Annual Results
Original announcement by lse on
- Company
- Celsius Resources Limited
- Ticker
- CLA
- Exchange
- LSE
- Region
- Unavailable
- Primary commodity
- Copper
- Secondary commodities
- Gold, Cobalt, Zinc
- Document categories
- Resource update, Agreement transaction, Metallurgy
- Extracted
- 2026-09-30 09:08:50 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Celsius Resources Limited reported its annual results for the year ended June 30, 2026, showing a significant increase in net loss to A$23.38 million and a decrease in net assets. Key operational achievements include the completion of a Definitive Feasibility Study for the MCB Copper-Gold Project, along with updated Mineral Resource and maiden Ore Reserve estimates. The company also secured A$9.3 million in equity funding and is divesting its Opuwo Cobalt-Copper Project to concentrate on its Philippine assets. However, these advancements are overshadowed by complex legal disputes concerning the MCB Project's ownership, resulting in the deconsolidation and impairment of its investment in Makilala Mining Company, Inc.
Reasoning: Celsius Resources Limited's annual results highlight significant progress on its MCB Copper-Gold Project with a completed DFS and updated resource/reserve estimates, supported by an equity raise and strategic divestment of the Opuwo project. However, these positive developments are heavily impacted by ongoing and complex legal disputes over the MCB project's ownership, leading to the deconsolidation and impairment of a key subsidiary, and a substantial deterioration in financial performance with increased losses and reduced net assets.
Positive factors
- Completion of Definitive Feasibility Study for MCB Project, confirming technical and economic viability.
- Updated Mineral Resource Estimate and maiden Ore Reserve Estimate for MCB Project.
- Equity raising of A$9.3 million providing working capital.
- Pending sale of Opuwo Cobalt-Copper Project to focus on Philippine assets.
- Appointment of highly experienced Non-Executive Chair, Mr George Bujtor, with strong Philippine mining experience.
Negative factors
- Significant legal disputes and arbitration proceedings regarding MCB Project ownership and financing with Sodor and Equinaire.
- Deconsolidation of Makilala Mining Company, Inc. (MMCI) and impairment of the investment in MMCI.
- Substantial increase in net loss for the year to A$23.38 million (from A$7.57 million in 2025).
- Decrease in net assets from A$26.45 million to A$11.93 million.
- High tenement expenditure commitments.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 32
Classification and evidence
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Mineral Resource Estimate for the MCB Project was announced as '2012 JORC Code compliant'.
Evidence · text
“The updated 2012 JORC Code compliant MRE was announced in November 2025.”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The report explicitly states that Mr. Steven Olsen, a Fellow of the Australasian Institute of Mining and Metallurgy, compiled, reviewed and assessed the Mineral Resource Estimates for MCB and Sagay, and Mr Kerry Griffin for Opuwo, qualifying them as Competent Persons.
Evidence · text
“Information in this report relating to the reporting of Mineral Resource Estimates, Exploration Results and the Annual Mineral Resource Statement for the MCB Project is based on information compiled, reviewed and assessed by Mr. Steven Olsen, who is a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists.”
Maiden Reservepositive · Story-specific tag
No canonical definition is currently available.
Why it applies: A 'maiden Ore Reserve Estimate' was published for the MCB Project.
Evidence · text
“A maiden JORC compliant Ore Reserve Estimate was announced in December 2025”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: The MCB MRE was 'updated' and comprised 343Mt, implying growth from a prior estimate.
Evidence · text
“the Mineral Resource Estimate (“MRE”) for the MCB Project was updated and a maiden Ore Reserve Estimate was published. The updated 2012 JORC Code compliant MRE was announced in November 2025. It comprised 343Mt”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The MCB MRE was 'updated' with contained copper of 1.6Mt and contained gold of 1.4Moz, implying growth from a prior estimate.
Evidence · text
“The updated 2012 JORC Code compliant MRE was announced in November 2025. It comprised 343Mt at a grade of 0.46% copper and 0.12g/t gold, with contained copper of 1.6Mt and contained gold of 1.4Moz”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Copper recovery for the first 10 years of the MCB Project DFS is 92.5%, which is above the 'strong' threshold for flotation (88%).
Evidence · table
“92.5%”
Context: 1.08%
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: Gold recovery for the first 10 years of the MCB Project DFS is 79.7%, which is below the 'weak' threshold for mill/CIL (80%).
