==> picture [87 x 34] intentionally omitted <==

Celsius Resources Limited

ABN 95 009 162 949

Half-Year Financial Report - 31 December 2023

Celsius Resources Limited Contents 31 December 2023

==> picture [87 x 34] intentionally omitted <==

Celsius Resources Limited Contents 31 December 2023
Contents	Page
Corporate directory	2
Directors' report	3
Auditor's independence declaration	6
Statement of profit or loss and other comprehensive income	7
Statement of financial position	8
Statement of changes in equity	9
Statement of cash flows	10
Notes to the financial statements	11
Directors' declaration	16
Independent auditor's review report to the members of Celsius Resources Limited	17

General information

The financial statements cover Celsius Resources Limited as a consolidated entity consisting of Celsius Resources Limited and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Celsius Resources Limited's functional and presentation currency.

Celsius Resources Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:

Level 5, 191 St. Georges Terrace Perth WA 6000

A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 15 March 2024.

Celsius Resources Limited Corporate directory 31 December 2023

==> picture [87 x 34] intentionally omitted <==

Celsius Resources Limited Corporate directory 31 December 2023
Directors	Mr Julito Sarmiento - Executive Chairman
	Mr Peter Hume - Managing Director
	Mr Simon Farrell - Non-Executive Director
	Mr Michael Hulmes - Non-Executive Director
	Mr Paul Dudley - Non-Executive Director
	Ms Attilenore Manero - Non-Executive Sustainability Director
Company secretary	Mrs Kellie Davis
Registered office &	Level 5, 191 St Georges Terrace
Principal place of business	Perth WA 6000
	Ph: +61 2 8072 1400
	Email: [email protected]
Share register - Australia	Automic Registry Services
	Level 5, 191 St Georges Terrace
	Perth WA 6000
	Telephone: +61 8 9324 2099
Share register - United Kingdom	Computershare Investor Services Plc
	The Pavilions, Bridgewater Road
	Bristol BS99 6ZZ
	United Kingdom
	Telephone: +44 (0) 370 702 0000
Solicitors	Hamilton Locke
	Level 48
	152-158 St Georges Terrace
	Perth WA 6000
	Ph: +61 8 6311 9160
Auditor	RSM Australia Partners
	Level 32 Exchange Tower, 2 The Esplanade
	Perth WA 6000
	Ph: +61 8 9261 9100
	Fax: +61 8 9261 9111
Nominated Advisor - UK	Beaumont Cornish Limited
	Building 3, 566 Chiswick High Road
	London W4 5YA
	United Kingdom
Broker - UK	WH Ireland Limited
	24 Martin Lane
	London EC4R 0DR
	United Kingdom
Stock exchange listing	Celsius Resources Ltd shares are dual listed on the Australian Securities Exchange
	(ASX code: CLA) and AIM, a market operated by the London Stock Exchange
	plc (ASX code: CLA)
Website	http://www.celsiusresources.com.au/

Celsius Resources Limited Directors' report 31 December 2023

==> picture [87 x 34] intentionally omitted <==

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Celsius Resources Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2023.

Directors

The following persons were directors of Celsius Resources Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated:

Mr Julito Sarmiento Non-Executive Chairman Mr Peter Hume Executive Director Mr Michael Hulmes Non-Executive Director Mr Simon Farrell Non-Executive Director Mr Paul Dudley Non-Executive Director Ms Attilenore Manero Non-Executive Sustainability Director

Principal activities

During the half-year, the principal activities of the consolidated entity consisted of mineral exploration activities in Namibia and the Philippines.

There were no significant changes in the nature of the activities of the consolidated entity during the half-year.

Significant changes in the state of affairs

There were no significant changes in the state of affairs of the consolidated entity during the financial half-year.

Review of operations

The loss for the consolidated entity after providing for income tax and non-controlling interest amounted to $1,663,153 (31 December 2022: $2,061,756).

Maalinao-Caigutan-Biyog Copper Gold Project, Philippines (Celsius - 40%)

Makilala Mining Company, Inc. (“MMCI”), a Philippine affiliate of Celsius in the Philippines, has progressed its permitting requirements for its flagship Maalinao-Caigutan-Biyog (“MCB”) Copper-Gold Project in the Cordillera Administrative Region.

