Celsius Resources said it is contesting legal actions by Equinaire Holdings and Sodor, Inc. over its Philippine mining interests, as disputes over a 40% and a 60% stake in Makilala Mining Company Inc. (MMCI) move toward courtroom resolution.
Equinaire, a subsidiary of Kiri Industries, has sought to foreclose on Makilala Holding Limited’s (MHL) 40% interest in MMCI via a public auction scheduled for September 8, 2026. Celsius disputes the alleged events of default under an Omnibus Loan and Security Agreement and contends Equinaire lacks legal standing to initiate foreclosure. The Regional Trial Court of Makati initially granted a Temporary Order of Protection on August 12, which was lifted after Equinaire posted a PHP201 million (about $4.6 million) counterbond. The court’s ruling did not address substantive rights under the agreement, leaving the dispute unresolved.
MHL has filed a Petition for Interim Measures of Protection to halt the foreclosure until arbitration between the parties concludes. Celsius said the arbitration process remains ongoing, while Equinaire continues to pursue its claims through the court system.
Separately, Sodor, Inc. has filed a consignation application in the Regional Trial Court in Bataan, seeking to force MHL to accept payment for a 60% interest in MMCI. Sodor attempted payment approximately 30 days after an extended deadline of February 16, 2026, but MHL rejected it. The consignation application seeks PHP300 million (about $6.8 million), with the court declining MHL’s motion to suspend proceedings pending arbitration. MHL has filed a Motion for Reconsideration and plans to appeal if denied.
The disputes stem from an original agreement deadline from March 2023, later extended to February 2026. The foreclosure auction, set for September 8, 2026, will have a minimum bid of $5 million, with shares sold on an "as is" basis without warranty. Celsius Resources, listed on the ASX and AIM under the ticker CLA, continues to assert its position amid the legal challenges.
