Announcement PDF Level 5, 191 St. Georges Terrace, Perth WA 6000 PO Box 7059, Cloisters Square PO, Perth WA 6850 P: +61 8 9324 4516 E: info@celsiusresources.com.au W: celsiusresources.com ASX/AIM RELEASE 12 December 2025 MCB defines maiden JORC Ore Reserve Estimate HIGHLIGHTS: • Maiden Under Ground Gross Total Ore Reserves: 130.2 Mt @ 0.66% Cu and 0.21 g/t Au, for 856 kt contained copper and 891 koz contained gold at a 0.84% CuEq grade. • The Ore Reserve forms the basis of the current updated Feasibility Study mine plan and supports ongoing project financing discussions with prospective partners and institutions. • Metallurgical test work confirms the production of a clean, high-quality copper-gold concentrate, with strong flotation recoveries and no expected penalty elements. _______________________________________________________________________________ Celsius Resources Limited (“Celsius” or the ”Company”) (ASX,AIM:CLA) is pleased to announce a Maiden JORC compliant Ore Reserve Estimate (“ORE”) for the Maalinao- Caigutan-Biyog Copper-Gold Project (“Project” or “MCB”), held under its Philippine Affiliate Company, Makilala Mining Co., Inc. (“MMCI”). The Maiden Ore Reserve Estimate has been derived from the recently reported Mineral Resource Estimate1 and reflects the technical and economic parameters developed to date through previous studies along with the ongoing JORC-compliant updated Feasibility Study and the front-end engineering (“FEED”) program. In accordance with the JORC Code, the Maiden Ore Reserve Estimate has been prepared and signed off by DMT Consulting Limited, a suitably qualified and independent Competent Person, who has no commercial interest in Celsius or MCB. The planned underground operation will utilise sub-level open stoping with paste backfill and dry-stack tailings, supported by a conventional concentrator process plant design. The Ore Reserve table follows. 1 ASX/AIM announcement 24 November 2025 ASX/AIM RELEASE | PAGE 2 Table 1. MCB Project Ore Reserve Estimates. Gross Net Attributable Tonnes (Mt) Copper Grade (%) Gold Grade (g/t) Copper Equivalent Grade (%) Contained Cu (Mt) Contained Au (oz) Tonnes (Mt) Copper Metal (Mt) Gold Metal (oz) Proven 22,074,084 0.90 0.34 1.19 197,563 244,136 8,829,634 79,025 97,654 Probable 108,198,583 0.61 0.19 0.77 658,929 647,031 43,279,433 263,572 258,812 Total 130,272,667 0.66 0.21 0.84 856,492 891,167 52,109,067 342,597 356,467 The MCB Project is owned and operated by MMCI an affiliate company of Celsius. Celsius has a 40% working interest in MCB. As announced on 20 March 2023 Celsius conditionally agreed to transfer a 60% working interest in the MCB Project to Sodor, Inc, subject to certain conditions, which remain outstanding. MMCI Technical Director Peter Hume said: “The Maiden JORC Ore Reserve Estimate for the MCB Copper-Gold Project is a major milestone that confirms the strength and long-term potential of the deposit, reinforcing our confidence in the Project’s capacity to deliver sustained value for shareholders and stakeholders. We extend our sincere appreciation to the Balatoc community whose partnership and support—especially during the recent drilling and field activities—were vital in completing the technical work that underpins this Reserve Estimate. Their cooperation continues to guide our commitment to responsible project development. We also acknowledge the dedication of MMCI staff and our young professional engineers, whose hard work and technical discipline have been instrumental in achieving this outcome. Their contribution reflects the growing capability of the next generation of Filipino mining professionals. This Ore Reserve Estimate is a testament to the collective effort and professionalism of everyone involved. We look forward to advancing the MCB Project in a way that brings enduring benefits to our shareholders, our host communities, and the country.” MCB COPPER-GOLD PROJECT LOCATION The MCB Copper-Gold Project (MCB) covers an area of 2500 Ha is in the Cordillera Administrative Region in the Philippines, approximately 320km north of Manila. The MCB Project is located in Barangay Balatoc, Municipality of Pasil, Province of Kalinga. At the Project area settlements are generally small, compact and occupy a limited area