Celsius Resources Limited — Capital/Financing Update 2022

Oct 3, 2022

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ASX RELEASE

04 OCTOBER 2022

CELSIUS RESOURCES’ MCB PROJECT TAKES STEP CLOSER TO OPERATION

HIGHLIGHTS

• An application for the Declaration of Mining Project Feasibility (DMPF) for the MCB Project has been submitted to the Mines and Geosciences Bureau (MGB).

• The submission includes major documents such as the Project Feasibility Study/Report along with environmental and social impact management plans in accordance with National Government standards.

• The approval of a DMPF is a critical step to securing a Mineral Agreement with the National Government.

• Results received from MCB-040 continue to define further shallow high-grade copper. Total intersection of 162m @ 0.58% copper from 30m, including:

• 19.5m @ 0.95% copper and 0.05g/t gold from 42.5m

• 10m @ 1.17% copper and 0.04g/t gold from 114m

• 22m @ 0.77% copper and 0.02g/t gold from 170m

• Additional intersection of 12m @ 1.22% copper and 0.06g/t gold from 339m.

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Celsius Resources Limited (“Celsius” or “the Company”) is pleased to announce it has submitted all the required documents for the Declaration of Mining Project Feasibility (DMPF) for its flagship MaalinaoCaigutan-Biyog (MCB) copper-gold project, which is held by its Philippine subsidiary Makilala Mining Company, Inc. (“MMCI”).

Following the completion of the scoping study, all the major documents to support the application for DMPF were developed and completed in time for submission to the Mines and Geosciences Bureau-Cordillera Administrative Region (MGB-CAR) before the end of September 2022. This includes the Mining Project Feasibility Study Report, Final Exploration Report, Environmental Impact Statement Report, Environmental Protection and Enhancement Program, Final Mine Rehabilitation and/or Decommissioning Plan, Social Development and Management Program, Care and Maintenance Program, and LGU Project Endorsements, amongst others.

Prior to the submission, the environmental, social and mine closure plans went through a rigorous consultation process with the host community and local government stakeholders to ensure local content

P: +61 8 6188 8181 E: info@celsiusresources.com.au celsiusresources.com.au

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Level 2, 22 Mount Street, Perth WA 6000 PO Box 7054, Cloisters Square, Perth WA 6850

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integration. These plans are part of the Philippine Government mining policy reforms whereby social and environmental safeguards are integrated into the overall mine development and operations plan.

“With the submission of the DMPF, we are inching closer to harnessing the potential of the MCB Project to bring about significant economic value to both our shareholders and stakeholders in an ethical and sustainable manner,” said Celsius Resources Country Operations Director Peter Hume.

A technical presentation is underway during the first week of October as part of the MGB review and evaluation process. The DMPF approval will trigger the next stage of obtaining a Mineral Agreement with the National Government which is anticipated by the end of 2022 and pave the way through to construction and operations.

Being a priority project of the government, MGB has been very supportive in fast-tracking the permitting and projects approvals (see CLA Announcement dated 24 February 2022).

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Image 1. Ceremonial turn-over of DMPF requirements to the Mines and Geosciences Bureau-Cordillera Administrative Region (MGBCAR). In photo, left to right: MMCI Monitoring and Evaluation Supervisor Anne Zee Luz Laguerder; CLA Executive Director and MMCI Country Operations Director Peter Hume; MGB-CAR Regional Director Fay W. Apil; MGB Mine Management Division Chief Alfredo J. Genetiano; and MMCI Project Mining Engineer Patrique Jane Duran

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Image 2. Submission of DMPF requirements to the National Commission on Indigenous People-Cordillera Administrative Region (NCIP-CAR) Regional Director Atty. Atanacio D. Addog (center) with MMCI Country Operations Director Peter Hume (left) and MMCI Project Mining Engineer, Patrique Jane Duran (right)

Meanwhile, results from drill hole MCB-040 have been received, which continue to identify new positions of shallow mineralisation in line with other recent drilling results (see CLA announcements dated 13 December 2021, 23 May 2022, 04 July 2022, and 03 August 2022) confirming the presence of an extensive shallow higher-grade position.

The results provide a much better definition now on the various high-grade zones, which is important for the optimisation of the MCB mine plan prior to commencement of mine operations. Excellent high-grade intersections are coming together to expand on the earlier understanding of these high-grade zones.

It appears multiple high-grade zones are stacked on top of each other, which can achieve outstanding results as recently announced from hole MCB-038, which intersected 611.4m @ 1.39% copper and 0.75g/t gold from 32.5m. These results are a continuation of the shallow high-grade zones.

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RESULTS FROM MCB-040

Drill hole MCB-040 was drilled to test the north-western extents of the shallow higher-grade copper mineralisation (see Figure 2).

The results from MCB-040 have confirmed further extensions to the higher-grade copper mineralisation as part of a series of relatively flat lying high grade zones which are extending away from vertically orientated feeder structures which are all closely related to an intrusive Tonalite rock (Figure 1).

