Celsius Resources Limited ("Celsius" or the "Company") (ASX, AIM: CLA) is pleased to provide the following summary of the Company's activities for the quarter ended 31 December 2025 ("Quarter").

Projects

Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB Project" OR THE "PROJECT"), Philippines

The Definitive Feasibility Study ("DFS") for the MCB Project, owned by Makilala Mining Company, Inc. ("MMCI"), Celsius' affiliate company in the Philippines, was announced in January 2026[1][2].

The DFS confirmed a technically and economically enhanced MCB Project.  It was completed to a Class 3 level of estimate accuracy (typically up to ±15%), consistent with industry standards and suitable for project financing and execution purposes. The DFS follows a Scoping Study announced in December 2021[3].

Key outcomes from the DFS included:

·    Maiden JORC 2012 Compliant Ore Reserves estimate of 130.2Mt at an average copper grade of 0.66% and a gold grade of 0.21g/t, which supports a 35-year mine life;

·    Optimisation of the sub-level open stoping underground mine plan with paste backfill;

·    Decline with truck haulage used for initial access and early production during the first three years, before transitioning to a vertical shaft and hoisting system as the mine deepens to improve haulage efficiency, reduce operating costs, and support higher production rates over the long term;

·    Identification of cost efficiencies across mining, processing, tailings management, power supply and associated infrastructure;

·    Additional geotechnical and hydrogeological investigations were undertaken to refine design inputs, reduce technical uncertainty, reduce cost and support the Project's development pathway

Commenting on the DFS, Celsius Executive Director, Neil Grimes said:

"The MCB Definitive Feasibility Study marks a significant milestone, positioning the MCB Project as a leading near-term copper-gold development opportunity in the Philippines. The Study demonstrates a technically robust and economically enhanced project, with competitive capital intensity and operating costs. The Company is progressing funding and offtake discussions to advance the Project toward a Final Investment Decision and construction."

Key technical and financial DFS outcomes are set out in the table below.

Summary of Key Technical and Financial Outcomes

Note: The payback period increased from 2.67 years in the Scoping Study, primarily due to higher sustaining capital associated with the implementation of the vertical haulage system and related surface and underground infrastructure. While continuation of the original truck haulage methodology would have reduced sustaining capital requirements, it would have resulted in materially higher operating costs over the life of mine, driven by increased haulage distances and fuel price escalation, and would have adversely affected the long-term economics and value of the Project.

Production Profile

The production profile is set out below.

Note:  Average production from 2041 onwards - Copper concentrate is 49,000 tonnes/annum, Copper metal is 25 million lbs and Gold 6,000 ounces.

Cashflow Profile

The projected cashflow profile of the MCB Project is set out below.

Note: Average annual positive cashflow from 2042 is US$93.1 million per annum.

Capital Expenditure Profile

The profile for capital expenditure including up-front and sustaining capital expenditure is shown below.

Note: Annual sustaining capital expenditure from 2037-2063 is US$2.58M per annum.

Sensitivity Analysis

The sensitivity of the MCB Projects post-tax NPV_(8%) commodity prices, head grade and costs is summarised below.

The following table shows sensitivity to discount rates for the range of commodity prices +/- 20% for Post-Tax NPV (US$M). Commodity price assumptions are US$4.30/lb Cu and US$3000/oz Au for years 1 to 9 and US$7/lb Cu and US$4500/lb Au from year 10 for Life-of-Mine.

Geotechnical and Hydrogeological Drilling Campaign

The Geotechnical and Hydrogeological Drilling Program[4] was completed with 13 boreholes drilled to a total depth of 1,802.65m.

Hydrogeological investigations conducted during the campaign included Lugeon (packer) tests, standpipe installation, and infiltration tests to determine rock mass permeability, groundwater conditions, and hydraulic conductivity within the proposed mine area. The results of these tests served as key inputs for slope stability evaluation, groundwater assessment, and the preliminary design of mine and support infrastructure.

Geological and geotechnical core logging, sample selection and preparation for geotechnical and geochemical analyses, and in-house Point Load Testing ("PLT") were also undertaken. The generated data form part of the geotechnical databases required for engineering design and project evaluation.

