Celsius Appoints Bardin Davis to Lead MCB Project Financing Push

Leadership Shakeup to Drive Financing Push

Celsius Resources (ASX:CLA, AIM:CLA) has appointed Bardin Davis as Managing Director, tasking him with steering the financing and development of its flagship Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project. Davis brings nearly three decades of investment banking and mining sector experience, including a successful tenure as CEO of Peak Rare Earths where he oversaw a lucrative project sale delivering a takeover premium exceeding 260%. His appointment follows a strategic advisory role earlier this year and signals Celsius’s intent to sharpen its capital raising and project execution efforts.

Alongside this, Celsius has initiated a search for a Non-Executive Chair with sector and governance expertise, aiming to strengthen board leadership ahead of a Final Investment Decision (FID) expected in late 2026. This leadership refresh comes as Neil Grimes, a long-serving executive, transitions to a Non-Executive Director role by July, maintaining continuity during the handover.

Extended Financing Timeline and Broadened Funding Strategy

The company has extended the timeline for securing project financing and reaching FID to the fourth quarter of 2026. This extension accommodates a multi-stream funding approach led by Grant Samuel Capital Advisory, targeting offtake-linked financiers, Philippine and international project finance banks, and strategic equity investors. The first phase of this process has yielded a broad range of Non-Binding Indicative Offers, with shortlisted parties invited to progress to detailed due diligence and negotiations.

In addition to the structured financing process, Celsius is exploring near-term funding options to support early works without resorting to equity dilution. The company’s recent A$9.3 million equity raising, primarily through a placement at A$0.02 per share with attaching options, has strengthened its cash position to approximately A$9.8 million, providing a buffer as it advances project milestones.

Ongoing Philippine Ownership Dispute Clouds MMCI Control

Celsius continues to grapple with a complex ownership dispute involving Sodor, Inc. and PMR Holding Corp., local Philippine entities that were contractually obliged to acquire a 60% stake in Makilala Mining Company, Inc. (MMCI), the MCB Project’s mining operator, by early 2025. Despite expired payment deadlines, Sodor and PMR have attempted to assert rights over MMCI shares, prompting Celsius to initiate alternative conflict resolution and emergency legal proceedings to prevent control transfers.

Recent developments include a shareholder meeting called by Sodor that resulted in a board reshuffle and reappointment of Julito “Sarge” Sarmiento as MMCI Chair and President, actions Celsius disputes as unauthorized given the lapsed agreements. Celsius is actively pursuing arbitration and may take legal action against parties it accuses of breaching fiduciary duties. Meanwhile, the company is in advanced talks with a new qualified Filipino partner to acquire the 60% MMCI stake, aiming to stabilise ownership and retain a 40% direct interest in MMCI while holding 100% of the processing company, PDEP. This dispute and governance uncertainty remain a key risk to project progress and financing.

The ongoing conflict and recent boardroom upheaval are detailed in the company’s recent Celsius Battles to Reclaim Control of Makilala Mining and Celsius Board Investigates Unauthorized Share Transfer Notice updates, highlighting the challenges Celsius faces in consolidating project control.

Loan Assignment to Indian Buyer Adds Complexity

Further complicating the financing landscape, Celsius disclosed it was not informed prior to public announcements that Maharlika Investment Corporation (MIC), the Philippine sovereign wealth fund providing a US$10 million loan facility to MMCI, has assigned this loan to Equinaire Holdings Limited, a subsidiary of Kiri Industries Limited of India. Kiri’s stated rationale involves securing preferential copper supply from MMCI for its downstream copper facility, potentially aligning off-take and financing interests.

Celsius is assessing the legal and financial implications of this loan assignment with advisers and has welcomed Kiri’s participation in the ongoing structured funding process. This development underscores the strategic importance of the MCB Project in regional copper supply chains and adds a new dimension to investor negotiations. The situation is further explored in the company’s Celsius Resources Caught Off Guard by MIC Loan Assignment announcement.

Robust Feasibility and Progress on Project Execution

The Definitive Feasibility Study completed in January 2026 confirms the MCB Project’s strong technical and economic fundamentals, with a post-tax NPV of US$444 million (8% discount rate) over the first 10 years and an IRR exceeding 22%. The study supports a 10-year mine life initially, with potential extension to 35 years, and forecasts competitive operating costs and solid copper and gold recoveries.

Engineering, procurement, and construction (EPC) tendering is underway for the processing plant, alongside ongoing underground mine development planning and infrastructure surveys, including the main access road. Engagement with hydropower suppliers reflects a commitment to sustainable energy solutions. Concurrently, environmental management systems are being enhanced, and community engagement initiatives continue, including skills training, health missions, and cultural heritage studies, reinforcing Celsius’s focus on sustainable development.

Exploration continues at the adjacent Botilao prospect with permit renewal secured, and progress is being made on environmental approvals for the Sagay Copper-Gold Project in the Negros Islands, which awaits an Environmental Compliance Certificate.