CLA: Annual Report to shareholders
Original announcement by asx on
- Company
- CELSIUS RESOURCES LIMITED
- Ticker
- CLA
- Exchange
- ASX
- Region
- Philippines
- Primary commodity
- Copper
- Secondary commodities
- Gold, Cobalt, Zinc
- Document categories
- Resource update, Agreement transaction, Other, Metallurgy
- Extracted
- 2026-09-30 06:20:34 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Celsius Resources Limited released its annual report for 2026, highlighting an updated Mineral Resource Estimate and a maiden Ore Reserve Estimate for its flagship Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in the Philippines. A Definitive Feasibility Study for MCB was also completed, confirming its technical and economic viability with strong economics. However, the company is embroiled in a material legal dispute over the ownership of Makilala Mining Company, Inc. (MMCI), the entity holding the MCB Project's MPSA, which resulted in the deconsolidation and impairment of Celsius's interest and the public auction of its shares in MMCI, creating significant uncertainty for the project's future.
Reasoning: Celsius Resources Limited's annual report details significant progress on its MCB Copper-Gold Project with an updated MRE, maiden ORE, and a completed DFS. However, these positive developments are severely undermined by a critical legal dispute over the ownership and control of the MCB Project's operating entity, MMCI, leading to the deconsolidation and impairment of Celsius's interest and its public auction. This dispute introduces substantial uncertainty and risk to the company's flagship project.
Positive factors
- Updated Mineral Resource Estimate and maiden Ore Reserve Estimate for MCB Project
- Completion of Definitive Feasibility Study for MCB Project, confirming technical and economic viability
- Pending sale of Opuwo Cobalt-Copper Project for US$15 million
- Renewal of exploration permit for Botilao Copper-Gold Project
Negative factors
- Significant legal dispute over Makilala Mining Company, Inc. (MMCI) ownership and control
- Deconsolidation and impairment of Celsius's 40% interest in MMCI due to dispute and foreclosure
- Public auction of Celsius's 40% interest in MMCI to Equinaire
- Significant financial loss for the year
- High litigation risks and future capital requirements due to ongoing disputes
- Opuwo project sale is subject to conditions precedent
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 37
Classification and evidence
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The updated MRE for the MCB Project is explicitly stated as '2012 JORC Code compliant'.
Evidence · text
“The updated 2012 JORC Code compliant MRE was announced in November 2025.”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document states 'Updated Mineral Resources Estimate' for the MCB Project.
Evidence · text
“Updated Mineral Resources Estimate and a maiden Ore Reserve Estimate for the MCB Project;”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The maiden Ore Reserve Estimate for the MCB Project is explicitly stated as 'JORC compliant'.
Evidence · text
“A maiden JORC compliant Ore Reserve Estimate was announced in December 2025”
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The document reports a 'maiden Ore Reserve Estimate' which is a positive step in project development.
Evidence · text
“A maiden JORC compliant Ore Reserve Estimate was announced in December 2025”
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: The resource estimate was prepared to support a Definitive Feasibility Study.
Evidence · text
“Following the completion of geotechnical and hydrogeological drilling programs and the commencement of a Definitive Feasibility Study (“DFS”), the Mineral Resource Estimate (“MRE”) for the MCB Project was updated and a maiden Ore Reserve Estimate was published.”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Sagay Project MRE is based on information compiled by Mr. Steven Olsen, who qualifies as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves.
Evidence · text
“Mr. Olsen consents to the inclusion of the data in the form and context in which it appears. The information in this Report with respect to the Mineral Resource Estimate for the Sagay Project was first announced to the ASX on 7 November 2022. An updated Mineral Resource Estimate was announced to the ASX/AIM on 06 February 2024”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The Sagay Project MRE was announced on 06 February 2024, which is more than two years prior to the 30 June 2026 reporting date.
Evidence · text
“An updated Mineral Resource Estimate was announced to the ASX/AIM on 06 February 2024”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Opuwo Project MRE is based on information compiled by Mr Kerry Griffin, a Competent Person, as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code).
