Ann: Positive Scoping Study Completed on Opuwo Cobalt Project, page-11

in
accordance with ASX Interim Guidance: Reporting Scoping Studies, the ASX Listing Rules and ASIC Information
Sheet 214, as the respective proportions of Inferred Mineral Resource and Exploration Target currently defined
are likely determining factors in assessing project economics, Celsius is currently prevented from reporting a
production target or forecast financial information based on a production target.
The results of the Study provide justification for the Company to proceed to a Pre-Feasibility Study (PFS) on the
Project. The PFS will be preceded by a trade-off study, the outcomes of which will more clearly define the Scope
of Work for the PFS. The Company will update the market as the results of these studies become available