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Figure 1. Location of MCB-040 drill hole relative to recent and historical diamond drilling at MCB.

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Table 1: Significant intersections from drill holes MCB-040.

Hole ID	East	North	RL	Dip	Azi	Total Depth	Depth	Depth	Length (m)	Cu (%)	Au (g/t)
							From	To
MCB-040	293,968	1,918,851	1,018	45	320	433.8	30	191	162	0.58	0.02
						incl.	42.5	62	19.5	0.95	0.05
						incl.	114	124	10	1.17	0.04
						incl.	170	192	22	0.77	0.02
							339	351	12	1.22	0.06

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Figure 2. Cross section of drill hole MCB-040 and significant assay results (looking southwest).

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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 3). It is the flagship project within the Makilala portfolio which also contains other key prospects in the pipeline for permit renewal/extension.

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 Scoping Study for the MCB Project was announced by CLA on 1 December 2021, which identified the potential for the development of a copper-gold operation with a 25-year mine life. The Scoping Study was based on an underground mining operation and processing facility to produce a saleable copper-gold concentrate.

Highlights from the Scoping Study include a Post tax NPV[(8%)] of US$464m and IRR of 31, assuming a copper price of US$4.00/lb and gold price of US$1,695/oz. Initial capital expenditure is estimated to be US$253m with a payback period of approximately 2.7 years. The designed mine production is matched to a 2.28Mtpa processing plant which will treat ore with an estimated average grade of 1.14% copper and 0.54g/t gold for the first 10 years of planned production with a C1 cash costs at just US$0.73/lb copper, net gold credits.

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Figure 3. Location of the MCB Project in the province of Kalinga, Northern Luzon, Philippines.

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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

Media contact

Jon Cuthbert

Multiplier Media M: +61 402 075 707 E: jon.cuthbert@multiplier.com.au

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 program 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.

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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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 (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down whole 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 (e.g. submarine nodules) may warrant disclosure of detailed information.	• Samples were collected from diamond core drilled from the surface. All drill core was generally sampled on 2-meter intervals. In cases where geological and mineralogical characteristics change, sample length was not less than 1 meter. • Core samples cut into half using diamond core saw following the cutting lines marked by the Geologist. Split cores returned to its respective core tray. • Samples were shipped by company vehicle to Intertek Testing Services which is an external laboratory located in Manila, Philippines. • Crushed samples were fire assayed for gold (Au) using a 30-gram charge, with a detection limit of 0.005 ppm. Gold values greater than 50 ppm were determined by gravimetric fire assay. • Copper (Cu) values were assayed using Four acid digestion. Elements determined by AAS finish with final reporting for a total of 36 elements.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. 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, with the following drill core size summarised as follows: • PW casing was drilled from 0m to 34.5m. • PQ sized drill core with a core diameter of 83.1 mm was drilled for a total length of 163m. • HQ sized drill core with a core diameter of 61.1mm was drilled for a total length of 236.3m.

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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. • Recovered core lengths on average were measured to be over 99% for the total length of the drill hole, indicating a high recovery and minimal lost core. • All drilling activities were supervised by company Geologists. Trained Core house Technician were responsible for the core recovery determination. • Core was arranged to fit the breakages, before the actual core length from the start to the end of the drill run was measured. Percent recovery was calculated from dividing the measured core length over the total drill run multiplied by 100. • There were only a few minor positions where an interpreted structure resulted in a core recovery of less than 90%.
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 code. • 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 routinely taken over a 2m interval, and cut in half, with half of the drill core sent for analysis and half of the drill core retained for future reference. • Samples were cut on site using a hand core saw. Samples were then selected and bagged on site prior to delivery to the laboratory (Interteck) in Manila for sample preparation. • The sample size is considered appropriate for type of material being samples.

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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 (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• Samples were fire assayed for gold (Au) using a 30- gram charge, with a detection limit of 0.005 ppm. Gold values greater than 50 ppm were determined by gravimetric fire assay. Copper (Cu) values were assayed using four acid digestion. Elements determined by AAS finish • The procedures for the submission of samples to the laboratory also include the regular insertion of QA/QC samples in every transmittal form or batch, which was typically delivered to the laboratory in batches of 50 numbered samples. For each batch of 50 samples a total of 43 came from core samples and an additional 7 samples were included for QA/QC checks, which were as follows: • Four referenced standards • One referenced Blank • One coarse (unrecognisable) blank • One field duplicate taken from the quartered core • After sample preparation, all samples were sent for final analysis to Intertek at their laboratory in Manila. Intertek is an internationally recognised and ISO/IEC 17025:2005 & ISO/IEC 17020:2004 certified independent laboratory.
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. • None of the diamond drill holes in this report are twinned.

