Celsius Resources Limited has advanced its flagship copper‐gold project in the Philippines by launching on-site engineering initiatives at the Maalinao-Caigutan-Biyog Copper-Gold Project. The company’s Philippine affiliate, Makilala Mining Company, Inc., began work on the Front-End Engineering Design (FEED) and is updating the Feasibility Study, with work expected to continue until November 2025. This development follows the initial drawdown of funds from the Maharlika Investment Corporation under a previously announced omnibus loan facility, marking a key step in progressing one of the company’s principal mining operations. In parallel with the engineering works, the company has extended the share return period related to its binding deed with Sodor, Inc. This extension, effective until February 16, 2026, adds an additional nine months to the original term, safeguarding the arrangements that supported the issuance of the company’s Mining Licence 2 under Philippine regulations. Although some corporate costs will still be managed internally by Celsius Resources, the financing structure is designed to fully cover the costs of the MCB Project’s development, with the company continuing to engage potential equity funding partners to secure long-term operational financing. The project’s technical parameters underscore its potential. An updated JORC compliant Mineral Resource Estimate announced in December 2022 indicates reserves of 338 million tonnes, with an average grade of 0.47% copper and 0.12 g/t gold. This estimate, which includes significant portions classified as Indicated, Inferred, and Measured, supports the operating design for an underground mining operation set to run for approximately 25 years. Economic highlights from an earlier study project a post-tax net present value at an 8% discount of US$464 million and an internal rate of return of 31%, based on favourable assumptions including a copper price of US$4.00 per pound and gold at US$1,695 per ounce. The planned production strategy features a processing plant designed to handle 2.28Mtpa with low operating costs, reflecting strong technical economics. Market sentiment can be viewed from two perspectives. On the bullish side, the commencement of FEED and the updated feasibility study are key milestones that enhance project clarity and reduce future financing risks. Positive technical indicators such as robust resource estimates, an attractive post-tax NPV, and a strong IRR, combined with the firm commitment from strategic financial partners, signal growing investor confidence. Conversely, from a bearish viewpoint, uncertainties remain regarding the completion of pending equity financing, and ongoing market fluctuations, including shifting copper and gold prices, could impact project economics and timelines. Additionally, reliance on external financing and international market conditions adds layers of risk for investors. Celsius Resources Limited’s recent developments underscore a disciplined approach to project advancement and cost management while actively pursuing equity funding alliances. This balanced strategy aims to secure both the technical and financial foundations necessary for the successful realization of a long-life copper-gold mining operation in the Philippines.