Celsius Resources is progressing with plans to dispose of the Opuwo Cobalt Project in Namibia and focus on its flagship Maalinao-Caigutan-Biyog Copper-Gold Project in the Philippines.
The project is the largest cobalt deposit outside the Democratic Republic of the Congo (DRC).
The Opuwo Cobalt Group owns the Opuwo Cobalt Project, in which Celsius Resources has a 95% interest.
In March, Celsius Resources revalued the Opuwo Cobalt Group’s assets to US$3,017,035.
All current Opuwo Cobalt Group assets have been reclassified for carrying value as of June 30, 2024.
Celsius Resources acquired 100% of Opuwo Cobalt in 2017 to gain 76% of the Opuwo Cobalt Project’s exposure.
Celsius Resources’ interest in the Opuwo Cobalt increased in September 2017 when Gecko Holdings agreed to sell its 20 in Gecko Cobalt.
Gecko sold a 95% interest in three surrounding Opuwo region licenses to Celsius, covering approximately 782 km².
Celsius Resources entered into a non-binding agreement with Stewardship Investments regarding the disposal of its 95% stake in the Opuwo Cobalt Project in February 2025.
Opuwo Cobalt Project’s updated indicated and inferred Mineral Resource at Opuwo doubled to 225.5 million tonnes, grading 0.12% cobalt, 0.43% copper and 0.54% zinc.
Two hundred fifty-nine thousand tonnes of contained cobalt demonstrates the potential for Opuwo to be a significant future supplier of cobalt in the battery market.
Nine hundred seventy thousand tonnes of contained copper are anticipated to enhance the project’s viability, given current and forecast copper prices.
The Mineral Resource update is a key part of the technical and commercial re-evaluation of the Company’s Opuwo cobalt-copper project.
Completed nine diamond drill holes for future metallurgical optimisation work.
Drilling also confirmed the trend along the strike length of the modelled ore body, reinforcing the consistent nature of the Dolostone Ore Formation (DOF) and wider DOF mineralisation of the Opuwo Cobalt Deposit.
Preliminary roasting and tank leach test work results (from previous bulk samples) show encouraging results, with 95% cobalt and 98% copper recovery, which demonstrate that the Opuwo Ore is amenable to the Roasting and Tank Leach downstream process method.
Further optimisation flotation test works are in development, which may improve Cobalt recovery to approximately 85%, feeding into the engineering design criteria to update the 2018 Scoping Study.
