Celsius Resources Limited — Interim / Quarterly Report 2015

Jan 28, 2016

QUARTERLY ACTIVITIES REPORT

DECEMBER 2015

HIGHLIGHTS

Favourit Acquisition

As announced on 26 October 2015 Celsius has entered into a binding heads of agreement with the shareholders of Favourit Global Pty Ltd ( Favourit ), a socially designed sports betting platform, to acquire 100% of the equity in Favourit ( Acquisition ). The material terms of the Acquisition are detailed in the ASX Release of 26 October 2015. The Acquisition was approved by shareholders at a meeting on 28 January and both parties are now working to satisfy the Conditions Precedent prior to settlement of the Acquisition.

Favourit is a leading Australian technology company operating in the global wagering & gaming industry since 2013. Favourit has developed a global socially designed sports betting platform offering punters unique insights, betting trends and the ability to follow and copy top punters. Favourit’s platform has demonstrated potential for strong growth and operates in a global online marketplace valued at over AUD$52Bn (Source: Statista - http://www.statista.com/statistics/253416/global-gambling-market-gross-win/). Favourit’s platform is available on web, mobile and tablet in multiple languages and currencies.

Favourit currently operates a real money sports book under UK and Malta licencing experiencing high growth in key KPIs, with plans to aggressively expand to other regulated jurisdictions to leverage its unique global platform.

As detailed in the announcement of 26 October 2015 the Acquisition will be a significant change to the nature and scale of Celsius’ business activities which will require re-compliance with the ASX’s admission requirements in Chapter 1 and Chapter 2 of the ASX Listing Rules. As a result the Company’s shares are currently suspended from trading whilst the Company works to re-comply with Chapter 1 and 2.

West Australian Nickel Assets

Celsius owns two nickel assets in Western Australia. Celsius (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 ). Mincor Resources NL ( Mincor , ASX:MCR) is the operator of the Carnilya Hill JV. The tenements covered by the Camilya Hill Joint Venture (JV) include Mining Licences M26/47, M26/48, M26/49 and M26/453. Additionally the Company has a 100% interest in the Abengo Hill Nickel Project to the south and west of Minara Resources’ Murrin Murrin nickel mine. The tenements are located near to Minara Resources’ Murrin Murrin mine and the NiWest operation currently under development by GME Resources Ltd and are believed to have potential for both nickel laterite and nickel sulphide mineralisation.

Mincor has not advised the Company of any material results from exploration at the Carnilya Hill Project during the Quarter. While mining operations at Carnilya Hill ceased in the first quarter of 2012 access to the decline and other mine infrastructure was maintained so that the opportunity to recommence mining remains intact.

Celsius initiated a reassessment of the Abengo Hill Nickel Project in 2014. While prospective for both gold and nickel mineralisation the targets identified are early stage and conceptual in nature and therefore the Board has determined that intensive exploration is not warranted at this stage. Activities on the Project will focus on refining and advancing the targets identified through low cost exploration.

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