within the main Barangay of Balatoc. The closest major centre is the city of Tabuk which is approximately a 3-hour drive from the Project location. (Figure 1). The Exploration Tenement (EP-003-2006-CAR) was originally approved in 2006 and had its 3rd renewal approved by the Mines and Geosciences Bureau (“MGB”) on 26 November 2020. The Exploration Permit was extended on 31 March 2022 until May ASX/AIM RELEASE | PAGE 3 2023 and was further automatically extended pending the completion of the Declaration of Mining Project Feasibility (“DMPF”) approval and the processing of the Mineral Production Sharing Agreement (“MPSA”) application. The MGB issued the MPSA (MPSA-356-2024-CAR) to MMCI on 15 March 2024. Figure 1. Location of MCB Exploration Tenement area and associated drilling related to the reported MRE. Study Status The MCB Ore Reserve Estimate has been informed by a series of comprehensive technical studies undertaken since 2006, including the results of a Scoping Study announced on 1 December 2021. Subsequently, the Company delivered a Feasibility Study to the MGB, including an Ore Reserve Estimate that was prepared in accordance with the Philippine Mineral Reporting Code for Reporting of Exploration Results, Mineral Resources, and Mineral Reserves (“PMR”) Code2 . This Feasibility Study was accepted and approved through the issuance of a DMPF3 , after which the Project received its MPSA4 . As the PMR Code is not recognised by the ASX or AIM reporting regimes, the previously submitted Ore Reserve could not be disclosed to ASX or AIM. To support public reporting under JORC, the Company is now in the final stages of completing an updated 2 https://geolsocphil.com/materials/1hJPE22uN9e39c0ssWR0Loq5VV4BMJKu.pdf 3 ASX/AIM announcement 28 September 2023 4 ASX/AIM announcement 18 March 2024 ASX/AIM RELEASE | PAGE 4 Feasibility Study and FEED program in line with JORC standards and forming the basis of the Ore Reserve Estimate. Geology and Mineral Resource Estimate (“MRE”) The geological interpretations and technical information announced as part of the updated MRE on 24 November 2025, are based largely on surface mapping and analysis of 60 diamond drill holes (31,616.20 m) completed by MMCI from 2006 to 2025. Drilling at MCB has broadly defined a large-scale copper mineralisation interpreted to be a typical porphyry copper style of mineralisation, common throughout the Philippine archipelago. The mineralisation and associated alteration exist across the contact between a genetically related intrusive body (tonalite) and the surrounding host rock material. In most cases the surrounding host rock is an older mafic volcanic rock (see Figures 2 to 4). Figure 2. MCB Project drill hole locations and interpreted surface geological plan view diagram The location and trend of the copper-gold mineralisation is influenced by two dominant structural trends that exist at MCB. The broad fabric and trend of the intrusive bodies and associated alteration extends in a north-east direction, or at approximately 050 degrees with a near to vertical dip. This orientation is also parallel to some major faulting. ASX/AIM RELEASE | PAGE 5 The broad copper-gold domains as defined by the MCB MRE were defined based on the continuous zones of copper and gold mineralisation which coincides with the controlling geological host rocks, structures, and alteration features. Figure 3. Section 1 with the interpreted host rock geology relative to the defined copper mineralised domains. Drill holes completed after the 2022 Mineral Resource Estimate on this cross section are identified (holes MCB-042, MCB-043, MTPH-001, and MCB-UG-002). View looking Northeast5 . Figure 4. Section 2 with the interpreted host rock geology relative to the defined copper mineralised domains. Drill hole completed after the 2022 Mineral Resource Estimate on this cross section is identified (MCB-UG-001). View looking Northeast6 . 