Celsius Resources launches emergency arbitration

Dual-listed mining explorer Celsius Resources (ASX:CLA) announced a series of critical corporate developments marked by mounting legal friction and executive upheaval surrounding its Philippine operations.

The company is initiating an emergency arbitration application to secure an injunction against an unapproved offtake agreement between Makilala Mining Company and Kiri Industries.

Celsius seeks to halt the transaction until a broader, ongoing arbitration dispute involving Sodor and PMR Holding is fully resolved.

Celsius has issued a formal letter to Kiri intending to rescind any unapproved arrangements made with MMCI.

Tensions have escalated following a complete breakdown in communication. Celsius reported that Sodor, PMR, and their adviser, Julito "Sarge" Sarmiento, have refused to respond to correspondence, despite Celsius proactively offering to reinstate a previously contemplated transaction with enhanced protections.

Amidst this silence, Sarmiento, acting as President Director of MMCI, terminated MMCI's Technical Director, Peter Hume, and Chief Sustainability Director, Dr Attilenore "Nene" Manero, triggering significant concerns from Celsius regarding MMCI’s management and the conduct of its leadership.

The disputes follow an April 2026 announcement that the Maharlika Investment Corporation assigned its loan position under an Omnibus loan and security agreement with MMCI to Equinaire Holdings Limited, a wholly owned subsidiary of Kiri.

Celsius confirmed that its Opuwo sales process remains on track, with a binding sale and purchase agreement anticipated by late June.

Proceeds from this divestment are intended to provide vital financial support for MMCI and the MCB Project.

At the time of reporting, Celsius Resources’ share price was $0.0080.