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Energy Transition Minerals (ASX: $ETM) ordered to provide security for costs in arbitration process

Update on Arbitration Process for Kvanefjeld Rare Earth Element Project


Energy Transition Minerals Ltd (ASX: $ETM) has received an update on the arbitration process for the Kvanefjeld rare earth element project in Southern Greenland. The Arbitral Tribunal has ordered ETM's subsidiary, GMAS, to provide security for costs of the Greenland and Denmark Governments in the ongoing arbitration process, potentially amounting to approximately A$5.5 million if the two governments prevail.

Executive Commentary on Arbitration Process


Our objective is, and remains, to find a path to the development of Kvanefjeld as a world-class asset that can underpin a new supply chain for materials critical to global decarbonization. Greenland's commitment to act on the climate crisis is evidenced by its recent accession to the Paris Agreement. We will continue to work together with all stakeholders to find a path to resolve the current situation. The Company has in excess of $17 million in cash reserves and has the capacity to meet the order for security from existing funds, if necessary.

Summary of Arbitration Update


The Arbitral Tribunal has ordered ETM's subsidiary, GMAS, to provide security for costs of the Greenland and Denmark Governments in the ongoing arbitration process. This decision, an interim one, does not amount to a final determination of any other issue in dispute between GMAS and the two Governments. The company is reviewing the decision with its legal advisers and will provide further updates on the action it intends to take. Despite the order for security, the Tribunal also stated that it is uncertain whether GMAS will be ordered to pay legal costs, let alone full costs, even if the defendants win the case. ETM remains committed to finding a resolution and developing the Kvanefjeld project as a significant asset for global decarbonization efforts.

Sourcehttps://announcements.asx.com.au/asxpdf/20240118/pdf/05zjy0zkmdk7lq.pdf

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