# Annual Results Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf Original source: https://www.londonstockexchange.com/news-article/CLA/annual-results/17812239 Publisher: lse Original announcement: 2026-09-30T05:50:42.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T09:08:50.176Z Atlas analysis updated: 2026-09-30T09:08:50.176Z - 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 Narrative sentiment: -0.20 · Bearish ## Minestarters Atlas 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 factor: Completion of Definitive Feasibility Study for MCB Project, confirming technical and economic viability. - Positive factor: Updated Mineral Resource Estimate and maiden Ore Reserve Estimate for MCB Project. - Positive factor: Equity raising of A$9.3 million providing working capital. - Positive factor: Pending sale of Opuwo Cobalt-Copper Project to focus on Philippine assets. - Positive factor: Appointment of highly experienced Non-Executive Chair, Mr George Bujtor, with strong Philippine mining experience. - Negative factor: Significant legal disputes and arbitration proceedings regarding MCB Project ownership and financing with Sodor and Equinaire. - Negative factor: Deconsolidation of Makilala Mining Company, Inc. \(MMCI\) and impairment of the investment in MMCI. - Negative factor: Substantial increase in net loss for the year to A$23.38 million \(from A$7.57 million in 2025\). - Negative factor: Decrease in net assets from A$26.45 million to A$11.93 million. - Negative factor: High tenement expenditure commitments. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 32 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Reserve** Polarity: positive Story-specific tag Definition: 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 Growth** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 Recovery** Polarity: positive Definition: 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 Recovery** Polarity: negative Definition: 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 Recovery** Polarity: negative Definition: 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 Disclosed** Polarity: positive Definition: 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 Opaque** Polarity: positive Story-specific tag Definition: 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 Sale** Polarity: positive Story-specific tag Definition: 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 Dispute** Polarity: negative Story-specific tag Definition: 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 Estimate** Polarity: negative Definition: 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 Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Gravity Route** Polarity: neutral Definition: 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 1 [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-0) MCB Project · copper #### 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 factor: Updated Mineral Resource Estimate for a key project. - Positive factor: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-1) MCB Project · gold #### 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 factor: Updated Mineral Resource Estimate for a key project. - Positive factor: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-2) MCB Project · copper #### 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 factor: Maiden Ore Reserve Estimate for a key project, indicating economic viability. - Positive factor: 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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-3) MCB Project · gold #### 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 factor: Maiden Ore Reserve Estimate for a key project, indicating economic viability. - Positive factor: 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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-4) Sagay Copper Project · copper #### 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 factor: Large copper resource for the Sagay Project. - Negative factor: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 6 [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-5) Sagay Copper Project · gold #### 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 factor: Significant gold resource for the Sagay Project. - Negative factor: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-6) Opuwo Cobalt · cobalt #### 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 factor: Indicated resource for cobalt in an open pit scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. Evidence · table > 0.11 Context: 38.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-7) Opuwo Cobalt · copper #### 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 factor: Indicated resource for copper in an open pit scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. Evidence · table > 0.45 Context: 38.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-8) Opuwo Cobalt · zinc #### 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 factor: Indicated resource for zinc in an open pit scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. Evidence · table > 0.51 Context: 38.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-9) Opuwo Cobalt · cobalt #### 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 factor: Indicated resource for cobalt in an underground scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. Evidence · table > 0.11 Context: 7.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-10) Opuwo Cobalt · copper #### 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 factor: Indicated resource for copper in an underground scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. Evidence · table > 0.41 Context: 7.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-11) Opuwo Cobalt · zinc #### 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 factor: Indicated resource for zinc in an underground scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. Evidence · table > 0.49 Context: 7.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-12) Opuwo Cobalt · cobalt #### 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 factor: Inferred resource for cobalt in an open pit scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.09 Context: 28.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-13) Opuwo Cobalt · copper #### 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 factor: Inferred resource for copper in an open pit scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.38 Context: 28.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-14) Opuwo Cobalt · zinc #### 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 factor: Inferred resource for zinc in an open pit scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.44 Context: 28.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-15) Opuwo Cobalt · cobalt #### 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 factor: Large inferred resource for cobalt in an underground scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.12 Context: 151.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-16) Opuwo Cobalt · copper #### 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 factor: Large inferred resource for copper in an underground scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.44 Context: 151.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-17) Opuwo Cobalt · zinc #### 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 factor: Large inferred resource for zinc in an underground scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.57 Context: 151.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 19 [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-20) Opuwo Cobalt-Copper Project #### 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 factor: Divestment provides material funding for other projects. - Positive factor: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 20 [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-21) MCB Project #### 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 factor: Loss of control over MMCI, the holder of the MCB Project MPSA. - Negative factor: Foreclosure and public auction of Celsius's 40% interest in MMCI. - Negative factor: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 21 [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-22) #### 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 factor: Equity raising provides working capital for corporate and project activities. - Positive factor: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-23) Opuwo Cobalt · cobalt #### 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 factor: Indicated resource for cobalt in an open pit scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. Evidence · table > 0.11 Context: 45.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-24) Opuwo Cobalt · copper #### 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 factor: Indicated resource for cobalt in an open pit scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. Evidence · table > 0.44 Context: 45.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-25) Opuwo Cobalt · zinc #### 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 factor: Indicated resource for cobalt in an open pit scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. Evidence · table > 0.51 Context: 45.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-26) Opuwo Cobalt · cobalt #### 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 factor: Inferred resource for cobalt in an open pit scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.12 Context: 180.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-27) Opuwo Cobalt · copper #### 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 factor: Inferred resource for cobalt in an open pit scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.43 Context: 180.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-28) Opuwo Cobalt · zinc #### 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 factor: Inferred resource for cobalt in an open pit scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.55 Context: 180.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-29) Opuwo Cobalt · cobalt #### 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 factor: Inferred resource for cobalt in an open pit scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.12 Context: 225.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-30) Opuwo Cobalt · copper #### 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 factor: Inferred resource for cobalt in an open pit scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.43 Context: 225.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-resource-facts-31) Opuwo Cobalt · zinc #### 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 factor: Inferred resource for cobalt in an open pit scenario. - Negative factor: Estimate is from December 2022, making it stale in this 2026 report. - Negative factor: Project is being sold, reducing its relevance to the company's future. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.54 Context: 225.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 1 [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-metallurgical-facts-18) MCB Project · copper #### 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 factor: Strong copper recovery over the life of mine. - Positive factor: DFS confirms robust metallurgical performance. Evidence · table > 89.7% Context: 0.69% ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/annual-results--796c223a-f209-41db-aab2-437b4cf3fecf#fact-metallurgical-facts-19) MCB Project · gold #### 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 factor: 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 Recovery** Polarity: negative Definition: 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.