Celsius Resources' MCB Project Receives Certificate of Approval Celsius Resources Limited.

Celsius Resources' MCB Project Receives Certificate of Approval

Celsius Resources Limited (“Celsius”) is excited to announce a significant milestone for its Philippine subsidiary, Makilala Mining Company, Inc. (“MMCI” or “the Company”), as it has been issued a Certificate of Approval for its Environmental Protection and Enhancement Program (“EPEP”) and Final Mine Rehabilitation and/or Decommissioning Plan (“FMRDP”) for the Maalinao-CaigutanBiyog Copper-Gold Project (“MCB” or “the Project”). Celsius is dedicated to operating responsibly and sustaining the environment throughout the mining process.

The issuance of the Certificate of Approval by the Philippines Mines and Geosciences Bureau showcases the Company’s commitment to implementing necessary environmental measures in accordance with the Philippine Mining Act of 1995 and its Implementing Rules and Regulations. This approval is a significant step towards the next permitting stage for the MCB Project’s mining permit.

One of the key provisions of the certificate is the establishment of a guarantee funding mechanism, known as the Contingent Liability and Rehabilitation Fund. This fund ensures compliance with the commitments and activities outlined in the EPEP-FMRDP, providing financial resources to support environmental protection for the duration of the mine's operation.

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Under the Philippine Mining Act, the EPEP-FMRDP is a requirement for a mining permit application. The EPEP serves as an operational link between the environmental management provisions of the Philippine Mining Act's Rules and Regulations and the conditions set forth in the Environmental Compliance Certificate issued for the MCB Project. It outlines contingency and emergency preparedness, environmental monitoring, and implementation costs. On the other hand, the FMRDP addresses mine closure scenarios and the remediation process, including cost estimates for restoring the mine sites and affected areas to self-sustaining ecosystems.

Expressing his gratitude, Celsius Executive Chairman Atty. Julito R. Sarmiento said, “We appreciate the prompt review and approval of our environmental permitting requirements by the Philippine government regulatory bodies. We emphasise our commitment to not only comply with environmental laws but to go above and beyond in the development of the MCB Project. ”

The approval of the EPEP-FMRDP marks another significant milestone in the mine permitting process for Celsius. The company anticipates obtaining a Mineral Production Sharing Agreement (MPSA) from the Philippine Government by the end of August 2023.

Stay tuned for further updates as Celsius Resources continues its commitment to environmental stewardship in the development of the MCB Project.

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