Celsius Resources has agreed on the terms of a non-binding agreement with Stewardship Investments (Pty) Ltd for the disposal of its 95% interest in the Opuwo Cobalt Project. The company announced the agreement in its Cleansing Prospectus dated December 16, 2024.
In its March 31, 2024, quarterly activities report, Celsius Resources stated that it was in early-stage discussions with potential strategic partners regarding the disposal.
The Opuwo Cobalt Project, held under Celsius’ subsidiary Opuwo Cobalt Holdings, is Africa’s largest cobalt deposit outside the Democratic Republic of Congo (DRC).
Gecko Cobalt Holdings holds the project license (License 4346), which is set to expire on October 10, 2025.
An updated resource estimate for the project shows that indicated and inferred mineral resources have doubled to 225.5 million tons, with grades of 0.12% cobalt, 0.43% copper, and 0.54% zinc.
This translates to approximately 259,000 tons of cobalt, positioning the project as a potentially significant future supplier of cobalt for the global battery market.
Celsius Resources acquired a 100% stake in Opuwo Cobalt Holdings in 2017, gaining an initial 76% exposure to the Opuwo Cobalt Project.
The other shareholders at the time included Elysium Growth Nominees Pty Ltd, Grove Trust, Morrigan Services Pty Ltd, Naley Pty Ltd, Golden Dawn Limited, Lenoir Capital Pty Ltd, Greensea Investments Pty Ltd, and JP Security Holdings Pty Ltd.
In September 2017, Celsius’ interest in the project increased after Gecko Holdings agreed to sell its 20% stake in Gecko Cobalt. Gecko also agreed to transfer a 95% interest in three surrounding licenses in the Opuwo region, covering approximately 782 km². The remaining 5% of all project licenses is held by Amor Investments.
Celsius Resources had previously indicated in its October Quarterly Activities and Appendix 5B Cash Flow Report that the agreement would be finalized before October 31, 2024.
This agreement marks a key milestone for Celsius Resources as it looks to unlock value from the Opuwo Cobalt Project and position the asset for future development.
