The company holds an 80% interest in three tenements in the Uzgen Basin that are being explored. It plans to deliver an initial JORC-compliant resource estimate for Uzgen during the first quarter of this year.

Coal quality analyses have returned initial results at the Kargasha site.

Laboratory float/sink testing of 26 samples of coking coal and coal composites reveal the material appears to beneficiate with a well-defined density cut point of 1.5g/cc.

Using this cut point theoretical yield ranges from 41% to 94%, with 84% of values being greater than 60%.

Testing is still underway to further determine the broader coking characteristics, ash compositions and ultimate analyses of these samples.

The company holds an exploration target of 115-140 million tonnes of coal for Kargasha and between 500 and 700Mt of coal for the Uzgen basin project as a whole.

Celsius also owns 90% of adjacent projects Sary Mogol and Bel Ama, with the company hoping to mine 5000t of coal at Sary Mogol by the end of the year.

The company announced a strategic alliance last week with Singapore-based company Blumont, securing $5.2 million in funding.