The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

ASX/AIM RELEASE

24 November 2025

Updated MCB Mineral Resource Estimate

HIGHLIGHTS:

·    Gross Global Mineral Resource of 343Mt @ 0.46% Copper and 0.12g/t gold (0.2% Cu cut-off)

·    1.6 million tonnes of contained copper and 1.4 million ounces of contained gold

·    Measured category of 49Mt @ 0.60% Cu and 0.19g/t Au (0.2% Cu cut-off)

·    Total high-grade core of (0.5% copper cut-off) of 99 million tonnes @ 0.79% copper and 0.24g/t gold in the Measured and Indicated category

·    Overall, the 2025 MRE has an additional 5Mt containing 14kt total copper compared with the 2022 MRE

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Celsius Resources Limited ("Celsius" or "the Company") (ASX,AIM:CLA) is pleased to announce an updated JORC compliant Mineral Resource Estimate ("MRE") for the Maalinao-Caigutan-Biyog Copper-Gold Project ("Project" or "MCB"), held under its Philippine Affiliate Company, Makilala Mining Co., Inc. ("MMCI") and located at the Island of Luzon in the Philippines (Figure 1). 

The Global MRE is now 343 Mt of 0.46% copper, and 0.12g/t gold, for a total of 1.6 Mt of contained copper and 1.4 Moz of contained gold reported to a preferred lower cutoff grade of 0.2% copper.

The drilling during 2022[1] and 2025[2] was all within the boundaries of the prior Resource estimates for MCB (Released in 2021[3] and 2022[4]. The drilling activity was to obtain samples for a metallurgical test work program to determine recoveries from years one (1) to five (5) of the mine life along with further geotechnical investigation of the underground drilling to support an updated underground mine plan. This has allowed for an increase in the confidence level to the Measured category in addition to a refinement of the boundaries to the Mineral Resource. This revised MRE is being utilised for the delivery of the JORC mining reserve along with further increased confidence in the mine plan which will be included in the updated Feasibility Study and the front-end engineering ("FEED") due for release in December 2025.

Celsius has a 40% working interest in MCB. As announced on 20 March 2023 CLA has conditionally agreed to transfer a 60% working interest in MCB to Sodor, Inc, subject to certain conditions, which remain outstanding.

Makilala Technical Director Peter Hume said:

"While the focus of the recent drilling program was established to support the updating of the Feasibility Study and the FEED program, we were pleasantly surprised with further high-grade results."

These results, along with the recently announced recoveries, will further underpin the MCB Project's economic viability and will be the basis of the JORC mining reserve which is part of the updated Feasibility Study and FEED work program"

Table 1. Summary results for the updated MRE at MCB at a cut-off grade of 0.20% copper.

Note for table of results: Estimates have been rounded to the nearest Mt of ore, two significant figures for Cu and Au grade and to the nearest kt of Cu metal and koz of Au metal.  Some apparent errors may occur due to rounding.

The MCB Project is an affiliate company of Celsius and MMCI will be the operator of the MCB Project

Changes to the MCB Mineral Resource Estimate

The 2025 MRE incorporates drilling completed by MMCI since late 2022, which has significantly improved confidence in the resource. Additional drilling has strengthened the definition of the Measured category by confirming the continuity of copper mineralisation in key areas.

Recent drilling has also refined the boundaries of the mineralised zones and provided a clearer understanding of the orientation and continuity of higher-grade domains (Type 1HGV). Additional diamond drilling has further defined the shallow high-grade copper mineralisation (Type 1HGH), resulting in improved grade distribution at higher cut-off grades. Overall, the 2025 MRE has an additional 5Mt containing 14kt total copper compared with the 2022 MRE.

The weathering model has also been updated, improving the definition of shallow weathered material. This refined model removes the Inferred category in weathered zones, providing more confidence in these near-surface tonnes. With potential for future mining and processing of this material, the weathered copper mineralisation has been retained within the updated MCB MRE.

Table 2. Comparison between the November 2025 Mineral Resource and the 2022 Mineral Resource at a cut-off grade of 0.20% copper.

Note for table of results: Estimates have been rounded to the nearest Mt of ore, two significant figures for Cu and Au grade and to the nearest kt of Cu metal and koz of Au metal.  Some apparent errors may occur due to rounding.

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

The updated JORC compliant Mineral Resource Estimate (subject of this release) for the MCB Project is 343 million tonnes @ 0.46% copper and 0.12 g/t gold, for a total of 1.6 million tonnes of contained copper and 1.4 million ounces of gold, of which 45 million tonnes @ 0.49% copper and 0.10 g/t gold is classified as Inferred, 248 million tonnes @ 0.43% copper and 0.11 g/t gold is classified as Indicated, and 49 million tonnes @ 0.60% copper and 0.19 g/t gold is classified as Measured.

A 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 Study was based on an underground mining operation and processing facility to produce a saleable copper-gold concentrate.

Highlights from the 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[5] cash costs at just US$0.73/lb copper, net of gold credits.  As at the date of this announcement there are studies ongoing to update the Feasibility Study for the MCB Project which are scheduled for completion by December 2025.

