Celsius Resources Limited — Interim / Quarterly Report 2022

Oct 30, 2022

31 OCTOBER 2022

CELSIUS DE-RISKING ITS COPPER AND COBALT ASSETS WHILE PROGRESSING TOWARDS MCB OPERATIONS

HIGHLIGHTS

• MCB Copper Gold project received outstanding large-scale and high-grade assay results

• Closing cash as at 30 September 2022 of $2.7m .

Celsius Resources Limited (“Celsius” or the “Company”) (ASX: CLA) is pleased to provide the following summary of the Company’s activities for the Quarter ended 30 September 2022.

ASX RELEASE | QUARTERLY REPORT | 30 SEPTEMBER 2022

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PROJECTS

MAALINAO-CAIGUTAN-BIYOG COPPER-GOLD PROJECT (“MCB PROJECT”), PHILIPPINES (100%)

Makilala Mining Company Inc., Celsius’ Philippine subsidiary, continues to advance its exploration and feasibility work program for the MCB Project located in the Cordillera Administrative region, approximately 320km north of Manila.

Drilling

For the quarter, two drill holes were completed (MCB-040 and MCB-041) with one additional hole ongoing (MCB-042), with a total meterage for the quarter being 615.60m. Geotechnical and geologic core logging was also completed. A total of 551 split core samples were submitted for geochemical analysis.

Table 1 . Drilling Summary

Hole ID	Date Started	Date Finished	Coordinates	Elevation (m)	Azimuth **(o) **	Dip **(o) **	Depth (m)	Core Sizes	Core Sizes
								PQ (m)	HQ (m)
MCB-040	07/13/2022	08/21/2022	293968mE, 1918851mN	1018	320	-45	433.80	0.00 to 197.50	197.50 to 433.80 (EOH)
MCB-041	09/09/2022	09/21/2022	294080mE, 1918920mN	998	45	-50	131.00	0.00 to 129.10	129.10 to 131.00 (EOH)
MCB-042	09/27/2022	-	294080mE, 1918920mN	998	315	-55	50.80	0.00 to 50.80 (ongoing)	-

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Figure 1 . Location Map of EP-003-2006-CAR showing completed drill holes MCB-040 and MCB-041 and the ongoing hole MCB-042 for the 3rd Quarter of CY-2022. MCB-037, MCB-038 and MCB-039 drilled in the 1st and 2nd quarter of CY-2022 are also shown in the map

ASX RELEASE | QUARTERLY REPORT | 30 SEPTEMBER 2022

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Outstanding assay results have been received from MCB-038, MCB-039 and MCB-040, confirming the presence of an extensive shallow higher-grade position which is in line with other drilling results from holes MCB-036 and MCB-037 (see CLA Announcements dated 4 July 2022 and 3 August 2022).

The results from MCB-038 were designed to improve the confidence level of the existing Mineral Resource, in addition to focusing on defining further the shallow and deep high-grade positions for the purpose of enhancing future feasibility studies. Results from MCB-039 to further expand the size of the shallow higher-grade copper zones which is expected to have significant positive impact on early mining options at MCB.

Table 2 . Significant intersections from MCB-038 drill hole

Hole ID	East	North	RL	Dip	Azi	Total Depth	Depth From	Depth To	Length (m)	Cu (%)	Au (g/t)
MCB- 038	293,937	1,91884	1,004.30	72	238	643.90	32.50	643.90	611.40	1.39	0.75
						Incl.	207.15	358.00	150.85	1.90	1.57
						Incl.	391.55	626.00	234.45	1.90	0.87
						Incl.	232.10	309.65	77.55	2.47	2.12
						Incl.	574.46	623.84	49.38	2.46	1.33
MCB- 039	293,937	1,91851	1,018.00	65	145	409.30	19.00	111.00	93.00	0.59	0.05
						Incl.	18.00	65.00	47.00	0.79	0.07
						Incl.	349.10	356.60	7.40	0.65	0.41