Evidence · table
“79.7%”
Context: 0.51 g/t
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: Gold recovery for the life of mine of the MCB Project DFS is 72.6%, which is significantly below the 'weak' threshold for mill/CIL (80%).
Evidence · table
“72.6%”
Context: 0.24 g/t
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The MCB MRE and ORE explicitly state the cut-off grades used for reporting.
Evidence · text
“based on a cutoff grade of 0.20% copper”
Metal Equivalent Opaquepositive · Story-specific tag
Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.
Why it applies: The Opuwo MRE provides a detailed formula and prices used for its cobalt equivalent calculation.
Evidence · text
“Cobalt equivalent values (Coeq) were used solely to provide a guide to the cut-off grade for the resource and were calculated using the formula: Coeq = (Cobalt% x Cobalt Recovery) + ((Copper% x Copper Recovery x (Copper$/Cobalt$)) + (Zinc% x Zinc Recovery x (Zinc$/Cobalt$)) The prices applied in the cobalt equivalent calculations above and for open pit and underground cut-off grade calculations are based upon the LME spot price on the 31st May 2021 (Copper: US$10,159/t; Cobalt: US$45,200/t; Zinc: US$3,054/t).”
Asset Salepositive · Story-specific tag
No canonical definition is currently available.
Why it applies: Celsius executed a binding Share Sale Agreement for its 95% interest in the Opuwo Cobalt-Copper Project.
Evidence · text
“Celsius executed a binding Share Sale Agreement with Chinalco (Xiong’an) Mining Corporation Limited ... in relation to a sale of its 95% interest in the Opuwo Cobalt-Copper Project”
Ownership Disputenegative · Story-specific tag
No canonical definition is currently available.
Why it applies: Celsius is involved in legal disputes and arbitration proceedings regarding the ownership of Makilala Mining Company, Inc. (MMCI) and its 40% interest.
Evidence · text
“Celsius is in discussions with potential replacement Filipino partners regarding the 60% interest in MMCI that Celsius contends is required to be relinquished by Sodor, subject to the outcome of the arbitration and applicable legal requirements, which would result in Celsius retaining its 40% direct interest in MMCI.”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The Opuwo Cobalt-Copper-Gold Project MRE was released on 12 December 2022, which is over two years prior to the current report date of 30 September 2026.
Evidence · text
“the Opuwo Cobalt-Copper-Gold Project on 12 December 2022.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("flotation")
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Extracted facts
Stored fact records: 32. Some facts used in scoring do not have a stored record.
Resource Estimates (30)
Fact 1MCB Project · copperTonnes: 343000000Grade: 0.46Grade Unit: %Contained Metal: 1.6Contained Unit: mtView all detailsHide details
Identity
- Project
- MCB Project
- Commodity
- copper
- Region
- philippines
- Reported Region
- Philippines
- Ticker
- CLA
Resource scope
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Steven Olsen
- Resource group id
- resource:9ecd56dbfa5b1363bd7f
Resource Data
- Tonnes
- 343000000
- Grade
- 0.46
- Grade Unit
- %
- Contained Metal
- 1.6
- Contained Unit
- mt
- Cutoff Grade
- 0.2
- Cutoff Unit
- % copper
Prior Estimate
- Resource Date
- 2025-11-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The updated MRE for the MCB Project shows a substantial copper resource, indicating continued project development and potential.
Positive factors
- Updated Mineral Resource Estimate for a key project.
- Significant contained copper tonnage.
Evidence · text
“It comprised 343Mt at a grade of 0.46% copper and 0.12g/t gold, with contained copper of 1.6Mt and contained gold of 1.4Moz (based on a cutoff grade of 0.20% copper).”
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Fact 2MCB Project · goldTonnes: 343000000Grade: 0.12Grade Unit: g/tContained Metal: 1.4Contained Unit: mozView all detailsHide details
Identity
- Project
- MCB Project
- Commodity
- gold
- Region
- philippines
- Reported Region
- Philippines
- Ticker
- CLA
Resource scope
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Steven Olsen
- Resource group id
- resource:9ecd56dbfa5b1363bd7f
Resource Data
- Tonnes
- 343000000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 1.4
- Contained Unit
- moz
- Cutoff Grade
- 0.2
- Cutoff Unit
- % copper
Prior Estimate
- Resource Date
- 2025-11-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The updated MRE for the MCB Project includes a notable gold resource, adding to the project's overall value.
