Shares in Celsius Resources Ltd (ASX:CLA, AIM:CLA) jumped 27% in early trading in London after its Philippine affiliate, Makilala Mining Company, secured a $76.4 million bridge loan facility from Maharlika Investment Corporation.
The funding will support the company’s flagship MCB Project, covering an updated feasibility study, front-end engineering design, and early development work, including road construction and skills training for the local Balatoc community.
Celsius executive chairman Julito Sarmiento said the investment reflects the Philippine Government’s commitment to critical metals and responsible mining.
He praised the efforts of the company’s team in securing full permitting and substantial funding within just four years, despite pandemic-related challenges.
The agreement also ensures that Makilala Mining meets financial requirements under its Mineral Production Sharing Agreement with the Philippine Government.
Celsius has now moved closer to advancing the MCB Project’s construction and development, positioning itself as a key player in the region’s mining industry.
The shares rose 0.13p at 0.63p.