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Figure 2. Cross-section of the MCB-038 drill hole relative to the interpreted geology and significant assay results (section parallel to the drill hole, looking northwest)

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Figure 3. Cross-section of drill hole MCB-039 relative to the interpreted geology and significant assay results (section parallel to drill hole, looking northeast)

Environmental Program

MMCI continues to deliver its environmental conservation commitments in conjunction with the Balatoc Indigenous Cultural Community, the local government units, and relevant government agencies. Recently, the Company distributed 300 Benguet Pine seedlings ( Pinus kesiya ), an endemic pine tree species in the Cordillera Region, to the local community for planting within their lands surrounding MCB. This initiative aims to support the Philippine Government’s National Greening Program aimed at helping mitigate climate change through improved forest cover, promoting public awareness, as well as instill social and environmental consciousness.

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Image: Local community members during the distribution and planting of Benguet pine seedlings within their Ancestral Domain

Community Development

MMCI recently completed the construction of a public latrine situated near one of the local community churches in a central village of Balatoc, known as Fobroi. It was implemented via a counterparting mechanism where the company provided the required materials while the church members provided for the required labour. The project aimed to help improve community health and well-being through improved access to sanitation facilities.

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Image: Before (left) and after (right) photos of the latrine project

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OPUWO COBALT PROJECT, NAMIBIA (95%)

The Opuwo Cobalt Project is one of the largest undeveloped Cobalt projects outside of the Democratic Republic of Congo. It has a JORC Mineral Resource of 225.5 million tonnes at a grade of 0.12% cobalt, 0.43% copper, and 0.54% zinc.

Metallurgical Test Work

Initial results for the primary roasting & tank leach test work demonstrated recoveries up to 95% for cobalt and 98% for copper. This is a significant improvement from the 2018 autoclave leaching metallurgy test results for the sulphide ore compared to the historical recoveries of 72.6% Co and 74.1% Cu.

The roasting & tank leach test work results are encouraging and demonstrate that the Opuwo ore is amenable to this downstream processing method. Further delineation testing of the roasting & tank leach parameters will be undertaken at Mintek to finalise the process flow sheet.

Samples for hydrometallurgical testing have now been dispatched to Australia so that test work can commence.

SAGAY COPPER-GOLD PROJECT, PHILIPPINES (100%)

Celsius Resources’ Philippine subsidiary, Tambuli Mining Company, Inc., temporarily suspended drilling operations for its Sagay Copper-Gold Project.

During the quarter, desktop review and study of recent drilling results were undertaken along with previous drilling and exploration data, to reinterpret the geologic and mineralization models. This will also allow the formulation of a Maiden JORC Resource Model to improve exploration and future development strategies.

CULLARIN WEST PROJECT, NSW (100%)

The Company entered into a tenement sale agreement with Second String Pty Ltd (“Second String”) for the sale of its 100% interest in EL 8996 located in the Lachlan Fold Belt, NSW. The terms of the sale are as follows:

1. Second String to pay $25,000 cash to Celsius

2. Second String to issue $200,000 in value of fully paid ordinary shares in the capital of the issuing company, the value is to be calculated based on the volume weighted average price of shares during the immediately preceding 15 days.

Completion of the agreement was conditional upon Second String completing a Listing Agreement and the satisfaction of regulatory approvals. If the conditions are not satisfied (or waived) by 30 September 2022, either party may terminate the agreement.

In accordance with this agreement Second String requested for an extension of time in the option agreement until end of March 2023. This is to allow Second String sufficient period to work through different development options, Celsius is currently in discussion with Second String over the terms of the extension.

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ABEDNEGNO HILL PROJECT, WA (100%)

The Abednegno Hill Nickel Project is located to the south and west of Minara Resources’ Murrin nickel mine. The tenement was granted to Celsius on the 19 January 2012 and will expire on the 31 October 2022. CLA has undertaken a thorough technical review of all previous studies conducted and has determined based from previous reports that most exploration efforts returned negative results— with unimpressive nickel grades and the absence of Au mineralisation trends that can generate a workable resource. Considering the Company’s current focus, on Copper and Cobalt and its evaluation of its current assets and their contribution to the Company’s growth, CLA has decided to not renew exploration permit over E39/1684.

