RE: LitioMx30 Jan 2023 12:54
Update from TRR
Ganfeng Lithium confirmed that the Sonora Lithium Project is under construction while noting that planned Stage 2 production increased by 43% to 50,000 tonnes per annum of lithium hydroxide.3 The final appeal challenging the validity of the royalty was held on 13 January 2023, with a decision expected in the coming months.
Sonora Lithium Project3,5
· Ganfeng Lithium, operator of the Sonora Lithium Project, highlighted that the project is under construction, which it intends to accelerate. In addition, Ganfeng increased the planned production rate by 43% relative to the previous Feasibility Study published by Bacanora Lithium, with potential Stage 2 production increasing to 50,000 tpa of lithium hydroxide.
· The final appeal challenging the validity of the royalty occurred on 13 January 2023, following a 2021 judgement by the Court of Queen's Bench of Alberta which ruled in the royalty holder's favour on the basis that the challenge was time-barred. Trident expects a decision in the coming months and retains the right and option to crystalise its 50% interest in the royalty (equal to a 1.5% gross revenue royalty attributable to Trident) in consideration of a further US$23.5 million.