Lithium Australia NL (ASX: LIT) refers to the litigation with Lepidico Ltd (ASX: LPD) subsidiary, LiTechnology Pty Ltd as initially advised to ASX on 4 November 2016.

Lithium Australia advises that the litigation has been settled by mutual agreement.

All commercial details of the settlement remain confidential. However, as a result of the settlement, Lithium Australia can advise that the three L-Max® licence agreements Lithium Australia has with Li-Technology remain valid and enforceable, being the exclusive L-Max Licence for Western Australia, International Licence No.1 and International Licence No.2.

Further, Lithium Australia advises that Lepidico has agreed that the 100% Lithium Australia owned Sileach™ process is not an improvement, enhancement or modification of the L-Max® process.

Li-Technology Pty Ltd has withdrawn its counterclaim against Lithium Australia.

Adrian Griffin, Managing Director of Lithium Australia commented:

“We are pleased with the outcome which allows Lithium Australia to pursue its strategy of building a global lithium business without unnecessary distractions or legal impediments. We can now continue with the business of delivering further positive results for our shareholders.”