Celsius Resources Limited — Capital/Financing Update 2021

Sep 26, 2021

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ASX RELEASE

27 SEPTEMBER 2021

Metallurgical Testing Delivers Excellent Copper Recoveries from the MCB Project

HIGHLIGHTS

• Calculated weighted average recoveries indicate an average copper recovery of 94% and gold recovery of 79% is achievable at MCB.

• Results have shown that copper recoveries of 96.7% and gold recoveries of 85.3% were achievable in a first stage rougher flotation step, which was optimised at a grind size of 150 micron.

• Metallurgical testwork completed by ALS in Perth indicates for all the defined ore types at the MCB Copper-Gold Project (MCB) a consistency in results is readily achievable in terms of grade, recovery and impurity levels.

• The copper and gold recoveries indicated are based on a conventional flotation circuit to produce a saleable copper-gold concentrate.

• The copper-gold concentrate produced in the testwork is of a high quality with an average copper grade of 26% copper, 6.5g/t gold and very low impurities and is anticipated to be easily saleable.

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Celsius Resources Limited (“Celsius” or “the Company”) is pleased to announce its Philippine subsidiary Makilala Mining Company, Inc. (“MMCI”) has received excellent results from the metallurgical testwork completed from the MCB Project, which is part of the work associated with the Scoping Study for MCB.

“The initial test results achieved at MCB are a great outcome for the Scoping Study, and have provided further confidence in the quality of the MCB project.” said Celsius’ Chairman Martin Buckingham.

“It’s very pleasing to see the impressive metallurgical recoveries which will underpin the outcome of the Scoping Study as this further confirms the ability to develop the project into a world class asset.

Meantime we offer prayers of hope and healing for our host community leaders and members as well as our in-country employees who have been heavily affected by the COVID-19 Pandemic in the Kalinga Province. We are doing our best to help those affected while keeping operations progressing.”

Level 2, 22 Mount Street, Perth WA 6000 PO Box 7054, Cloisters Square, Perth WA 6850 P: +61 8 6188 8181 E: info@celsiusresources.com.au celsiusresources.com.au

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MCB COPPER-GOLD PROJECT

The MCB Copper-Gold Project (MCB) is located in the Cordillera Administrative Region in the Philippines, approximately 320km north of Manila (Figure 1). It is the flagship project within the Company’s portfolio, which also contains other key prospects in the Philippines.

A maiden JORC compliant Mineral Resource Estimate was declared for the MCB Project in January 2021, comprising 313.8 million tonnes @ 0.48% copper and 0.15 g/t gold, for 1.5 million tonnes of contained copper and 1.47 million ounces of gold, of which 290.3 million tonnes @ 0.48% copper and 0.15 g/t gold is classified as Indicated and 23.5 million tonnes @ 0.48% copper and 0.10 g/t gold is classified as Inferred.

A high-grade core of 93.7 million tonnes @ 0.80% copper and 0.28 g/t gold will be the focus for the Company’s initial Scoping Study (refer ASX announcement of 12 January 2021). The high-grade core comprises 79.8 million tonnes @ 0.83% copper and 0.30 g/t gold in the Indicated category and 13.9 million tonnes @ 0.59% copper and 0.11 g/t gold in the Inferred category.

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Figure 1: Location of the MCB Project in the province of Kalinga, Northern Luzon, Philippines.

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METALLURGICAL TESTWORK

As part of the recent drilling program, a number of core samples were taken for metallurgical testwork based on the geological assessment of the main defined copper mineralisation types at MCB.

Core samples were taken from drillholes MCB 33 and 34 the locations and analyses of which are detailed in ASX releases of June 3 2021 and July 28 2021 as well in Appendix 1.

Samples were taken for a combination of comminution tests in addition to flotation recovery testwork based on five separate samples, which cover a range of mineralisation types and copper grade ranges.

The testwork was completed by ALS Global in their Perth laboratory.

