Celsius Resources Limited — Capital/Financing Update 2021

Aug 11, 2021

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ASX RELEASE

12 AUGUST 2021

CELSIUS SECURES PERMIT EXTENSION TO SAGAY COPPER-GOLD PROJECT

HIGHLIGHTS

• The Philippine Mines and Geosciences Bureau (“MGB”) inks two-year extension of the Sagay Exploration Permit (EP) (No. 000003VI) in support of the National Government’s economic recovery program.

• A key condition to the permit extension is the filing of the Declaration of the Mining Project Feasibility (“DMPF”) within the term of the EP.

• Planned definition drilling to commence Q3 of CY2021 to support the declaration of a maiden JORC Resource and testing the broader extents of the large-scale porphyry copper mineralisation.

• Results from historical drilling at the Sagay (see CLA announcement on 20 April 2021), conducted by Freeport-McMoRan, one of the world’s largest copper/gold producers, include:

• 77.22m @ 0.69% copper & 0.19 g/t gold, within 521.37m @ 0.47% copper & 0.13g/t gold,

• 113.96m @ 0.68% copper & 0.20 g/t gold, within 461.38m @ 0.49% copper & 0.14 g/t gold,

• 23.93m @ 1.03% copper & 0.51 g/t gold, within 207.48m @ 0.44% copper & 0.12g/t gold,

• 26.74m @ 0.89% copper & 0.02 g/t gold, within 80.28m @ 0.64% copper & 0.03g/t gold,

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Celsius Resources Limited (“ Celsius” or the Company” ) (ASX: CLA) is pleased to announce its Philippine Subsidiary Tambuli Mining Company Inc. (“TMCI”) has been granted a two-year extension of its exploration program for its denominated EP No. 000003-VI. The Sagay copper-gold asset is located in the northern tip of Negros with a total area of 4,594.2369 hectares where occurrences of large porphyry copper mineralisation potential have been confirmed.

TMCI President Atty. Julito R. Sarmiento commented: “This is an important step in developing another of the assets within the Company’s Copper-Gold portfolio, and re-confirms the renewed commitment of the Philippine National Government to support the mining industry and the Country’s path to economic

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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recovery. Our in-country team is now preparing to advance the Sagay Project with a substantial drilling program, despite the challenges due to the COVID-19 pandemic. We would like to thank the Philippine National Government for their ongoing support as the Company looks forward to working closely with local land owners, stakeholders and relevant government agencies in advancing the project, showcasing our faithful adherence to global Environmental, Social ,and Governance (ESG) principles.”

Celsius’ Executive Director, Mr Blair Sergeant added: “Its very pleasing to see the Philippine Government’s recent commitment to reinvigorate the Country’s mining industry translating into meaningful action and genuine support of our Philippine subsidiaries activities. I look forward to the drilling program at Sagay commencing as soon as practically possible and providing the results thereof as and when they come to hand.”

The Sagay exploration permit extension underwent a full evaluation of the proposed exploration, environmental and social work programs and provided a basis for the MGB to approve the permit extension, with a number of key conditions attached. In particular, Tambuli Mining is required to fully implement the approved Work Programs (“WP”) along with filing a Declaration of the Mining Project Feasibility (“DMPF”) within the prescribed final two-year extension period.

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Figure 1: (L-R) TMCI Country Operations Director Peter Hume and TMCI President Atty. Julito Sarmiento along with MGB National Director Wilfredo Moncano and Mining Tenements Management Division OIC Chief Engr. Danilo Delena during the signing of the Exploration Permit for Sagay.

PERMIT ISSUANCE AND DRILLING COMMENCEMENT

The extension of the Sagay Exploration Permit is valid for a final period of two (2) years, which takes effect upon registration at the regional MGB office on August 11, 2021. The registration process included complying with certain regulatory requirements, including:

• Posting of a performance surety bond equivalent to the expenditure requirement of the approved WP’s with a validity consistent to the EP term;

• Payment of occupation fees per fraction to the municipalities and province/s where the Sagay tenement is located; and

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• Securing land use agreements with a majority of landowners within the permit area prior to entry or conduct of exploration activities therein.

The proposed drilling program is anticipated to commence mid-September 2021. The definition drilling with a coring metreage of 4,800 metres is comprised of eight (8) drill holes, of which two are deep holes and six (6) are shallow holes. Fitting of the vibrating wire piezometer for ground water readings and sampling preparations for metallurgical test work along with other technical studies will support the necessary documentation for the DMPF submission prior to the end of the two-year period.

