Alita Resources Limited (Subject to Deed of Company Arrangement) (Receivers and Managers Appointed)
ACN 147 393 735 (‘Alita’)

On 4 December 2020, Richard Tucker and John Bumbak of KordaMentha were appointed as Receivers and Managers of the Alita and its subsidiaries, Tawana Resources Pty Ltd and Lithco No.2 Pty Ltd. On the same day, Robert Kirman and Robert Brauer of McGrathNicol were appointed Voluntary Administrators of Alita and its subsidiaries.

At the concurrent second meetings of creditors held on 23 December 2020, the creditors voted to approve two interrelated deeds of company arrangement, one in relation to the Alita (‘Parent DOCA’) and another in relation to its subsidiaries, (‘Subsidiary DOCA’). In accordance with resolutions passed at the second meeting of creditors, the 2020 DOCA and Subsidiary DOCA were executed on 23 December 2020.

The conditions precedent to the Subsidiary DOCA were satisfied on 19 March 2021 and the subsidiaries are no longer subject to the Subsidiary DOCA.

Alita remains subject to deed of company arrangement and receivership while the conditions precedent of the Parent DOCA are being met.

Alita is an SGX Catalist listed company which commenced lithium (spodumene) concentrate production at its principal project, the Bald Hill Lithium and Tantalum Mine in March 2018. As a result of its merger with Joint Venture Partner Tawana Resources in December 2018, Alita now owns 100% of the Bald Hill spodumene mine. The Bald Hill Mine entered commercial lithium concentrate production in July 2018 and production of high quality lithium and tantalum concentrates at the mine continues to ramp up.