Ontario Court Finds for Lithium Royalty Corp. Against Orion Resource Partners
- Enforceable Contract Formed for Sale of 85% of Thacker Pass Royalty to Lithium Royalty Corp for US$18.7 Million Total Consideration
TORONTO–(BUSINESS WIRE)–Lithium Royalty Corp. (TSX: LIRC) (“LRC”) is pleased to announce that the Ontario Superior Court of Justice released its decision today in the matter of the litigation between LRC and Orion Resource Partners (“Orion”).
The Ontario court ruled in LRC’s favour, finding that in January 2021 LRC entered into a binding and enforceable contract to buy an 85% interest in the Thacker Pass royalty from Orion for US$18.7 million total consideration. The next step in the litigation will be the assessment of damages owing for the breach of contract by Orion.
About Lithium Royalty Corp.
LRC is a lithium-focused royalty company with a globally diversified portfolio of 32 high-grade revenue royalties on mineral properties around the world that supply and are expected to supply raw materials to support the electrification of transportation and decarbonization of the global economy. Our portfolio is focused on high-grade and low-cost mineral projects that are primarily located in Australia, Canada, South America and the United States. LRC is a signatory to the Principles for Responsible Investment; the integration of ESG factors and sustainable mining are considerations in our investment analysis and royalty acquisitions.
Contacts
Contact Information for Inquiries:
Jonida Zaganjori
Investor Relations
(647) 792-1100
