Celsius Setback as Interim Bid to Curb Sodor’s Control of MMCI Fails

Celsius Resources ( (AU:CLA) ) has provided an announcement.

Celsius Resources has provided an update on its conflict with Sodor, Inc. and affiliate PMR Holding Corp. over their lapsed payment obligations for a 60% stake in Makilala Mining Company, Inc. and a major subscription in PDEP Inc., the intended mineral processing vehicle for the MCB Project. Despite the expiry of the 16 February 2026 payment deadline and Celsius’ notice seeking relinquishment of the MMCI shares, Sodor later attempted to pay, PMR claimed funding readiness, and Sodor moved to reassert control over MMCI’s board.

To protect its position, Celsius initiated emergency and broader alternative dispute resolution processes, seeking to block Sodor from exercising shareholder and director rights and to enforce relinquishment so it could bring in a new qualified Filipino partner. However, during this period Sodor requisitioned an MMCI shareholders’ meeting, replaced the board, reinstalled Julito “Sarge” Sarmiento as chair and president, and suspended senior executives, and on 5 May 2026 the requested interim orders were denied, leaving Sodor’s 60% interest in place pending arbitration. Celsius maintains that Sodor and PMR’s payment rights have expired and plans to continue pursuing its claims, a stance that injects further uncertainty into governance and project control at MMCI and may affect timelines and risk perceptions around the MCB Project for investors and local stakeholders.

More about Celsius Resources

Celsius Resources Limited is an exploration and development company listed on the ASX and AIM, focused on copper-gold assets in the Philippines. Through subsidiaries such as Makilala Mining Company, Inc. and planned processor PDEP Inc., the company is advancing the Maalinao-Caigutan-Biyog (MCB) copper-gold project with local Filipino partners.

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