Evidence · text
“The information in this Report that relates to the estimate of Mineral Resources, Exploration Results and the Annual Mineral Resource Statement for the Opuwo Project is based upon, and fairly represents, information and supporting documentation compiled by Mr Kerry Griffin, a Competent Person, who is a Member of the Australian Institute of Geoscientists (AIG).”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The Opuwo Project MRE was announced on 12 December 2022, which is more than two years prior to the 30 June 2026 reporting date.
Evidence · text
“The Opuwo Cobalt-Copper-Gold Project on 12 December 2022.”
Theoretical Recovery Onlynegative · Story-specific tag
Only theoretical or liberation-derived recovery reported, with no actual test result.
Why it applies: The recovery percentages are derived from a Definitive Feasibility Study, which provides estimated recoveries rather than actual testwork results.
Evidence · table
“Copper Recovery 92.5% 89.7%”
Context: Life of mine
Theoretical Recovery Onlynegative · Story-specific tag
Only theoretical or liberation-derived recovery reported, with no actual test result.
Why it applies: The recovery percentages are derived from a Definitive Feasibility Study, which provides estimated recoveries rather than actual testwork results.
Evidence · table
“Gold Recovery 79.7% 72.6%”
Context: Life of mine
Agreement Transactionpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: Celsius executed a binding Share Sale Agreement for the sale of its 95% interest in the Opuwo Cobalt-Copper Project.
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.”
Deleterious Elements Presentnegative · Story-specific tag
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: The significant legal dispute and foreclosure of Celsius's interest in MMCI acts as a major corporate 'deleterious element' impacting the MCB Project's viability and ownership structure.
Evidence · text
“Celsius refutes the occurrence and continuance of an Event of Default under the OLSA and the capacity of Equinaire to initiate a foreclosure process and sell its interest in MMCI.”
Category Downgradenegative
Resource confidence decreased — Measured downgraded to Indicated, or Indicated to Inferred. Unusual and concerning.
Why it applies: The loss of control over MMCI and the subsequent deconsolidation and impairment of Celsius's 40% interest effectively downgrades the company's direct involvement and control over 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.”
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: 37. Some facts used in scoring do not have a stored record.
Resource Estimates (35)
inferredMCB 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
- Estimate type
- resource
- Effective date
- 2025-11-01T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Steven Olsen
- Resource group id
- resource:240eee6b3049a8de7413
Resource Data
- Category
- inferred
- Tonnes
- 343000000
- Grade
- 0.46
- Grade Unit
- %
- Contained Metal
- 1.6
- Contained Unit
- mt
- Cutoff Grade
- 0.2
- Cutoff Unit
- %
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 Mineral Resource Estimate for the MCB Project shows a substantial tonnage and contained copper, which is a positive development for the project, and is JORC compliant.
Positive factors
- Significant tonnage and contained metal for copper
- JORC compliant estimate
- Updated 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 (based on a cutoff grade of 0.20% copper).”
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
inferredMCB 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
- Estimate type
- resource
- Effective date
- 2025-11-01T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Steven Olsen
- Resource group id
- resource:240eee6b3049a8de7413
Resource Data
- Category
- inferred
- Tonnes
- 343000000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 1.4
- Contained Unit
- moz
- Cutoff Grade
- 0.2
- Cutoff Unit
- %
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 Mineral Resource Estimate for the MCB Project includes a substantial contained gold component, which adds value to the project and is JORC compliant.
Positive factors
- Significant contained gold
- JORC compliant estimate
- Updated 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 (based on a cutoff grade of 0.20% copper).”
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
probableMCB · copperTonnes: 130200000Grade: 0.66Grade Unit: %Contained Metal: 856Contained Unit: ktView all detailsHide details
Identity
- Project
- MCB
- Commodity
- copper
- Region
- philippines
- Reported Region
- Philippines
- Ticker
- CLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-01T00:00:00.000Z
- 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:f97edb3d7de8b4637871
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 highly material and novel development, demonstrating the economic viability of a significant portion of the resource and is JORC compliant.
