Celsius Resources has 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.
The Opuwo Cobalt Group owns the Opuwo Cobalt Project, in which Celsius Resources has 95% interest.
The Opuwo Cobalt Project is the largest deposit in Africa outside the DRC.
Celsius Resources acquired 100% of Opuwo Cobalt in 2017 to gain 76% of the Opuwo Cobalt Project’s exposure.
The Opuwo Cobalt shareholders were 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.
Celsius Resources’ interest in the Opuwo Cobalt increased in September 2017 when Gecko Holdings agreed to sell its 20 in Gecko Cobalt.
Gecko sold to Celsius a 95% interest in three surrounding Opuwo region licenses, covering approximately 782 km2.
Amor Investments has the other 5% of all project licenses.
During the half year ended December 31, 2024, Celsius Resources agreed to terms of a non-binding agreement with Stewardship Investments (Pty) Ltd concerning the disposal of its 95% stake.
Although discussions continue, there can be no certainty that any binding agreement or the timing of any such agreement will be reached.
The Opuwo Cobalt Project’s updated indicated and inferred mineral resources have doubled to 225.5 million tons, grading 0.12% cobalt, 0.43% copper, and 0.54% zinc.
Two hundred fifty-nine thousand tons of cobalt are contained, demonstrating the potential for the project to be a significant future supplier of cobalt in the battery market.
Given the current and forecasted copper prices, nine hundred seventy thousand tons of copper contained in the project are anticipated to enhance its viability.
