Celsius Resources Ltd (ASX:CLA, AIM:CLA) shares rose 5% to 0.58p after the company said its Maalinao-Caigutan-Biyog (MCB) copper-gold project in the Philippines is moving closer to operational readiness, with technical and financing work progressing on schedule.
The company reported solid progress on its front-end engineering design (FEED) and an updated feasibility study, both targeted for completion by December.
Interim findings from engineering consultant Ausenco point to improvements in mine design, plant configuration and materials handling that could lower operating costs and boost project economics.
Recent drilling returned stronger-than-expected results, including a 113.1-metre intersection grading 1.32% copper and 0.41 grams per tonne gold, confirming consistent high-grade mineralisation within the target zone.
Celsius said the data would help refine mine planning and resource models.
Funding support remains steady following a second drawdown from its bridge loan with the Maharlika Investment Corporation, leaving group cash at A$2.39 million at the end of September. Maharlika has also expressed interest in taking an equity stake in the project.
Community and environmental programmes are advancing alongside engineering work, with skills training, scholarships and environmental compliance plans underway.
Celsius said it remains on course to secure full project financing in the coming quarter as it positions the MCB project for development in 2026.