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Celsius Resources confirms billion-dollar feasibility study for Philippine copper-gold flagship

Written by Brie CarterPublished Jan. 23 2026Last Updated Jan. 23 2026

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Celsius Resources (ASX:CLA) has finalised a Definitive Feasibility Study for its Maalinao-Caigutan-Biyog (MCB) Project, confirming a technically robust operation with a post-tax NPV of US$771 million and a 35-year mine life.

The study highlights a high-grade early production profile with a maiden Ore Reserve of 130.2 million tonnes, positioning the project as a leading near-term copper-gold development opportunity in the Philippines.

At current spot prices of US$6.00/lb copper and US$4,500/oz gold, the project’s pre-tax valuation rises to US$1.9 billion, supported by exceptionally low C1 cash costs of US$0.41/lb during the first decade.

"The MCB Definitive Feasibility Study marks a significant milestone, positioning the MCB Project as a leading near-term copper-gold development opportunity in the Philippines," said Executive Director Neil Grimes.

The development plan utilises a sustainable sub-level open stoping method with paste backfill, ensuring the project meets stringent ESG goals while accessing a 343 million tonne mineral resource.

Capital expenditure is estimated at US$276 million, featuring a 4.7-year payback period and an internal rate of return reaching 42% under current market conditions.

"The Company is progressing funding and offtake discussions to advance the Project toward a Final Investment Decision and construction," said Executive Director Neil Grimes.

The project is already backed by a Mineral Production Sharing Agreement and key environmental approvals, with first concentrate production targeted for the third quarter of 2028.

Construction will involve a 32-month schedule including a new 30-kilometre access road and a 69kV transmission line to power the 16.3 MW operational demand.

With off-site infrastructure concepts defined and indigenous community consent in place, Celsius is now moving to finalise ancillary water and construction permits to break ground.