Kidman Resources Limited (ASX:KDR) has successfully defended the ownership of lithium rights to its Mt Holland project, including the Earl Grey deposit, located near Southern Cross in West Australia.
The resources company says the finding follows a three day trial in the Supreme Court of West Australia, which considered whether any agreement existed with plaintiff Marindi Metals Limited (ASX:MZN), over the lithium rights.
Supreme Court Justice Kenneth Martin found there was a need for a binding and enforceable heads of agreement to be first signed off between the parties, prior to the companies perfecting a binding agreement.
Kidman Resources says it can now focus its leadership’s attention to fast-track development of Earl Grey, and other projects within its portfolio.
Shares in Kidman Resources Limited (ASX:KDR) are trading 22.6 percent higher to 76 cents.