All required technical, social, and environmental plans and programs have been approved leading to the approval of the Declaration of Mining Project Feasibility (DMPF). The DMPF was a critical step in securing a Mineral Agreement with the Philippine Government, which is anticipated Q 1, 2024.

Botilao Copper-Gold Prospect, Philippines (Celsius - 40%)

Makilala Mining Company, Inc. (“MMCI”), a Philippine subsidiary of Celsius Resources, in August of 2023 MMCI was issued an exploration permit for its Botilao Copper-Gold Prospect, adjacent to the MCB Project in the Cordillera Administrative Region.

The initial two-year exploration permit aims to define the extent and distribution of the observed mineralisation along Botilao Creek which will consist of regional to semi-detailed geochemical sampling and mapping to generate future targets for possible geophysical surveys and eventual diamond drilling activities.

The approved Exploration Work Program will be implemented alongside an Environmental Work Program and a Community Development Program (CDP).

Following the issuance of the exploration permit, table top work is being carried out to gather and consolidate available data and reports as basis for planning field activities commencing in 2024.

Celsius Resources Limited Directors' report 31 December 2023

==> picture [87 x 34] intentionally omitted <==

Sagay Copper-Gold Project, Philippines (Celsius - 100%)

Tambuli Mining Company, Inc. (“TMCI”), a wholly owned Philippine subsidiary of Celsius in the Philippines, exploration works have produced positive results for the Sagay Copper-Gold Project (“Sagay Project”) which is located in Negros Island.

Exploration activities focused on the shallow high-grade copper, or the Supergene (Secondary Sulfide) Enrichment Domain (900SG).

Twelve (12) shallow drill holes were completed with a total meterage of 824.70 meters Results from the shallow drilling program confirmed a significant copper mineralisation from eight out of 12 drill holes completed.

The conclusion of the drilling program along with results of the desktop studies and compilation of all exploration data were contained in a Final Exploration Report which was submitted to the Philippine National Government. This became the basis for the formulation of the Mining Project Feasibility Study which was submitted in December 2023 to the Philippine Mines and Geosciences Bureau, along with other required technical, social, and environmental plans and programs, for the application of Declaration of Mining Project Feasibility, the approval of which will trigger the application for a mineral agreement with the Philippine Government.

Opuwo Cobalt Project, Namibia (Celsius – 95%)

Celsius Resources’ Namibian subsidiary held under Opuwo Cobalt Holdings (Pty) Ltd. received a renewal of the exclusive prospecting license for the Opuwo Cobalt Project (“Opuwo”), which is located 730km north-west of the Namibian capital city, Windhoek.

The renewal of the exclusive prospecting license (EPL 4346), which covers approximately 683 km2, was issued by the Namibian Ministry of Mines and Energy on 11 October 2023 for a period of two years. The renewed license will enable Celsius to further evaluate the project’s viability and strategically unlock its potential value with a view to finding a suitable partner.

Ongoing trade-off studies on mining costs, production rates, and the possibility of processing oxide ores were undertaken to determine project viability and financial outcomes.

Cullarin West Project, Australia (Celsius – 100%)

The Company is continuing to assess the viability of the opportunity and gauge interest from other possible partners. No development activities were conducted during the half-year ended 31 December 2023.

Matters subsequent to the end of the financial half-year

The Company’s Philippine subsidiary, Makilala Mining Company, Inc. (“MMCI”) is currently in the final stages of obtaining a Mineral Production Sharing Agreement (“MPSA”) with the Philippine Government for its flagship Maalinao-Caigutan-Biyog Mining Project (“MCB Project”). The MPSA will grant MMCI exclusive rights to undertake exploration, development and commercial production of copper and associated minerals, and the issuance of the MPSA will enable MMCI to undertake the necessary work streams to proceed with the mine development of the MCB Project.

On 8 January 2024, the Company’s Philippine subsidiary, Tambuli Mining Company, Inc. (“TMCI”), submitted an application for a Declaration of Mining Project Feasibility (“DMPF”) with the Philippine Mines and Geosciences Bureau, confirming the technical and financial viability for the Sagay Copper-Gold Project (“Sagay”) in the island of Negros. On 6 February 2024, the Company updated the JORC compliant Mineral Resource Estimate (“MRE”) for Sagay. The update to the MRE at Sagay was largely based on the results from the 2023 drilling program at a shallow copper position located ~500m to the west of the main body of mineralisation discovered to date, as announced to ASX on 17 October 2023.