5 ASX/AIM announcements 15 September 2025, 6 October 2025 and 28 February 2023 6 ASX announcement 16 September 2020 (MCB-003, MCB-008 and MCB-019, ASX announcement 19 October 2022 (MCB-041), ASX announcement 4 October 2022 (MCB-040), ASX announcement 3 August 2022 (MCB-039), ASX announcement 4 July 2022 (MCB-038), ASX announcement 23 May 2022 (MCB-037), ASX announcement 13 December 2021 (MCB-036). ASX/AIM RELEASE | PAGE 6 There is also evidence at MCB for epithermal vein deposit types that exist within close proximity to the large-scale porphyry copper-gold mineralisation. At this stage the only deposit type that is defined in the MRE for MCB is a porphyry copper-gold style. Drilling Techniques The MRE was defined using diamond drill holes, which was the preferred drilling method in MCB. Drilling was completed over two broad stages. The first stage was managed by the previous owner of MMCI, Freeport McMoRan, with a total of 25,481 metres from 46 drill holes completed within December 2006 to July 2013. The second drilling program was implemented by MMCI, with a total of 6,135.2 meters from 14 drill holes completed from 2021 to 2025. All diamond drilling utilised a triple tube core barrel for the entire length to ensure maximum sample recovery. Sampling and Sub-sampling Techniques Half core samples were collected from diamond holes drilled from the surface. All drill cores were generally sampled at 2m intervals. In cases where geological and mineralogical characteristics change, the sample length is reduced to best fit the geological contact. The minimum observed sample size is one metre. Sampling typically commenced after the overburden horizon. The following sub sampling and sample preparations were observed for all the diamond drilling at MCB. A. Drying and Weighing: Samples were weighed, dried in an oven at 105 Celsius for 6 to 8 hours. For samples with high clay content, drying time is extended up to 16 hours. After drying, samples were weighed again to calculate the moisture content. B. Crushing: Samples were then primary crushed to a size of <4mm. Using a Boyd crusher, secondary crushing produces <2mm product size. The 1kg crushed material is retained for final preparation. C. Pulverising: The 1kg split is pulverised to -200 mesh with a grinding time of 4 to 6 minutes for 1kg ground samples. D. Splitting: 1kg sample is split successively to obtain four samples of 250 grams each. Out of the four pulp samples, one sample is being dispatched to the laboratory for analysis while the pulp samples are retained to be used later for duplicate assays and inter-laboratory checks. Sample Analysis Method All drill samples were prepared and sent to Intertek in Manila, an internationally recognised and ISO-accredited independent laboratory. Gold was analysed using fire- assay methods, while copper and other elements were tested using industry-standard multi-element analytical techniques. Assay procedures have evolved across the two drilling programs (2007–2013 and 2021– 2025), with more recent drilling using updated multi-element, four-acid digestion ASX/AIM RELEASE | PAGE 7 methods to ensure accurate copper results. Higher-precision analytical methods were used whenever copper values exceeded standard detection limits to ensure the most reliable grades were reported. Quality control procedures were rigorously followed, with standards and blanks included in nearly 10% of all samples. Independent checks of the laboratory data confirmed no material issues, ensuring the assay results used in the MCB MRE are accurate and reliable. Geology Estimation Methodology Based on the general dimensions of the interpreted ore domains, and the likely mining method, a parent cell block size of 10m x 10m x 10m was chosen for the MRE. Basic statistical information and variogram analysis was reviewed for both copper and gold within the various defined high grade and low-grade domains. The interpreted domains of Type 1HGH, Type 1HGV and Type 3LG were the only 3 domains that were considered to have sufficient data distributed to provide a basis for the use of a more sophisticated interpolation method such as Ordinary Kriging. The parameters for the Ordinary Kriging were based on an analysis of the variograms for each domain. The variograms (defined within the Leapfrog Edge software package) were located along the plane of the interpreted controlling geological trend which is striking at 050 degrees at a near vertical dip. A broad review of the statistics for each domain did not identify significant high value outliers that are considered likely to result in an overestimated either