Celsius Resources (ASX:CLA) said its Philippine affiliate, Makilala Mining, started on-site engineering activities for the Maalinao-Caigutan-Biyog project, according to a Friday filing with the Australian bourse.
This comes after the first drawdown of funds from the Maharlika Investment under the recently disclosed first omnibus loan and security agreement, the filing said.
The company anticipates completion of the front-end engineering design and feasibility study update by November, per the filing.
Celsius Resources shares were down 7% in morning trade on Friday.
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