Celsius Resources faces foreclosure proceedings and an attempted public auction targeting its 40 percent interest in Makilala Mining Company Inc. after Equinaire Holdings Limited claimed an Event of Default under an Omnibus Loan and Security Agreement.

Equinaire, operating as a wholly owned subsidiary of India-based Kiri Industries Limited following an assignment from Maharlika Investment Corporation, initiated the foreclosure process and a public auction notice. The actions stem from a claim that Celsius issued a relinquishment notice regarding Makilala Mining Company Inc. in violation of loan terms.

Celsius strongly refutes that an Event of Default occurred and contests Equinaire's legal capacity to initiate foreclosure and sell the shareholding. The 40 percent stake forms the underlying ownership for the Maalinao-Caigutan-Biyog Copper-Gold Project, which serves as the company's flagship development asset in Kalinga, Philippines.

A Temporary Order of Protection granted by the Regional Trial Court of Makati City currently blocks Equinaire from proceeding with the foreclosure or public auction. Ahead of that protection order's scheduled expiry on 25 August 2026, Celsius intends to launch formal arbitration proceedings to defend its ownership interests under the terms of the loan agreement.

Equinaire has applied to the Regional Trial Court to lift the protection order and permit the auction to proceed. Celsius has submitted filings and presented verbal arguments in opposition to the request. The Regional Trial Court is assessing the motion to lift the protection order, and has directed all parties to maintain the status quo while the review continues.

Read the full announcement: Further MMCI OLSA update