locally or globally to the grade distribution within the block model. Therefore, no top cut was applied to the MRE. Resource Classification Criteria The Measured Mineral Resource was defined using additional drilling completed between 2022 and 2025, with blocks estimated in the first-pass search using variogram sill distances for each domain. Measured classification required 8–18 samples from at least two drill holes using 2 m composites. Indicated Mineral Resources were assigned using a second-pass search at ~1.5 times the sill distance, with 4–20 composite samples per block. Inferred Mineral Resources were estimated using a search distance twice that used for Indicated classification, requiring 2–10 samples per block. No drill-hole count restrictions were applied for Indicated and Inferred classifications. Resource Cut-off Grade A preferred lower cut-off grade of 0.2% copper has been used in the reported MRE. This is considered appropriate based on the geological continuity associated with copper mineralisation above 0.2% copper in addition to a broad economic cut-off point based on a US$5.00/lb copper price. ASX/AIM RELEASE | PAGE 8 Dimensions The copper-gold mineralisation at MCB is classified as a porphyry copper-gold deposit which at deeper levels (below 400m depth) has a broad geometry of up to 1km along strike towards the north-east and true widths of up to 280m. At shallower levels, the copper mineralisation is broken up into multiple domains which are individually up to 600m along strike and with true widths of up to 150m. Resource Table of Results Table 2 below identifies the results from the block model at cut-off grades up to 0.2% copper. Table 2. Summary results for the updated MRE at MCB at a cut-off grade of 0.20% copper. Gross Net Attributable Classification Domain Tonnes (Mt) Copper Grade (%) Gold Grade (g/t) Copper Metal (kt) Gold Metal (koz) Tonnes (Mt) Copper Metal (kt) Gold Metal (koz) Measured Type 1HGV 13 1.15 0.50 145 202 5 58 81 Type 1HGH 4 0.72 0.10 32 14 2 13 6 Type 3LG 32 0.37 0.08 119 84 13 48 34 Totals 49 0.60 0.19 296 300 20 118 120 Indicated Type 1HGV 48 0.66 0.28 316 433 19 126 173 Type 1HGH 11 0.79 0.12 83 41 4 33 16 Type 3LG 190 0.35 0.07 674 438 76 270 175 Totals 248 0.43 0.11 1,072 913 99 429 365 Inferred Type 1HGV 19 0.50 0.12 94 72 8 38 29 Type 1HGH 0.1 0.80 0.14 0.5 0.3 0 0 0 Type 3LG 26 0.49 0.08 129 71 10 52 28 Totals 45 0.49 0.10 224 143 18 90 57 Total Type 1HGV 79 0.70 0.28 554 708 32 222 283 Type 1HGH 15 0.77 0.11 115 55 6 46 22 Type 3LG 248 0.37 0.07 922 593 99 369 237 Totals 343 0.46 0.12 1,592 1,356 137 637 542 Note for table of results: Estimates have been rounded to the nearest Mt of ore, two significant figures for Cu and Au grade and to the nearest kt of Cu metal and koz of Au metal. Some apparent errors may occur due to rounding. The MCB Project is an affiliate company of Celsius and MMCI will be the operator of the MCB Project. ASX/AIM RELEASE | PAGE 9 Mining and Reserve Estimate The mine design, schedules, and plans are based on a comprehensive development program spanning the full mine life. The mining program supports both development ore and production ore, with lateral advances comprising ore drives, slot drives, and drain hole cuddies. Paste-fill is incorporated into the stope sequence to provide ground support, maintain stope stability, and enable safe extraction of ore while minimising dilution. Capital works—including ramps, footwall drives, return air raises, sumps, pump stations, substations, stockpiles, and truck loading bays—are advanced in parallel with production development to ensure operational continuity and efficient access to ore zones throughout the mine life. Estimation Methodology Mining The basis for the mine planning was in the updated Mineral Resource Estimate announced on 24 November 2025. Mine planning and stope optimisation were carried out using industry-standard software, including Deswik.CAD, Deswik.SO, and Deswik.Sched, to ensure technical accuracy and economic viability. These tools supported the development of stope shapes, mine sequencing, and scenario analysis in accordance with the defined Modifying Factors and operational constraints. The mine planning approach includes applying blending strategies for harder ores in