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Court rules in LRC’s favour in Thacker Pass royalty litigation

17th August 2023

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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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.

Edited by Creamer Media Reporter

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