Figure 1. Location of the MCB Project in the province of Kalinga, Northern Luzon, Philippines.

Figure 2. Location of MCB Exploration Tenement area and associated drilling related to the reported MRE.

Location

The MCB Project is located in Barangay Balatoc, Municipality of Pasil, Province of Kalinga. At the Project area settlements are generally small, compact and occupy a limited area within the main Barangay of Balatoc. The closest major centre is the city of Tabuk which is approximately a 3 hour drive from the Project location.

The Exploration Tenement EP-003-2006-CAR was originally approved in 2006 and  had its 3rd renewal approved by the Mines and Geosciences Bureau ("MGB") on 19 November 2020[6]. The Exploration Permit was extended on 31 March 2022 until May 2023. The MGB issued the Mineral Production Sharing Agreement (MPSA-356-2024-CAR) to MMCI on 15 March 2024[7].

Geology and Geological Interpretation

The geological interpretations and technical information that have contributed to the 2025 MRE at MCB are based largely on surface mapping and analysis of 60 diamond drill holes (31,616.20 m) completed by Makilala Mining (MMCI) from 2006 to 2025.

Drilling at MCB has broadly defined a large-scale copper mineralisation interpreted to be a typical porphyry copper style of mineralisation, common throughout the Philippine archipelago.

The mineralisation and associated alteration exist across the contact between a genetically related intrusive body (tonalite) and the surrounding host rock material. In most cases the surrounding host rock is an older mafic volcanic rock (see Figures 3 to 5).

Figure 3. MCB Project drill hole locations and interpreted surface geological plan view diagram

The location and trend of the copper-gold mineralisation is influenced by two dominant structural trends that exist at MCB. The broad fabric and trend of the intrusive bodies and associated alteration extends in a north-east direction, or at approximately 050 degrees with a near to vertical dip. This orientation is also parallel to some major faulting.

The broad copper-gold domains as defined by the MCB MRE were defined based on the continuous zones of copper and gold mineralisation which coincides with the controlling geological host rocks, structures, and alteration features.

Figure 4. Section 1 with the interpreted host rock geology relative to the defined copper mineralised domains. Drill holes completed after the 2022 Mineral Resource Estimate on this cross section are identified (holes MCB-042, MCB-043, MTPH-001, and MCB-UG-002). View looking Northeast[8].

Figure 5. Section 2 with the interpreted host rock geology relative to the defined copper mineralised domains. Drill hole completed after the 2022 Mineral Resource Estimate on this cross section is identified (MCB-UG-001). View looking Northeast.

There is also evidence at MCB for epithermal vein deposit types exist within close proximity to the large-scale porphyry copper-gold mineralisation. At this stage the only deposit type that is defined in the MRE for MCB is a porphyry copper-gold style.

Drilling Techniques

The MRE was defined using diamond drill holes, which was the preferred drilling method in MCB. Drilling was completed over two broad stages. The first stage was managed by the previous owner of MMCI, Freeport McMoRan, with a total of 25,481 metres from 46 drill holes completed within December 2006 to July 2013. The second drilling program was implemented by MMCI, with a total of 6,135.2 meters from 14 drill holes completed from 2021 to 2025. All diamond drilling utilised a triple tube core barrel for the entire length to ensure maximum sample recovery.

Sampling and Sub-sampling Techniques

Half core samples were collected from diamond holes drilled from the surface. All drill cores were generally sampled at 2m intervals. In cases where geological and mineralogical characteristics change, the sample length is reduced to best fit the geological contact. The minimum observed sample size is one metre. Sampling typically commenced after the overburden horizon.

The following sub sampling and sample preparations were observed for all the diamond drilling at MCB.

A.  Drying and Weighing: Samples were weighed, dried in an oven at 105 Celsius for 6 to 8 hours. For samples with high clay content, drying time is extended up to 16 hours. After drying, samples were weighed again to calculate the moisture content.

B.  Crushing: Samples were then primary crushed to a size of <4mm. Using a Boyd crusher, secondary crushing produces <2mm product size. The 1kg crushed material is retained for final preparation.

C.  Pulverizing: The 1kg split is pulverized to -200 mesh with a grinding time of 4 to 6 minutes for 1kg ground samples.

D.  Splitting: 1kg sample is split successively to obtain four samples of 250 grams each. Out of the four pulp samples, one sample is being dispatched to the laboratory analysis while the pulp samples are retained to be used later for duplicate assays and inter-laboratory checks.

Sample Analysis Method

All drill samples were prepared and sent to Intertek in Manila, an internationally recognised and ISO-accredited independent laboratory. Gold was analysed using fire-assay methods, while copper and other elements were tested using industry-standard multi-element analytical techniques.

Assay procedures have evolved across the two drilling programs (2007-2013 and 2021-2025), with more recent drilling using updated multi-element, four-acid digestion methods to ensure accurate copper results. Higher-precision analytical methods were used whenever copper values exceeded standard detection limits to ensure the most reliable grades were reported.

