Celsius Resources (ASX:CLA) has released the definitive feasibility study for its Maalinao-Caigutan-Biyog Copper-Gold Project in the Philippines, confirming a technically and economically robust long-life underground operation.
The DFS highlights a pre-tax NPV (8%) of US$1.3 billion at a 31% IRR and a post-tax NPV of US$771 million at 24% IRR under conservative long-term copper and gold prices.
At current spot prices of US$6/lb Cu and US$4,500/oz Au, pre-tax NPV rises to US$1.9 billion and post-tax NPV to US$1.2 billion, with IRRs of 42% and 34% respectively.
The project is underpinned by a JORC-compliant mineral resource of 343 Mt and a maiden ore reserve of 130.2 Mt, supporting a 35-year mine life.
Early production will focus on a high-grade core, generating annual EBITDA of approximately US$230 million in years 1–10, with a low C1 cash cost of US$0.41/lb Cu.
Mining will employ sublevel open stoping with paste backfill, transitioning from decline access to a shaft and hoist system, supporting operational efficiency and the company's ESG objectives.
The DFS also identifies growth optionality, including potential throughput expansion to 3 Mt/y and resource upside at depth.
Celsius is advancing funding and offtake discussions, targeting a final investment decision in Q1 2026 and first concentrate production by mid-2028.