Celsius Resources Seeks NSX Delisting as Opuwo Cobalt-Copper Project Sale Advances
Celsius Resources has confirmed it is pursuing a voluntary delisting from the Namibia Securities Exchange (NSX) as it advances a divestment process for its 95%-owned Opuwo cobalt-copper project in Namibia’s Kunene Region.
The move signals a strategic shift as the company restructures its portfolio and seeks to exit what it now considers a non-core asset.
Divestment Process Underway
Celsius said several parties are currently conducting due diligence on the Opuwo project. Multiple non-binding offers have been received, with three proposals now progressing on a non-exclusive basis.
These parties are arranging site visits and undertaking further technical and commercial assessments.
The company has not identified preferred bidders but indicated that updates will follow as negotiations advance.
The NSX delisting, expected to be finalised in March, is proceeding in parallel with the sale process. This suggests Celsius is preparing for a complete separation from its Namibian listing as ownership discussions progress.
Opuwo’s Resource Scale
Opuwo has been one of Namibia’s most prominent battery-metal exploration assets, positioned as a rare large-scale “primary” cobalt system rather than a by-product of copper or platinum group metal mining.
An updated Mineral Resource Estimate released in July 2021 reported:
225.5 million tonnes
0.12% cobalt
0.43% copper
0.54% zinc
The resource equates to approximately 259,000 tonnes of contained cobalt.
The project is held under Exclusive Prospecting Licence (EPL) 4346, covering about 683 square kilometres. A two-year renewal granted by Namibia’s Ministry of Mines and Energy in October 2023 maintained the licence in good standing while strategic options were evaluated.
Over more than a decade of drilling and technical studies, exploration consistently identified broad mineralised zones containing cobalt with associated copper, supporting the interpretation of a large, continuous mineral system.
Previously reported intercepts included 4.37 metres at 0.17% cobalt and 0.46% copper, and 7 metres at 0.12% cobalt and 0.46% copper, indicating continuity in parts of the mineralised corridor.
Strategic Repositioning
Despite the project’s scale, Celsius has increasingly signalled that Opuwo is non-core as it prioritises capital discipline and restructures its operations.
The company has used equity-based funding mechanisms elsewhere in its portfolio while seeking an exit pathway for the Namibian asset.
Local business reporting previously noted an impairment of the Opuwo asset, reflecting weaker cobalt market conditions and uncertainty around development timelines.
These market dynamics have reinforced the company’s decision to pursue a sale rather than continue funding early-stage advancement.
The outcome of the ongoing due diligence and negotiations will determine the next chapter for one of Namibia’s largest undeveloped cobalt resources, while Celsius prepares to conclude its chapter on the NSX.
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