later years to achieve target throughputs. Stope optimisation was performed using a combination of geometric and economic parameters, including cut-off grade, minimum mining width, dilution assumptions, and recovery factors. The optimisation process considered the defined stope dimensions of 20m width × 20m length × 30m height, and incorporated retreat mining sequences toward capital infrastructure. To further refine the mine plan, a Revenue Factor Ranking approach was employed. This involved applying varying revenue factors to simulate different metal price scenarios and assess the sensitivity of stope viability. Stopes that remained economically feasible at lower revenue factors (“RF”), therefore, (RF < 0.7) were prioritised, indicating high- margin zones with strong resilience to market fluctuations. Conversely, stopes that only became viable at higher revenue factors (e.g., RF ≥ 0.7) were considered marginal and scheduled later in the mine life. Mining Cut Off inputs The cut-off grade for the MCB Project Ore Reserve has been determined in accordance with JORC (2012) and AIM reporting requirements, using project-specific average metallurgical recoveries, the planned underground mining method, and long-term commodity price assumptions. The inputs in table 3 reflect the current economic parameters appropriate for this stage of the Project. The key parameters indicated below were used to establish a cut-off grade of 0.46% CuEq. ASX/AIM RELEASE | PAGE 10 Table 3. Economic input parameters Parameters Details Process Plant Parameters Average Copper Recovery 95.0% Average Gold Recovery 77.0% Mine Parameters Cutoff Grade 0.46% Copper Equivalent Mine Dilution 10% Mine Recovery 95% Economics Copper Price 4.5 US$/lb Gold Price 3,200 US$/oz Payability 96.65% Mining Cost 18.79 US$/ton Milling Cost 14.89 US$/ton General Admin Cost 2.88 US$/ton The cut-off grade is considered appropriate for the planned underground mining operation and provides a reasonable basis for reporting the Ore Reserve. Metallurgical Inputs Metallurgical test work undertaken by MMCI on multiple defined ore types and representative grade ranges has confirmed the findings of the 2021 metallurgical test program. The latest results reaffirm the potential for strong metallurgical performance at the MCB deposit, demonstrating consistently high recoveries of both copper and gold into a saleable copper–gold concentrate. Average recoveries remained in line with previous outcomes, at approximately 95% for copper and 77% for gold7 . Cost Inputs Mining costs were derived from quotations from suppliers and contractors currently operating in similar mines in the Philippines and internationally using similar equipment under the same conditions. Mining Method and Mine Design Transverse Sublevel Open Stoping (“SLOS”) is the selected and confirmed mining method. The method was previously evaluated and justified in earlier technical studies, and the current study reconfirms its suitability based on updated geotechnical assessments, orebody geometry, operational requirements, and life-of-mine production objectives. The method is fully aligned with the geotechnical recommendations 7 ASX/AIM Announcement 11 November 2025 ASX/AIM RELEASE | PAGE 11 provided by AMH Philippines Inc., and supports safe, productive, and economically viable extraction of the deposit. Figure 5. Image of stoping and decline development Underground Geotechnical Comprehensive geotechnical investigations have been completed for the Project, with earlier studies enhanced through additional drilling and analysis conducted during the recent work program. Mine design and geotechnical evaluation have been closely aligned, with coordination between the DMT Consulting Limited (“DMT“)8 mine planner and AMH Philippines Inc. (“AMH“) to ensure that geotechnical considerations are fully incorporated into the underground design. The assessment establishes the geological and geotechnical context for modelling, outlining both the regional setting and the detailed investigation program. Based on this work, AMH provided recommendations on excavation strategies and ground support requirements. A high-resolution 3D geological model Refer (Figures 6 and 7) was developed through spatial and statistical integration of