Celsius Resources Limited — Capital/Financing Update 2017

May 18, 2017

ASX RELEASEASX RELEASE | 16 February 2017 | 19 May 2017

CELSIUS COMPLETES CAPITAL RAISING

Celsius Resources Limited (ASX: CLA) (“Celsius” or “Company”) is pleased to announce that it has completed the capital raising for the issue of 94.6 million shares to raise $3.5 million at an issue price of 3.7 cents per share (“Placement”).

The Company also confirms that the Cleansing Prospectus dated 16 May 2017 has closed and Celsius has issued 80 fully paid ordinary shares.

On behalf of the board of Celsius Resources Limited

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Celsius Resources Contact Information

Level 3, 216 St Georges Terrace Perth WA 6000 PO Box 7775 Cloisters Square Perth WA 6850 P: +61 8 9226 4500 F: +61 8 9226 4300 E: info@celsiusresources.com.au www.celsiusresources.com.au

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Background on the Opuwo Cobalt Project

The Opuwo Cobalt Project is located in northwestern Namibia, approximately 800 km by road from the capital, Windhoek, and approximately 750 km from the port at Walvis Bay (Figure 1). The Project has excellent infrastructure, with the regional capital of Opuwo approximately 30 km to the south, where services such as accommodation, fuel, supplies, and an airport and hospital are available. Good quality bitumen roads connect Opuwo to Windhoek and Walvis Bay. The Ruacana hydro power station (320 MW), which supplies the majority of Namibia’s power, is located nearby, and a 66 kV transmission line passes through the eastern boundary of the Project.

Celsius is gaining exposure to the Project via the following stages of expenditure on exploration:

• An initial 30% interest will be earned by expenditure of $500,000 within 6 months of exercising the option to proceed,

• a further 30% to be earned following expenditure of a further $1,000,000 within 12 months of completing the stage 1 earn in, and

• a final 16% to be earned following expenditure of a further $1,000,000 within 6 months of completing the stage 2 earn in.

Following the earning of the 76% interest all parties will be required to contribute to exploration.

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Figure 1: Location of the Opuwo Cobalt Project, Namibia

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