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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 Keeper Gyro at 50m intervals. • Collar surveys were then logged into the master MS Excel spreadsheet as part of the database.
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 is at 100m spacing for a series of diamond 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. (see figure 2 for Drill Hole Locations). • 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.	• In the resource estimation, drill hole assays were composited to 2 metres downhole intervals. • The dominant trend of the tonalite intrusion, which is directly related to the broader lower grade copper-gold mineralisation has an overall strike of 50 degrees and a near to vertical dip. Drill hole MCB-040, was drilled at a 45 degree angle to intersect the interpreted high-grade positions which appear to be horizontal to shallow east dipping in orientation. Drill hole MCB-040 was optimised to intersect perpendicular to this interpreted high-grade mineralisation and also close to perpendicular to the broader lower grade mineralisation and the trend of the related intrusive Tonalite rock.
Sample security	• The measures taken to ensure sample security.	• The following standard procedures were enforced for the drilling of MCB-040. • Sample bags are arranged in sequence according to its sample number. These are then weighed and jotted down to a sample dispatch note which details the sample numbers, sample type and laboratory processing required. Geologists ensures that the transmittal form is correct for encoding and submission. The bags of samples are sent directlyto the Intertek Laboratoryin Manila bycompany

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Criteria	JORC Code explanation	Commentary
		vehicle. No unsupervised third parties were given access prior to the chain of custody procedure. • Samples were delivered to Intertek Testing Services along with two copies of the sample dispatch form. One copy for the laboratory to accept custody of the sample, and the signed/received copy return to database custodian at the Core House facility in Tabuk, Kalinga.
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 author documented earlier with regard to the sample preparation, analysis or security for the information in the MCB-040.

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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 2,500.82 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 has 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 and this requirement was met on 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 the MCB copper-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 exist 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. • (See figure 2 for a representative Cross Section of the Geology and its relationship to the copper-gold mineralisation at the MCB Deposit).
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:	• See table 1 for all details pertaining to drill hole MCB-040 which is the subject of this release. • In summary, with the inclusion of the drill hole reported in this announcement, the drill hole database for the Property consists of 53 diamond core drilled holes with an accumulative meterage of 29,857.6.

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Criteria	JORC Code explanation	Commentary
	• 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.	• See CLA announcement dated 16 September 2020 for details regarding the historical drill hole information completed at the MCB Property which relate to the interpretations associated with drill hole MCB-040.
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.	• Significant intersections are reported in Table 1 and are aggregated relative to broad mineralised interval which correspond with a definable and continuous zone of copper- gold mineralisation, nominally above a grade of 0.2% copper. The intervals have been reported as weighted average totals. Internal to the broader mineralisation that has been reported, there are some internal higher-grade copper-gold assay results reported (nominally above 0.5% copper) which are interpreted to exist as a continuous domain of higher-grade copper-gold mineralisation. These sections have also been reported as weighted average totals. • The reporting of copper equivalent values (CuEq) is based on a copper price of US$4.0lb, gold price of US$1,695/oz and with copper and gold recoveries of 94.2% and 79% respectively as identified in the reported Scoping Study for the MCB Project (see CLA announcement on 1 December 2021).

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Criteria	JORC Code explanation	Commentary
Relationship between mineralisation 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’).	• Drill hole MCB-040, was drilled at a steep angle to intersect the interpreted high-grade positions which appear to be horizontal in orientation. Drill hole MCB-040 was optimised to intersect perpendicular to these interpreted high grade mineralisation and is also close to perpendicular to the broader lower grade mineralisation. • Based on the geometry of the mineralisation relative to drill hole MCB-040, the true width of the reported higher-grade intercepts is approximately 70 to 80% 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 figure 2 for a representative Cross Section of the Geology and its relationship to the copper-gold mineralisation at MCB for drill hole MCB-040.
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 Exploration Results from drill hole MCB-040, which is 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,	• Historical exploration since the date of the original grant of EP-003-2006-CAR in 2006 was undertaken under the ownership and management of Makilala Mining Company Inc. Exploration work conducted by Makilala Mining Company Inc include surface mapping and sampling (2007), ground magnetic survey (2007), induced polarisation (IP) geophysical surveys (2010), and an extended period of diamond drilling from 2006 through to 2013 for a total of 46 diamond drill holes.

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Criteria	JORC Code explanation	Commentary
	geotechnical and rock characteristics; potential deleterious or contaminating substances.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out 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.	• There are a few locations where the potential extension to the current Minerals Resource could be tested. These locations are initially defined at depth plunging steeply to the west underneath the high-grade copper-gold mineralisation, and also to the west of the Maalinao-Panyaw fault. The location for the possible high-grade copper-gold to the west include at depth, due to the interpretation that the fault has downthrown the geology on its western side, or toward the north-west, as a possible trend exists to the mineralisation in this direction which has not been tested. • Apart from the direct extensions to the currently defined copper-gold mineralisation, there is considerable scope for further discoveries of two defined deposit types at the MCB Tenement. • Porphyry copper-gold deposit types o There are extensive intrusions in the area that are directly related to the copper-gold mineralisation and which could at multiple locations formed significant high-grade copper-gold deposits. • Epithermal vein hosted deposit types o It is considered likely that there could be a combination of narrow high grade, and/or more broad large scale and lower grade epithermal deposit types that are closely related to the porphyry copper-gold deposits at MCB.

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