The metallurgical testwork program was designed to establish a preliminary flowsheet and to assess the ability to recover a marketable copper-gold concentrate from MCB.

SUMMARY RESULTS

Results have shown that copper recoveries of 96.7% and gold recoveries of 85.3% were achievable in a first stage rougher flotation step, which was optimised at a grind size of 150 micron.

Subsequent regrinding of the rougher concentrate to 38 micron followed by second stage cleaner flotation was found to achieve a concentrate product with an average grade of 26% copper and 6.5g/t gold.

The final weighted average copper and gold recoveries after the second stage cleaner flotation were estimated to be 94% for copper and 79% for gold.

The results have shown that a conventional copper flotation processing plant will be able to achieve high copper recoveries into a saleable copper concentrate with low impurities.

Work is now underway as part of the final steps in the Scoping Study to develop a process plant flowsheet with associated capital and operating cost estimates, based on the results of the flotation testwork.

Additional metallurgical testwork is anticipated to further improve both the copper recoveries and the average grade of the copper concentrate, by further optimising the grind size and reagents used in the flow sheet. These tests will be part of the next phase of studies for MCB.

SCOPING STUDY UPDATE

The receipt of the metallurgical testwork results will enable the finalisation of the Scoping Study for the MCB Project. The metallurgical results, specifically from the comminution testwork, are a key input to enable the estimation of CAPEX and OPEX for the MCB Project, and the late delivery of these results means that the anticipated date for completion of this study will now be delayed for at least a month to end October. However, the delay has provided additional time for value optimisation works by the Company’s mining consultants, which are anticipated to enhance the Scoping Study outcome. The table below provides an indication of progress against the various related studies that feed into specific sections of the Scoping Study.

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Scope of Work	Commentary
Mine plan and design trade-off study - 95%	An initial mine plan and schedule was completed by Mining Plus on time, the delay in metallurgical testing allowed the team to pursue optimisation works for the mine schedule. The final report will be deliveredprior to the end of September.
Infrastructure requirement/layout - 95% complete.	The infrastructure design, costing, and write up has been completed by local engineers. The remaining works includes the final process and paste plant design as some adjustment to the earth workspads maybe required before finalisation.
Metallurgical test work- 95% complete	We now have the rougher and cleaner test work as detailed above. The 5% remaining work involves completion of final reports from ALS.
Process plant design - 50% complete	Delays were incurred while waiting for the output from the metallurgical test work. This is currently progressing and will be finalised in October.
Paste backfill study - 50% complete	The paste plant design was similarly delayed awaiting enough tailings samples to undertake thickening and filtration testing. This work is currently in progress and will support the finalisation of the plant design including capital and operating costs duringOctober.
Dam conceptual design - 95% complete	Fresh water and underground water collection pond has been conceptually designed and costed. Still outstanding is the receipt of the final report which is anticipated prior to the end of September.
Financial modelling, 70% complete	The overall financial model is a work in progress, and will be updated with the latest inputs and improvements from the optimisation works, the metallurgical test work and remaining CAPEX and OPEX inputs.

MCB DRILLING

The heavy impact of the COVID-19- Delta variant pandemic in the Philippines has made its way to the Kalinga Province where the MCB Project is situated. As at the time of writing, the entire Kalinga Province has been classified as a “high epidemic risk level’’ as the surge of infections resulted in a situation where medical facilities have been fully occupied. This has had a devastating impact on both the community and in-country team as the area has been under heavy lockdown for almost a month now. This has impacted drilling operations due to the unavailability of sufficient personnel with community members and MCB employees testing positive for COVID-19.

The company’s utmost priority is the health and wellbeing of our employees, contractors and the communities in which we live and work. As such, we have been implementing stringent steps and taking all precautionary measures directed to us by the national and local government units to prevent the spread of infection and advising our stakeholders to stay strong and be cautiously optimistic. A skeletal workforce is maintained on site to operate the drill rig on reduced hours as we inch towards normalcy. Further advice on drilling will be provided once the results of MCB035 become available, which is estimated to be delivered on or around the third week of October 2021. Importantly, the delay in drilling will not cause any further delay in the delivery of the Scoping Study.