Positive factors
- Updated Mineral Resource Estimate for a key project.
- Significant contained gold ounces.
Evidence · text
“It comprised 343Mt at a grade of 0.46% copper and 0.12g/t gold, with contained copper of 1.6Mt and contained gold of 1.4Moz (based on a cutoff grade of 0.20% copper).”
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
probableMCB Project · copperTonnes: 130200000Grade: 0.66Grade Unit: %Contained Metal: 856Contained Unit: ktView all detailsHide details
Identity
- Project
- MCB Project
- Commodity
- copper
- Region
- philippines
- Reported Region
- Philippines
- Ticker
- CLA
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Steven Olsen, Mr. John Burgess, Mr. Florian Beier, Mr. Matt Pyle
- Resource group id
- resource:471b7ed9ed8f6101333b
Resource Data
- Category
- probable
- Tonnes
- 130200000
- Grade
- 0.66
- Grade Unit
- %
- Contained Metal
- 856
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2025-12-01
Metal Equivalent
- Metal Eq. Grade
- 0.84
- Metal Eq. Unit
- % CuEq
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The maiden Ore Reserve Estimate for the MCB Project is a major de-risking event, confirming a substantial economically extractable copper resource.
Positive factors
- Maiden Ore Reserve Estimate for a key project, indicating economic viability.
- Significant contained copper in the reserve category.
Evidence · text
“A maiden JORC compliant Ore Reserve Estimate was announced in December 2025, comprising of 130.2Mt at a grade of 0.66% copper and 0.21g/t, for contained copper of 856kt and contained gold of 891 koz of contained gold at a 0.84% CuEq grade.”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
probableMCB Project · goldTonnes: 130200000Grade: 0.21Grade Unit: g/tContained Metal: 891Contained Unit: kozView all detailsHide details
Identity
- Project
- MCB Project
- Commodity
- gold
- Region
- philippines
- Reported Region
- Philippines
- Ticker
- CLA
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Steven Olsen, Mr. John Burgess, Mr. Florian Beier, Mr. Matt Pyle
- Resource group id
- resource:471b7ed9ed8f6101333b
Resource Data
- Category
- probable
- Tonnes
- 130200000
- Grade
- 0.21
- Grade Unit
- g/t
- Contained Metal
- 891
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-01
Metal Equivalent
- Metal Eq. Grade
- 0.84
- Metal Eq. Unit
- % CuEq
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The maiden Ore Reserve Estimate for the MCB Project includes a valuable gold component, enhancing the project's overall economics.
Positive factors
- Maiden Ore Reserve Estimate for a key project, indicating economic viability.
- Significant contained gold in the reserve category.
Evidence · text
“A maiden JORC compliant Ore Reserve Estimate was announced in December 2025, comprising of 130.2Mt at a grade of 0.66% copper and 0.21g/t, for contained copper of 856kt and contained gold of 891 koz of contained gold at a 0.84% CuEq grade.”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Fact 5Sagay Copper Project · copperTonnes: 312000000Grade: 0.39Grade Unit: %Contained Metal: 1.2Contained Unit: mtView all detailsHide details
Identity
- Project
- Sagay Copper Project
- Commodity
- copper
- Region
- philippines
- Reported Region
- Philippines
- Ticker
- CLA
Resource scope
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Steven Olsen
- Resource group id
- resource:cdaac105e6aab01f80b9
Resource Data
- Tonnes
- 312000000
- Grade
- 0.39
- Grade Unit
- %
- Contained Metal
- 1.2
- Contained Unit
- mt
Prior Estimate
- Resource Date
- 2024-02-06
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Sagay Project holds a substantial copper resource, providing future development potential, though the estimate is not new.
Positive factors
- Large copper resource for the Sagay Project.
Negative factors
- Estimate is from February 2024, making it less novel in this 2026 report.
