Philippine-focused copper-gold developer Celsius Resources has released its quarterly activities report for period ending 30 June 2026.
Highlights
George Bujtor appointed as Chair
- George Bujtor appointed as Non-Executive Chair of Celsius announced on 14 July 2026.
- George is a highly distinguished mining executive with over 50 years of technical, commercial and leadership experience across the global resources sector.
- George brings strong technical expertise, senior leadership and governance experience and a proven track-record in successfully funding, developing and operating Philippine mining projects.
Mr Bujtor said: “I have long recognised the high quality of Celsius’ MCB Project and its wider portfolio in the Philippines. This is a pivotal time for the Company, and I look forward to working closely with the Board and management to resolve the current MMCI arbitration and rapidly advance the MCB Project toward development.”
Peter Hume has stepped down as Interim Non-Executive Chair and remains on the Celsius Board.
Opuwo Project to be sold to Chinalco for US$15 million
- Binding Share Sale Agreement with Chinalco (Xiong’an) Mining Corporation Limited, a subsidiary of Aluminum Corporation of China, in relation to a sale of its 95% interest in the Opuwo Project in Namibia.
- Opuwo is a large-scale, advanced cobalt-copper exploration and development project located in the Kunene Region of North-Western Namibia.
- Enables Celsius to increase its focus on its Philippine portfolio of copper-gold projects and provide a material source of near-term funding.
- Celsius intends to utilise the net proceeds from the proposed sale to progress the development of the MCB Copper-Gold Project.
- The transaction entails the sale of an intercompany loan and Celsius’ 95% interest in Opuwo Cobalt Holdings (Proprietary) Limited for total consideration of US$15 million (~A$21.7 million).
- Chinalco (Xiong’an) Mining is a specialised non-ferrous subsidiary of Chinalco that is focused on the development of large-scale international base metals projects.
- Demonstrating commitment to the transaction, Chinalco (Xiong’an) Mining has agreed to provide a nonrefundable exploration commitment of a minimum of US$750,000 on exploration and US$250,000 on metallurgical test work.
Renewed attention on the Sagay Copper Project
- Subsidiary Tambuli Mining Company appointed Attilenore “Nene” Manero as Interim Chair and President; and Intends to appoint Peter Hume as Technical Advisor upon finalisation of applicable regulatory and administrative requirements
- Tambuli is focused on progressing the Sagay Copper Project, which is located in the northeastern part of Negros Island, within the Province of Negros Occidental, Philippines.
- These appointments enable Celsius to retain critical in-country expertise and experience, and support the longer-term strategy of progressing the development of the Sagay Copper Project.
New Company Secretary and CFO
- Ian Hobson appointed as Celsius’ Company Secretary and Chief Financial Officer.
- Ian is a Chartered Accountant and Chartered Company Secretary with 40 years’ experience in the profession.
- Ian was previously a director at PricewaterhouseCoopers with experience working in Australia, UK and Canada.
MMCI loan update
- Philippine sovereign wealth fund, Maharlika Investment Corporation completed the assignment of its rights, title, and interests under the Omnibus Loan and Security Agreement with Makilala Mining Company to Equinaire Holdings Limited, a wholly-owned subsidiary of Kiri Industries Limited of India.
- Equinaire then issued:
- a Notice of Event of Default claiming that the Notice of Relinquishment issued to Sodor constituted an Event of Default under the OLSA;
- a 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
- a 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.
