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Celsius Resources ( (AU:CLA) ) has issued an announcement.
Celsius Resources has provided a corporate update detailing governance turmoil at Philippine affiliate Makilala Mining Company Inc. after a payment deadline lapsed for Sodor Inc.’s proposed 60% acquisition and an associated US$38 million processing investment. Despite Celsius issuing a notice that MMCI shares be relinquished, Sodor and related party PMR Holding sought to pay late and launched conflict resolution proceedings, which initially failed to secure interim orders protecting their position.
The company has since launched its own emergency conflict resolution process seeking to block Sodor from exercising shareholder or director rights at MMCI, maintain the status quo and restrict implementation of any Sodor-driven resolutions until a broader dispute is settled. Celsius is pushing to enforce relinquishment of the Sodor and PMR arrangements so it can transfer MMCI shares to a new Filipino partner, and says it will vigorously defend its interests, including potential legal action over alleged fiduciary or confidentiality breaches.
Boardroom upheaval at MMCI has intensified the dispute, with former Celsius director Julito “Sarge” Sarmiento resigning as an MMCI representative and then being reappointed as chair and president after Sodor convened a shareholders’ meeting that vacated all five board seats and suspended several senior executives. While trading in Celsius shares has resumed on the ASX after a brief halt, the governance stand-off at MMCI introduces uncertainty around project control and timelines as the interim orders application is expected to conclude in early May 2026.
More about Celsius Resources
Celsius Resources is an Australia- and UK-listed minerals company focused on developing copper and related mining assets, primarily through its interests in Makilala Mining Company Inc. and associated processing ventures in the Philippines. The group targets value creation by advancing exploration and development projects in partnership with qualified local stakeholders.
YTD Price Performance: 16.67%
Average Trading Volume: 10,514,601
Technical Sentiment Signal: Sell
Current Market Cap: A$52.07M
Learn more about CLA stock on TipRanks’ Stock Analysis page.