All geological, geotechnical, hydrogeological, and test pit data obtained from the drilling campaign were validated and consolidated. The upgraded dataset was utilised to refine the mine plan, update the Mineral Resource Estimate ("MRE"), the Mining Reserve and to support the DFS Report.

2025 Mineral Resource Estimate

On 24 November 2025 Celsius announced an updated 2012 JORC compliant MRE of 343Mt of 0.46% copper, and 0.12g/t gold, for a total of 1.6Mt of contained copper and 1.4Moz of contained gold, reported to a cutoff grade of 0.20% copper[5].

The 2025 MRE incorporates drilling completed since late 2022, significantly enhancing confidence in the resource base. This additional drilling has strengthened the Measured category, confirming the continuity of copper mineralisation across key areas.

Recent programs have also refined the boundaries of mineralised zones, providing a clearer understanding of the orientation and continuity of higher‑grade domains (Type 1HGV). Further diamond drilling has delineated shallow high‑grade copper mineralisation (Type 1HGH), resulting in improved grade distribution at higher cut‑off grades. Overall, the 2025 MRE reports an increase of 5 Mt containing 14 kt of copper compared with the 2022 estimate.

In parallel, the weathering model has been updated, improving the definition of shallow weathered material. This refinement eliminates the Inferred category in weathered zones, thereby increasing confidence in near‑surface tonnes. Given the potential for future mining and processing, the weathered copper mineralisation has been retained within the updated MCB Project MRE.

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

Table 2. Comparison between the 2025 Mineral Resource and the 2022 Mineral Resource at a cut-off grade of 0.20% copper[6]

Maiden Ore Reserve Statement

A Maiden JORC-Compliant Ore Reserve Estimate was announced on 12 December 2025 with an underground gross total Ore Reserves of 130.2Mt @ 0.66% Cu and 0.21g/t Au, for 856kt of contained copper and 891 koz of contained gold at a 0.84% CuEq grade[7].

The Maiden Ore Reserve Estimate was derived from the 2025 MRE and reflects the technical and economic parameters developed to date through previous studies, along with the ongoing DFS program.

Table 3. MCB Project Ore Reserve Estimate

The Ore Reserve forms the basis of the DFS mine plan and supports the ongoing financing discussions with prospective partners and institutions.

Metallurgical Testwork

Metallurgical testwork show that the MCB Project can consistently produce high-quality copper and gold. Over the first ten years of mine life, average recoveries are expected to be about 95% for copper and 77% for gold, resulting in a concentrate with around 25.5% copper and 5.5g/t gold, with very low impurities. These results confirm that the project can reliably deliver saleable copper-gold products using standard processing methods[8].

SOCIAL DEVELOPMENT

A number of strategic social and economic initiatives were carried out for the period to build the capacities of host community and drive development.

Stakeholder Engagement

Regular monthly meetings of the Barangay Balatoc-Council of Elders were held to ensure that project updates were shared, risks addressed, and decisions made transparently and collaboratively.

Community-Based Skills Training

Another batch of 25 trainees from the Balatoc community completed the Technical Education and Skills Development Authority ("TESDA") Carpentry National Certificate Level II (NCII) Training. The next step is to earn their NCII Assessment and Certification which will signify that completers have attained foundational, intermediate competency in carpentry, making them employable locally and internationally. The training not only enhances individual employability but also contributes to building a stronger pool of skilled workers within the community. By attaining nationally recognised certification, these graduates are now better positioned to access livelihood opportunities, support their families, and contribute to local economic growth.

With this latest batch, the total number of program completers has reached 155, underscoring the Company's sustained commitment to capacity-building and workforce development in Balatoc. This also reflects the program's long-term impact in empowering community members through practical skills training and creating pathways toward sustainable employment[9].

Educational Assistance and Scholarship

The second tranche of the Community Educational Scholarship and Assistance Program has been released, benefiting 231 students, alongside the sustained provision of monthly allowances to two scholars, ensuring their academic pursuits remain supported.

Twelve reviewees who were provided support through the program successfully passed various licensure examinations administered by the Philippine Regulation Commission. This accomplishment reflects not only the dedication and perseverance of the reviews but also the effectiveness of the assistance extended by the program.  By helping these individuals achieve professional certification, the initiative has contributed to enhancing career opportunities, strengthening the local talent pool, and fostering community development. The success of these reviewees serves as a testament to the program's role in empowering individuals and creating long-term benefits for both the participants and the broader community.

