Celsius Resources Limited announced that it has received the renewal of the exclusive prospecting license for the Opuwo Cobalt Project ("Opuwo") which is held under its Namibian subsidiary, Opuwo Cobalt Holdings (Pty) Ltd. The Namibian Ministry of Mines and Energy issued the 2 year renewal of the exclusive prospecting licence for EPL 4346 on 11 October 2023, which covers approximately 683 km2. This will enable Celsius to further evaluate the project's viability with a view to finding a suitable partner. The Opuwo Cobalt-Copper Project is located about 730km north-west of the Namibian capital city, Windhoek.

The project is of a very large scale and located in a mining-friendly, politically stable, and safe location with excellent infrastructure. It has ample access to grid power, water, and services allowing a range of development options. Aligned with Celsius' strategy of continuing to identify and develop world-class, high-grade assets, Opuwo represents significant potential.

The updated Mineral Resource Estimate as announced by CLA on 1 July 2021 was based on all drilling completed by Celsius at Opuwo, and comprises 225.5 million tonnes at a grade of 0.12% cobalt, 0.43% copper, and 0.54% zinc. The Mineral Resource Estimate represents contained cobalt of 259,000 tonnes and contained copper of 970,000 tonnes and is classified as: 45.3 million tonnes at a grade of 0.11% cobalt, 0.44% copper and 0.51% zinc in the Indicated category; 180.2 million tonnes at a grade of 1.12% cobalt,0.43% copper and 0.55% zinc in the Inferred category.