Celsius Resources to Challenge Foreclosure, Auction of Philippine Mining Stake

05:01 AM EDT, 07/20/2026 (MT Newswires) -- Celsius Resources (CLA.L) said Monday it will challenge the foreclosure and public auction notices issued by Kiri Industries unit Equinaire Holdings related to its 40% stake in Makilala Mining in the Philippines. The dispute follows the June 9 assignment by Philippine sovereign wealth fund Maharlika Investment Corp. of its rights, title and interests under the Omnibus Loan and Security Agreement with Makilala Mining to Equinaire. The London-listed mining company claims that a Notice of Relinquishment issued to Sodor constituted an event of default under the loan agreement, triggering foreclosure proceedings and a proposed public auction of Celsius Resources' 40% interest in Makilala Mining. Celsius rejected the claim, disputing both the alleged default and Equinaire's authority to foreclose or sell its stake, and said it will protect its interests to the fullest extent of the law.