Equinaire Holdings Limited has posted a PHP 201 million counterbond to lift a Temporary Order of Protection, enabling a scheduled public auction on 8 September 2026 for a 40% interest in Makilala Mining Company Inc. held by Celsius Resources Limited subsidiary Makilala Holding Limited.

The auction notice sets a minimum bid price of US$5 million for the stake, with terms specifying that the shares will be sold on an as-is, where-is basis without recourse or warranty, alongside a prohibition on joint or consortium bidders. Equinaire has reserved the right to participate in the auction and acquire the shares for the highest price submitted by a third-party bidder.

The dispute stems from Equinaire's claims that Makilala Holding Limited triggered an Event of Default under an Omnibus Loan and Security Agreement by issuing a relinquishment notice to Sodor, Inc., and by taking legal actions to secure court protection. Celsius refutes that any default occurred and maintains that Equinaire lacks the contractual conditions and legal capacity to enforce security or sell the shareholding. Makilala Holding Limited has a pending Petition for Interim Measures of Protection at the Regional Trial Court of Makati seeking to enjoin any foreclosure or disposition of its interest until arbitration concludes.

The Maalinao-Caigutan-Biyog Copper-Gold Project serves as Celsius Resources' flagship development asset located in Kalinga, Philippines. The company completed a Definitive Feasibility Study for the project and engaged Grant Samuel Capital Advisory in January 2026 to advance a structured funding process.

Parallel ownership disputes involve a separate legal action initiated by Sodor, which deposited PHP 300 million with the Office of the Clerk of Court and filed a consignation application with the Regional Trial Court in Mariveles, Bataan. Sodor is seeking a court order requiring Makilala Holding Limited to accept the payment for a 60% legal ownership interest in Makilala Mining Company Inc.

Under an earlier binding agreement announced on 17 March 2023, Sodor was to acquire the 60% interest for PHP 300 million by a deadline that was later extended to 16 February 2026. Following the expiry of this deadline and the issuance of a relinquishment notice by Makilala Holding Limited, Sodor deposited the funds approximately 30 days after the deadline lapsed.

Makilala Holding Limited filed a motion to refer the consignation case to arbitration to suspend proceedings, but the Bataan court declined the motion on the grounds that consignation is a matter for the court, while acknowledging that arbitration can continue to determine contractual claims and remedies. Makilala Holding Limited has filed a Motion for Reconsideration with the court.

Read the full announcement: Corporate Update