geotechnical data, exploration logs, and field observations. From this, a Rock Mass Rating (“RMR”) model was constructed following Bieniawski (1989). The underground infrastructure predominantly intersects Rock Class III (Fair) ground conditions (78.13%), followed by Rock Class IV (Poor) at 16.75%, with only 4.99% in Rock Class V (Very Poor) and 0.13% in Rock Class II (Good). A uni-axial 8 ASX/AIM announcement 18 June 2025 ASX/AIM RELEASE | PAGE 12 compressive strength geotechnical model (“UCS“) model was also generated, constrained by lithological domains to ensure realistic representation of rock strength and mechanical properties. Figure 6. AMH Interpolated 3D RMR Block Figure 7. AMH Interpolated 3D RMR Block Processing and Flowsheet The process plant design basis defines the methodology, limits and operating parameters applied in the design of the MCB processing plant, to treat Run-of-mine ore from the underground mine for the life of mine operation. The MCB Copper-Gold Project is designed to process copper sulphide ore at a rate of 2.28 Mt/y during Years 1–2. The throughput will increase to 2.6 Mt/y from Year 3 onward. Variability test work and geometallurgical assessments indicate the potential for harder basalt ore in the mine plan. Additional capital and appropriate blending strategies may be required to achieve the target throughput. The process facility will receive ore from an underground mine utilising the SLOS mining method. The process plant consists of a SSAG circuit followed by rougher flotation, regrind, cleaner flotation and dewatering of concentrate and tailings. Tailings are either mixed with binder and returned underground or transported to a dry stack location for permanent storage. ASX/AIM RELEASE | PAGE 13 Figure 8. Process Flow Block Model Non- Process Infrastructure The non-process infrastructure (“NPI“) required for the MCB Copper-Gold Project has been defined to ensure safe, reliable, and efficient operations. NPI includes all supporting facilities, utilities, and services necessary for mine and plant operations but not directly involved in ore processing. Key infrastructure components include a consolidated site layout, administration buildings, accommodation facilities, workshops, warehousing, laboratories, mine surface installations, and essential utilities such as power distribution, water supply, wastewater treatment, fuel storage, and communications. The infrastructure includes a HV transmission line to connect to the Luzon Grid, and a new access road to site. These are designed to meet operational safety, and regulatory requirements. Remote infrastructure to support logistics and concentrate export—such as transport corridors and off-site handling facilities—is incorporated into the Project’s execution plan to ensure dependable year-round product shipment. The design-basis population for both construction and steady-state operations underpins the sizing of all NPI elements, including accommodation, administration areas, maintenance facilities, medical services, utilities, and emergency-response capabilities. These assumptions ensure the infrastructure is appropriately scaled to support the full workforce over the life of the Project. ASX/AIM RELEASE | PAGE 14 Environmental and Regulatory Summary The MCB Copper-Gold Project is being advanced in full compliance with Philippine mining laws, environmental regulations, and applicable international standards. MMCI holds a valid MPSA granting exclusive rights to explore, develop, and operate within the tenement9 . The Project has secured its Free, Prior and Informed Consent- Certification Pre-condition (“FPIC / CP“)10 , completed its Environmental Impact Statement (“EIS“), and obtained an Environmental Compliance Certificate (“ECC“) under the Philippine EIS System11 . These approvals are supported by extensive environmental and social baseline studies. MMCI has established a comprehensive environmental and social management framework designed to ensure responsible development and long-term stewardship of the MCB Project. Proactive engagement with regulators, local government units, and community stakeholders—particularly Indigenous Peoples—remains foundational to Project delivery. With the MPSA, FPIC, EIS and ECC in place, the