Negative changes made: govnt to get 60% of net revenue plus royalty. CLA has already handed over 60% of MCB to a Philippine company owned by filipino citizens.
Celsius Resources Limited (“Celsius” or “the Company”) is pleased to announce that its wholly
owned Philippine subsidiaries, Makilala Mining Company, Inc. (“MMCI”) and PDEP, Inc. (“PDEP”),
have signed a Non-Binding Term Sheet with Sodor Inc. and PMR Holding Corp. to be the local
partners for the development of the Company’s Maalinao-Caigutan-Biyog Copper-Gold Project
(“MCB” or “the Project”).
The partnership will be formalised through the signing of a binding agreement. The NonBinding Term Sheet outlines the parties’ common goal of applying for a Mineral Production
Sharing Agreement (MPSA) with the Philippine government. Under the Philippine Mining Act of
1995, companies applying for the exploration, development, and utilisation of natural resources
under an MPSA must be at least 60% Filipino-owned. Refer to Company’s announcement dated
15 November 2022 for further information disclosed on the MPSA. MMCI will be the owner and
holder of the mining rights, interests, and licenses, particularly the MPSA as a 60:40 company
with 40% ownership by CLA and 60% owned by Sodor, Inc.
20 MARCH 2023
Celsius enters into initial binding deed and
agreement with local companies to
progress MCB Project
HIGHLIGHTS
• Binding deed entered into with Sodor, Inc. to attain the required 60% Filipino
legal ownership in Celsius' wholly-owned subsidiary, MMCI.
ASX RELEASE | QUARTERLY REPORT | 30 JUNE 2023
PERMIT NAME PERMIT NUMBER REGISTERED HOLDER /APPLICANT PERMIT STATUS PERMIT EXPIRY INTEREST /CONTRACTUAL RIGHT
Maalinao Caigutan Biyog EP-003-2006-CAR Makilala Mining Company Inc. Granted Extended until the issuance of a mining permit 40%
Colayo PA-073-CAR Makilala Mining Company Inc. Permit application, approved in principle awaiting formal documentation TBA 40%
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