Positive factors
- Maiden Ore Reserve Estimate, indicating economic viability
- Significant contained copper
- JORC compliant estimate
Evidence · table
“0.66”
Context: 130.2
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 · goldTonnes: 130200000Grade: 0.21Grade Unit: g/tContained Metal: 891Contained Unit: kozView all detailsHide details
Identity
- Project
- MCB
- Commodity
- gold
- Region
- philippines
- Reported Region
- Philippines
- Ticker
- CLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-01T00:00:00.000Z
- 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:f97edb3d7de8b4637871
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 substantial contained gold component, adding to the project's economic viability and is JORC compliant.
Positive factors
- Maiden Ore Reserve Estimate, indicating economic viability
- Significant contained gold
- JORC compliant estimate
Evidence · table
“0.21”
Context: 130.2
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
inferredSagay 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
- Estimate type
- resource
- Effective date
- 2024-02-06T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Steven Olsen
- Resource group id
- resource:e2278a41e8bab5d1d9d0
Resource Data
- Category
- inferred
- Tonnes
- 312000000
- Grade
- 0.39
- Grade Unit
- %
- Contained Metal
- 1.2
- Contained Unit
- mt
- Cutoff Grade
- 0.2
- Cutoff Unit
- %
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 has a significant copper resource, but the estimate is not new, reducing its novelty in this report.
Positive factors
- Large tonnage and contained copper
- JORC compliant estimate
Negative factors
- Estimate is from 2024, not new
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
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 2.6 years before this release
inferredSagay 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
- Estimate type
- resource
- Effective date
- 2024-02-06T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Steven Olsen
- Resource group id
- resource:e2278a41e8bab5d1d9d0
Resource Data
- Category
- inferred
- Tonnes
- 312000000
- Grade
- 0.11
- Grade Unit
- g/t
- Contained Metal
- 1
- Contained Unit
- moz
- Cutoff Grade
- 0.2
- Cutoff Unit
- %
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 substantial gold resource, but the estimate is not new, reducing its novelty in this report.
Positive factors
- Significant contained gold
- JORC compliant estimate
Negative factors
- Estimate is from 2024, not new
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
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 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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:f17ff9028e4537aa2e6a
Resource Data
- Category
- indicated
- Tonnes
- 38000000
- Grade
- 0.11
- Grade Unit
- %
- Contained Metal
- 40600
- Contained Unit
- t
- Cutoff Grade
- 0.06
- Cutoff Unit
- % Coeq
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 the estimate is stale, reducing its impact.
Positive factors
- Indicated resource category
- Significant contained cobalt
- JORC compliant estimate
Negative factors
- Estimate is from 2022, reducing novelty
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:f17ff9028e4537aa2e6a
Resource Data
- Category
- indicated
- Tonnes
- 38000000
- Grade
- 0.45
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- % Coeq
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 the estimate is stale, reducing its impact.
Positive factors
- Indicated resource category
- JORC compliant estimate
Negative factors
- Estimate is from 2022, reducing novelty
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:f17ff9028e4537aa2e6a
Resource Data
- Category
- indicated
- Tonnes
- 38000000
- Grade
- 0.51
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- % Coeq
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 the estimate is stale, reducing its impact.
Positive factors
- Indicated resource category
- JORC compliant estimate
Negative factors
- Estimate is from 2022, reducing novelty
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:5b96057597822735bd47
Resource Data
- Category
- indicated
- Tonnes
- 7300000
- Grade
- 0.11
- Grade Unit
- %
- Contained Metal
- 8000
- Contained Unit
- t
- Cutoff Grade
- 0.155
- Cutoff Unit
- % Coeq
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 the estimate is stale, reducing its impact.
Positive factors
- Indicated resource category
- JORC compliant estimate
Negative factors
- Estimate is from 2022, reducing novelty
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:5b96057597822735bd47
Resource Data
- Category
- indicated
- Tonnes
- 7300000
- Grade
- 0.41
- Grade Unit
- %
- Cutoff Grade
- 0.155
- Cutoff Unit
- % Coeq
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 the estimate is stale, reducing its impact.
Positive factors
- Indicated resource category
- JORC compliant estimate
Negative factors
- Estimate is from 2022, reducing novelty
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:5b96057597822735bd47
Resource Data
- Category
- indicated
- Tonnes
- 7300000
- Grade
- 0.49
- Grade Unit
- %
- Cutoff Grade
- 0.155
- Cutoff Unit
- % Coeq
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 the estimate is stale, reducing its impact.
