Ann: Quarterly Activities Report, page-3

Still well funded, and an additional $700k being spent on exploration and evaluation this quarter, compared to last. Northwest anticline drilling results in 3-4 weeks time, and updated Mineral Resource in March. Exploration drilling of the regional targets not progressing as quickly as I thought / hoped, perhaps the anticline has really grabbed their attention, perhaps they're being deliberately vague so they can drop a number or exploration results in succession, or perhaps they're not that interesting.

Its these comments that sustain my excitement though. I get the undertone, but wish I understood them better technically:

"The number of sediment-hosted mineralisations and the lateral extent of the mineralised horizons (DOF Cobalt-Copper horizon 43 km, NOTZ Zinc-Lead horizon 25 km) point to a very large hydrothermal system tapping fluids from the basement and kilometre thick sedimentary successions in the basal rocks of the local Neoproterozoic basin, and an effective way of precipitation in the form of SEDEX (McArthur River type and Mn-Fe-Bahorizons), Copperbelt-style (“first reductant” type) and MVT-type deposits in carbonate rocks in the later carbonate sediments of the basin. Celsius is planning to test 5 of the prospects in a first drilling phase and further targets later in 2019. ASX RELEASE | PAGE 8 The Damaran orogeny lead to a part remobilisation of the base metals and re-precipitation as orogenic copper systems (chalcopyrite-pyrrhotite-quartz-carbonate) as well as late Zn-Pb-quartz-carbonate veins. While these veins often form small high grade mineralisations they are not regarded as exploration targets but potentially point to mineralised source rocks at depth."