American Lithium Corp. (TSXV: LI | Nasdaq: AMLI | Frankfurt: 5LA1) has been notified that INGEMMET and MINEM have filed petitions to the Supreme Court of Peru to challenge the title of 32 concessions out of a total of 174 owned by the company’s subsidiary, Macusani Yellowcake. The company believes these petitions have no merit and expects the Supreme Court to reject them.
The title of these concessions has been confirmed by multiple court rulings in favour of Macusani, including a recent unanimous ruling from the Superior Court that refuted all the arguments of INGEMMET and MINEM.
The Supreme Court normally only hears cases where the law is claimed to have been misapplied, where a mistrial has occurred or where a matter of national security is at stake. More than 75% of petitions to the Supreme Court are rejected before being heard because they do not meet the required threshold. The Company believes there are no grounds for the Supreme Court to assume jurisdiction in this case and expects these petitions to be dismissed as soon as possible.
The disputed concessions represent approximately 18% of the company’s total concessions on the Macusani Plateau, where the company is developing the Falchani lithium project and the Macusani uranium project. Both projects are among the largest and most advanced in the world and have the potential to position Peru as a major global producer of critical minerals for the new energy economy. The company will continue to aggressively advance its projects regardless of the outcome of these petitions and will take all other appropriate actions necessary to protect its interests.
Simon Clarke, CEO of American Lithium, says: “We are confident that the Supreme Court will uphold the Superior Court ruling and put an end to this baseless case. We are committed to developing our projects in a responsible and sustainable manner, in collaboration with the local communities, the regional authorities and the national government. We believe our projects will bring significant benefits to all stakeholders and contribute to Peru’s economic and social development.”
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