Project is well positioned to transition from FEED to development and to operate sustainably throughout its mine life. Financial and Cost Assumptions Revenue Revenue assumptions for the Ore Reserve estimation reflect contributions from the payable metals contained within each ore type. Metal price inputs and exchange rates were based on a combination of independent consensus forecasts and prevailing market conditions at the time of assessment. These revenue parameters, together with estimates of mining, processing, and site operating costs, informed the economic evaluation used to determine cut-off grades and underpin the declaration of the Ore Reserve. Capital and Operating Costs Ausenco12 prepared capital and operating costs for the process plant facility and on-site infrastructure with a target estimate accuracy of ±15% for the initial throughput case of 2.28 Mt/y. Geometallurgical interpretation of recent test work is in progress to validate the design throughput. Additional costs may be required for the milling and tailings filtration areas subject to the assessment which is in progress. DMT provided the mining related costs. Additional scope items such as the access road, power transmission, substation, and Owner’s costs were provided by MMCI. MMCI have advised that the power transmission infrastructure will be constructed by the power provider as an inclusion in the power supply rate. 9 ASX/AIM Announcement 18 March 2024 10 ASX/AIM Announcement 4 September 2024 11 ASX/AIM Announcement 31 May 2023 12 ASX/AIM announcement 19 May 2025 ASX/AIM RELEASE | PAGE 15 Ausenco’s capital estimate was developed from material take-offs, and budget quotations (approximately 63% of the estimate), supported by appropriate growth and contingency provisions. VAT and customs duties are excluded, consistent with MMCI’s Board of Investments (“BOI“) application for VAT exemption. The delivery strategy supported by an Owner’s team for construction and commissioning while the company is still evaluating an EPC delivery model. Process plant operating costs were developed by Ausenco. Mining operating costs were developed by DMT. MMCI provided inputs for G&A, reagents, fuel, and power. Reagent and consumable costs reflect laboratory test work and benchmark pricing, with paste binder pricing based on cement and fly-ash pending completion of ongoing test work. Dry-stack tailings costs were derived from first principles using fleet selection, contractor rates, and fuel consumption. Process plant operating cost accuracy is estimated at ±15%. Escalation is excluded from both capital and operating estimates. The model includes all applicable royalties and statutory obligations under the Philippine Mining Act of 1995 (RA 7942)13 and its Implementing Rules and Regulations (IRR). Economic Evaluation Financial evaluation of the MCB Ore Reserve was undertaken using a detailed spreadsheet-based financial model, incorporating all cost, revenue, and physical inputs as outlined in the relevant sections of this announcement. The model has been constructed in real terms, with operating and capital costs assumed to remain constant over the evaluation period and no escalation applied. The analysis indicates that the MCB Project delivers robust economic returns based on the planned mine schedule, associated waste and ore movements, and the applied cost and revenue assumptions. Sensitivity analyses were completed across a range of metal price scenarios—from independent long-term consensus forecasts to prevailing spot prices and corresponding exchange rates—and confirm the Project’s resilience under varying market conditions. Ore Reserve Summary and Classification The MCB Ore Reserve comprises 22.1 Mt of Proven Ore Reserves and 108.2 Mt of Probable Ore Reserves, for a total of 130.3 Mt at average grades of 0.66% Cu and 0.21 g/t Au, containing approximately 0.86 Mt of copper and 0.89 Moz of gold. The Proven category reflects areas supported by Measured Mineral Resources, while the Probable category is derived predominantly from Indicated Mineral Resources. Inferred material and internal waste captured within the final stope and mine designs are treated as planned dilution and have not been classified as Ore Reserves. The classification is consistent wi