Evidence · text
“Mineral Resource Estimate - 312Mt @ 0.39% copper and 0.11g/t gold (~1.2Mt of contained copper and ~1Moz of contained gold)”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.6 years before this release
Fact 6Sagay Copper Project · goldTonnes: 312000000Grade: 0.11Grade Unit: g/tContained Metal: 1Contained Unit: mozView all detailsHide details
Identity
- Project
- Sagay Copper Project
- Commodity
- gold
- Region
- philippines
- Reported Region
- Philippines
- Ticker
- CLA
Resource scope
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Steven Olsen
- Resource group id
- resource:cdaac105e6aab01f80b9
Resource Data
- Tonnes
- 312000000
- Grade
- 0.11
- Grade Unit
- g/t
- Contained Metal
- 1
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2024-02-06
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Sagay Project includes a considerable gold resource, contributing to its overall value, though the estimate is not new.
Positive factors
- Significant gold resource for the Sagay Project.
Negative factors
- Estimate is from February 2024, making it less novel in this 2026 report.
Evidence · text
“Mineral Resource Estimate - 312Mt @ 0.39% copper and 0.11g/t gold (~1.2Mt of contained copper and ~1Moz of contained gold)”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.6 years before this release
indicatedOpuwo Cobalt · cobaltTonnes: 38000000Grade: 0.11Grade Unit: %Contained Metal: 40600Contained Unit: tView all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- cobalt
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:f06bafaf0fd629d68be8
Resource Data
- Category
- indicated
- Tonnes
- 38000000
- Grade
- 0.11
- Grade Unit
- %
- Contained Metal
- 40600
- Contained Unit
- t
- Cutoff Grade
- 0.06
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project has an indicated cobalt resource, but its age and the pending sale reduce its current materiality for Celsius.
Positive factors
- Indicated resource for cobalt in an open pit scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
Evidence · table
“0.11”
Context: 38.0
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
indicatedOpuwo Cobalt · copperTonnes: 38000000Grade: 0.45Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- copper
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:f06bafaf0fd629d68be8
Resource Data
- Category
- indicated
- Tonnes
- 38000000
- Grade
- 0.45
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project includes an indicated copper resource, but its age and the pending sale reduce its current materiality for Celsius.
Positive factors
- Indicated resource for copper in an open pit scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
Evidence · table
“0.45”
Context: 38.0
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
indicatedOpuwo Cobalt · zincTonnes: 38000000Grade: 0.51Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- zinc
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:f06bafaf0fd629d68be8
Resource Data
- Category
- indicated
- Tonnes
- 38000000
- Grade
- 0.51
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project includes an indicated zinc resource, but its age and the pending sale reduce its current materiality for Celsius.
Positive factors
- Indicated resource for zinc in an open pit scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
Evidence · table
“0.51”
Context: 38.0
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
indicatedOpuwo Cobalt · cobaltTonnes: 7300000Grade: 0.11Grade Unit: %Contained Metal: 8000Contained Unit: tView all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- cobalt
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:95f38191478f39230156
Resource Data
- Category
- indicated
- Tonnes
- 7300000
- Grade
- 0.11
- Grade Unit
- %
- Contained Metal
- 8000
- Contained Unit
- t
- Cutoff Grade
- 0.155
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project has an indicated cobalt resource for underground mining, but its age and the pending sale reduce its current materiality for Celsius.
Positive factors
- Indicated resource for cobalt in an underground scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
Evidence · table
“0.11”
Context: 7.3
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
indicatedOpuwo Cobalt · copperTonnes: 7300000Grade: 0.41Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- copper
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:95f38191478f39230156
Resource Data
- Category
- indicated
- Tonnes
- 7300000
- Grade
- 0.41
- Grade Unit
- %
- Cutoff Grade
- 0.155
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project includes an indicated copper resource for underground mining, but its age and the pending sale reduce its current materiality for Celsius.
Positive factors
- Indicated resource for copper in an underground scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
Evidence · table
“0.41”
Context: 7.3
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
indicatedOpuwo Cobalt · zincTonnes: 7300000Grade: 0.49Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- zinc
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:95f38191478f39230156
Resource Data
- Category
- indicated
- Tonnes
- 7300000
- Grade
- 0.49
- Grade Unit
- %
- Cutoff Grade
- 0.155
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project includes an indicated zinc resource for underground mining, but its age and the pending sale reduce its current materiality for Celsius.
