Celsius Resources is in early-stage discussions with a strategic partner(s) regarding a potential transaction for its 95% interest in the Opuwo Cobalt Project.
The project lies 730km north-west of the Namibian capital city, Windhoek.
Opuwo Cobalt Holdings, a subsidiary of Celsius Resources, operates the licence, but Gecko Namibia owns EPL 4346.
The mines ministry renewed the EPL in November 2023.
According to the company’s quarterly activities report, there was no mining production or development, although it spent about N$12.2 million (A$1 million) on exploration during the March 31, 2024, quarter.
Celsius Resources acquired the initial 30% interest in the Opuwo Cobalt Project in August 2017, while the joint venture between Gazania Investments 196 (Pty) Ltd and Amor Investments (Pty) Ltd had 70%.
Opuwo Cobalt held 30% of the issued share capital in Gecko Cobalt Holdings, the Namibian joint venture entity with the ultimate title to EPL4346.
In September 2017, Celsius Resources agreed with Gecko Namibia to acquire an additional 20% interest in the project for about A$1.3 million before completing a bankable feasibility study.
Gecko also disposed of 95% interest in three other licenses, covering 782 square kilometres, in the Opuwo region in exchange for 12,5 million Celsius Resources shares.
This move expanded the Opuwo project landholding to about 1,470 square kilometres.
Amor Investments kept the 5% interest in all the licenses.
The Opuwo project updated Indicated and Inferred Mineral Resources, which doubled to 225.5 million tonnes, grading 0.12% cobalt, 0.43% copper and 0.54% zinc.
Celsius says the 259,000 tonnes of contained cobalt demonstrate Opuwo’s potential to be a significant future supplier of cobalt to the battery market.
The company also said the 970,000 tonnes of copper contained in the project are anticipated to enhance its viability, given current and forecasted copper prices.
In the Philippines, Celsius Resources owns the Sagay Copper-Gold Project in the Negros Islands through its subsidiary, Tambuli Mining Company.
The company also has the Maalinao-Caigutan-Biyog Copper-Gold Project in the Philippines through the Makilala Mining Company.
*Rate at A$1=N$12.22
