- Celsius Resources (CLA) will acquire an advanced, high-grade copper-gold project in the Philippines through the acquisition of Anleck
- Anleck is a UK-based company which, via its subsidiaries, has a portfolio of copper-gold assets in the Philippines, including its flagship Maalinao-Caigutan-Biyog (MCB) project
- Around $14.5 million has been spent on surface exploration and drilling at the project between 2006 and 2013
- A maiden JORC Mineral Resource Estimate is underway and is expected to be released once COVID-19 restrictions have been eased
- Given all conditions are met and the transaction goes ahead, Anleck shareholders will become significant shareholders of Celsius and two board members will be replaced with Anleck nominees
- Shares gained 60.7 per cent today to close at 3.7 cents
Celsius Resources (CLA) will acquire an advanced, high-grade copper-gold project in the Philippines through the acquisition of Anleck.
Celsius has signed a share sale agreement with UK-based company Anleck which, via its subsidiaries, has a portfolio of copper-gold assets in the Philippines, netted via its acquisition of Makilala Holding.
The portfolio includes its flagship Maalinao-Caigutan-Biyog (MCB) project in the Central Cordillera Region of Luzon, the Philippines’ largest and most populous island, and another five exploration permit applications and two granted exploration permits.
Makilala carried out around $14.5 million worth of surface exploration and drilling at MCB between 2006 and 2013 which revealed a large, high-grade copper-gold porphyry deposit.
Celsius Resources Chairman and Non-Executive Director Bill Oliver said the acquisition further diversifies the company’s project portfolio.
“The MCB copper-gold project represents a transformative opportunity for Celsius to acquire an advanced project in two commodities that are anticipated to be highly sought after in coming years,” Bill said.
“The project complements our current portfolio of greenfield copper-gold projects in Australia and more advanced cobalt- copper project in Namibia, providing shareholders exposure to different commodities and jurisdictions.”
“Once acquired, we will move quickly to ramp up work on the project. Currently, Anleck and Celsius are progressing a maiden JORC resource estimate for Makilala which is expected to be delivered once COVID quarantine restrictions ease, which will be followed by the commissioning of a Scoping Study,” he added.
Given all conditions are met and the transaction goes ahead, Anleck shareholders will become significant shareholders of Celsius.
Two Celcius board members will resign and be replaced by Anleck nominees Martin Buckingham and Attilenore Austria.
As consideration, Celsius will issue 100,000 shares to Aneleck shareholders and a further 100,000 to upon the achievement of certain milestones.
Celsius will also reimburse Anleck shareholders US$150,000 (~A$205,000) in costs incurred during the Makilala Holdings transaction and assume obligations associated with the acquisition including up to US$3 million (~A$4.1 million) in cash payments.
Celsius shares gained 60.7 per cent today to close at 3.7 cents.