MCB Project Operational Update

Celsius Resources Ltd & MCB Project Operational Update

HIGHLIGHTS

• The Company is pleased to confirm that the first drawdown from the funding arrangements previously announced with Mahalika Investment Corporation has been received.
• Increased Company operational factors around the technical and financial aspects of Project Development has initiated management changes.

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Celsius Resources Limited ("Celsius" or the "Company") (ASX, AIM: CLA) is pleased to announce the following operational update, and that its Philippine affiliate, Makilala Mining Company, Inc. ("MMCI") has made further progress with the Company's flagship Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB" or the "Project").

The Company is pleased to confirm that the first drawdown under the first OLSA loan agreement previously announced with Mahalika Investment Corporation ("MIC") has been received. These funds will be applied to the Feasibility Study update and FEED program at the MCB Project being undertaken by Ausenco[1].

This progress represents a strategic milestone for the Company, as the MCB Project enters a new development phase with MIC as its MCB Project funding partner. Associated with these operations is Celsius' commitment to responsible resource and mining development at the MCB Project.

The Company continues to be confident that the Feasibility Study update and FEED will be completed on schedule, ready for anticipated early work construction in late 2025 followed by main construction and targeting first production by 2027.

Given the increased operational factors around the technical and financial aspects of these developments at the MCB Project, Neil Grimes, currently a Non-Executive Director, has been appointed as Executive Director of the Company with immediate effect. Neil has worked extensively in the mining sector in the Philippines, and his experience of operations in-country, working alongside the MCB Project team, will continue to be of significant benefit to the Company's operations. Neil's executive role will focus on the following areas:

• Supporting disciplined and transparent financial management aligned with sustainability principles to maintain the Company's strong financial position through 2025;
• Working closely with potential funding partners to secure the necessary financing for the MCB Project and ensure not only the Project's long-term economic objectives but also the environmental and social viability;
• Managing the Company's communications with external stakeholders and leading marketing, investor and shareholder engagement initiatives, including progressive presentations of technical outcomes from the FEED and updated study; and,
• Progressing the disposal of the Company's projects in Namibia and Australia.

As part of these changes, Mark Van Kerkwijk will move to become a Non-Executive Director of the Company with immediate effect. The Board thanks Mark for his efforts since joining the Board and for his role in supporting the Company during the period it obtained the final MPSA[2] for MCB Project and secured its loan funding with MIC[3].

Executive Chairman, Atty. Julito R. Sarmiento commented, "The first funding drawdown from MIC and the changes to the Board of Celsius are timely as we transition from explorer to developer and progress toward becoming the newest Copper and Gold Producer in the Philippines. We are not merely developing a mine; we are advancing a Project grounded in environmental stewardship, meaningful stakeholder partnership, and long-term climate resilience. Increasing our focus on the MCB Project will help us deliver long-term value for shareholders, while advancing a sustainable development approach that supports both the community and the environment. We will announce further progress at the appropriate time in due course."

In accordance with ASX Listing Rule 3.16.4, a summary of the material terms and conditions of Mr. Grimes' employment arrangements is included as an annexure to this announcement.

MCB COPPER-GOLD PROJECT

An updated JORC compliant Mineral Resource Estimate was announced for the MCB Project on 12 December 2022, comprising 338 million tonnes @ 0.47% copper and 0.12 g/t gold, for a total of 1.6 million tonnes of contained copper and 1.3 million ounces of gold, of which 249 million tonnes @ 0.44% copper and 0.11 g/t gold is classified as Indicated, 42 million tonnes @ 0.52% copper and 0.11 g/t gold is classified as Inferred, and 47 million tonnes @ 0.59% copper and 0.19 g/t gold is classified as Measured.

Highlights from the Study include a Post tax NPV (8%) of US$464m and IRR of 31%, assuming a copper price of US$4.00/lb and gold price of US$1,695/oz, which are both currently significantly below currently prevailing market prices. Initial capital expenditure is estimated to be US$253m with a payback period of approximately 2.7 years. The designed mine production is matched to a 2.28Mtpa processing plant which will treat ore with an estimated average grade of 1.14% copper and 0.54g/t gold for the first 10 years of planned production with a C1[4] cash costs at just US$0.73/lb copper, net of gold credits.

Figure 1. Location of the MCB Project in the province of Kalinga, Northern Luzon, Philippines.

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

Listing Rule 5.23 Disclosure

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

Summary of Material Terms

In accordance with ASX LR 3.16.4, the Board advises that the material terms of Mr. Grimes' employment agreement with the Company are as follows:

Commencement date: Appointment as Executive Director effective 16 June 2025.

Term: No fixed term.

Fixed remuneration: Mr. Grimes will be paid fixed remuneration of $16,745 per month inclusive of superannuation.

Termination: Three months' notice period for without cause termination by either party, and immediate termination for cause based on defined events.

[1] ASX announcement 19 May 2025

[2] ASX announcement 8 April 2025

[3] ASX announcement 24 February 2025