Scoping work for the 2.3 million tonne per annum MCB development estimated the net present value at $464 million (post-tax) and the internal rate of return at 31%.

A copper price of $4 per pound and gold price of $1695/oz were used, with cash costs put at $1.29/lb net of gold credits.

Payback was put at 2.7 years for the projected 25-year life-of-mine venture.

Celsius had A$5.1 million cash at the start of the current quarter, and an enterprise value of about $23 million.

Celsius said it would "now proceed with all workstreams associated with securing mining title, including the submission of requirements for the Declaration of Mining Project Feasibility".

Last month the company appointed Martin Buckingham as its executive chairman, with the appointee being an experienced mining engineer with a 25-year history in Philippines including 20 years as director of the country's largest copper producer Atlas Consolidated Mining and Development Corp.

Shares in Celsius were down 4% to 2.6c in early trade, capitalising the company at $27 million.