Australia-listed Celsius Resources has secured firm commitments to raise A$9.3 million through an institutionally backed share placement, strengthening its balance sheet as it advances financing for its flagship Maalinao-Caigutan-Biyog (MCB) copper-gold project in the Philippines.
In a February 23 ASX/AIM release, Celsius said the placement was strongly supported by new and existing shareholders, as well as institutional investors from Australia, Asia, North America and the UK. Demand exceeded the targeted raise.
Shares were placed at A$0.02 each, representing a 4.8% discount to the company’s last closing price of A$0.021 on Feb. 18. Investors will receive one free-attaching option for every two shares subscribed, exercisable at A$0.035 and expiring three years from the date of issue.
The placement will be conducted in two tranches. The first tranche will raise approximately A$9.265 million through the issue of 463.25 million shares under the company’s existing placement capacity, with settlement scheduled for late February. A second tranche worth A$35,000, comprising director and consultant participation, is subject to shareholder approval at a general meeting expected in late March or early April.
Following completion of the placement, Celsius plans to launch a pro-rata non-renounceable offer of bonus loyalty options to eligible shareholders, on the basis of one option for every 10 shares held, on the same terms as the placement options.
Funding MCB and Philippine portfolio
Celsius said proceeds will be used for working capital in 2026 and to support advisory and consultant fees related to securing financing for the MCB project in the Philippines.
Funds will also cover compliance activities for the MCB, Sagay and Botilao projects to maintain permits in good standing while MCB financing is finalised. In addition, the company plans to pursue mineralised extensions at the Botilao copper-gold project following the recent renewal of its exploration permit, as well as pay fees associated with the placement.
Celsius interim non-executive chairman Peter Hume said the strong investor response reflected growing confidence in the company’s copper portfolio.
“This raise strengthens our balance sheet and positions us to advance MCB financing, prepare for early project works and maintain compliance across our portfolio as we move toward final funding,” Hume said.
The company expects that, following admission of the new shares, it will have approximately 3.71 billion ordinary shares on issue.
Project updates
Celsius said the Sagay project’s exploration permit was extended in April 2024 until a mineral production sharing agreement is approved. Its declaration of mining project feasibility has been submitted to the Philippine Mines and Geosciences Bureau and remains under review.
The Botilao exploration permit renewal was approved in January 2026 and formally registered later that month, allowing the company to proceed with its approved work programs.
Meanwhile, the company’s Opuwo project in Namibia is undergoing a sale process, with several non-binding offers under consideration.
Celsius said the capital raising leaves it with more than A$10 million in cash, positioning the company to progress development and financing of the MCB project as it moves toward a final investment decision.
