- The Supreme Court has voted in favour of Artemis Resources (ARV) in its case with Platina Resources
- Last year, Artemis agreed to sell 51 per cent of its 70 per cent interest in the Munni Munni Project
- Platina Resources, which holds a 30 per cent interest in the project, subsequently brought a case against Artemis, claiming the former company did not give its consent on the purchase
- However, the court has found that Artemis and its subsidiaries did not breach the original Head of Agreements
- Nevertheless, the sale did fall through last month, and the company is now continuing to look at its options for the project
- On the market this afternoon, Artemis is down 1.20 per cent and is trading at 8.2 cents per share
The Supreme Court has dismissed the claims against Artemis Resources (ARV).
Last year, Artemis agreed to sell 51 per cent of its 70 per cent interest in the Munni Munni Project to Empire Metals and its partner Almeera Ventures.
The remaining 30 per cent of the project is owned by Platina Resources.
Platina Resources subsequently brought a case against Artemis, claiming the former company did not give its consent on the purchase.
Platina Resources’ dispute was brought against Artemis and its subsidiaries, Munni Munni and Karratha Metals.
However, the court has found that Artemis and its subsidiaries had not breached the Head of Agreements that was signed in 2015.
Neverthless, last month, the sale lapsed and the company is now looking at all its options for the Munni Munni Project.
“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,” Executive Director Alastair Clayton said.
Artemis is planning on monetising Munni Munni as it turns its focus to the Carlow Castle Project, where it is currently planning an upcoming drilling program.
On the market this afternoon, Artemis is down 1.20 per cent and is trading at 8.2 cents per share at 2:36 pm AEDT.