Celsius Resources says it will close the sale of its Opuwo Cobalt Project in Namibia before the end of 2026.
The company says multiple parties have submitted non-binding indicative offers (NBIOs) and completed site visits as the process moves into advanced due diligence.
The company said the divestment has progressed beyond initial marketing into the early bid stage, with interested parties now undertaking on-the-ground assessments of the project following preliminary submissions.
This marks a key transition in the process, where bidders move from desktop reviews to detailed technical and commercial evaluations.
The Opuwo Project, located in Namibia’s Kunene Region, is a cobalt-dominant deposit with associated copper and zinc mineralisation.
It is regarded as one of the more advanced undeveloped cobalt assets globally, having been progressed through resource definition and metallurgical test work aimed at producing battery-grade cobalt products.
Celsius flagged Opuwo as a non-core asset as it shifted its strategic focus toward its Philippine copper-gold portfolio, particularly the Maalinao-Caigutan-Biyog project.
The decision to divest reflects a broader effort to streamline its asset base and prioritise projects closer to development.
The current phase of the sales process is expected to involve narrowing the field of bidders and progressing discussions toward binding offers, subject to further due diligence and financing arrangements.
While the submission of NBIOs and completion of site visits indicate strong interest, the process remains non-binding, and there is no certainty that it will result in a completed transaction.
If concluded, the sale would transfer one of Namibia’s most advanced cobalt projects to a new owner, while allowing Celsius to refocus capital and management attention on its core assets.