Positive factors
- Indicated resource for zinc in an underground scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
Evidence · table
“0.49”
Context: 7.3
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
inferredOpuwo Cobalt · cobaltTonnes: 28800000Grade: 0.09Grade Unit: %Contained Metal: 26800Contained Unit: tView all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- cobalt
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:529a1a330463decb9327
Resource Data
- Category
- inferred
- Tonnes
- 28800000
- Grade
- 0.09
- Grade Unit
- %
- Contained Metal
- 26800
- Contained Unit
- t
- Cutoff Grade
- 0.06
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project has an inferred cobalt resource, but its age, pending sale, and lower confidence category reduce its current materiality for Celsius.
Positive factors
- Inferred resource for cobalt in an open pit scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
- Inferred category has lower geological confidence.
Evidence · table
“0.09”
Context: 28.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
inferredOpuwo Cobalt · copperTonnes: 28800000Grade: 0.38Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- copper
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:529a1a330463decb9327
Resource Data
- Category
- inferred
- Tonnes
- 28800000
- Grade
- 0.38
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project includes an inferred copper resource, but its age, pending sale, and lower confidence category reduce its current materiality for Celsius.
Positive factors
- Inferred resource for copper in an open pit scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
- Inferred category has lower geological confidence.
Evidence · table
“0.38”
Context: 28.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
inferredOpuwo Cobalt · zincTonnes: 28800000Grade: 0.44Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- zinc
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:529a1a330463decb9327
Resource Data
- Category
- inferred
- Tonnes
- 28800000
- Grade
- 0.44
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project includes an inferred zinc resource, but its age, pending sale, and lower confidence category reduce its current materiality for Celsius.
Positive factors
- Inferred resource for zinc in an open pit scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
- Inferred category has lower geological confidence.
Evidence · table
“0.44”
Context: 28.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
inferredOpuwo Cobalt · cobaltTonnes: 151400000Grade: 0.12Grade Unit: %Contained Metal: 183200Contained Unit: tView all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- cobalt
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:029eea2bac6138fb078c
Resource Data
- Category
- inferred
- Tonnes
- 151400000
- Grade
- 0.12
- Grade Unit
- %
- Contained Metal
- 183200
- Contained Unit
- t
- Cutoff Grade
- 0.155
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project has a large inferred cobalt resource for underground mining, but its age, pending sale, and lower confidence category reduce its current materiality for Celsius.
Positive factors
- Large inferred resource for cobalt in an underground scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
- Inferred category has lower geological confidence.
Evidence · table
“0.12”
Context: 151.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
inferredOpuwo Cobalt · copperTonnes: 151400000Grade: 0.44Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- copper
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:029eea2bac6138fb078c
Resource Data
- Category
- inferred
- Tonnes
- 151400000
- Grade
- 0.44
- Grade Unit
- %
- Cutoff Grade
- 0.155
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project includes a large inferred copper resource for underground mining, but its age, pending sale, and lower confidence category reduce its current materiality for Celsius.
Positive factors
- Large inferred resource for copper in an underground scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
- Inferred category has lower geological confidence.
Evidence · table
“0.44”
Context: 151.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
inferredOpuwo Cobalt · zincTonnes: 151400000Grade: 0.57Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- zinc
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:029eea2bac6138fb078c
Resource Data
- Category
- inferred
- Tonnes
- 151400000
- Grade
- 0.57
- Grade Unit
- %
- Cutoff Grade
- 0.155
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project includes a large inferred zinc resource for underground mining, but its age, pending sale, and lower confidence category reduce its current materiality for Celsius.
Positive factors
- Large inferred resource for zinc in an underground scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
- Inferred category has lower geological confidence.
Evidence · table
“0.57”
Context: 151.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
Fact 19Opuwo Cobalt-Copper ProjectView all detailsHide details
Identity
- Project
- Opuwo Cobalt-Copper Project
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Resource group id
- resource:b54dfa4c11f235fc26d1
- Ownership percent
- 95 %
Prior Estimate
- Resource Date
- 2026-12-29
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The sale of the Opuwo Project for US$15 million is a strategic move to streamline the company's portfolio and secure funding for its primary assets.
Positive factors
- Divestment provides material funding for other projects.
- Allows increased focus on core Philippine copper-gold projects.
