06:02 AM EDT, 09/09/2026 (MT Newswires) -- Celsius Resources (CLA.L) plans to contest a public auction of its unit's 40% stake in Makilala Mining Co. in the Philippines, conducted by Equinaire Holdings. The London-listed miner said Wednesday that Makilala Mining's shares were pledged as collateral under an omnibus loan and security agreement between Makilala Mining and Equinaire. Equinaire issued multiple notices claiming events of default, including allegations that a notice of relinquishment issued by Celsius unit Makilala Holding, which holds the stake, to Sodor Inc. constituted a default under the agreement. In the auction held on Tuesday, Equinaire submitted a $5 million credit bid and was declared the winning bidder, with no other registered bidders in attendance, the company noted. Celsius said it "refutes the occurrence and continuance of an event of default under the [loan agreement] and the capacity of Equinaire to initiate a foreclosure process and sell" Makilala Holding's stake in Makilala Mining. It plans to file a motion for reconsideration with the court and potentially appeal to the Court of Appeals. It also intends to proceed with arbitration to seek an injunction over the transfer of the stake and pursue damages against Equinaire.

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