Equinaire Holdings Limited has acquired a 40 percent interest in Makilala Mining Company Inc. after submitting a winning credit bid of US$5,010,000 at a public foreclosure auction held on 8 September 2026. The auction targeted the shareholding pledged as collateral under an Omnibus Loan and Security Agreement governing the Maalinao-Caigutan-Biyog Copper-Gold Project, which serves as the company's flagship development asset in Kalinga, Philippines.

The shares were held through Celsius Resources Limited subsidiary Makilala Holding Limited. Representatives from the subsidiary attended the auction to place on record that any results from the foreclosure sale remain subject to the final determination of a pending arbitration between the parties. Equinaire proceeded with the auction after issuing multiple notices claiming events of default under the loan agreement.

Celsius Resources Limited refutes that any events of default occurred and maintains that Equinaire lacked the contractual conditions and capacity to enforce security or initiate the foreclosure process.

Before Equinaire can register a transfer of the shares with the Philippine Securities and Exchange Commission, the entity must obtain a Certificate Authorizing Registration from the Bureau of Internal Revenue. This tax clearance process typically takes at least 27 working days, or approximately six to eight weeks.

Celsius intends to use this timeframe to protect its interests through multiple legal and arbitration channels. The company plans to file a Motion for Reconsideration with the Regional Trial Court of Makati. If that motion is denied, Celsius will appeal to the Court of Appeals and, if necessary, the Supreme Court of the Philippines. Simultaneously, the company is progressing arbitration to seek an injunction on the transfer of the shares, dispute the occurrence of default events, and pursue damages against Equinaire.

Read the full announcement: Corporate Update