Evidence · text
“In June 2026, Celsius executed a binding Share Sale Agreement with Chinalco (Xiong’an) Mining Corporation Limited (“Chinalco (Xiong’an) Mining”), a subsidiary of Aluminum Corporation of China (“Chinalco”), in relation to a sale of its 95% interest in the Opuwo Cobalt-Copper Project (“Opuwo Project”) in Namibia. ... The transaction entails the sale of an intercompany loan and Celsius’ 95% interest in Opuwo Cobalt Holdings (Proprietary) Limited for total consideration of US$15 million. ... The transaction, which remains subject to a series of conditions precedent, is targeted to complete before 29 December 2026.”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Fact 20MCB ProjectView all detailsHide details
Identity
- Project
- MCB Project
- Region
- philippines
- Reported Region
- Philippines
- Ticker
- CLA
Resource scope
- Resource group id
- resource:cebec7a1e551f9ec4110
- Ownership percent
- 40 %
Prior Estimate
- Resource Date
- 2026-04-20
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The ongoing and escalating legal dispute over MMCI, leading to deconsolidation and foreclosure of Celsius's interest, poses a severe threat to the company's primary asset, the MCB Project.
Negative factors
- Loss of control over MMCI, the holder of the MCB Project MPSA.
- Foreclosure and public auction of Celsius's 40% interest in MMCI.
- Ongoing legal disputes create significant uncertainty and risk for the MCB Project.
Evidence · text
“On 20 April 2026, Sodor requisitioned a MMCI shareholder’s meeting at which all five MMCI board seats were declared vacant and Sodor appointed its own representatives to the MMCI Board and terminated key executives. CLA has been unable to exercise any form of management / control of MMCI since that time. CLA considers that for financial reporting purposes, it ceased to be the parent of MMCI on 20 April 2026 and therefore MMCI should be deconsolidated as at that date. ... Equinaire proceeded to conduct the public auction for the foreclosure of MHL’s shares in MMCI, which were pledged as collateral under the OLSA. ... Equinaire submitted a credit bid of US$5,010,000. As there were no other registered bidders in attendance and no other bids received, Equinaire was declared the winning bidder.”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Fact 21View all detailsHide details
Identity
- Ticker
- CLA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The A$9.3 million equity raising provides necessary funding for ongoing operations and project development, improving the company's liquidity.
Positive factors
- Equity raising provides working capital for corporate and project activities.
- Strengthens the company's cash position.
Evidence · text
“During the March Quarter, Celsius strengthened its cash position through the completion of ~A$9.3 million equity raising (before costs). The offering entailed issuing 465 million shares at A$0.02 per share and 232.5 million free attaching options (expiring 3 years from the date of issue and with an exercise price of A$0.022 per option).”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedOpuwo Cobalt · cobaltTonnes: 45300000Grade: 0.11Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- cobalt
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:663c4e97b018bdfea964
Resource Data
- Category
- indicated
- Tonnes
- 45300000
- Grade
- 0.11
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project has an indicated cobalt resource, but its age and the pending sale reduce its current materiality for Celsius. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated resource for cobalt in an open pit scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
Evidence · table
“0.11”
Context: 45.3
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
indicatedOpuwo Cobalt · copperTonnes: 45300000Grade: 0.44Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- copper
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:663c4e97b018bdfea964
Resource Data
- Category
- indicated
- Tonnes
- 45300000
- Grade
- 0.44
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project has an indicated cobalt resource, but its age and the pending sale reduce its current materiality for Celsius. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated resource for cobalt in an open pit scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
Evidence · table
“0.44”
Context: 45.3
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
indicatedOpuwo Cobalt · zincTonnes: 45300000Grade: 0.51Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- zinc
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:663c4e97b018bdfea964
Resource Data
- Category
- indicated
- Tonnes
- 45300000
- Grade
- 0.51
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project has an indicated cobalt resource, but its age and the pending sale reduce its current materiality for Celsius. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated resource for cobalt in an open pit scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
Evidence · table
“0.51”
Context: 45.3
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
inferredOpuwo Cobalt · cobaltTonnes: 180200000Grade: 0.12Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- cobalt
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:76b0f914cf3a023544db
Resource Data
- Category
- inferred
- Tonnes
- 180200000
- Grade
- 0.12
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project has an inferred cobalt resource, but its age, pending sale, and lower confidence category reduce its current materiality for Celsius. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Inferred resource for cobalt in an open pit scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
- Inferred category has lower geological confidence.
