Lithium Royalty Corp. Update on Thacker Pass Royalty Litigation Involving Orion Resources
Lithium Royalty Corp.
TORONTO, Jan. 31, 2022 (GLOBE NEWSWIRE) — Lithium Royalty Corp. entered into an agreement to acquire 85% of Orion Resource Partners gross revenue royalty on Lithium Americas’ Thacker Pass lithium project in Nevada. Subsequent to reaching this agreement, Orion Resource Partners sold 60% of the Royalty to a third party. Lithium Royalty Corp. immediately filed an application in Ontario, Canada, to enforce its contract and to obtain an order for transfer of the royalty notwithstanding the subsequent Orion transaction.
Preliminary motions and applications have now been resolved, and Lithium Royalty Corp. anticipates the matter will be resolved against Orion by way of litigation in 2022. Lithium Royalty Corp. is seeking damages of $100 million USD plus specific performance of the conveyance of Orion’s 40% retained interest in the royalty.
Lithium Royalty Corp. is a diversified, top-line royalty company comprised of 15 irreplaceable energy transition materials royalties. In addition to its high growth thematic exposure to the Electric Vehicle and Renewable Power Storage megatrends, LRC is dedicated to its role in enabling global decarbonization by providing capital and intellectual property to top-quality battery material development projects globally. LRC integrates ESG factor criteria into its investment process and is a UNPRI signatory.
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