"Pyke Hill nickel cobalt project, in which the Company has a 50%...

"Pyke Hill nickel cobalt project, in which the Company has a 50% interest through wholly-owned subsidiary Pyke Hill Resources Pty Ltd (Pyke Hill Resources), has been predominantly dormant to date. The other 50% interest in the project is held by Richore Pty Ltd (Richore).
Pyke Hill Resources and Richore have been involved in legal proceedings pertaining to whether a third party, Cougar Metals NL (under external administration) (Cougar), retained any rights to the mineral nickel/cobalt rights contained in the Pyke Hill tenement (M39/159) pursuant to an option agreement terminated by Pyke Hill Resources in July 2021 (Option Agreement). The matter was most recently heard by the Supreme Court of Western Australia (WASC), which decided all issues in dispute and awarded costs in favour of Pyke Hill Resources and Richore. In particular, the court declared that Pyke Hill Resources and Richore have the sole rights to the mineral nickel/cobalt rights contained in or on M39/159 and that the Option Agreement was effectively terminated in July 2021. Cougar has lodged an appeal against the WASC’s judgement. The Company will update the market as to the outcomes of that appeal."