Payment of the required land rental fee to the Pasil Local Government Unit relative to the issuance of the exploration permit for Botilao, as well as stakeholder engagements were carried out during the first quarter of 2024 as prerequisites to the ground implementation of the exploration, environmental and community development work programs which will commence by the second quarter of 2024.

Celsius Resources Limited Directors' report 31 December 2023

==> picture [87 x 34] intentionally omitted <==

No other matter or circumstance has arisen since 31 December 2023 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.

Auditor's independence declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

On behalf of the directors

_________ Julito Sarmiento Executive Chairman

15 March 2024

==> picture [118 x 61] intentionally omitted <==

RSM Australia Partners

Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 8 9261 9100 F +61 8 9261 9111 www.rsm.com.au

AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the review of the financial report of Celsius Resources Limited for the half-year ended 31 December 2023, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

(i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
(ii) any applicable code of professional conduct in relation to the review.

==> picture [78 x 37] intentionally omitted <==

==> picture [142 x 8] intentionally omitted <==

----- Start of picture text -----

RSM AUSTRALIA PARTNERS
----- End of picture text -----

==> picture [115 x 52] intentionally omitted <==

Perth, WA Dated: 15 March 2024

TUTU PHONG Partner

THE POWER OF BEING UNDERSTOOD

AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.

RSM Australia Partners ABN 36 965 185 036

Liability limited by a scheme approved under Professional Standards Legislation

Celsius Resources Limited Statement of profit or loss and other comprehensive income For the half-year ended 31 December 2023

==> picture [87 x 34] intentionally omitted <==

Celsius Resources Limited Statement of profit or loss and other comprehensive income For the half-year ended 31 December 2023
Note Revenue Other income Expenses Directors' fees Travel and accommodation Depreciation and amortisation expense Impairment expense Legal and other professional fees Share based payments Exploration expenditure Other expenses Finance costs Foreign exchange loss Loss before income tax expense Income tax expense Loss after income tax expense for the half-year Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year Loss for the half-year is attributable to: Non-controlling interest Owners of Celsius Resources Limited Total comprehensive income for the half-year is attributable to: Non-controlling interest Owners of Celsius Resources Limited Basic earnings per share 12 Diluted earnings per share 12	Consolidated 31 Dec 2023 31 Dec 2022 $ $ 145 27,430 (139,660) (109,894) (66,906) (60,404) (32,325) (10,264) - (398,689) (427,640) (736,498) - (21,472) (582,353) (393,386) (399,143) (361,790) - (273) (18,181) - (1,666,063) (2,065,240) - - (1,666,063) (2,065,240) (486,458) (182,567) (486,458) (182,567) (2,152,521) (2,247,807) (2,910) (3,484) (1,663,153) (2,061,756) (1,666,063) (2,065,240) (5,241) 3,684 (2,147,280) (2,251,491) (2,152,521) (2,247,807)
	(1,666,063) -	(2,065,240) -
	(1,666,063) (486,458)	(2,065,240) (182,567)
	(486,458)	(182,567)
	(2,152,521)	(2,247,807)
	(2,910) (1,663,153)	(3,484) (2,061,756)
	(1,666,063)	(2,065,240)
	(5,241) (2,147,280)	3,684 (2,251,491)
	(2,152,521)	(2,247,807)
	Cents (0.07) (0.07)	Cents (0.14) (0.14)

