Australian-listed Celsius Resources Ltd has marked a major milestone for its Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in Kalinga after defining its first JORC-compliant Ore Reserve Estimate, strengthening the project’s pathway toward development and financing.
The maiden underground ore reserve stands at 130.2 million metric tons grading 0.66 percent copper and 0.21 grams per metric ton gold, equivalent to 0.84 percent copper. This represents about 856,000 metric tons of contained copper and 891,000 ounces of gold.
The ore reserve has been reported in accordance with the JORC Code, the internationally recognised standard for public reporting of mineral resources and ore reserves.
JORC compliance requires independent verification and ensures that technical, economic and mining assumptions are transparently disclosed and based on reasonable prospects for eventual extraction.
For investors and regulators, a JORC-compliant ore reserve provides a higher level of confidence that the reported figures are robust, credible and suitable for mine planning and financing decisions.
Celsius said the reserve forms the foundation of its updated feasibility study and mine plan and will underpin ongoing discussions with potential project partners and financial institutions.
MMCI Technical Director Peter Hume said that the Maiden JORC Ore Reserve Estimate for the MCB Copper-Gold Project is a major milestone that confirms the strength and long-term potential of the deposit, reinforcing our confidence in the Project’s capacity to deliver sustained value for shareholders and stakeholders.
“We extend our sincere appreciation to the Balatoc community whose partnership and support—especially during the recent drilling and field activities—were vital in completing the technical work that underpins this Reserve Estimate,” Hume said.
“Their cooperation continues to guide our commitment to responsible project development,” he added.
Hume said that the ere reserve estimate is a testament to the collective effort and professionalism of everyone involved.
“We look forward to advancing the MCB Project in a way that brings enduring benefits to our shareholders, our host communities, and the country,” Hume said.
The MCB project is located in Barangay Balatoc, Pasil, around 320 kilometers north of Manila, and covers roughly 2,500 hectares in the Cordillera Administrative Region. It is held by Makilala Mining Co. Inc. (MMCI), a Philippine affiliate of Celsius. The company currently holds a 40 percent working interest, with a conditional agreement to transfer the remaining 60 percent to Sodor Inc., subject to outstanding conditions.
According to the company, the ore reserve was derived from an updated mineral resource estimate announced in November and reflects years of technical work, including front-end engineering and mine design studies. The estimate was prepared and signed off by independent consultant DMT Consulting Ltd in accordance with the JORC Code.
Mining is planned as an underground operation using sublevel open stoping with paste backfill, supported by a conventional concentrator. Metallurgical test work has confirmed the ability to produce a clean, high-quality copper-gold concentrate, with strong recoveries of around 95 percent for copper and 77 percent for gold, and no expected penalty elements.
Celsius noted that the project has benefited from extensive exploration and technical studies dating back to 2006, including 60 diamond drill holes totaling more than 31,600 meters. The mineralization is classified as a porphyry copper-gold system, a deposit style common in the Philippines.
The project has already cleared key regulatory steps. A Mineral Production Sharing Agreement was issued to MMCI in March 2024, following approval of a declaration of mining project feasibility by the Mines and Geosciences Bureau.
Beyond the technical progress, the company acknowledged the role of the Balatoc community and the contribution of Filipino engineers and staff in completing the work required to deliver the ore reserve.
With a defined reserve, an advanced feasibility study, and confirmed processing and mining parameters, Celsius said the MCB project is moving closer to potential development, positioning it as a significant future source of copper and gold in northern Luzon.