The conclusion of the proposed drilling program and associated work streams should enable the Company to declare a maiden JORC compliant mineral resource.

SAGAY COPPER GOLD PROJECT

Location

The Sagay Copper-Gold Project (“Sagay” or “the Project”) is located in the north-eastern part of Negros Island, within the cities of Sagay and Escalante and within the province of Negros Occidental in the Philippines (Figure 2).

Negros Island is part of the central group of Islands in the Philippines commonly referred to as “the Visayas”. Access to the project area is through Bacolod City, the provincial capital of Negros Occidental. Bacolod City to Sagay is an 81km drive via a well-paved highway. The areas of interest were centered on one of two prominent hills that stand out on the project area – being Nabiga-a Hill. The Sagay Project appears to contain a very large-scale porphyry copper mineralisation at depth as defined by the numerous thick drill hole intersections as seen in the historical drilling conducted by TMCI (a wholly owned subsidiary of Freeport-McMoRan Inc., at the time), between 2008 and 2017 (see CLA announcement on 20 April 2021).

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Figure 2: Location of the Sagay Project in the province of Negros Occidental, Philippines.

The TMCI project hosts high-grade shallow and depth porphyry copper mineralisation including the following highlights from the historical drilling information at Sagay (see CLA announcement on 20 April 2021):

• 77.22m @ 0.69% copper & 0.19 g/t gold, within 521.37m @ 0.47% copper & 0.13g/t gold,

• 113.96m @ 0.68% copper & 0.20 g/t gold, within 461.38m @ 0.49% copper & 0.14 g/t gold,

• 23.93m @ 1.03% copper & 0.51 g/t gold, within 207.48m @ 0.44% copper & 0.12g/t gold,

• 26.74m @ 0.89% copper & 0.02 g/t gold, within 80.28m @ 0.64% copper & 0.03g/t gold,

• 25.79m @ 0.98% copper & 0.01g/t gold, within 56.86m @ 0.58% copper & 0.02g/t gold,

• 390.09m @ 0.46% copper & 0.11 g/t gold

The proposed definition drilling is designed to confirm continuity of the copper-gold mineralisation identified in the historical drilling. Successful drilling results are anticipated to allow for the completion of a maiden JORC compliant mineral resource estimate for Sagay.

Within the Visayas region, heightened COVID related protocols and quarantine classifications could possibly restrict mobilisation of staff, contractors and crew on the project site. Considerable risk assessment and planning is underway to address the related concerns. Drilling is expected to commence mid-September 2021.

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HISTORICAL EXPLORATION

The first phase of exploration at Sagay commenced in 2008 and was carried out by Freeport-McMoRan, which completed extensive field mapping, soil and rock sampling and a series of geophysical surveys consisting of induced polarisation (“IP”) and ground magnetics. Following on from this initial phase of drilling, the presence of geological features including a well-defined alteration system, indicative of a porphyry copper and epithermal gold setting, provided the encouragement to pursue diamond drilling activities.

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Figure 3: Sagay Project drill hole locations and interpreted surface geological plan view diagram.

Diamond drilling activities at Sagay were completed between 2012 and 2016 over two project locations, known as Nabiga-a Hill and Sherman Hill, with the main area of interest restricted to the exploration drilling completed at Nabiga-a Hill.

Total reported drilling at Sagay includes a coring metreage of 25,076.2m of drilling across 31 diamond drill holes, 28 of which are located at Nabiga-a Hill. The exploration results at Sagay have to date identified a

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number of relatively high-grade, shallow copper mineralisation occurances, in addition to a very large body of copper mineralisation with true widths interpreted to exceed 500m in places. The large-scale copper mineralisation at depth is still open in multiple directions (see figures 4 to 5) (see CLA announcement on 20 April 2021).

A total of approximately AUD10.8 million has been spent on the Sagay Project on historical exploration and associated costs.

To date, no JORC compliant mineral resource has been declared for the Project.

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Figure 4: Cross Section A-B (see Figure 2) with highlighted drill hole intercepts and interpreted geology.

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Figure 5: Cross Section C-D (see figure 2) with highlighted drill hole intercepts and interpreted geology.

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 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

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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.

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