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

Celsius Resources Contact Information

Level 2, 22 Mount Street Perth WA 6000

PO Box 7054 Cloisters Square Perth WA 6850

P: +61 8 6188 8181 F: +61 8 6188 8182 E: info@celsiusresources.com.au W: www.celsiusresources.com.au

Media contact

David Tasker / Colin Jacoby

Chapter One Advisors

M: +61 433 112 936 / +61 439 980 359 E: dtasker@chapteroneadvisors.com.au / cjacoby@chapteroneadvisors.com.au

Competent Persons Statement

Information in this report relating to Exploration Results is based on information compiled, reviewed and assessed by Mr. Steven Olsen, who is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr. Olsen is a consultant to Celsius Resources and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Olsen consents to the inclusion of the data in the form and context in which it appears.

Information in this report relating to metallurgical results is based on information compiled, reviewed and assessed by Mr. John Burgess, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Burgess is a consultant to Celsius Resources and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Burgess consents to the inclusion of the data in the form and context in which it appears.

Listing Rule 5.23 Disclosure

The Company confirms that it is not aware of any new information or data that relates to Exploration Results and Mineral Resources at the MCB Project and that all material assumptions and technical parameters underpinning the Mineral Resource continue to apply. The Company notes that, as disclosed in this announcement and in previous announcements, a drilling programme is currently underway at the MCB Project the results of which will be incorporated into an updated Mineral Resource in the future and that the current Scoping Study may provide new assumptions and parameters for use in that Mineral Resource.

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Appendix 1: The following tables are provided to ensure compliance with the JORC Code (2012) requirements for the reporting of Exploration Results for the MCB Project

SECTION 1:

Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	 Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.  Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	 The samples were collected from Diamond drill core at locations where the drill holes intersected a representative section of the two main mineralisation types over various grade ranges for a total of five samples.  Samples collected for Communition testwork were based on full size drill core (HQ) for a total weight exceeding 30kg.  Samples collected for flotation testwork were based on half core (HQ and NQ size) for a total weight in excess of 20kg each.  The samples were sealed and packaged for airfreight from the project to the ALS laboratory in Perth.
Drilling techniques	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	 Diamond drilling was used to capture the rock samples

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Criteria	JORC Code explanation	Commentary
Drill sample recovery	 Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	 Core recovery has been recorded for every interval as part of the routine geomechanical logging.  Samples were taken over intervals where the sample recovery was 100%.
Logging	 Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.  The total length and percentage of the relevant intersections logged.	 Geologists were tasked to oversee the daily quick log report down to sampling. Daily quick log form was completed to identify the geological details such as lithology, alteration and mineralisation with corresponding percentage estimate of Cu minerals and Cu grade, using an established geological codes.  Detailed logging proceeds describing geological characteristics present in the core, i.e. lithology, alteration, mineralogy, structures, etc.  Core photography was undertaken after completing the geomechanical logging.
Sub- sampling techniques and sample preparation	 If core, whether cut or sawn and whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.  Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.  Whether sample sizes are appropriate to the grain size of the material being sampled.	 Samples were taken specific to the defined area of mineralisation after confirmation from geological logging.  Samples were cut on site using a hand core saw.  Samples were then sealed in an airtight plastic packaging to prevent oxidation of the samples during transport.  The sample size is considered appropriate for type of testwork being undertaken under the guidance of ALS in Perth.

