Equinaire Holdings successfully bids for 40% stake in MMCI, Philippines

Equinaire Holdings (EHL), a wholly owned subsidiary  Kiri Industries, is declared the successful bidder in the public auction conducted on 8 September 2026 for the sale of 20,000,000 shares in Makilala Mining Company, Inc. (MMCI), representing 40% of MMCI's outstanding capital stock.

Pursuant to an Assignment Agreement dated 22 April 2026, which became effective on 21 May 2026, EHL acquired from Maharlika Investment Corporation (MIC) all of MIC's rights, title, and interests under the Omnibus Loan and Security Agreement dated 16 May 2025 by and among MIC, MMCI, Sodor, Inc. (Sodor), Celsius Resources (CLA), and Makilala Holding (MHL), together with all underlying securities.

The Auction was conducted as part of EHL's enforcement of its security rights under the OLSA following the occurrence of Events of Default upon giving periodically notices of event of default to the relevant parties in accordance with the OLSA. With the Events of Default continuing and the secured obligations outstanding, due and unpaid, the foreclosure culminated in the Auction, at which EHL was declared the successful bidder.

Following the Auction, a Deed of Absolute Sale was executed on 8 September 2026 between MHL, as seller, acting through EHL as its duly appointed attorney-in-fact pursuant to Part E of the OLSA, and EHL, as buyer. Under the Deed of Absolute Sale, MHL absolutely and irrevocably sold, transferred, conveyed and assigned to EHL the Auction Shares and all of MHL's rights, title and interests therein for a consideration of USD 5,010,000.00 (US Dollar Five Million Ten Thousand Dollars).

Makilala Mining Company, Inc.(MMCI) Philippines is developing the Maalinao-Caigutan Biyog copper-gold project (MCB Project), located in Barangay Balatoc, Municipality of Pasil, Province of Kalinga, Philippines.

The acquisition aligns with the Company's strategy to secure a stable, long-term supply of copper concentrate for the upcoming greenfield copper project being developed by the Company's step-down subsidiary, Indo Asia Copper. The Company believes the transaction will enhance access to critical raw materials and support its broader participation across the copper value chain.