Artemis Resources Limited (Artemis or the Company) has provided an update on the Supreme Court action taken by Platina Resources Limited (Platina) against Artemis and subsidiaries in relation to the Munni Munni platinum group element (PGE) Project in the Pilbara region of Western Australia.
On 23 February 2021, the Supreme Court of Western Australia delivered its judgment in the proceedings, which were argued before the court on 14 December 2020, brought by Platina against Artemis and its subsidiaries, Munni Munni Pty Ltd (MMPL) and Karratha Metals Pty Ltd (Karratha).
The Court found that Artemis, MMPL and Karratha had not breached the Heads of Agreement dated 4 August 2015 (and varied in May 2019) between Platina, Artemis and Karratha by the entry into an agreement by Artemis and MMPL with Almeera Ventures Ltd (Almeera) and Empire Metals plc (Empire Metals) concerning the sale of Artemis’ 70 per cent equity interest in MMPL and did not trigger a first right of refusal and a requirement for Platina’s consent under the Heads of Agreement.
The agreement that the Company entered into in April 2020 with Almeera and Empire Metals lapsed on 31 January 2021. The Board of Artemis will continue to review all options for its 70 per cent interest in the Munni Munni PGM Project given the continued buoyant market for precious metals.
In commenting on the news, Executive Director of Artemis Resources Limited, Alastair Clayton, said: “We are very pleased with the rulings handed down by the Supreme Court in these matters and look forward to executing our plans to monetise the Munni Munni asset for the benefit of shareholders as we continue to focus on our rapidly expanding Greater Carlow Castle Au-Cu-Co Project and the highly anticipated 2021 drill programme at the Paterson Central Au-Cu Project.”