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

Celsius Resources Limited Statement of financial position As at 31 December 2023

==> picture [87 x 34] intentionally omitted <==

Note Assets Current assets Cash and cash equivalents 4 Other current assets Total current assets Non-current assets Property, plant and equipment Deferred exploration expenditure 5 Total non-current assets Total assets Liabilities Current liabilities Trade and other payables 6 Total current liabilities Total liabilities Net assets Equity Issued capital 7 Reserves 8 Accumulated losses Equity attributable to the owners of Celsius Resources Limited Non-controlling interest 9 Total equity	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 2,046,731 5,029,176 296,142 168,170 2,342,873 5,197,346 245,964 272,590 31,431,013 30,258,704 31,676,977 30,531,294 34,019,850 35,728,640 589,539 565,808 589,539 565,808 589,539 565,808 33,430,311 35,162,832 81,109,712 78,839,712 (1,429,508) 904,619 (46,229,050) (44,565,897) 33,451,154 35,178,434 (20,843) (15,602) 33,430,311 35,162,832	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 2,046,731 5,029,176 296,142 168,170 2,342,873 5,197,346 245,964 272,590 31,431,013 30,258,704 31,676,977 30,531,294 34,019,850 35,728,640 589,539 565,808 589,539 565,808 589,539 565,808 33,430,311 35,162,832 81,109,712 78,839,712 (1,429,508) 904,619 (46,229,050) (44,565,897) 33,451,154 35,178,434 (20,843) (15,602) 33,430,311 35,162,832
	2,342,873	5,197,346
	245,964 31,431,013	272,590 30,258,704
	31,676,977	30,531,294
	34,019,850	35,728,640
	589,539	565,808
	589,539	565,808
	589,539	565,808
	33,430,311	35,162,832
	81,109,712 (1,429,508) (46,229,050)	78,839,712 904,619 (44,565,897)
	33,451,154 (20,843)	35,178,434 (15,602)
	33,430,311	35,162,832

The above statement of financial position should be read in conjunction with the accompanying notes

Celsius Resources Limited Statement of changes in equity For the half-year ended 31 December 2023

==> picture [87 x 34] intentionally omitted <==

Issued capital $ 64,808,602 - -	Accumulated losses $ (38,837,014) (2,061,756) -	Share based payments reserve $ 2,418,105 - -	Foreign currency translation reserve $ (1,214,895) - (189,738)	Non- controlling interest $ 24,862 (3,484) 7,171	Total equity $ 27,199,660 (2,065,240) (182,567)
- 4,642,405 -	(2,061,756) - -	- 123,589 21,472	(189,738) - -	3,687 - -	(2,247,807) 4,765,994 21,472
69,451,007	(40,898,770)	2,563,166	(1,404,633)	28,549	29,739,319
Issued capital $ 78,839,712 - -	Accumulated losses $ (44,565,897) (1,663,153) -	Share based payments reserve $ 2,877,035 - -	Foreign currency translation reserve $ (1,972,416) - (484,127)	Non- controlling interest $ (15,602) (2,910) (2,331)	Total equity $ 35,162,832 (1,666,063) (486,458)
- 2,270,000	(1,663,153) -	- (1,850,000)	(484,127) -	(5,241) -	(2,152,521) 420,000
81,109,712	(46,229,050)	1,027,035	(2,456,543)	(20,843)	33,430,311

The above statement of changes in equity should be read in conjunction with the accompanying notes

Celsius Resources Limited Statement of cash flows For the half-year ended 31 December 2023

==> picture [87 x 34] intentionally omitted <==

Celsius Resources Limited Statement of cash flows For the half-year ended 31 December 2023
Note Cash flows from operating activities Payments to suppliers and employees (inclusive of GST) Interest received Net cash used in operating activities Cash flows from investing activities Payments for property, plant and equipment Payments for exploration and evaluation 5 Net cash used in investing activities Cash flows from financing activities Proceeds from issue of shares 7 Share issue transaction costs Net cash from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the financial half-year	Consolidated 31 Dec 2023 31 Dec 2022 $ $ (1,700,293) (2,201,262) 145 2,430 (1,700,148) (2,198,832) (5,698) (60,351) (1,443,769) (1,593,992) (1,449,467) (1,654,343) 420,000 4,858,295 - (300,651) 420,000 4,557,644 (2,729,615) 704,469 5,029,176 1,289,845 (252,830) 42,717 2,046,731 2,037,031
	(1,700,148)	(2,198,832)
	(5,698) (1,443,769)	(60,351) (1,593,992)
	(1,449,467)	(1,654,343)
	420,000 -	4,858,295 (300,651)
	420,000	4,557,644
	(2,729,615) 5,029,176 (252,830)	704,469 1,289,845 42,717
	2,046,731	2,037,031

The above statement of cash flows should be read in conjunction with the accompanying notes

Celsius Resources Limited Notes to the financial statements 31 December 2023

==> picture [87 x 34] intentionally omitted <==

Note 1. Material Accounting Policies

The half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 ‘Interim Financial Reporting’. Compliance with AASB 134 ensures compliance with International Accounting Standard 34 ‘Interim Financial Reporting’.

