Celsius Resources says several parties continue to undertake due diligence on its Opuwo Cobalt Project in north-western Namibia after accessing the project data room, although no binding transaction has yet been concluded.
The company said discussions are ongoing but cautioned that there is no certainty a sale will be completed, nor clarity on the timing of any potential agreement.
The update comes alongside progress on tenure matters. The exploration licence covering the project, EL4346, is due for renewal, and Celsius has confirmed it has lodged the required documentation with Namibia’s Ministry of Mines.
The licence remains active while the renewal application is under consideration, and the company said it continues to engage with Namibian authorities on the process.
The Opuwo Cobalt Project is located in Namibia’s Kunene Region and is regarded as one of the country’s most advanced primary cobalt exploration assets.
The project covers a large licence area hosting cobalt–copper sulphide mineralisation, with cobalt occurring as a primary metal rather than a by-product.
Previous exploration programmes at Opuwo have included geological mapping, surface sampling, ground geophysics and multiple drilling campaigns.
Celsius has previously reported that drilling confirmed thick, continuous cobalt-bearing sulphide zones, with individual drill intersections returning cobalt grades exceeding 1,000 parts per million (ppm Co) and localised zones reporting grades above 2,000 ppm Co, accompanied by copper mineralisation.
Historic drilling has demonstrated that mineralisation extends over kilometre-scale strike lengths, remains open at depth and is hosted within amphibolite units, a geological setting associated with several high-grade cobalt deposits globally.
Celsius has previously highlighted that cobalt grades at Opuwo compare favourably with many global cobalt projects, particularly those outside the Democratic Republic of Congo.
To date, exploration drilling at Opuwo runs into several thousand metres, providing sufficient geological confidence for the project to be considered for either further resource definition drilling or outright divestment to a party capable of advancing development.
Celsius has positioned Opuwo as strategically significant given cobalt’s role in lithium-ion batteries, electric vehicles and energy storage, at a time when supply chains are increasingly seeking jurisdictions with stable regulatory frameworks.
Namibia’s established mining sector and permitting regime have been cited by the company as supportive factors for potential project development.
The current sale process forms part of Celsius’ broader portfolio strategy, allowing the company to focus capital and management attention on its core development assets while seeking to unlock value from Opuwo.
Celsius said it will continue to update the market on any material developments relating to the divestment process or the renewal of EL4346.
