12 MAY 2023

Celsius Resources Limited

Completion of Funding Agreement

Celsius Resources Limited ("Celsius" or the "Company") refers to the agreement between the Company and Lind Global Fund II, LP, a fund managed by The Lind Partners (together, "Lind", or "Investor") (as announced to ASX on 22 December 2022 ("Previous Announcement")) ("Agreement").

Capitalised terms used, but not defined, in this announcement, have the meaning ascribed to them in the Previous Announcement (as applicable).

On 5 May 2023, the Company issued Lind a notice of its intention to repay 100% of the Advance Payment Credit outstanding in cash and has subsequently agreed to repay A$882,500 which satisfies the Company's obligations under the Agreement in full ("Repayment").  Upon Repayment, the Agreement will be terminated, no further funds will be advanced, no additional shares will be issued and Celsius will no longer have to issue 38,235,294 options (previously approved by Celsius shareholders for the purposes of ASX Listing Rule 7.1 at the Company's general meeting held on 5 April 2023).

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

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.

Celsius Resources Contact Information

Level 5, 191 St. Georges Terrace

Perth WA 6000

PO Box 7059

Cloisters Square PO

Perth WA 6850

P: +61 2 8072 1400

E: [email protected]

W: www.celsiusresources.com