Positive factors
- Indicated resource category
- JORC compliant estimate
Negative factors
- Estimate is from 2022, reducing novelty
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:555ce4013100823f28f0
Resource Data
- Category
- inferred
- Tonnes
- 28800000
- Grade
- 0.09
- Grade Unit
- %
- Contained Metal
- 26800
- Contained Unit
- t
- Cutoff Grade
- 0.06
- Cutoff Unit
- % Coeq
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, which is a lower confidence category, and the estimate is stale.
Positive factors
- JORC compliant estimate
Negative factors
- Inferred resource category
- Estimate is from 2022, reducing novelty
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:555ce4013100823f28f0
Resource Data
- Category
- inferred
- Tonnes
- 28800000
- Grade
- 0.38
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- % Coeq
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, which is a lower confidence category, and the estimate is stale.
Positive factors
- JORC compliant estimate
Negative factors
- Inferred resource category
- Estimate is from 2022, reducing novelty
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:555ce4013100823f28f0
Resource Data
- Category
- inferred
- Tonnes
- 28800000
- Grade
- 0.44
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- % Coeq
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, which is a lower confidence category, and the estimate is stale.
Positive factors
- JORC compliant estimate
Negative factors
- Inferred resource category
- Estimate is from 2022, reducing novelty
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:92f8d45556e36cc9652c
Resource Data
- Category
- inferred
- Tonnes
- 151400000
- Grade
- 0.12
- Grade Unit
- %
- Contained Metal
- 183200
- Contained Unit
- t
- Cutoff Grade
- 0.155
- Cutoff Unit
- % Coeq
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 the estimate is stale and in a lower confidence category.
Positive factors
- Significant contained cobalt
- JORC compliant estimate
Negative factors
- Inferred resource category
- Estimate is from 2022, reducing novelty
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:92f8d45556e36cc9652c
Resource Data
- Category
- inferred
- Tonnes
- 151400000
- Grade
- 0.44
- Grade Unit
- %
- Cutoff Grade
- 0.155
- Cutoff Unit
- % Coeq
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 for underground mining, but the estimate is stale and in a lower confidence category.
Positive factors
- JORC compliant estimate
Negative factors
- Inferred resource category
- Estimate is from 2022, reducing novelty
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:92f8d45556e36cc9652c
Resource Data
- Category
- inferred
- Tonnes
- 151400000
- Grade
- 0.57
- Grade Unit
- %
- Cutoff Grade
- 0.155
- Cutoff Unit
- % Coeq
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 for underground mining, but the estimate is stale and in a lower confidence category.
Positive factors
- JORC compliant estimate
Negative factors
- Inferred resource category
- Estimate is from 2022, reducing novelty
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
inferredOpuwo Cobalt · cobaltTonnes: 225500000Grade: 0.12Grade Unit: %Contained Metal: 259300Contained Unit: tView all detailsHide details
Identity
- Project
- Opuwo Cobalt
- Commodity
- cobalt
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:059a0c0c75322c0a7051
Resource Data
- Category
- inferred
- Tonnes
- 225500000
- Grade
- 0.12
- Grade Unit
- %
- Contained Metal
- 259300
- Contained Unit
- t
Prior Estimate
- Resource Date
- 2022-12-12
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project's total cobalt resource is substantial but largely Inferred and stale, limiting its current impact.
Positive factors
- Significant total contained cobalt
- JORC compliant estimate
Negative factors
- Estimate is from 2022, reducing novelty
- Large portion of resource is Inferred
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 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 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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:059a0c0c75322c0a7051
Resource Data
- Category
- inferred
- Tonnes
- 225500000
- Grade
- 0.43
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2022-12-12
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project's total copper resource is substantial but largely Inferred and stale, limiting its current impact.
Positive factors
- JORC compliant estimate
Negative factors
- Estimate is from 2022, reducing novelty
- Large portion of resource is Inferred
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 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
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:059a0c0c75322c0a7051
Resource Data
- Category
- inferred
- Tonnes
- 225500000
- Grade
- 0.54
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2022-12-12
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Opuwo Project's total zinc resource is substantial but largely Inferred and stale, limiting its current impact.
