Lithium Australia (ASX:LIT) has sued another lithium exploration company Lepidico Ltd (ASX:LPD) in the Supreme Court of Western Australia.
Lithium Australia is seeking declarations from the Court that it has the right to exploit a lithium extraction process called ‘SiLeach’.
Lepidico has filed a defence and counterclaim to this action. And in its counter-claim, Lepidico alleges that Lithium Australia developed the SiLeach process without authorization – exploiting Lepidico’s intellectual property in its L-Max technology.
Also, Lepidico alleges that Lithium Australia took advantage of confidential information which was disclosed to it, and breached a number of clauses under a Licence Agreement between them.
Lithium Australia posted a net loss of $1.8 million at 30 June 2016.