Quality control procedures were rigorously followed, with standards and blanks included in nearly 10% of all samples. Independent checks of the laboratory data confirmed no material issues, ensuring the assay results used in the MCB MRE are accurate and reliable.

Estimation Methodology

Based on the general dimensions of the interpreted ore domains, and the likely mining method, a parent cell block size of 10m x 10m x 10m was chosen for the MRE.

Basic statistical information and variogram analysis was reviewed for both copper and gold within the various defined high grade and low-grade domains. The interpreted domains of Type 1HGH, Type 1HGV and Type 3LG were the only 3 domains that were considered to have sufficient data distributed to provide a basis for the use of a more sophisticated interpolation method such as Ordinary Kriging. The parameters for the Ordinary Kriging were based on an analysis of the variograms for each domain. The variograms (defined within the Leapfrog Edge software package) were located along the plane of the interpreted controlling geological trend which is striking at 050 degrees at a near vertical dip.

A broad review of the statistics for each domain did not identify significant high value outliers that are considered likely to result in an overestimated either locally or globally to the grade distribution within the block model. Therefore, no top cut was applied to the MRE.

Classification Criteria

The Measured portion of the Mineral Resource was generated after the completion of additional drilling results completed during 2022 and 2025. The criteria for the Measured Mineral Resource were based on the first pass interpolation for each domain. This first pass was based on a search of ellipse parameters with a maximum distance of the Sill distance as defined by the variography for each domain. Minimum selection criteria for the Measured criteria also included a minimum of 8 samples from at least 2 drill holes and a maximum total of 18 samples derived from the 2m composited data.

The Indicated Resource for the MCB model was based on a second pass which was defined by a search distance which is~1.5x the Sill distance based off the variogram analysis for each domain. The additional selection criteria for the Indicated category included minimum number of samples of 4 and a maximum of 20 samples derived from the 2m composited data.

The Inferred Mineral Resource was extended for twice the distances applied to the Indicated Mineral Resource using a minimum of 2 samples and maximum of 10 samples defined for each block. No restriction on the number of drill holes was applied for the Indicated and Inferred Mineral Resource category.

Cut-off Grade

A preferred lower cut-off grade of 0.2% copper has been used in the reported MRE. This is considered appropriate based on the geological continuity associated with copper mineralisation above 0.2% copper in addition to a broad economic cut-off point based on a US$5.00/lb copper price.

Dimensions

The copper-gold mineralisation at MCB is classified as a porphyry copper-gold deposit which at deeper levels (below 400m depth) has a broad geometry of up to 1km along strike towards the north-east and true widths of up to 280m. At shallower levels, the copper mineralisation is broken up into multiple domains which are individually up to 600m along strike and with true widths of up to 150m.

Metallurgical and Mining Parameters

Metallurgical test work was undertaken by MMCI for multiple defined ore types and over the most common grade ranges considered applicable to a potential mining operation at the MCB deposit. The results highlighted the potential for good recoveries of both copper and gold into a saleable copper-gold concentrate with average recoveries of approximately 95% for copper and 77% for gold (see CLA announcement dated 11 November 2025).

Benchmark mining costs of US$16/t and processing costs of US$10/t respectively for a medium sized (2.25Mt per annum) underground sublevel open stoping mining method and processing using conventional floatation to produce a copper-gold concentrate have been assumed where applicable for the MRE. This cost range estimate matches closely with a broad geological cut-off grade of between 0.2% copper and 0.25% copper (at a Copper Price of US$5/lb).

Table of Results

 The table below identify the results from the block model at various higher cut-off grades up to 0.5% copper. The ranges identified in these tables define the range of copper cut-off grades on the possible mining options.

Table 3. Summary results for the updated MRE at MCB at a cut-off grade of 0.3% copper.

Table 4. Summary results for the updated MRE at MCB at a cut-off grade of 0.4% copper.

Table 5. Summary results for the updated MRE at MCB at a cut-off grade of 0.5% copper.

Note for table of results: Estimates have been rounded to the nearest Mt of ore, two significant figures for Cu and Au grade and to the nearest kt of Cu metal and koz of Au metal.  Some apparent errors may occur due to rounding.

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.

Qualified 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 is also considered a Qualified Person for the purposes of the AIM Rules. Mr. Olsen consents to the inclusion of the data in the form and context in which it appears.

Definitions

Forward Looking Statements

Some of the statements appearing in this announcement may be in the nature of forward-looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which the Company operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement.

No forward-looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside the Company's control.

The Company does not undertake any obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of the Company's Directors, employees, advisors, or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as at the date of this announcement. As at the date of this announcement there are studies ongoing to update the Feasibility Study for the MCB Project which are scheduled for completion by December 2025.

Celsius Resources Contact Information

Level 5, 191 St. Georges Terrace

Perth WA 6000

PO Box 7059

Cloisters Square PO

Perth WA 6850

P: +61 8 9324 4516

E: [email protected]

W: www.celsiusresources.com

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