Overview#
Celsius Resources Limited has terminated the executive consulting agreement of Neil Grimes, an Executive Director, effective immediately. This decision follows unauthorized actions related to a mining asset transaction, as stated in a press release issued on Monday.
Unauthorized Actions#
On February 16, 2026, Grimes issued a notice directing Sodor, Inc. to transfer its shares in Makilala Mining Company, Inc. to Socialej Inc. This Philippine entity is partially owned by Celsius’ Interim Non-Executive Chair Peter Hume and former director Attilenore Manero. However, this notice was issued without the necessary approval from either Celsius or Socialej.
Governance Concerns#
Both Celsius and Socialej's boards had previously decided against pursuing a transaction involving Socialej due to governance issues and concerns about related party transactions. These concerns arise when individuals involved in a company may have conflicting interests that could affect their decision-making.
Next Steps#
The payment deadline for Sodor’s acquisition of a 60% stake in Makilala Mining Company for PHP 300 million (about $5 million) has expired. Celsius has stated that it does not plan to transfer Sodor’s shares to Socialej and is instead looking to transfer them to an independent party in the Philippines. The company is currently investigating the circumstances surrounding Grimes’ unauthorized notice and is seeking independent legal advice. Celsius has also apologized to Sodor and Socialej for any confusion caused by these actions and will provide updates as the investigation progresses.