Celsius Resources Limited (“Celsius” or “CLA”) (ASX, AIM: CLA) is pleased to announce that its Philippine affiliate, Makilala Mining Company, Inc. (“MMCI” or the “Company”), has received formal confirmation from the Philippine Department of Environment and Natural Resources (“DENR”) that it has satisfied the final financial compliance requirement under its Mineral Production Sharing Agreement for the Maalinao-Caigutan-Biyog Copper-Gold Project (“MCB” or the “Project”)1.
HIGHLIGHTS
- The Philippine Department of Environment and Natural Resources (DENR has formally accepted the binding term sheet which outlines the key terms of a bridge loan facility between Maharlika Investment Corporation (MIC) and Makilala Mining Company, Inc. (MMCI) as sufficient proof of financial capability.
- This confirmation marks MMCI’s full compliance with the remaining provisional requirements of the Mineral Production Sharing Agreement (MPSA) for the MCB Copper-Gold Project, locking the MPSA for a full 25 years, renewable for another 25.
This follows the DENR’s acceptance of the binding term sheet which outlines the key terms of a bridge loan facility of up to USD76.4 million, executed between MMCI and Maharlika Investment Corporation (“MIC”), a government-owned and controlled corporation, in February 20252 (“Binding Term Sheet”). The Binding Term Sheet was evaluated and endorsed by the Mines and Geosciences Bureau (“MGB”) which noted that:
- The Binding Term Sheet provides a structured and credible financial mechanism for MMCI’s mining operations; and
- The involvement of MIC significantly enhances MMCI’s financial standing and credibility, offering strong assurance of continued support.
MMCI is expected to submit all related and forthcoming financial documents to the DENR and MGB and to update its Three-Year Development/Utilisation Work Program accordingly, in line with the terms of the MPSA and DENR Administrative Order No. 2010-213.
Celsius Executive Chairman Atty. Julito R. Sarmiento, said:
“We are extremely pleased to have achieved this important regulatory milestone for the MCB Project. The acceptance of the Binding Term Sheet by the DENR and the MGB is not only a testament to MMCI’s commitment to responsible and well-funded development, but also reflects the strong support and credibility provided by our partnership with Maharlika Investment Corporation.
On behalf of CLA and MMCI’s management and staff, again, I would like to extend my heartfelt gratitude to MIC for their confidence and catalytic funding support to the Project, and to the DENR and MGB for their professionalism and guidance throughout the compliance process.
We remain committed to ensuring that the MCB project delivers lasting and sustainable economic benefits to our host communities, particularly in Balatoc, the Municipality of Pasil, and the Province of Kalinga, as well as meaningful contributions to national development, all while upholding environmental stewardship and shared prosperity.
Now that we have fulfilled our compliance with the conditions of the Mineral Production Sharing Agreement, we are in a strong position to proceed with mine development and construction. We remain steadfast on our commitment to sustainable development by balancing resource efficiency with environmental stewardship and social responsibility.”
MIC and MMCI will now proceed with signing the Omnibus Loan and Security Agreements (“Agreements”) reflecting the terms of the Binding Term Sheet signed with MIC in February 2025.
Click here for the full ASX Release
