12th Mar 2025 16:15
(Alliance News) - Celsius Resources Ltd on Wednesday said its loss narrowed during 2024, as some expenses reduced and it progressed work on projects in the Philippines.
The mine developer with projects in Africa and the Philippines said its pretax loss for continuing operations in 2024 was AUD1.3 million, or around USD820,000, narrowed from AUD1.6 million in 2023.
This was driven by exploration costs reducing 52% to AUD281,874 from AUD582,353, while travel & accommodation costs decreased 87% to AUD17,568 from AUD139,660. The firm swung to foreign exchange gains of AUD12,910 from losses of AUD18,181 in 2023.
Revenue for the year remained insubstantial.
"It has been an exciting year for Celsius as we achieved important milestones from our Philippine assets," said Executive Chair Julito Sarmiento.
"First and foremost is the issuance of the mining permit for our flagship [Maalinao-Caigutan-Biyog copper-gold] project which is a first for a copper project in the Philippines in the last 15 years. In the last few months, we have exerted all our efforts to fulfill the conditions of the mining permit. Our technical team has been working on refining the front-end engineering design in preparation for mine development and construction.
"We have also completed the required feasibility study, social and environmental plans and programs of the Sagay project to comply with of application for a declaration of mining project feasibility to the Mines & Geosciences Bureau. In line with this, we are
finalizing the environmental impact assessment to secure an environmental compliance certificate."
Shares in Celsius Resources were last publicly traded at 0.43 pence in London. The stock is down 39% over the past year.
Chair Sarmiento continued: "The announcement of the MCB mine permit has generated interests from international and national investors. We are currently well progressed in exploring funding partnership options to develop the project which would bring value to our shareholders."
By Emily Parsons, Alliance News reporter
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