Final discussion, page-3

I believe MZN's representative Bennett will have to argue, KDR reached the view that they'd made a poor deal with MZN quite early on and so sought to pretend no agreement had been reached at all, and acted accordingly, without advising his client and hoping that the lack of formality in the agreed deal they'd made would work in their favor.

I believe MZN's representative Bennett will allege that KDR and MZN made an agreement that is in the fourth category of Masters v Cameron agreements. That is, that during April 2016, MZN and KDR agreed that KDR would transfer lithium rights to KDR for the consideration of $100,000 cash and $175,000 worth of MZN shares, and that they would also proceed to form a heads of agreement.

I don't think MZN or Bennett will be able to make that case ultimately, but I think its about the only one they can try that has any chance of success at all. Otherwise I think they will run headlong into binding precedents against them and into facts that don't fit their narrative.