Celsius Resources Ltd - Perth, Australia-based explorer focused on its portfolio of copper-gold resources in the Philippines - Receives renewal of prospecting licence for the Opuwo cobalt project, which is held under its Namibian subsidiary, Opuwo Cobalt Holdings (Pty) Ltd. The two-year renewal, which was issued by the Namibian Ministry of Mines & Energy in October, is for the EPL 4346 prospecting licence, which covers approximately 683 square-kilometres. Celsius says this renewal will allow it to further evaluate the project’s viability, with a view to finding a suitable partner. Adds that ongoing trade-off studies on mining costs, production rates and the possibility of processing oxide ores are being conducted to determine the viability and financial outcomes.

Managing Director Peter Hume says: ‘This is a positive development as we are currently reviewing the Opuwo Project to understand how we can strategically unlock its potential value given the high demand for Cobalt from the electric vehicles sector. This project can potentially produce non-conflict Cobalt in a politically stable country for more than 40 years. With the renewal of the permit and recent positive metallurgical test work results, we anticipate this will attract potential partners in the project.’

Current stock price: 0.56 pence

12-month change: down 38%

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