Celsius Resources Limited announced significant corporate developments as it advances financing for the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project.
Interim Chairman Appointment
The company has appointed Peter Hume, a long-standing non-executive director and former managing director and technical director of its Philippine affiliate Makilala Mining Company, Inc. (MMCI), as interim non-executive chairman of the board.
Hume, who has been involved with the MCB Project since its early stages, has played a central role in the project’s technical, permitting, and strategic development in the Philippines. He brings more than 40 years of experience in mining development, construction, and operations.
Over the past two years, Hume has been actively engaged in securing strategic investment for the MCB Project and progressing discussions with potential funding partners. For his interim role, Hume will receive a 30 percent increase from his base monthly fee of A$4,000, plus superannuation. The company continues its search for a permanent non-executive chairman.
Opuwo Project Update
Celsius holds a 95 percent stake in the Opuwo project through subsidiaries in Australia and Namibia. The company has been seeking to divest the asset, and multiple groups have conducted due diligence and submitted non-binding offers. Three offers are currently progressing on a non-exclusive basis as site visits and further due diligence continue.
In parallel, Celsius has initiated the process to delist from the Namibia Securities Exchange, with completion expected in March.
MMCI Shareholding Reclaimed
Celsius also announced it has formally exercised its contractual rights to reclaim the 60 percent shareholding in MMCI previously held by Sodor Inc. under a 2023 Deed of Assignment. Sodor failed to meet funding commitments and complete documentation by the extended share return date of February 16, 2026.
Makilala Holding Limited, a wholly owned subsidiary of Celsius, issued formal notice requiring Sodor to execute the necessary transfer within 14 calendar days. Celsius is now implementing a revised ownership structure for MMCI in compliance with Philippine Securities and Exchange Commission requirements and national government guidelines.
Further updates on the MCB Project, Opuwo divestment and MMCI ownership structure will be provided as developments occur.
