Celsius delays MCB feasibility study, works on funding
By Josh White
Date: Wednesday 24 Dec 2025
(Sharecast News) - Celsius Resources said on Wednesday that it would now release the final feasibility study for its Maalinao-Caigutan-Biyog copper-gold project in the Philippines in January, after delaying the publication to allow for additional confirmatory metallurgical testwork, while it also advanced discussions with financial advisers to finalise project financing.
The AIM and ASX-traded group explained that the project was held through its Philippine affiliate, Makilala Mining Co.
It said it received strong interest in financing the MCB project from several international mining groups with experience in copper and gold project finance, metal streaming and concentrate offtake.
Celsius added that proposals received to date included structured and debt financing, alongside expressions of interest for project-level equity participation.
The board had determined that additional financial analysis and advice would be beneficial before selecting a preferred financing route, and said details of the adviser's engagement and the planned financing process would be announced shortly.
Celsius also said its search for a new chair remained ongoing, with further updates to be provided to shareholders as appropriate.
Separately, the company said the release of the final feasibility study for the MCB project had been deferred from December to January.
The board said the delay reflected additional confirmatory metallurgical testwork required after two isolated test results were found not to align with otherwise consistent positive study outcomes.
Celsius said the work formed part of its normal quality-control process and did not indicate any underlying issue with the project or its development strategy.
The firm said all other components of the feasibility study, including the mine plan, process design, capital and operating cost estimates, financial model and supporting expert reports, had been completed, subject only to incorporation of the confirmatory results.
It added that the additional testwork could result in minor adjustments to some capital equipment or process plant operating costs, but was not expected to have any significant impact on the overall project.
"Whilst the delay in finalising the feasibility study and financing package is not ideal, we are confident that the announcement of the final feasibility report in January, and the impending engagement of a world-class financial advisory firm will enable the board of directors in making the best decision possible to move forward into construction with the MCB Copper-Gold Project in 2026," said executive director Neil Grimes.
Reporting by Josh White for Sharecast.com.
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