Philippine-focused Copper-Gold developer, Celsius Resources, has provided a further update in relation to the Omnibus Loan and Security Agreement (“OLSA”) between its subsidiary, Makilala Mining Company Inc. (“MMCI”) and Equinaire Holdings Limited (“Equinaire”), a wholly-owned subsidiary of Kiri Industries Limited (“Kiri”) of India.
Referring to an announcement that Celsius made on 9 June 2026, the Philippine sovereign wealth fund, Maharlika Investment Corporation (“MIC”) completed the assignment of its rights, title, and interests under the Omnibus Loan and Security Agreement (“OLSA”) with MMCI to Equinaire.
Kiri has provided the following rationale for acquiring the OLSA:
“The acquisition of the loan represents a precursor transaction that is expected to enable the Group to benefit from an off-take arrangements, ensuring preferential supply of copper ore/concentrate from Makilala Mining Company, Inc. for its upcoming copper facility being developed by Indo Asia Copper Limited.”
Further to the acquisition and assignment of the OLSA, Equinaire issued the following notices on the evening of Friday 17 July 2026:
- Notice of Event of Default – which claims that the Notice of Relinquishment issued to Sodor, Inc. (“Sodor”) constituted an Event of Default under the OLSA;
- Notice of Commencement of Foreclosure Proceedings – which on the basis of Equinaire’s claimed Event of Default, is seeking to initiate a foreclosure process and the enforcement of security with respect to Celsius’ 40% interest in MMCI; and
- Notice of Disposition – which is seeking to initiate a public auction for Celsius’ 40% interest in MMCI.
Celsius refutes the occurrence of an Event of Default and the capacity of Equinaire to initiate a foreclosure process and sell its interest in MMCI. It intends to protect its interests to the fullest extent of the law.
Celsius will provide further updates as and when appropriate in accordance with its continuous disclosure obligations.
