-Gold Project ("Sagay") in the island of Negros. On 6 February 2024, the Company updated the JORC compliant Mineral Resource Estimate ("MRE") for Sagay. The update to the MRE at Sagay was largely based on the results from the 2023 drilling program at a shallow copper position located ~500m to the west of the main body of mineralisation discovered to date, as announced to ASX on 17 October 2023.
Payment of the required land rental fee to the Pasil Local Government Unit relative to the issuance of the exploration permit for Botilao, as well as stakeholder engagements were carried out during the first quarter of 2024 as prerequisites to the ground implementation of the exploration, environmental and community development work programs which will commence by the second quarter of 2024.
No other matter or circumstance has arisen since 31 December 2023 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.
Consolidated
| Note | 31 Dec 2023 | 31 Dec 2022 |
| $ | $ |
Statement of profit or loss and other comprehensive income For the half-year ended 31 December 2023 Revenue
| Other income | 145 | 27,430 |
| Expenses | ||
| Directors' fees | (139,660) | (109,894) |
| Travel and accommodation | (66,906) | (60,404) |
| Depreciation and amortisation expense | (32,325) | (10,264) |
| Impairment expense | - | (398,689) |
| Legal and other professional fees | (427,640) | (736,498) |
| Share based payments | - | (21,472) |
| Exploration expenditure | (582,353) | (393,386) |
| Other expenses | (399,143) | (361,790) |
| Finance costs | - | (273) |
| Foreign exchange loss | (18,181) | - |
| Loss before income tax expense | (1,666,063) | (2,065,240) |
| Income tax expense | - | - |
| Loss after income tax expense for the half-year | (1,666,063) | (2,065,240) |
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
| Foreign currency translation | (486,458) | (182,567) | |
| Other comprehensive income for the half-year, net of tax | (486,458) | (182,567) | |
| Total comprehensive income for the half-year | (2,152,521) | (2,247,807) | |
| Loss for the half-year is attributable to: | |||
| Non-controlling interest | (2,910) | (3,484) | |
| Owners of Celsius Resources Limited | (1,663,153) | (2,061,756) | |
| (1,666,063) | (2,065,240) | ||
| Total comprehensive income for the half-year is attributable to: | |||
| Non-controlling interest | (5,241) | 3,684 | |
| Owners of Celsius Resources Limited | (2,147,280) | (2,251,491) | |
| (2,152,521) | (2,247,807) | ||
| Cents | Cents | ||
| Basic earnings per share | 12 | (0.07) | (0.14) |
| Diluted earnings per share | 12 | (0.07) | (0.14) |
Statement of financial position As at 31 December 2023 Assets
Current assets
| Cash and cash equivalents | 4 | 2,046,731 | 5,029,176 | |||
| Other current assets | 296,142 | 168,170 | ||||
| Total current assets | 2,342,873 | 5,197,346 | ||||
| Non-current assets | ||||||
| Property, plant and equipment | 245,964 | 272,590 | ||||
| Deferred exploration expenditure | 5 | 31,431,013 | 30,258,704 | |||
| Total non-current assets | 31,676,977 | 30,531,294 | ||||
| Total assets | 34,019,850 | 35,728,640 | ||||
| Liabilities | ||||||
| Current liabilities | ||||||
| Trade and other payables | 6 | 589,539 | 565,808 | |||
| Total current liabilities | 589,539 | 565,808 | ||||
| Total liabilities | 589,539 | 565,808 | ||||
| Net assets | 33,430,311 | 35,162,832 | ||||
| Equity | ||||||
| Issued capital | 7 | 81,109,712 | 78,839,712 | |||
| Reserves | 8 | (1,429,508) | 904,619 | |||
| Accumulated losses | (46,229,050) | (44,565,897) | ||||
| Equity attributable to the owners of Celsius Resources Limited | 33,451,154 | 35,178,434 | ||||
| Non-controlling interest | 9 | (20,843) | (15,602) | |||
| Total equity | 33,430,311 | 35,162,832 | ||||
| Statement of changes in equity For the half-year ended 31 December 2023 | Issued | Accumulated | Share based payments | Foreign currency translation | Non-controlling | Total equity |
| capital | losses | reserve | reserve | interest | ||
| Consolidated | $ | $ | $ | $ | $ | $ |
| Balance at 1 July 2022 | 64,808,602 | (38,837,014) | 2,418,105 | (1,214,895) | 24,862 | 27,199,660 |
| Loss after income tax expense for the half-year | - | (2,061,756) | - | - | (3,484) | (2,065,240) |
| Other comprehensive income for the half-year, net of tax | - | - | - | (189,738) | 7,171 | (182,567) |
| Total comprehensive income for the half-year | - | (2,061,756) | - | (189,738) | 3,687 | (2,247,807) |
| Transactions with owners in their capacity as owners: | ||||||
| Contributions of equity, net of transaction costs | 4,642,405 | - | 123,589 | - | - | 4,765,994 |
| Share-based payments | - | - | 21,472 | - | - | 21,472 |
| Balance at 31 December 2022 | 69,451,007 | (40,898,770) | 2,563,166 | (1,404,633) | 28,549 | 29,739,319 |
| Issued | Accumulated | Share based payments | Foreign currency translation | Non-controlling | Total equity | |
| capital | losses | reserve | reserve | interest | ||
| Consolidated | $ | $ | $ | $ | $ | $ |
| Balance at 1 July 2023 | 78,839,712 | (44,565,897) | 2,877,035 | (1,972,416) | (15,602) | 35,162,832 |
| Loss after income tax expense for the half-year | - | (1,663,153) | - | - | (2,910) | (1,666,063) |
| Other comprehensive income for the half-year, net of tax | - | - | - | (484,127) | (2,331) | (486,458) |
| Total comprehensive income for the half-year | - | (1,663,153) | - | (484,127) | (5,241) | (2,152,521) |
| Transactions with owners in their capacity as owners: | ||||||
| Contributions of equity, net of transaction costs (note 7) | 2,270,000 | - | (1,850,000) | - | - | 420,000 |
| Balance at 31 December 2023 | 81,109,712 | (46,229,050) | 1,027,035 | (2,456,543) | (20,843) | 33,430,311 |
| Consolidated | ||||||
| Note | 31 Dec 2023 | 31 Dec 2022 | ||||
| $ | $ | |||||
Statement of cash flows For the half-year ended 31 December 2023 Cash flows from operating activities
| Payments to suppliers and employees (inclusive of GST) | (1,700,293) | (2,201,262) | |
| Interest received | 145 | 2,430 | |
| Net cash used in operating activities | (1,700,148) | (2,198,832) | |
| Cash flows from investing activities | |||
| Payments for property, plant and equipment | (5,698) | (60,351) | |
| Payments for exploration and evaluation | 5 | (1,443,769) | (1,593,992) |
| Net cash used in investing activities | (1,449,467) | (1,654,343) | |
| Cash flows from financing activities | |||
| Proceeds from issue of shares | 7 | 420,000 | 4,858,295 |
| Share issue transaction costs | - | (300,651) | |
| Net cash from financing activities | 420,000 | 4,557,644 | |
| Net increase/(decrease) in cash and cash equivalents | (2,729,615) | 704,469 | |
| Cash and cash equivalents at the beginning of the financial half-year | 5,029,176 | 1,289,845 | |
| Effects of exchange rate changes on cash and cash equivalents | (252,830) | 42,717 | |
| Cash and cash equivalents at the end of the financial half-year | 2,046,731 | 2,037,031 | |
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