Positive factors
- JORC compliant estimate
Negative factors
- Estimate is from 2022, reducing novelty
- Large portion of resource is Inferred
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 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
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 22Opuwo Cobalt-Copper-Gold ProjectView all detailsHide details
Identity
- Project
- Opuwo Cobalt-Copper-Gold Project
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- CLA
Resource scope
- Resource group id
- resource:a4c93cbe6d5248460057
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The binding agreement to sell the Opuwo Project is a highly positive and novel development, providing significant funding and allowing the company to focus on its core assets, although it is still subject to conditions.
Positive factors
- Binding Share Sale Agreement for Opuwo Project
- Provides material source of near-term funding
- Allows increased focus on Philippine projects
Negative factors
- Transaction remains subject to conditions precedent
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.”
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 23MCB ProjectView all detailsHide details
Identity
- Project
- MCB Project
- Region
- philippines
- Reported Region
- Philippines
- Ticker
- CLA
Resource scope
- Resource group id
- resource:cebec7a1e551f9ec4110
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The ongoing legal dispute, foreclosure, and public auction of Celsius's 40% interest in MMCI represent a highly material and negative development, severely impacting the company's control and ownership of its flagship MCB Project.
Negative factors
- Significant legal dispute over MMCI ownership and control
- Foreclosure and public auction of Celsius's 40% interest in MMCI
- Loss of control over MMCI, leading to deconsolidation and impairment
- High uncertainty regarding the future of the MCB Project
Evidence · text
“Celsius refutes the occurrence and continuance of an Event of Default under the OLSA and the capacity of Equinaire to initiate a foreclosure process and sell its interest in MMCI. It believes that Equinaire’s claimed Events of Default should be referred to arbitration in accordance with the dispute resolution clauses within the OLSA.”
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
indicatedSummary results for the MRE at the Sagay · copperTonnes: 100000000Grade: 0.42Grade Unit: %View all detailsHide details
Identity
- Project
- Summary results for the MRE at the Sagay
- Commodity
- copper
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Resource group id
- resource:b833269165ebbb7ca9f1
Resource Data
- Category
- indicated
- Tonnes
- 100000000
- Grade
- 0.42
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.42”
Context: 100
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 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
indicatedSummary results for the MRE at the Sagay · goldTonnes: 100000000Grade: 0.12Grade Unit: g/tView all detailsHide details
Identity
- Project
- Summary results for the MRE at the Sagay
- Commodity
- gold
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Resource group id
- resource:b833269165ebbb7ca9f1
Resource Data
- Category
- indicated
- Tonnes
- 100000000
- Grade
- 0.12
- Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.12”
Context: 100
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 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
inferredSummary results for the MRE at the Sagay · copperTonnes: 212000000Grade: 0.38Grade Unit: %View all detailsHide details
Identity
- Project
- Summary results for the MRE at the Sagay
- Commodity
- copper
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Resource group id
- resource:274b3ad2532d77fb93c2
Resource Data
- Category
- inferred
- Tonnes
- 212000000
- Grade
- 0.38
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.38”
Context: 212
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 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
inferredSummary results for the MRE at the Sagay · goldTonnes: 212000000Grade: 0.11Grade Unit: g/tView all detailsHide details
Identity
- Project
- Summary results for the MRE at the Sagay
- Commodity
- gold
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Resource group id
- resource:274b3ad2532d77fb93c2
Resource Data
- Category
- inferred
- Tonnes
- 212000000
- Grade
- 0.11
- Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.11”
Context: 212
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 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
inferredSummary results for the MRE at the Sagay · copperTonnes: 312000000Grade: 0.39Grade Unit: %View all detailsHide details
Identity
- Project
- Summary results for the MRE at the Sagay
- Commodity
- copper
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Resource group id
- resource:e6ff40adc265fc3ae885
Resource Data
- Category
- inferred
- Tonnes
- 312000000
- Grade
- 0.39
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.39”
Context: 312
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 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
inferredSummary results for the MRE at the Sagay · goldTonnes: 312000000Grade: 0.11Grade Unit: g/tView all detailsHide details
Identity
- Project
- Summary results for the MRE at the Sagay
- Commodity
- gold
- Ticker
- CLA
Resource scope
