Celsius Resources Limited (ASX:CLA) (ASX,AIM:CLA) reported a loss of $2,173,284 for the six months to 31 December 2025 as Makilala Mining Company, Inc. (MMCI) moved closer to completing the front-end engineering design and definitive feasibility study for the Maalinao‑Caigutan‑Biyog (MCB) Copper‑Gold Project.
More than 90% of DFS deliverables are finalised, including mine design, process plant layout and surface infrastructure planning, the filing said. "The 2025 MRE reflects an increase of 5 Mt bringing the global resource to 343 Mt @ 0.46% copper and 0.12 g/t gold," the company said in the filing, equivalent to 1.6 Mt of contained copper and 1.4 Moz of contained gold at a 0.2% copper cutoff.
The filing set out a maiden underground ore reserve of 130.2 million tonnes at 0.66% copper and 0.21 g/t gold, containing 856,000 tonnes of copper and 891,000 ounces of gold at a copper‑equivalent grade of 0.84%; the reserve now forms the basis of the mine plan and is being used in financing discussions with potential partners and institutions. Metallurgical testwork and recent drilling confirmed consistent high‑grade copper mineralisation beyond the resource model and supported production of high‑quality copper and gold concentrates, the filing said.
MMCI advanced regulatory steps for early works, receiving a conditional water permit from the National Water Resources Board subject to calibrated measuring devices and quarterly reports, and lodging a Tree‑Cutting Permit application with the Department of Environment and Natural Resources. A draft Memorandum of Agreement and Implementation Plan for construction permitting is being discussed with the Local Government Unit of Pasil.
Elsewhere, MMCI is progressing renewal of the Botilao tenement permit and Tambuli Mining Company, Inc. continues to meet requirements for its Declaration of Mining Project Feasibility. In Namibia, several parties remain in due diligence over the Opuwo Cobalt Project but no binding agreement has been reached and the EL4346 renewal has been lodged with the Ministry of Mines. The company is relinquishing its interest in the Cullarin West project in Australia and recorded no development activity there in the half.
The company said in the filing that these technical updates, the updated MRE and the maiden reserve provide the basis for mine development, financing and longer‑term operations; Celsius holds projects across the Philippines, Namibia and Australia.
The recap
• Loss of $2,173,284 for the six months to 31 December 2025.
• 2025 MRE: 343 Mt @ 0.46% Cu and 0.12 g/t Au (1.6 Mt contained Cu; 1.4 Moz Au) at 0.2% Cu cutoff.
• Maiden ore reserve: 130.2 Mt at 0.66% Cu and 0.21 g/t Au (856,000 t Cu; 891,000 oz Au; 0.84% CuEq).
