American Lithium Corp (OTCMKTS:LIACF) stock is up 17% in a week. On Monday, November 15, 2021the company received an official notice regarding the Peruvian Judicial ruling given Macusani Yellowcake S.A.C.’s favor over a title to more than 32 disputed concessions out of the company’s 151 concessions in the country.Macusani Yellowcake S.A.C. is a subsidiary of American Lithium based in Peru.
On Tuesday, LIACF stock decreased 2.71% at $4.6700 with more than 703.95K shares, compared to its average volume of 841.77K shares. The stock has moved within a range of $4.5340 – 5.0000 after opening the trade at $5.0000.
The company pointed out that the notice confirms the judgment previously received and marks the beginning of a 5-day working process to loge appeals by relevant players.
The company received unverified information that regulatory authorities are looking to appeal the judgment. Nevertheless, the presiding judge’s decisions restored American Lithium’s ownership title for more than 32 disputed concessions by INGEMMET. CEO Simon Clark said the official receipt of the court ruling represents a massive outcome, and it is the ideal decision after a protracted court process that COVID-19 further disrupted. So in the coming weeks, LIACF is worth watching.
Simon Clarke, CEO of American Lithium, stated, “Official receipt of the judicial ruling confirming title to our 32 disputed concessions represents an excellent outcome for the Company and is the right decision following the lengthy judicial process, further delayed by the COVID pandemic. It is typical for Peruvian regulators to appeal judicial decisions as a matter of course, however, the strength of the presiding judge’s arguments supporting our maintained ownership to the disputed concessions gives us great comfort that any appeal will be unsuccessful. We look forward to pushing ahead with our in-depth plans for further development and exploration at both the Falchani Lithium and Macusani Uranium projects.”
LIACF stock is trading above 20-Day and 50-Day Moving averages of $3.66 and $2.63 respectively. Moreover, the stock is trading above the 200-Day moving average of $1.99. The stock is up 91% over the past month.