Highlights

  • Celsius Resources shares traded at AUD 0.023, up 14.999% on 23 January 2026, with trading volume exceeding 84 million shares.
  • The MCB DFS outlined a post-tax NPV of up to ~AUD 1.8 billion under current spot metal prices.
  • The study supports a 35-year mine life based on JORC-compliant resources and reserves.

Celsius Resources Limited (ASX:CLA) recorded a sharp rise in its share price during the trading session on 23 January 2026, following the release of a Definitive Feasibility Study (DFS) for its Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in the Philippines. The update outlined revised project economics, long-term production parameters, and mine development plans, coinciding with upward movements across major commodity markets.

Share Price and Market Activity

Celsius Resources’ share price rose by AUD 0.002 to AUD 0.023 on 23 January 2026, with reported trading volume of 84,067,478 shares. Including the latest session, the company’s share price has increased by approximately 130% over the past month, placing it among the most actively traded resource stocks on the session.

The price movement followed the company’s announcement confirming the completion of the DFS for the MCB Copper-Gold Project, a milestone that provides a detailed assessment of technical design, operating parameters, and financial metrics.

DFS Economics and Valuation Metrics

According to the DFS, the MCB Project carries a pre-tax Net Present Value (NPV 8%) of USD 1.3 billion (approximately AUD 1.98 billion) and a post-tax NPV (8%) of USD 771 million (approximately AUD 1.15 billion), using long-term copper and gold price assumptions. These inputs include copper prices of USD 4.30/lb and gold prices of USD 3,000/oz during the initial nine years of production.

Under spot price assumptions of USD 6.00/lb copper and USD 4,500/oz gold, the DFS estimates a pre-tax NPV (8%) of USD 1.9 billion (approximately AUD 2.9 billion) and a post-tax NPV (8%) of USD 1.2 billion (approximately AUD 1.8 billion), alongside higher internal rates of return.

Resource Base and Mine Plan

The MCB Project hosts a JORC (2012) compliant Mineral Resource of 343 million tonnes, containing an estimated 1.6 million tonnes of copper and 1.4 million ounces of gold. A Maiden Ore Reserve of 130.2 million tonnes underpins a projected 35-year mine life, incorporating both Proven and Probable Reserves.

Mining is planned using sub-level open stoping with paste backfill, with access transitioning from declines to a shaft and hoisting system. Ore will be processed through a conventional flotation concentrator to produce a copper-gold concentrate.

Cost Profile, Growth Options and Market Context

The DFS outlines an average C1 cash cost of USD 0.41/lb copper during the first ten years of production, supported by early mining of a higher-grade core. Average annual EBITDA during this period is estimated at approximately USD 230 million.

Additional growth options identified in the study include potential throughput expansion to around 3.0 Mt per annum and further resource definition at depth.

The update coincided with rising commodity prices, with gold at USD 4,963.60, silver at USD 99.05, and copper at USD 12,929 per tonne.