Celsius receives first loan drawdown from MIC funding deal

(Sharecast News) - Celsius Resources announced on Tuesday that it has received the first loan drawdown from its funding agreement with Mahalika Investment Corporation (MIC), marking a key milestone in the development of its flagship Maalinao-Caigutan-Biyog (MCB) copper-gold project in the Philippines.

The AIM-traded firm said the funds would be directed toward updating the project's feasibility study and executing front-end engineering design (FEED) work, led by Ausenco.

It said the MCB Project remained on track for early works construction to start in late 2025, with first production targeted for 2027.

The strategic investment by MIC, which formalised its role as project funding partner, was in support of Celsius' transition from explorer to developer.

In line with the transition, Celsius announced senior management changes to support the project's increasing operational and financial demands.

Neil Grimes, previously a non-executive director, had been appointed executive director with immediate effect.

Grimes would focus on financial stewardship, stakeholder engagement, project financing, and divestment of non-core assets in Namibia and Australia.

Mark Van Kerkwijk would assume a non-executive director role, having helped steer Celsius through key milestones, including securing the MCB project's mineral production sharing agreement (MPSA) and the MIC loan facility.

"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," said executive chairman Atty Julito R Sarmiento.

"We are not merely developing a mine; we are advancing a project grounded in environmental stewardship, meaningful stakeholder partnership, and long-term climate resilience."

Reporting by Josh White for Sharecast.com.