Table 4. Breakdown of PRC Licensure Examination Board Passers

Medical Mission

MMCI partnered with the Municipal Health Office of Pasil to deliver a Medical Mission in Barangay Balatoc. The initiative provided essential healthcare services to more than 200 residents, addressing both immediate medical needs and long-term wellness. Community members benefited from a wide range of services, including general medical consultations, dental care, minor surgical procedures and blood-letting activities. To further support overall health, medicines and vitamins were distributed to patients, ensuring continuity of care beyond the mission itself.

ENVIRONMENTAL MANAGEMENT

MMCI engaged HMD Systems & Standards Specialist Circle to conduct a Gap Assessment in preparation for ISO 14001:2015 certification. The assessment evaluated MMCI's compliance with ISO 14001:2015 requirements, reviewed documentation and operational controls, and highlighted areas for enhancement. Findings confirmed that no critical or major issues were present; only minor gaps and opportunities for improvement were identified, reinforcing the organisation's commitment to continual improvement of its Environmental Management System.

ANCILLARY PERMITS

Tree-Cutting Permit

All documentary requirements for the application of a tree‑cutting permit have been formally submitted to the Department of Environment and Natural Resources ("DENR"). The submission package includes site plans, environmental impact assessments, and supporting compliance documents to demonstrate adherence to regulatory standards. This step marks a key milestone in securing the necessary approvals for land preparation and construction activities. The project team is now coordinating with DENR officials to facilitate the review process, address any clarifications, and ensure timely issuance of the permit in alignment with project schedules.

FUNDING SUPPORT

The MCB Copper-Gold Project continues to benefit from the financial backing through the Maharlika Investment Corporation's bridge loan facility, ensuring uninterrupted progress. MMCI has drawn US$7.5 million of the US$10 million First OLSA to fund MMCI's MCB Project-related activities[10].

GRANT SAMUEL APPOINTED AS FINANCIAL ADVISER

In January 2026, Grant Samuel Capital Advisory Pty Limited ("Grant Samuel") was appointed to assist Celsius' management and Board in the coordination of an integrated financing process and the structuring and negotiation of an optimal funding package for the MCB Project[11].

The appointment follows strong interest from international mining financiers, offtakers and investment groups and the receipt of offtake, debt and equity proposals. 

Bardin Davis was also engaged as a consultant to the Board on matters of strategy, financing and project development.

BOTILAO COPPER-GOLD PROSPECT

MMCI is awaiting the formal issuance of its renewed tenement permit following the submission of the revised Exploration, Environment, and Community Development Programs.

Opuwo Cobalt Project, Namibia

As disclosed previously to the market, the Company has opened its data room to parties interested in acquiring the Company's Opuwo Cobalt project in Namibia ("Opuwo"). Several parties have expressed interest in acquiring the Project and are continuing with their due diligence. As of the date of this report, no binding agreement has been reached and, although discussions are continuing, there can be no certainty that any binding agreement will be reached or the timing of any such agreement.

The Opuwo tenement permit EL4346 is due for renewal. The Company has lodged the necessary documentation to have the permit renewed with the Ministry of Mines. The tenement remains active until such time that it is renewed by the Ministry of Mines and the Company is continuing discussions on the renewal process with the Namibian authorities.

SAGAY Copper-Gold Project, Philippines

Tambuli Mining Company, Inc. ("TMCI"), a wholly owned Philippine subsidiary of Celsius in the Negros Islands, continues to work with the DENR's Environmental Management Bureau on the evaluation and approval of its Environmental Impact Statement ("EIS") for the Sagay Copper-Gold Project ("Sagay Project").

The EIS is a critical requirement for securing an Environmental Compliance Certificate ("ECC"), under the Philippine Mining Act of 1995[12]. Obtaining the ECC will validate the Sagay Project's development plans and engineering designs, as outlined in TMCI's Declaration of Mining Project Feasibility, are technically sound, environmentally sustainable, and socially acceptable.

Cullarin West Project, NSW