Celsius Resources has appointed Bardin Davis as Managing Director to spearhead financing efforts for its Maalinao-Caigutan-Biyog Copper-Gold Project, while initiating a search for a Non-Executive Chair to strengthen governance.
- Bardin Davis appointed Managing Director with immediate effect
- Focus on securing financing for MCB Copper-Gold Project
- Search underway for Non-Executive Chair via Swann & Skein
- Executive agreement includes A$530,000 salary plus 100 million performance rights
- Neil Grimes remains Executive Director supporting daily operations
Leadership Change at a Critical Juncture
Celsius Resources Limited has announced the appointment of Bardin Davis as its new Managing Director, effective immediately. Davis, who has been advising the company since January 2026, brings nearly three decades of investment banking and corporate leadership experience in the mining and energy sectors. His arrival marks a strategic move by Celsius to accelerate progress on financing and developing its flagship Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project.
Previously the CEO of Peak Rare Earths Limited, Davis has a track record of navigating complex project financing, securing binding offtake agreements, and managing government partnerships, notably in Tanzania. His leadership at Peak culminated in a significant takeover premium for shareholders, underscoring his capability to deliver shareholder value through strategic execution.
Financing the MCB Project
Davis’ immediate priority will be to finalise the financing arrangements necessary to support a Final Investment Decision (FID) for the MCB Project. This step is pivotal for Celsius as it transitions from development to construction and production phases. The company’s Interim Non-Executive Chair, Peter Hume, expressed strong confidence in Davis’ ability to lead this critical phase, highlighting his relevant skill set in project financing and investment banking.
Alongside Davis’ appointment, Celsius has engaged Swann & Skein, a respected executive search firm, to identify a suitable Non-Executive Chair. This role is expected to provide governance oversight and strategic guidance as the company advances toward FID and beyond.
Executive Terms and Incentives
Davis’ executive services agreement includes a base salary of A$530,000 per annum, with a portion payable in shares subject to shareholder approval. More notably, he is granted 100 million performance rights tied to key milestones such as the announcement of a positive final investment decision, project commissioning, and share price targets ranging from A$0.03 to A$0.05 over the next three years. These incentives align his remuneration closely with the company’s operational and market performance, signalling a strong commitment to delivering shareholder returns.
Neil Grimes will continue as Executive Director, supporting Davis in managing the company’s day-to-day operations, ensuring continuity during this leadership transition.
Looking Ahead
The appointment of Bardin Davis and the search for a Non-Executive Chair come at a crucial time for Celsius Resources. With financing for the MCB Project still to be secured, the company’s leadership changes reflect a clear intent to strengthen governance and execution capabilities. Investors will be watching closely as Celsius moves toward its Final Investment Decision, which will set the tone for the company’s development trajectory and value creation potential.
Bottom Line?
Celsius’ leadership overhaul signals a decisive push towards financing and developing its copper-gold project, but the path to FID remains a critical test.
Questions in the middle?
- Will Celsius secure the necessary financing to reach Final Investment Decision on the MCB Project?
- Who will be appointed as the Non-Executive Chair, and how will they influence governance?
- How will Bardin Davis’ performance rights milestones impact company strategy and shareholder value?