Celsius Resources starts on-site engineering at MCB project

(Sharecast News) - Celsius Resources announced the start of on-site engineering work for its flagship Maalinao-Caigutan-Biyog (MCB) copper-gold project in the Philippines on Friday, marking a key milestone as it progressed towards completing the front-end engineering design (FEED) and an updated feasibility study by November.

The AIM-traded firm said the start of engineering activities followed the first drawdown of funds from the Maharlika Investment Corporation under a previously-announced loan agreement.

Celsius said the funding would fully cover the costs of the FEED and feasibility update, while it continued to manage its wider corporate costs carefully to preserve working capital through the rest of 2025.

The company also confirmed that it had extended the share return period in its agreement with Sodor by nine months to 16 February 2026.

That arrangement, facilitated through an undertaking and indemnity agreement, remained subject to the same conditions previously disclosed.

The share issuances related to Sodor were said to have been instrumental in securing Celsius's mining licence under Philippine regulations.

"We are pleased to confirm that the MCB Project's developments are continuing at pace," said Julito Sarmiento, executive chairman of Celsius Resources.

"We are grateful for the support of our shareholders and financial partners MIC and Sodor, as we look forward to collaboratively concluding equity financing for the MCB Project in the coming months.

"In the meantime, we are conscious of the need for careful cost management throughout the CLA Group in advance of the completion of the equity financing for the MCB Project."

Celsius said it was continuing to pursue discussions with potential equity partners to fully fund the development of the MCB mine, while maintaining what it described as a prudent and disciplined approach to capital management.

Reporting by Josh White for Sharecast.com.