Celsius Resources Limited
CLA · AIM · Basic Resources · mcap £9.3m · 0.2p 4 open situations →
- EV
- £5.6m
- EV / EBIT
- –
- Net cash
- £3.7m
- FCF yield
- -28.4%
- Revenue
- –
- Share price 1y
- −56%
- Insiders 12m
- no deals
- Next report
- around 12 Mar
Open · 4
Sodor 60% MCB interest transfer
Sodor was to take 60% of MMCI under the 2023 agreements; the deadline expired 16 Feb 2026 and Sodor tried to pay about 30 days later. Celsius says the right to pay has expired. On 23 Oct 2026 Celsius said the arbitrator targets 12 Jul 2027 for a decision. MHL's reconsideration motion in Bataan was dismissed and it petitioned the Court of Appeals. A criminal complaint against Sodor's president is under preliminary investigation.
- Celsius response
- Motion for Reconsideration filed; appeal to Court of Appeal and Supreme Court if denied 27 Aug 2026 ↗
- Sodor payment
- PHP300 million (~US$5 million) attempted about 30 days after deadline 30 Sep 2026 ↗
- Way forward
- Earlier: talks with potential replacement Filipino partners for the 60% 23 Oct 2026 ↗
- Arbitration target
- Arbitral decision and any damages targeted for 12 July 2027 23 Oct 2026 ↗
- Amount at stake
- Aggregate US$43 million: PHP300 million for 60% of MMCI plus a PDEP Inc. subscription 23 Oct 2026 ↗
- Criminal complaint
- Estafa complaint against Sodor president Erika Chalmers; Pasig City preliminary investigation 22 and 29 Oct 2026 23 Oct 2026 ↗
Next: Arbitral decision and award of any damages · 12 Jul 2027
- 23 Oct 2026 Arbitration set for decision by July 2027
- 30 Sep 2026 Arbitration continues; replacement partner talks
- 27 Aug 2026 Sodor consignation filed; arbitration continues
- 17 Aug 2026 Arbitration ongoing; Sarmiento-led MMCI board acting
MCB copper-gold project development
DFS is complete and FID was extended to Q4 2026. Equinaire, a Kiri subsidiary, won the 8 September 2026 auction of Celsius's 40% MMCI interest with a US$5.01m credit bid. On 23 Oct 2026 Celsius said the Makati court denied its motion for reconsideration. It plans a Court of Appeals petition to block the tax clearance and share transfer pending arbitration.
- Celsius position
- Refutes Events of Default and Equinaire's capacity to foreclose; says the issues belong in arbitration 23 Oct 2026 ↗
- Registration hurdle
- BIR tax clearance needed before SEC transfer (earlier stated at least 27 working days) 23 Oct 2026 ↗
- Publicity
- Celsius says it is not aware of any publicity or promotion of the auction 9 Sep 2026 ↗
- Auction
- 8 September 2026: Equinaire credit bid US$5,010,000; no other bidders; declared winning bidder 23 Oct 2026 ↗
- Additional notices
- Equinaire issued further Event of Default notices over information-security incidents and Celsius's court filings 30 Sep 2026 ↗
- Court ruling
- Interim measures denied; MHL's motion for reconsideration also denied; not a finding of Event of Default or Equinaire's right to foreclose 23 Oct 2026 ↗
Next: Court of Appeals petition against foreclosure ruling; arbitration with Equinaire
- 23 Oct 2026 Auction lost; appeal to Court of Appeals planned
- 30 Sep 2026 Foreclosure auction won by Equinaire; disputed
- 9 Sep 2026 Foreclosure auction held; Equinaire won
- 2 Sep 2026 Injunction denied; auction noticed for 8 September
Sale of Opuwo Project
Celsius began selling non-core Opuwo (Namibia) in April 2026 and signed a binding SSA with Chinalco (Xiong'an) Mining on 30 June 2026 for its 95% interest and intercompany loan for US$15m. On 23 October 2026 it said shareholder approval, pre-emptive rights waiver, ECC and EPL renewals are satisfied. Namibian and Chinese approvals remain.
- Next milestone
- Cut-off date 29 December 2026, extendable by 2 months; buyer funds US$1m non-refundable work meanwhile 30 Jun 2026 ↗
- Price
- US$15 million cash for the intercompany loan and 95% of Opuwo Cobalt Holdings 23 Oct 2026 ↗
- Use of money
- Described as a material source of near-term funding; earlier said net proceeds go to MCB, subject to the MMCI arbitration 23 Oct 2026 ↗
- Buyer
- Chinalco (Xiong'an) Mining Corporation Limited, subsidiary of Aluminum Corporation of China 23 Oct 2026 ↗
- Conditions
- Celsius shareholder approval, EPL/ECC renewal, Namibian and Chinese approvals, pre-emptive rights waiver, no MAE 30 Jun 2026 ↗
- Conditions met
- Shareholder approval, pre-emptive rights waiver, Environmental Clearance Certificate and Exclusive Prospecting Licence renewals (as of 23 Oct 2026) 23 Oct 2026 ↗
Next: Namibian and Chinese regulatory approvals, then completion
- 23 Oct 2026 Four conditions met; regulatory approvals outstanding
- 30 Jun 2026 Binding SSA signed; conditions outstanding
- 26 May 2026 Binding SPA expected by end June 2026
- 30 Apr 2026 Sale process continuing
Auditor appointment compliance and ASX halt
- 4 Feb 2026 Voluntary suspension; Supreme Court application pending
- 2 Feb 2026 ASX trading halt; court application imminent
Closed · 1
Company filings. Not investment advice.