- Estimate type
- resource
- Resource group id
- resource:e6ff40adc265fc3ae885
Resource Data
- Category
- inferred
- Tonnes
- 312000000
- Grade
- 0.11
- Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.11”
Context: 312
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 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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:f6e49d2ea3dc28f68097
Resource Data
- Category
- indicated
- Tonnes
- 45300000
- Grade
- 0.11
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- % Coeq
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 the estimate is stale, reducing its impact. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated resource category
- Significant contained cobalt
- JORC compliant estimate
Negative factors
- Estimate is from 2022, reducing novelty
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:f6e49d2ea3dc28f68097
Resource Data
- Category
- indicated
- Tonnes
- 45300000
- Grade
- 0.44
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- % Coeq
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 the estimate is stale, reducing its impact. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated resource category
- Significant contained cobalt
- JORC compliant estimate
Negative factors
- Estimate is from 2022, reducing novelty
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:f6e49d2ea3dc28f68097
Resource Data
- Category
- indicated
- Tonnes
- 45300000
- Grade
- 0.51
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- % Coeq
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 the estimate is stale, reducing its impact. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated resource category
- Significant contained cobalt
- JORC compliant estimate
Negative factors
- Estimate is from 2022, reducing novelty
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:0546c3a45fba40e08c90
Resource Data
- Category
- inferred
- Tonnes
- 180200000
- Grade
- 0.12
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- % Coeq
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, which is a lower confidence category, and the estimate is stale. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- JORC compliant estimate
Negative factors
- Inferred resource category
- Estimate is from 2022, reducing novelty
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:0546c3a45fba40e08c90
Resource Data
- Category
- inferred
- Tonnes
- 180200000
- Grade
- 0.43
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- % Coeq
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, which is a lower confidence category, and the estimate is stale. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- JORC compliant estimate
Negative factors
- Inferred resource category
- Estimate is from 2022, reducing novelty
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
- Effective date
- 2022-12-12T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Kerry Griffin
- Resource group id
- resource:0546c3a45fba40e08c90
Resource Data
- Category
- inferred
- Tonnes
- 180200000
- Grade
- 0.55
- Grade Unit
- %
- Cutoff Grade
- 0.06
- Cutoff Unit
- % Coeq
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, which is a lower confidence category, and the estimate is stale. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- JORC compliant estimate
Negative factors
- Inferred resource category
- Estimate is from 2022, reducing novelty
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
Metallurgical Results (2)
feasibility studyMCB Project · copperRecovery: 89.7 %View all detailsHide details
Identity
- Project
- MCB Project
- Commodity
- copper
- Region
- philippines
- Reported Region
- Philippines
- Ticker
- CLA
Test Work
- Program Status
- detailed
- Test Type
- feasibility study
- Processing Route
- standard milling and flotation
Recovery
- Recovery
- 89.7 %
- Recovery Basis
- theoretical
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The estimated life of mine copper recovery from the DFS is strong, indicating good metallurgical performance for the project.
Positive factors
- High estimated copper recovery for life of mine
- Recovery from Definitive Feasibility Study
Evidence · table
“89.7%”
Context: Life of mine
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Theoretical Recovery Onlynegative
Only theoretical or liberation-derived recovery reported, with no actual test result.
Why it applies: recovery_basis is theoretical
feasibility studyMCB Project · goldRecovery: 72.6 %View all detailsHide details
Identity
- Project
- MCB Project
- Commodity
- gold
- Region
- philippines
- Reported Region
- Philippines
- Ticker
- CLA
Test Work
- Program Status
- detailed
- Test Type
- feasibility study
- Processing Route
- standard milling and flotation
Recovery
- Recovery
- 72.6 %
- Recovery Basis
- theoretical
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The estimated life of mine gold recovery from the DFS is moderate, contributing positively to project economics.
Positive factors
- Estimated gold recovery from Definitive Feasibility Study
Evidence · table
“72.6%”
Context: Life of mine
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Theoretical Recovery Onlynegative
Only theoretical or liberation-derived recovery reported, with no actual test result.
Why it applies: recovery_basis is theoretical
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.