The half-year financial report does not include full disclosures of the type normally included in an annual financial report. It is recommended that this half-year financial report be read in conjunction with the annual financial report for the year ended 30 June 2023 and any public announcements made by Celsius Resources Limited during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001.

The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted in the annual financial report for the year ended 30 June 2023.

Going Concern

The financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business.

As disclosed in the financial statements, the consolidated entity incurred a loss after tax of $1,666,063 and had operating and investing cash outflows of $3,149,615 for the half-year ended 31 December 2023. The consolidated entity held cash and cash equivalents as at 31 December 2023 of $2,046,731.

The Directors believe that there are reasonable grounds that the consolidated entity will be able to continue as a going concern as the company will be able to either secure additional funding as required through raising additional capital or reducing the consolidated entity’s discretionary spending. Accordingly, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

Should the company be unsuccessful in raising additional funds through the issue of additional capital, there is a material uncertainty which may cast significant doubt whether the consolidated entity will be able to continue as a going concern and therefore, whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial statements. The financial statements do not include any adjustments relative to the recoverability and classification of recorded asset amounts or, to the amounts and classification of liabilities that might be necessary should the consolidated entity not continue as a going concern.

Note 2. New and Revised Accounting Standards and Interpretations

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Celsius Resources Limited Notes to the financial statements 31 December 2023

==> picture [87 x 34] intentionally omitted <==

Note 3. Segment information

The consolidated entity operates within three geographical segments within mineral exploration and extraction being Australia, Namibia and Philippines. The segment information provided to the chief operating decision maker is as follows:

Exploration activities Australia $ -	Exploration activities Namibia $ -	Exploration activities Philippines $ 145	Consolidated $ 145
-	-	145	145
Exploration activities Australia $ (650,500)	Exploration activities Namibia $ (28,062)	Exploration activities Philippines $ (987,501)	Consolidated $ (1,666,063)
(650,500)	(28,062)	(987,501)	(1,666,063)
Exploration activities Australia $ 1,916,078 (188,933)	Exploration activities Namibia $ 14,953,743 (43,111)	Exploration activities Philippines $ 17,150,029 (357,495)	Consolidated $ 34,019,850 (589,539)
10,388,690	14,464,045	8,577,576	33,430,311
Exploration activities Australia $ 22,096	Exploration activities Namibia $ 215	Exploration activities Philippines $ 119	Consolidated $ 22,430
22,096	215	119	22,430
Exploration activities Australia $ (1,190,748)	Exploration activities Namibia $ (81,002)	Exploration activities Philippines $ (793,490)	Consolidated $ (2,065,240)
(1,190,748)	(81,002)	(793,490)	(2,065,240)

Celsius Resources Limited Notes to the financial statements 31 December 2023

==> picture [87 x 34] intentionally omitted <==

Note 4. Cash and cash equivalents

Cash at bank and on hand Total cash at bank and on hand	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 2,046,731 5,029,176 2,046,731 5,029,176	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 2,046,731 5,029,176 2,046,731 5,029,176
	2,046,731	5,029,176

Note 5. Deferred exploration expenditure

Expenditure brought forward at the beginning of the period Expenditure incurred Expenditure impaired Foreign exchange movements Expenditure at the end of the period	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 30,258,704 28,242,540 1,405,537 3,423,099 - (549,853) (233,228) (857,082) 31,431,013 30,258,704	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 30,258,704 28,242,540 1,405,537 3,423,099 - (549,853) (233,228) (857,082) 31,431,013 30,258,704
	31,431,013	30,258,704

Expenditure at the end of the period

In accordance with AASB 6 Exploration for and Evaluation of Mineral Resources an indication of impairment may exist if the right to explore in the specific area has expired during the year and is not expected to be renewed. Impairments of tenements were recognised for the regions in Namibia, Philippines and Australia to the value of $549,853 for the period ended 30 June 2023 but no indicators of impairment exist as at 31 December 2023.

