The company said a July 29 Ontario court claim seeks an equitable interest in Bandeira and a constructive trust over shares held by former directors and officers.
Lithium Ionic Corp. said it has reviewed a statement of claim filed by Emerita Resources Corp. in the Ontario Superior Court of Justice on July 29, 2026, tied to the Falcon Project in Brazil and certain mining claims that now form part of Lithium Ionic’s Bandeira Project. The company said the action names certain former directors and officers of Emerita and Lithium Ionic, Falcon Metais Ltda, Lithium Ionic and its subsidiary, MGLIT Empreendimentos Ltda. Emerita is seeking, among other things, an equitable interest in the Bandeira Project and a constructive trust (court-imposed control over property) over Lithium Ionic securities held by former directors and officers. Lithium Ionic said none of its current directors or officers are named as defendants, the allegations have not been proven, and it believes it is the rightful owner of the Bandeira Project and related assets. The company said it plans to respond through the court process while continuing engineering, permitting, commercial planning and construction readiness work at Bandeira.