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Philippines

Maalinao-Caigutan-Biyo (MCB) Project

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Summary

Mine TypeUnderground
Study CompletedPreliminary Economic Assessment
Study in ProgressFeasibility
StagePermitting
Commodities
  • Copper
  • Gold
Mining Method
  • Sub-level open stoping (SLOS)
Backfill type ... Lock
Mine Life... Lock
SnapshotThe Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project is classified as an Environmentally Critical Project (ECP) under Philippine Environmental Management Bureau (EMB) guidelines for resource extractive industries.

In August 2023, the Philippine Mines and Geosciences Bureau approved the project's Feasibility Study, confirming its technical and economic viability.

In March 2024, the Philippine Government approved MCB’s mining permit, granting exclusive rights for the exploration, development, and commercial production of copper and associated minerals for 25 years, renewable for another 25 years.

In February 2025, MMCI secured a USD 76.4 million bridge loan from the Maharlika Investment Corporation to update the Feasibility Study, complete Front-End Engineering Design (FEED), and initiate early site works, while also demonstrating financial capability in line with MPSA requirements.

Owners

SourceSource
CompanyInterestOwnership
Celsius Resources Ltd. 100 % Indirect
Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project is 100% owned by Celsius Resources through its wholly owned Philippine subsidiary, Makilala Mining Company, Inc.(MMCI).

Contractors

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Deposit type

  • Porphyry

Summary:

The Philippines is one of the most richly endowed Cu-Au regions of southeast Asia, which hosts the MCB copper-gold deposit, classifi ed as a porphyry deposit. The mineralisation is hosted in a series of overprinting vein sets and is associated with late stage granitic (tonalite) intrusions. The mineralised veins predominantly occur along the margins of these intrusions at or near the contact with the older surrounding volcanic host rock.

Detailed geological interpretation has identifi ed two main structural controls on mineralisation. The fi rst is a steep dipping northeast trending regional fabric which controls the location of the intrusions and the second a series of NNW trending faults which control mineralisation.

The geological setting for the Maalinao-Caigutan-Biyog (MCB) copper-gold mineralisation is typical of a porphyry copper + gold + moly deposit as commonly defined in many academic papers (Hedenquist and Lowernstern, 1994; Sillitoe, R. H., 2010. Corbett and Leach, 1997). The mineralisation and associated alteration exist across the contact between the genetically related intrusive body (tonalite) and the surrounding host rock material. In most cases the surrounding host rock is a mafic volcanic, however, in some instances the older (not genetically related to copper-gold mineralisation) intrusive bodies also exists in contact with the younger intrusive resulting in broad sections of mineralisation and alteration within a series of intrusive bodies.

There is also evidence at MCB for epithermal vein deposit types which exist within close proximity to the large-scale porphyry copper-gold mineralisation. At this stage only the deposit type identified from the drilling information for MCB is a porphyry copper-gold style.

Basalt lava flows make up the majority of the host rocks in the tenement area, which is part of the oldest exposed unit, Basement Complex. This Cretaceous-Paleogene Metavolcanics has been intruded by quartz diorite complex, which in Kalinga, ranges in composition from gabbro to tonalite.

A later stage Tonalite intrusion exists throughout the project area and is interpreted to be genetically related to the copper-gold mineralisation at MCB deposit.

A dacite flow and dacitic pyroclastic blankets the older basalt host rock and tonalitic intrusive rocks.

There are four types of ore mineralisation that were emphasized in the project:
- Type 1 - Early high-grade porphyry Cu-Au mineralisation, hosted both in tonalite and basalt.
- Type 2 - Mix of high-grade porphyry Cu-Au (Type 1) and high-sulphidation mineralisation (Type 4). Hosted in basalt and tonalites, but with strong Type 1 mineralisation that was partially overprinted by ore Type 4.
- Type 3 - Medium grade porphyry-copper
- Type 4 - High-sulphidation epithermal mineralisation

Dimensions
The copper-gold mineralisation at MCB is typical for a porphyry copper-gold deposit with the geometry of a very thick body, up to 100 meter in true width for the high-grade core and surrounded by over 400 meter in true width of additional lower grade copper mineralisation, as a relatively elongate body which stretches out parallel to the contact between the intrusive tonalite and the host rock basaltic rocks.

Away from the central core, the high-grade copper-gold mineralisation extends further as a narrow structurally controlled sheet, interpreted again to be mostly parallel to the tonalite – basalt contact, with some possible extensions extending along interpreted structures which exist in a northnorth-west orientation. Both structural sets are close to vertical, and their intersection points also are very steeply dipping.

Reserves

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Mining Methods

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Required Heavy Mobile Equipment

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Comminution

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Processing

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Commodity Production

CommodityUnitsAvg. Annual
Copper kt 16
Gold koz 19
All production numbers are expressed as metal in concentrate.

Operational metrics

Metrics
Annual ore mining rate  ....  Subscribe
Annual production capacity  ....  Subscribe
Annual processing rate  ....  Subscribe
Annual processing capacity  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2021 study.

Production Costs

CommodityUnitsAverage
C1 cash costs Copper USD  ....  Subscribe
Assumed price Copper USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2021 study / presentation.
** Net of By-Product.

Operating Costs

CurrencyAverage
UG mining costs ($/t mined) USD  ....  Subscribe
Processing costs ($/t milled) USD  ....  Subscribe
* According to 2021 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Pre-tax NPV @ 8% $M USD  ......  Subscribe
After-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 10% $M USD  ......  Subscribe
After-tax NPV @ 8% $M USD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Apr 15, 2025
....................... Subscription required ....................... Subscription required Subscription required Apr 15, 2025
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Workforce

EmployeesContractorsTotal WorkforceYear
...... Subscription required ...... Subscription required ...... Subscription required 2022

Aerial view:

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