Court rules in LRC’s favour in Thacker Pass royalty litigation
The Ontario Superior Court on Wednesday ruled in favour of Lithium Royalty Corp (LRC), finding that its 2021 contract to buy an 85% interest in the Thacker Pass royalty from Orion Resource Partners for $18.7-million was binding and enforceable.
The next step in the litigation will be the assessment of damages owing for the breach of contract, LRC said in a statement.
The royalty firm previously said that it would seek damages of $100-million.
In 2021, LRC entered into an agreement to buy 85% of Orion’s gross revenue royalty on Lithium Americas’ Thacker Pass lithium project, in Nevada. After reaching the agreement, Orion sold 60% of the royalty to a third party. LRC filed an application in Ontario to enforce its contract.
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