Quarterly Activities Report

HIGHLIGHTS

• The commencement of the Feasibility Study update and Front-End Engineering Design ("FEED") marks a significant step towards final design, construction and first Copper by 2027.
• First drawdown of bridge loan facility from Maharlika Investment Corporation ("MIC") providing critical financial support to the FEED and updated Feasibility Study.
• Closing cash as of 30 June 2025 of A$4.456 million

Celsius Resources Limited ("Celsius" or the "Company") (ASX, AIM: CLA) is pleased to provide the following summary of the Company's activities for the quarter ended 30 June 2025.

Projects

Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB Project"), Philippines

Makilala Mining Company, Inc. ("MMCI"), the Celsius Resources affiliate company in the Philippines, has commenced updating the MCB Project's Feasibility Study, in parallel with completing the FEED to advance the early development works of its flagship Maalinao-Caigutan-Biyog Copper-Gold Project in the Cordillera Administrative Region[1].

This was made possible through the US$76.4 million bridge loan from Maharlika Investment Corporation ("MIC"), the Philippine's sovereign wealth fund manager. The first drawdown under the first Omnibus Loan and Security Agreement ("OLSA") has been received following the signing of the long-form loan agreement.[2]

Ausenco, a global consulting and engineering service provider, has been contracted for the Engineer's role to undertake the work program[3]. The engineering work packages will lay the groundwork for development designs in support of tender packages for early works and main construction contracts.

DrillCorp Mining Resources and Construction Corp. has also been contracted to undertake Geotechnical and Hydrogeological drilling. The drilling program is aimed to generate detailed surface and subsurface data and models to further optimise the underground mine plan, process plant layout, and surface infrastructure design. The outcomes of the drilling will directly inform the updating of the Feasibility Study and the FEED[4].

MMCI has also engaged technical consultants DMT Consulting Ltd ("DMT") and Resource Development Consultants Ltd ("RDCL") to collaborate with Ausenco to progress the FEED and the Feasibility Study. DMT was contracted to update and optimise the MCB mine

plan and detailed Hydrogeological Study, while RDCL will provide detailed

Geotechnical interpretation analysis to support the planned surface infrastructure development of the MCB Project[5].

As part of the MCB Project's Social Development and Management Program ("SDMP"), training on basic construction skills for local residents has commenced in partnership with the Technical Education and Skills Development Authority ("TESDA")-the national agency mandated to manage and supervise technical education and skills development in the Philippines. The training is aligned with national competency standards, ensuring that participants acquire skills that are not only relevant to the MCB Project's construction needs but also transferable to broader employment opportunities beyond the project[6].

In addition, a financial literacy and management program was developed in collaboration with local financial experts, tailored to the community's context and needs. The program aims to build the capacity of households and community institutions/groups to manage income prudently, make informed financial decisions, and channel resources into sustainable, long-term livelihoods.

A Community Education Committee was also established by the Balatoc Tribe Council of Elders and Barangay Council, which will be responsible for overseeing the educational scholarship program under the project's SDMP in partnership with MMCI. The scholar selection and scholarship framework development is currently in progress, which aims to advance inclusive education and investing in the next generation.

This coordinated effort reflects MMCI's strategic momentum in advancing the MCB Project toward construction and operations. With initial debt financing from MIC and the mobilisation of local and internationally recognised experts and technical consultants, MMCI is laying a robust foundation for the MCB Project's development which underscores MMCI's commitment to technical excellence, environmental diligence, strong social performance and long-term project viability.

BOTILAO COPPER-GOLD PROSPECT

Engagement with the local government and the Indigenous Community Council of Elders hasbeen continuously undertaken to progress the implementation of the Exploration, Environment, and Community Development Programs. This proactive and sustained collaboration is an essential component to ensure alignment with regulatory requirements while respecting the cultural values of the host community.

MMCI also partnered with Kalinga State University to conduct baseline soil and water sampling. This initiative aims to establish reference data for environmental monitoring if the project proceeds towards a detailed exploration program and eventual operations.