Note 6. Trade and other payables

Trade payables Accrued expenses Other payables Total trade and other payables Note 7. Issued capital				Consolidated 31 Dec 2023 30 Jun 2023 $ $ 444,498 439,849 81,235 60,759 63,806 65,200 589,539 565,808	Consolidated 31 Dec 2023 30 Jun 2023 $ $ 444,498 439,849 81,235 60,759 63,806 65,200 589,539 565,808
				589,539	565,808

Ordinary shares
Ordinary shares - fully paid Cost of capital Contributed equity as at 31 December 2023	31 Dec 2023 Shares 2,246,051,662 -	Consolidated 30 Jun 2023 31 Dec 2023 Shares $ 2,211,051,662 86,789,406 - (5,679,694)			30 Jun 2023 $ 84,519,406 (5,679,694)
	2,246,051,662	2,211,051,662	81,109,712		78,839,712

Celsius Resources Limited Notes to the financial statements 31 December 2023

==> picture [87 x 34] intentionally omitted <==

Note 7. Issued capital (continued)

Movements in ordinary share capital

Details Date Balance as at 1 July 2023 1 July 2023 Unlisted options exercised 12 July 2023 Unlisted options exercised 25 July 2023 Unlisted options exercised 31 July 2023 Unlisted options exercised 7 August 2023 Transfer from share-based payment reserve on exercise of options Balance as at 31 December 2023	Shares Issue price 2,211,051,662 2,500,000 $0.012 17,068,208 $0.012 10,000,000 $0.012 5,431,792 $0.012 - 2,246,051,662	$ 78,839,711 30,000 204,819 120,000 65,182 1,850,000
		81,109,712

On 12 July 2023 options were exercised of 2,500,000 ordinary shares at $0.012 per share.
On 25 July 2023 options were exercised of 17,068,208 ordinary shares at $0.012 per share.
On 31 July 2023 options were exercised of 10,000,000 ordinary shares at $0.012 per share.
On 7 August 2023 options were exercised of 5,431,792 ordinary shares at $0.012 per share.

Note 8. Reserves

Foreign currency reserve Share-based payments reserve Total reserves	Consolidated 31 Dec 2023 30 Jun 2023 $ $ (2,456,543) (1,972,416) 1,027,035 2,877,035	Consolidated 31 Dec 2023 30 Jun 2023 $ $ (2,456,543) (1,972,416) 1,027,035 2,877,035
	(1,429,508)	904,619

Movements in reserves

Movements in each class of reserve during the current financial half-year are set out below:

Share based payment reserve Balance at the beginning of the period Issue of options Issue of warrants Conversion of unlisted options exercised Performance rights vested Conversion of performance rights to issued capital Balance at the end of the period	31 Dec 2023 $ 2,877,035 - - (1,850,000) - -	30 June 2023 $ 2,418,105 123,589 420,689 - 39,452 (124,800)
	1,027,035	2,877,035

Balance at the end of the period 1,027,035 2,877,035	Balance at the end of the period 1,027,035 2,877,035	Balance at the end of the period 1,027,035 2,877,035
During the period, the consolidated entity did not grant any share based payments or issue any share based payments. No
share based payments lapsed during the period. 35,000,000 options were exercised during the period.
Foreign currency translation reserve Balance at the beginning of the period Translation of foreign entities Balance at the end of the period	Consolidated 31 Dec 2023 30 Jun 2023 $ $ (1,972,416) (1,214,896) (484,127) (757,520) (2,456,543) (1,972,416)
	(2,456,543)	(1,972,416)

Celsius Resources Limited Notes to the financial statements 31 December 2023

==> picture [87 x 34] intentionally omitted <==

Note 8. Reserves (continued)

The reserve is used to recognise exchange differences arising from the translation of financial statements of foreign operations to Australian dollars.

Note 9. Dividends

No dividends have been paid or provided for during the half-year (31 December 2022: nil).

Note 10. Contingent liabilities

The consolidated entity had no contingent liabilities as at 31 December 2023 and 30 June 2023.

Note 11. Earnings per share

Loss after income tax Non-controlling interest Loss after income tax attributable to the owners of Celsius Resources Limited Weighted average number of ordinary shares used in calculating basic earnings per share Weighted average number of ordinary shares used in calculating diluted earnings per share Basic earnings per share Diluted earnings per share	Consolidated 31 Dec 2023 31 Dec 2022 $ $ (1,666,063) (2,065,240) 2,910 3,484 (1,663,153) (2,061,756)	Consolidated 31 Dec 2023 31 Dec 2022 $ $ (1,666,063) (2,065,240) 2,910 3,484 (1,663,153) (2,061,756)
	(1,663,153)	(2,061,756)
	Number 2,240,953,220	Number 1,447,399,224
	2,240,953,220	1,447,399,224
	Cents (0.07) (0.07)	Cents (0.14) (0.14)

Note 12. Events after the reporting period

Celsius Resources Limited Directors' declaration 31 December 2023

==> picture [87 x 34] intentionally omitted <==

In the directors' opinion:

the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 31 December 2023 and of its performance for the financial half-year ended on that date; and
there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.

