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Celsius Resources (ASX:CLA) has kicked off its final step towards making its Philippines-based copper-gold Maalinao-Caigutan-Biyog Project a reality – institutional investors have committed to invest some A$9.3 million into the company, giving Celsius a $10M cash base to begin MCB proper.
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“Funds raised will be used for corporate working capital purposes throughout 2026, including funds being available… to support financing the Maalinao-Caigutan- Biyog (MCB) Project in The Philippines,” the company wrote Monday.
Additionally, Celsius will look at supporting ongoing compliance activities with the funds as well as pursuing extensions at its existing Botilao copper-gold project.
As for MCB, financing for that play is expected to be wound up within Q2 of CY26, which means the company expects a positive FID by the dawn of Q3. From then on into CY28, the main project construction would begin, with first copper and gold from the mine set to hit the market later that year.
“The strong [placement] demand reflects growing confidence in the quality of the MCB Copper-Gold Project and our broader copper portfolio,” Celsius’ interim non-exec chairman Peter Hume said.
“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.”
Director Neil Grimes sat down with HotCopper to discuss the MCB project in January; an existing DFS for MCB lays out a post-tax NPV of US$771M, with recent improvements in the gold spot price implying further value still.
CLA last traded at 2.1cps.
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