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Criteria	JORC Code explanation	Commentary
Quality of assay data and laboratory tests	 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	 Testwork was completed at the ALS laboratory in Perth.  ALS is an internationally recognised and ISO 9001:2015 certified independent laboratory.  Apart from the standard internal processes conducted by ALS, there were no additional QA/QC tests undertaken.
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.	 Analytical procedures provided by an internationally certified laboratory is considered in line with industry standard for the type of deposit and mineralisation identified at the Property.  Apart from the verification of the procedures and results as described above, no further verification of the sampling and assaying have been undertaken.  All results were reported directly to Makilala Mining. No adjustments were made.

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Criteria	JORC Code explanation	Commentary
Location of data points	 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.  Specification of the grid system used.  Quality and adequacy of topographic control.	 All data reference points and maps for the Makilala database, including drill hole collar co-ordinates are recorded in WGS 84/UTM Zone 51N.  Compass measurements taken by Geologists were used to establish the dip and azimuth of the collar hole as part of their initial collar surveys. Drill collar locations were positioned using a handheld Garmin GPS unit, set to UTM WGS 84 Zone 51N coordinate reference system, with an accuracy expected to be within 2 metres. Downhole surveys were also completed using a single shot camera at 50m intervals.
Data spacing and distribution	 Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.  Whether sample compositing has been applied.	 The broad drilling pattern (from which the various mineralisation types are defined) is at 100m spacing for a series of drill holes which are oriented in a north-west direction and dipping at predominantly at 60 degrees. These drill holes are augmented by some drill holes which have a west-north-west orientation or a north-east orientation or are vertical.  Drill holes at the MCB deposit are distributed broadly on eight grid lines, giving coverage of 1,000 metres from east to west.  The drill hole spacing where significant copper-gold mineralisation has been identified is sufficient to determine the geology and grade continuity of the area, as well as the ore body and mineralisation extents.
Orientation of data in relation to geological structure	 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	 The dominant trend of the tonalite intrusion, which is directly related to the copper-gold mineralisation has an overall strike of 50 degrees and a near to vertical dip. The samples were taken from drill holes MCB-033 and MCB-034, which were drilled at a near to optimal orientation, designed to be close to perpendicular to the general trend of the mineralisation, whilst aiming to target important contact positions at both the southern and northern boundaries to the mineralisation.
Sample security	 The measures taken to ensure sample security.	 The selected samples were sealed and labelled for shipment with sample ID numbers to identify each sample type. The samples were confirmed to have been received by ALS without any disturbance to the packaging which was completed close to the site location.
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	 No other specific audit or review was conducted other than the validation checks by the competent persons with regard to the sample preparation, analysis or security of the samples and the reported metallurgical results.

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SECTION 2:

Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	 Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	 TheMaalinao-Caigutan-Biyog(MCB) Copper-Gold project is situated in Luzon Central Cordillera in the Barangay of Balatoc, Municipality of Pasil, province of Kalinga.  The property comprises a single Exploration Tenement (EP- 003-2006-CAR) which covers an area of approximately 2,719 hectares. The Exploration Tenement surrounds the previous Copper-Gold mining operations known as Batong Buhay Gold Mines, Inc.  The underlying title is in the name of the Philippines registered corporation Makilala Mining Company Inc.(MMCI) which is 100% owned by Makilala Holdings Ltd.  Celsius Resources Ltd acquired 100% of Makilala Holdings upon the issuance of the extension to carry out exploration of the Tenement (EP-003-2006-CAR) from the Mines and Geosciences Bureau (MGB) of the Philippines this requirement was met in 24thNovember 2020
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	 Exploration work and drilling was completed by Makilala Mining Company Inc. which was previously a subsidiary of Freeport-McMoran Exploration Corporation-Philippine Branch from year 2006 to 2013, the details of which have been documented in the JORC tables.  The relative quality and detail associated with the drilling information is considered to be of a high standard. This has enabled the author to establish a high level of confidence associated with the historical drilling information.