On behalf of the directors

_________ Julito Sarmiento Executive Chairman

15 March 2024

==> picture [118 x 62] intentionally omitted <==

RSM Australia Partners

Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 8 9261 9100 F +61 8 9261 9111

www.rsm.com.au

INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF CELSIUS RESOURCES LIMITED

Report on the Half-Year Financial Report

Conclusion

We have reviewed the accompanying half-year financial report of Celsius Resources Limited (the Company) which comprises the consolidated statement of financial position as at 31 December 2023, consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration of the consolidated entity comprising the Company and the entities it controlled at the half-year end or from time to time during the half-year.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Celsius Resources Limited is not in accordance with the Corporations Act 2001 including:

(a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2023 and of its performance for the half-year ended on that date; and
(b) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001 .

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of Celsius Resources Limited, would be in the same terms if given to the directors as at the time of this auditor’s review report.

THE POWER OF BEING UNDERSTOOD

AUDIT | TAX | CONSULTING

Liability limited by a scheme approved under Professional Standards Legislation

==> picture [117 x 61] intentionally omitted <==

Material Uncertainty Related to Going Concern

We draw attention to Note 1 of the half-year financial report, which indicates that the consolidated entity incurred a net loss of $1,666,063 and had net cash outflows from operating and investing activities of $3,149,615 for the half-year ended 31 December 2023. These events or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the consolidated entity’s ability to continue as a going concern. Our conclusion is not modified in respect of this matter.

Directors’ Responsibility for the Half-Year Financial Report

The directors of Celsius Resources Limited are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2023 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

==> picture [74 x 37] intentionally omitted <==

RSM AUSTRALIA PARTNERS

==> picture [114 x 52] intentionally omitted <==

Perth, WA Dated: 15 March 2024

TUTU PHONG Partner

AI assistant

Celsius Resources Limited — Interim / Quarterly Report 2024

10450_rns_2024-03-14_101b8ab7-592c-4ac9-aa71-320cc7bdcfb8.pdf

Celsius Resources Limited

ABN 95 009 162 949

Half-Year Financial Report - 31 December 2023

General information

Directors

Principal activities

Significant changes in the state of affairs

Review of operations

Maalinao-Caigutan-Biyog Copper Gold Project, Philippines (Celsius - 40%)

Botilao Copper-Gold Prospect, Philippines (Celsius - 40%)

Sagay Copper-Gold Project, Philippines (Celsius - 100%)

Opuwo Cobalt Project, Namibia (Celsius – 95%)

Cullarin West Project, Australia (Celsius – 100%)

Matters subsequent to the end of the financial half-year

Celsius Resources Limited Directors' report 31 December 2023

Auditor's independence declaration

RSM Australia Partners

AUDITOR’S INDEPENDENCE DECLARATION

THE POWER OF BEING UNDERSTOOD

Celsius Resources Limited Statement of profit or loss and other comprehensive income For the half-year ended 31 December 2023

Celsius Resources Limited Statement of changes in equity For the half-year ended 31 December 2023

Note 1. Material Accounting Policies

Going Concern

Note 2. New and Revised Accounting Standards and Interpretations

Note 3. Segment information

Note 4. Cash and cash equivalents

Note 5. Deferred exploration expenditure

Expenditure at the end of the period

Note 6. Trade and other payables

Note 7. Issued capital (continued)

Note 8. Reserves

Movements in reserves

Note 8. Reserves (continued)

Note 9. Dividends

Note 10. Contingent liabilities

Note 11. Earnings per share

Note 12. Events after the reporting period

RSM Australia Partners

INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF CELSIUS RESOURCES LIMITED

Report on the Half-Year Financial Report

Conclusion

Basis for Conclusion

THE POWER OF BEING UNDERSTOOD

AUDIT | TAX | CONSULTING

Material Uncertainty Related to Going Concern

Directors’ Responsibility for the Half-Year Financial Report

Auditor’s Responsibility for the Review of the Financial Report

More from Celsius Resources Limited

Celsius Resources Limited Interim / Quarterly Report 2024