- Celsius intend to acquire 100% of Opuwo Cobalt Pty Ltd, which...

- Celsius intend to acquire 100% of Opuwo Cobalt Pty Ltd, which holds an option to acquire the Opuwo Cobalt Project in Nambia. Opuwo Cobalt Project has potential to host large-scale sediment hosted copper-cobalt mineralisation, with approximately 30km strike length of prospective mineralised horizon.

- Mr Brendan Borg, a consultant to Celsius, has recently completed a field visit to the project as part of due diligence investigations.

- Over 20km of the horizon is outcropping and has been mapped and sampled with the horizon not closed off to the East

- Seven Historical drill holes completed in project with only one being assayed for cobalt returning the following:

• 8m at 1137ppm Co + 0.54%Cu + 0.53% Zn from 60.4
• 4.65 at 1153ppm Co + 0.55%Cu + 0.59%Zn from 106.65m

- Recent surface samples returned cobalt grades up to 3,655ppm Co, with 5 of 11 samples returning grades above 1000ppm Co.


Upcoming Drill Program

- Drill rigs are scheduled to be mobilised on the first week of March, with a planned 2,000m of drilling consisting of both Diamond and Reverse Circulation. Holes will be drilled to a planned depth of between 150m-250m (dependant of grade along strike).

- Immediate focus of the exploration will be drilling the mostly covered DOF horizon along strike from historical drill holes DOF01/02 to determine the key controls of mineralisation, and thus, vectors to potentially thicker and/or higher grade mineralisation.

- Anticipated cost will be between 300k-350K.

Peer Analysis

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
0		Celsius Resources Limited​	Alloy Resources Limited ​	Cobalt Blue Holdings Ltd (Thakaringa)​	Corazon Mining Ltd​	Barra Resources Ltd​	Equator Resources Ltd​
1	Share Price	$0.035​	$0.006​	$0.19​	$0.038​	$0.08​	$0.105​
2	Cash	$1.4m​	1.5m​	7.2m​	2m​	2.16m​	2.6m​
3	Historical Grades (Surface Samples/Drilling)	0.1%-0.3655% (drilling & SS)​	0.09%-0.145% (drilling)​	0.05%-0.08% (drilling)​	0.023%-2.79% (drilling)​	0.11%-0.14% (drilling)​	0.5% (ave grade mined historically)​
4	Strike	20km​	6km​	10km​	18km​	N/A​	20km​
5	Ownership	100%​	100%​	51%​	51%​	50%​	80%​
6	Market Capitalisation	10.3m​	8.2M​	19M​	30m​	33.6m​	31m​
7	Enterprise Value	8.9m​	6.7M​	11.8M​	28m​	31.44m​	28.4m​

Above average grade + 20km strike with potential to increase to 30km + 100% ownership + cheap market cap + adequate cash for upcoming drill program


Opuwo Cobalt Project at a Glimpse

- Opuwo Cobalt Project is located in NW Namibia, approximately 800km by road from the capital Windhoek. The project in surrounded by excellent infrastructure (water, electricity, bitumen roads etc) with the regional capital of Opuwo approximately 30 kms to the south.

- The project consist of a cobalt-copper (zinc equivalent) mineralisation hosted in a Dolomite Ore Formation (DOF) within the Kaoko Belt. The Kaoko Belt is considered a western extension of the Copperbelt in the DRC and Zambia.

- The Dolorite Or Formation consists (DOF) of the following characteristics:

• 20km strike that is structurally controlled and mineralised throughout its extent
• DOF is of variable dip and thickness
• The section of the DOF is hidden under recent alluviums (approx. 8km) and is believed to be an extension of the DOF, therefore the zone could be a larger target for higher grade and thickness.