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Criteria	JORC Code explanation	Commentary
Geology	 Deposit type, geological setting and style of mineralisation.	 The geological setting for theMCBcopper-gold mineralisation is typical of a porphyry copper + gold + moly deposit as commonly defined in many academic papers (Hedenquist and Lowernstern, 1994; Sillitoe, R. H., 2010. Corbett and Leach, 1997). The mineralisation and associated alteration exist across the contact between the genetically related intrusive body (tonalite) and the surrounding host rock material. In most cases the surrounding host rock is a mafic volcanic, however, in some instances the older (not genetically related to copper-gold mineralisation) intrusive bodies also exists in contact with the younger intrusive resulting in broad sections of mineralisation and alteration within a series of intrusive bodies.  There is also evidence at MCB for epithermal vein deposit types which exist within close proximity to the large-scale porphyry copper-gold mineralisation. At this stage only the deposit type that is identified from the drilling information for MCB is a porphyry copper-gold style.  Basalt lava flows make up the majority of the host rocks in the tenement area, which is part of the oldest exposed unit, Basement Complex. This Cretaceous-Paleogene Metavolcanics has been intruded by quartz diorite complex, which in Kalinga, ranges in composition from gabbro to tonalite.  A later stage Tonalite intrusion exists throughout the project area and is interpreted to be genetically related to the copper-gold mineralisation at MCB deposit.  A dacite flow and dacitic pyroclastic blankets the older basalt host rock and tonalitic intrusive rocks.  There are four types of ore mineralisation that were emphasized in the project: o Type 1 - Early high-grade porphyry Cu-Au mineralisation, hosted both in tonalite and basalt. o Type 2 - Mix of high-grade porphyry Cu-Au (Type 1) and high-sulphidation mineralisation (Type 4). Hosted in basalt and tonalites, but with strong Type 1 mineralisation that was partially overprinted by ore Type 4. o Type 3 - Medium grade porphyry-copper o Type 4 - High-sulphidation epithermal mineralisation The dominant mineralisation types which exist in the MCB deposit, and which relate to the samples that were submitted for the metallurgical test work are of Type 1 and Type 3.
Drill hole Information	 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:	 Samples were taken from drill holes MCB-033 and MCB-034. See CLA announcements on 10 June 2021 and 28 July 2021 respectively for more information about each drill hole.  See CLA announcement dated 16 September 2020 for details regarding the historical drill hole information completed at the MCB Property.

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	 easting and northing of the drill hole collar  elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar  dip and azimuth of the hole  down hole length and interception depth  hole length.  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
Data aggregation methods	 In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.  The assumptions used for any reporting of metal equivalent values should be clearly stated.	 To estimate the average recovery, a percentage of each mineralisation type, based on a draft mining schedule for the scoping study was utilised. A global weighted average recovery of 94% for copper and 79% for gold was estimated based on results from all mineralisation types.

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Criteria	JORC Code explanation	Commentary
Relationshi p between mineralisati on widths and intercept lengths	 These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	 The general orientation for the copper-gold mineralisation is striking at 50 degrees at a close to vertical dip. Drill hole MCB-034 and MCB-033 were drilled at approximately 350 degrees and rotated towards 346 degrees for the majority of the drill hole.  Based on the geometry of the mineralisation relative to drill hole MCB-034 and MCB-033, the true width of the copper- gold mineralisation is approximately 66% of the down hole interval reported for the drill hole.
Diagrams	 Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	 See CLA announcements on 10 June 2021 and 28 July 2021 respectively for more information and diagrams about each drill hole (MCB-033 and MCB-034) from which the metallurgical samples were taken.
Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	 All data for the project has been collected, validated and reported and is considered to be a fair representation of the samples taken for the metallurgical test work which are the subject of this release.
Other substantive exploration data	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	 All exploration data relevant to this report has been provided.
Further work	 The nature and scale of planned further work (eg tests for lateral extensions or depth	 Further metallurgical studies will be completed as part of the further optimisation of the planning for the MCB Project.

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extensions or large-scale stepout drilling).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

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