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MCB Project receives Certificate of Approval for EPEP-FMRDP

MCB Project receives Certificate of Approval for EPEP-FMRDP

18 July 2023 Announcement

Celsius Resources is pleased to announce that our Philippine subsidiary, Makilala Mining Company, Inc. (“MMCI or “the Company”), 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 its flagship Maalinao-Caigutan-Biyog Copper-Gold Project (“MCB” or “the Project”).

The issuance of the Certificate of Approval indicates that the Company has instituted the necessary environmental measures pursuant to the Philippine Mining Act of 1995 (“Philippine Mining Act”), and its Implementing Rules and Regulations or the Department of Environment and Natural Resources (DENR) Administrative Order No. 2010-2.

The issuance of the Certificate of Approval indicates the Company has instituted these environmental measures prior to the commencement of construction and mining operations, and that the Company has committed to environmental protection for the life of the mine.

Among the terms and conditions of the said certificate, is the establishment of a guarantee funding mechanism, collectively known as the Contingent Liability and Rehabilitation Fund, to ensure satisfactory compliance with the commitments and performance of the activities stipulated in the EPEP-FMRDP.

Under the Philippine Mining Act, applications for a mining permit shall be supported by an EPEP-FMRDP.

The EPEP is a comprehensive and strategic environmental management plan that serves as an operational link between the environmental management provisions of the Philippine Mining Act’s Implementing Rules and Regulations and the conditions stated in the Environmental Compliance
Certificate issued to the MCB project.

It contains contingency and emergency preparedness as well as environmental monitoring and implementation costs, while the FMRDP considers mine closure scenarios and remediation process, for returning the mine sites and affected area to viable and self-sustaining ecosystems, including cost estimates for its implementation.

Celsius Executive Chairman Atty. Julito R. Sarmiento, said: “We are grateful for the Philippine government regulatory bodies in the prompt review and approval of our environmental permitting requirements. In turn, we reiterate our firm adherence to and commitment to go beyond compliance with environmental laws in the development of the MCB Project.”

The approval of the EPEP-FMRDP is another step closer in the mine permitting process of obtaining a Mineral Production Sharing Agreement (MPSA) with the Philippine Government which the Company envisages receiving by the end of August 2023.

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