AIM LISTING

Progress on the listing has temporarily paused due to current market conditions although the Company still intends to proceed with a secondary listing on the Alternative Investment Market (AIM) in London. The purpose of the listing is to encourage more institutional investors into the register through future capital raises that will support current and future development of assets into operating mines. The AIM market has a good track record for raising capital for companies with operations in both the Philippines and Africa.

CORPORATE AND EXPENDITURE

At the end of the Quarter, the Company held approximately $2.7 million in cash reserves. Approximately $1,006,000 was spent on exploration expenditure which primarily relates to the exploration and development of the MCB project, together with ongoing metallurgical test work at the Opuwo Cobalt Project. As outlined in the Appendix 5B (section 6), approximately $300,000 worth of payments were made to related parties and their associates, covering directors’ fees, exploration consulting fees and general consulting fees.

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

Celsius Resources contact information

Ground Floor, 16 Ord Street West Perth WA 6005

PO Box 902 West Perth WA 6872

P: +61 8 9482 0500 E: info@celsiusresources.com.au W: www.celsiusresources.com.au

Media Contact Jon Cuthbert / Adam Orlando Multiplier Media

M: +61 402 075 707 / +61 409 946 407 E: jon.cuthbert@multiplier.com.au / adam.orlando@multiplier.com.au

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Tenement Table : ASX Listing Rule 5.3.3 Mining tenement interests held at the end of the quarter and their location.

PERMIT NAME	PERMIT NUMBER	REGISTERED HOLDER / APPLICANT	PERMIT STATUS	PERMIT EXPIRY	INTEREST / CONTRACTUAL RIGHT
Western Australia
Abednegno Hill	E39/1684	View Nickel PtyLtd	Granted	31/10/2022	100%
Cullarin West	EL 8996	Cullarin Metals Pty Ltd	Granted	17/08/2026	100%
Namibia
	EL 4346	Gecko Cobalt Holdings	Granted	07/03/2023	95%
	EL 4540	Gecko Cobalt Holdings	Granted	09/02/2023	95%
Philippines
Maalinao- Caigutan-Biyog	EP 003-2006-CAR	Makilala Mining CompanyInc.	Granted	25/05/2023	100%
Colayo	EXPA-073-CAR	Makilala Mining Company Inc.	Permit application, pending approval	TBA	100%
Panaon	EXPA-000127-VIII	PDEP, Inc.	Complying with further permitting requirements	31/08/2022	100%
Sagay	EP-000003-VI	Tambuli Mining CompanyInc.	Granted	10/02/2024	100%

The mining tenement interests relinquished during the quarter and their location: Nil.

The mining tenement interests acquired during the quarter and their location: Nil.

Beneficial percentage interests held in farm-in or farm-out agreements at the end of the quarter: Not applicable.

Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed of during the quarter:

Nil.

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ASX RELEASE | QUARTERLY REPORT | 30 SEPTEMBER 2022

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Competent Persons Statement

Information in this report relating to Exploration Results and Mineral Resources for the MCB Project 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.

The information in this Report that relates to the estimate of Mineral Resources for the Opuwo Project is based upon, and fairly represents, information and supporting documentation compiled by Mr Kerry Griffin, a Competent Person, who is a Member of the Australian Institute of Geoscientists (AIG). Mr Griffin is a Principal Geology Consultant at Mining Plus Pty Ltd and an independent consultant engaged by Celsius Resources Pty Ltd for this work and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr Griffin consents to the inclusion in this announcement of matters based on his information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resource for the MCB Project or the Opuwo Project. The Company also confirms that all material assumptions and parameters underpinning the Mineral Resource estimate continue to apply and have not materially changed. Please refer to the ASX Announcement of 19 October 2022.