8th Oct 2026 12:31
(Alliance News) - Celsius Resources Ltd on Thursday said it has filed criminal complaints against Sodor Inc President Erika Chalmers.
Shares in Celsius Resources were up 27% to 0.35 pence per share on Thursday afternoon in London.
The complaints relate to Sodor's acquisition of shares in Makilala Mining Company Inc from Makilala Holding Ltd, a wholly owned subsidiary of Celsius.
Before March 17, 2023, MHL owned 100% of MMCI, which held rights to the Maalinao-Caigutan-Biyog Copper-Gold Project in Kalinga province, north of Manila.
Under Philippine law, a Philippine entity needed to own at least 60% of MMCI before the government could issue a Mineral Production Sharing Agreement. On March 17, 2023, MHL agreed to sell 60% of MMCI to Sodor for PHP300 million, or about USD5 million.
Celsius issued the shares to Sodor on account, subject to a requirement that Sodor relinquish them if it did not pay by an agreed expiry date. Celsius claims Sodor failed to pay by the revised expiry date of February 16, 2026, and refused to relinquish its MMCI shares.
Celsius said it filed two complaints against Chalmers with the Department of Justice of the Philippines.
Estafa, Celsius' primary complaint, refers to any act of deceit or fraudulent conduct that leads to the deprivation of someone's property. Celsius' secondary complaint, or alternative complaint, is for 'Other Deceits', a residual catch-all criminal offence for fraud or damages caused by a deceitful act that does not fall under Estafa.
Celsius alleges Chalmers concealed that Sodor had no realistic means of paying for the MMCI shares and no intention of relinquishing them if it failed to pay. Celsius argues it would not have proceeded with the transaction had it known Sodor's financial position and suffered damage and prejudice as a result.
The filing of the Estafa complaint against Chalmers "represents a further step by Celsius to protect shareholder interests and pursue remedies arising from events affecting its interests in MMCI," Celsius said.
It added that it remains committed to developing the MCB Project.
Celsius also provided an update on its Anti-Dummy Law complaint against Attorney Sarmiento, saying it has progressed beyond the initial filing stage, while a separate disbarment complaint remains pending before the Philippine Supreme Court. Celsius also said the SEC has directed MMCI and Celsius to submit position papers by October 17 over the company's access to MMCI's corporate records.
By Niall Holden, Alliance News reporter
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