Ann: Celsius to Progress Sagay Porphyry Copper Project, page-6

Lifting of Moratorium on New Mines

A moratorium on granting of new mining permits imposed since 2012 has earlier this month been lifted by
Philippine President Rodrigo Duterte in a move to bolster the country’s economy which was severely affected
by the pandemic. This decision paves the way for new mining agreements while allowing for review of existing
contracts for possible renegotiation and implementation of stringent measures by the national government to
ensure strict compliance by mining companies on its environmental and social commitments.

“This is a very positive outcome for Celsius, the Philippines mining community and the country’s broader
economy. I, along with the rest of the board, welcome this decision which we are now reviewing in line with
accelerating exploration and development of our Philippine-based project suite.” Mr Buckingham said.