Evidence · table
“0.12”
Context: 180.2
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
inferredOpuwo Cobalt · copperTonnes: 180200000Grade: 0.43Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- copper
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:76b0f914cf3a023544db
Resource Data
- Category
- inferred
- Tonnes
- 180200000
- Grade
- 0.43
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project has an inferred cobalt resource, but its age, pending sale, and lower confidence category reduce its current materiality for Celsius. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Inferred resource for cobalt in an open pit scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
- Inferred category has lower geological confidence.
Evidence · table
“0.43”
Context: 180.2
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
inferredOpuwo Cobalt · zincTonnes: 180200000Grade: 0.55Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- zinc
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:76b0f914cf3a023544db
Resource Data
- Category
- inferred
- Tonnes
- 180200000
- Grade
- 0.55
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project has an inferred cobalt resource, but its age, pending sale, and lower confidence category reduce its current materiality for Celsius. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Inferred resource for cobalt in an open pit scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
- Inferred category has lower geological confidence.
Evidence · table
“0.55”
Context: 180.2
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
inferredOpuwo Cobalt · cobaltTonnes: 225500000Grade: 0.12Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- cobalt
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:f4591e720e3db25b9923
Resource Data
- Category
- inferred
- Tonnes
- 225500000
- Grade
- 0.12
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project has an inferred cobalt resource, but its age, pending sale, and lower confidence category reduce its current materiality for Celsius. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Inferred resource for cobalt in an open pit scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
- Inferred category has lower geological confidence.
Evidence · table
“0.12”
Context: 225.5
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
inferredOpuwo Cobalt · copperTonnes: 225500000Grade: 0.43Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- copper
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:f4591e720e3db25b9923
Resource Data
- Category
- inferred
- Tonnes
- 225500000
- Grade
- 0.43
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project has an inferred cobalt resource, but its age, pending sale, and lower confidence category reduce its current materiality for Celsius. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Inferred resource for cobalt in an open pit scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
- Inferred category has lower geological confidence.
Evidence · table
“0.43”
Context: 225.5
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
inferredOpuwo Cobalt · zincTonnes: 225500000Grade: 0.54Grade Unit: %View all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- zinc
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:f4591e720e3db25b9923
Resource Data
- Category
- inferred
- Tonnes
- 225500000
- Grade
- 0.54
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- Co eq%
Prior Estimate
- Resource Date
- 2022-12-12
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project has an inferred cobalt resource, but its age, pending sale, and lower confidence category reduce its current materiality for Celsius. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Inferred resource for cobalt in an open pit scenario.
Negative factors
- Estimate is from December 2022, making it stale in this 2026 report.
- Project is being sold, reducing its relevance to the company's future.
- Inferred category has lower geological confidence.
Evidence · table
“0.54”
Context: 225.5
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.8 years before this release
Metallurgical Results (2)
Fact 1MCB Project · copperRecovery: 89.7 %Head Grade: 0.69Head Grade Unit: %View all detailsHide details
Identity
- Project
- MCB Project
- Commodity
- copper
- Region
- philippines
- Reported Region
- Philippines
- Ticker
- CLA
Test Work
- Program Status
- detailed
Recovery
- Recovery
- 89.7 %
- Recovery Basis
- to_payable_metal
- Head Grade
- 0.69
- Head Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The DFS results indicate solid copper recovery over the entire life of mine for the MCB Project, supporting long-term economic viability.
Positive factors
- Strong copper recovery over the life of mine.
- DFS confirms robust metallurgical performance.
Evidence · table
“89.7%”
Context: 0.69%
Fact 2MCB Project · goldRecovery: 72.6 %Head Grade: 0.24Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- MCB Project
- Commodity
- gold
- Region
- philippines
- Reported Region
- Philippines
- Ticker
- CLA
Test Work
- Program Status
- detailed
Recovery
- Recovery
- 72.6 %
- Recovery Basis
- to_payable_metal
- Head Grade
- 0.24
- Head Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The life of mine gold recovery for the MCB Project is low, which could negatively impact the overall project economics from gold credits.
Negative factors
- Gold recovery over the life of mine is below the 'weak' threshold for typical CIL processing (80%).
Evidence · table
“72.6%”
Context: 0.24 g/t
Tags used in scoring
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 72.6% is below the weak band (80%)
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.