Aim Bulletin
Celsius shares resume trading on ASX as it updates on Makilala dispute
By Josh White
Date: Friday 24 Apr 2026
(Sharecast News) - Celsius Resources said trading in its ordinary shares on the Australian Securities Exchange would resume on Friday, following a temporary suspension, while its shares on AIM remained unaffected.
The copper-gold developer said an initial alternative conflict resolution process relating to Makilala Mining Company had concluded in its favour on 21 April, with interim orders sought by Sodor and PMR Holding denied.
It said the dispute related to Sodor's proposed acquisition of a 60% legal ownership interest in MMCI for PHP 300m, or about $5m, and PMR's planned subscription for shares in PDEP, the intended mineral processing company for the MCB Project, for about $38m.
Celsius said the payment deadline for the transactions expired on 16 February and that it subsequently gave Sodor written notice that the MMCI shares should be relinquished.
It said that, despite the deadline expiring, Sodor later attempted to pay the outstanding PHP 300m, while PMR said it had sufficient funding to complete its subscription in PDEP.
Sodor and PMR then began an alternative conflict resolution process and sought an interim order to prevent the sale or transfer of MMCI shares to another party.
The firm said it had also started an emergency alternative conflict resolution process seeking interim orders to prevent Sodor from exercising shareholder or director rights in MMCI, maintain the status quo until a broader process was determined, and restrict Sodor and its nominees from implementing any actions or resolutions from any requisitioned shareholder meeting until that process was complete.
Celsius said that application was expected to be concluded in early May.
It also initiated a broader process aimed at enforcing the relinquishment of the Sodor and PMR arrangements, which it said would allow it to progress the transfer of MMCI shares to a new qualified Filipino partner.
The company said that, notwithstanding its emergency application, governance changes had taken place at MMCI.
It said Julito 'Sarge' Sarmiento resigned on 20 April as a Makaila Holding representative to the MMCI board, as well as from his roles as chair and president of MMCI.
Celsius said Sodor then requisitioned a MMCI shareholder meeting on the same day, at which all five board seats were declared vacant, three Sodor representatives were appointed to the MMCI board, including Sarmiento, who was re-appointed chair and president, several senior executives were preventively suspended, and a new company secretary and several executive officers were appointed.
"Celsius remains of the view that the right of Sodor and PMR to make payment on the shares has expired," the company said.
"It intends to continue to preserve its rights and position under the alternative conflict resolution processes that are presently underway."
The company added that it intended to "rigorously defend its broader interests", including potentially pursuing legal action against any individuals deemed to have breached fiduciary or confidentiality duties to MMCI.
Celsius also updated investors on its board structure after the recent appointment of Bardin Davis as managing director.
Neil Grimes had agreed to remain as an executive director during a handover period until 22 July, after which he would revert to being a non-executive director.
The company said it was continuing a process to appoint a new non-executive chair and hoped to make an appointment shortly, after which it expected to undertake a broader board review.
At 1324 BST, shares in Celsius Resources were up 3.7% at 0.7p.
Reporting by Josh White for Sharecast.com.
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