The results of a cornerstone Definitive Feasibility Study run at the Maalinao-Caigutan-Biyog (MCB) copper and gold project in the Philippines have Celsius Resources (ASX:CLA) looking long into the future, especially considering the hugely enhanced economic metrics compared to previous ratings.
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The key study confirmed a technically robust operation can be established at MCB with a 35.3-year mine life, and stronger finances than expected.
The DFS reports a pre-tax Net Present Value (NPV) at an 8% discount rate of US$1.3 billion and an internal rate of return (IRR) of 31%. On a post-tax basis, the NPV (8%) stands at US$771 million, with a 24% IRR.
These figures, The Market Link understands, were based on conservative metal price predictions, too; the study theorised $4.30/pound for copper and $3,000/ounce for gold over the first nine years (both to the U.S. dollar).
When taken at early CY26 prices, the pre-tax NPV actually comes in a little closer to US$1.9 billion − hence why it’s such a “significant opportunity” for Celsius.
“This MCB definitive feasibility study marks a significant milestone, positioning MCB as a leading near-term copper-gold development opportunity in the Philippines,” Celsius’ director, Neil Grimes, explained today.
“The study demonstrates a technically robust and economically enhanced project, with competitive capital intensity and operating costs,” he added.
A final investment decision is now being targeted for Q1CY26, Celsius also today confirmed. Construction at MCB is already scheduled to start in January CY27, with first concentrate then expected to roll out early CY28.
Between now and then, Celsius will be working on several upside opportunities the study identified that hadn’t been in the base-case, including:
- Increasing throughput from 2.64 Mt/y to 3.0 Mt/y around YR10,
- The recovery of 0.9 Mt of surface material identified during infrastructure works,
- And, resource expansion at depth.
CLA heads into Friday’s flat trade selling at 2cps.
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