Opuwo Cobalt Project, Namibia

As disclosed previously to the market, the Company has been in early-stage discussions regarding a potential transaction with a strategic partner/s concerning the disposal of the Company's 95% interest in the Opuwo Cobalt Project in Namibia ("Opuwo Project")[7]. During the quarter, the Company continued to discuss transaction arrangements with Stewardship Investments (Pty) Ltd and has sought the interest of additional parties for disposal of the Company's 95% interest in the Opuwo Project. The Company reiterates that no binding agreement has been reached and, although discussions are continuing, there can be no certainty that any binding agreement will be reached or the timing of any such agreement.

SAGAY Copper-Gold Project, Philippines

Tambuli Mining Company, Inc. ("TMCI"), a wholly owned Philippine subsidiary of Celsius in the Philippines, has submitted its Environmental Impact Statement for review and acceptance by the Department of Environment and Natural Resources--Environmental Management Bureau. This will support the application for the Declaration of Mining Project Feasibility ("DMPF") for the Sagay Copper-Gold Project ("Sagay Project") in the Negros Islands[8].

The Environmental Impact Statement outlines the potential environmental and social impacts and mitigation measures of the proposed Sagay Mining Project. This is a key requirement for securing an Environmental Compliance Certificate which is mandatory under the Philippine Mining Act of 1995.

Cullarin West Project, NSW

The Company has previously announced the intention to dispose of its interest in this project[9]. No development activities were conducted during the quarter.

Corporate AND EXPENDITURE

On 28 April 2025, the Company held a General Meeting where shareholders approved the issue of the Tranche 2 Placement Securities from the placement announced on 10 March 2025 ("Placement"). The completion of Tranche 2 of the Placement was announced on 16 May 2025, raising gross proceeds of approximately A$1.748 million.

On 9 May 2025, the Company announced it will issue an additional free-attaching option to Tranche 2 participants of the Placement on the same terms as those free-attaching options issued to the participants in Tranche 1 and Tranche 2 of the Placement, subject to shareholder approval being received. The General Meeting to approve the Additional Options will be held on 7 August 2025[10].

On 16 June 2025 the Company announced changes to the Board where previous Non-Executive Director Neil Grimes has been appointed as Executive Director, and Mark van Kerkwijk has moved from an Executive Director to a Non-Executive Director.

Cash Position

At the end of the quarter, the Company held approximately A$4.456 million in cash reserves.

ASX ADDITIONAL INFORMATION

The Company provides the following information pursuant to ASX Listing Rule requirements:

ASX Listing Rule 5.3.1:

Approximately A$1.589 million was spent on exploration expenditure during the quarter, primarily relating to the development of the MCB and Sagay Projects.

ASX Listing Rule 5.3.2:

Nil was spent on mine production and development activities during the quarter.

ASX Listing Rule 5.3.5:

The Company advises that there were approximately A$440k in payments made to related parties of the Company and their associates during the quarter for Director and consultancy fees.

The mining tenement interests acquired during the quarter and their location:

Nil.

Beneficial percentage interests held in farm-in or farm-out agreements at the end of the quarter:

Not applicable.

Nil.

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

[1] ASX/AIM announcement 27 June 2025

[2] ASX/AIM announcements 8 April, 19 May, and 17 June 2025

[3] ASX/AIM announcement 19 May 2025

[4] ASX/AIM announcement 11 June 2025

[5] ASX/AIM announcement 18 June 2025

[6] ASX/AIM announcement 7 October 2024

[7] ASX/AIM announcement 30 October 2024

[8] ASX/AIM announcement 8 January 2024

[9] ASX/AIM announcement 31 January 2023

[10] ASX/AIM announcement 8 July 2025

[11] Refer to ASX announcement dated 12 December 2022 for an updated JORC compliant Mineral Resource Estimate.

[12] Refer to ASX/AIM announcement dated 6 February 2024 for the updated Mineral Resource Estimate for the Sagay Project.