Celsius Resources Limited — Capital/Financing Update 2012

Apr 10, 2012

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11[th] April 2012

MEDIA RELEASE/ASX ANNOUNCEMENT

UPDATE ON NICKEL PROJECTS

Carnilya Hill Joint Venture

View Resources (through View Nickel Pty Ltd) owns a 30% joint venture interest in the Carnilya Hill Joint Venture in Western Australia with Mincor Resources NL (Joint Venture). The tenements covered by the Camilya Hill Joint Venture (JV) include Mining Licences M26/47, M26/48, M26/49 and M26/453.

Mincor Resources NL (“Mincor”, ASX:MCR) is the operator of the Carnilya Hill JV. Mincor has advised the Company that mining at Carnilya Hill ceased during March 2012, as forecast in the December Quarterly Report.

At the completion of mining, a total of 40,900 tonnes of ore had been mined in FY2011/2012, of which 12,270 tonnes are attributable to View Resources.

Mining during the March Quarter comprised 14,050 tonnes of ore at a provisional grade of 2.4% Ni corresponding to 340 tonnes of nickel in ore. The final ore grade will be confirmed following assaying carried out during processing.

All ore from Carnilya Hill is treated and the resultant concentrate acquired by BHP Billiton Nickel West Pty Ltd under an ore tolling and concentrate purchase agreement. The Company will continue to receive proceeds from sale of ore mined in the March Quarter during the June Quarter.

Current operations on site at Carnilya Hill consist of tidying up areas affected by operations and securing of the mine site and equipment owned by the Joint Venture. Assets may be disposed of during this process and the proceeds split between the Participants in the Joint Venture.

Exploration will continue on the tenements comprising the Joint Venture, managed by Mincor as the Operator of the Joint Venture. Results from exploration programmes will be released as they become available.

Should exploration be successful or should nickel prices increase substantially there may be the opportunity to recommence mining. Therefore, access to the decline and other mine infrastructure is anticipated to be maintained for the present. The Joint Venture will incur nominal running costs to ensure the site is kept secure, safe and well maintained.

The Company would like to thank all those involved in the Joint Venture, especially those on site, who helped make Carnilya Hill a safe and successful operation.

Regional Exploration

The Company has been advised that it has been granted tenement E39/1641 located in the Eastern Goldfields region of Western Australia. The tenement is located to the south of Minara Resources’ Murrin Murrin Nickel mine and adjacent to the NiWest Nickel operation currently under development by GME Resources Ltd and is believed to have potential for both laterite and nickel sulphide mineralisation. The Company aims to commence exploration activities on this tenement shortly following a review of the recently compiled historical data. The exploration expenditure commitment for this tenement in its first year is $70,000.

The Company has also applied for tenement E39/1684, which covers 29 blocks in the same region as E39/1684. The tenement is to the west of the Murrin Murrin Nickel mine and north of the NiWest Nickel deposit, as well as to the south of the Waite Kauri laterite nickel deposit. While the primary target on this tenement is laterite-hosted nickel mineralisation there has been limited modern day exploration to identify whether ultramafic units occur within the tenement boundary. Should such units be present then there may be potential for nickel sulphide occurrences as well. The ultrmafic units may have potential for significant gold and copper mineralisation as well.

In due course, the Company may consider spinning out its nickel interests into a new public vehicle listed on the ASX.