Ontario Superior Court of Justice Sets September 4, 2026 Hearing Date for PM Super Fund's Application to Pursue Derivative Claims and Recover the Bandeira Project from Lithium Ionic on Behalf of Emerita Resources Ready to Announce with Confidence?
Toronto, Ontario--(Newsfile Corp. - June 22, 2026) - PM Super Fund ("PMSF") announces that the Ontario Superior Court of Justice (Commercial List) has set **September 4, 2026** as the hearing date for PMSF's application under section 246 of the *Business Corporations Act* (Ontario) for leave to commence a derivative action in the name of and on behalf of Emerita Resources Corp. ("Emerita") against Lithium Ionic Corp. ("Lithium Ionic"), certain former and current directors and officers of Emerita and Lithium Ionic, and related Brazilian entities (the "Leave Application").
The hearing date was set at a scheduling appointment held June 18, 2026 before the Commercial List. The Court also provided that Emerita is to submit its responding record **by July 24, 2026**.
Background
On April 9, 2026, the Ontario Securities Commission ("OSC") released an Application for Enforcement Proceeding alleging that certain of Emerita's and Lithium Ionic's directors and officers (some having since resigned) fraudulently diverted a valuable lithium project in Brazil — now advanced by Lithium Ionic as its flagship Bandeira Project — away from Emerita.
The OSC Application is publicly available at: https://www.capitalmarketstribunal.ca/sites/default/files/2026-04/aep_20260409_emerita-resources-corp.pdf
On May 14, 2026, PMSF's counsel delivered a demand letter to Emerita's Special Committee (which was formed prior to the release of the OSC Application) calling on the Company to commence legal proceedings to recover the asset. Emerita did not provide the confirmation PMSF sought by the deadline specified in that letter, and PMSF subsequently issued its Notice of Application for leave to pursue a derivative action on Emerita's behalf, which was filed with the Commercial List on June 4, 2026.
Next Steps
The Leave Application will proceed to be heard on September 4, 2026, at which time PMSF will ask the Court for an order granting it leave to commence and control legal proceedings to recover the Bandeira Project amongst other things on Emerita's behalf.
"We are very pleased this matter has a firm date before the Court on an expedited basis," said Wayne Peters, the sole director of the trustee of PM Super Fund. "Emerita's shareholders have waited months for clarity. We welcome Emerita's responding record by July 24, and we will continue to press for the recovery of an asset that, on the allegations already made public by the OSC, rightfully belongs to Emerita and its shareholders."
PMSF continues to reserve all of its rights and remedies in connection with this matter, including its equitable rights and remedies against Emerita and its officers and directors.
Why This Matters to Emerita Shareholders
The key Falcon Project property — now marketed by Lithium Ionic as the Bandeira lithium project — is situated immediately adjacent to Brazil's two operating lithium mines, CBL and Sigma Lithium in the Lithium Valley of Brazil. The northwestern boundary of the project is just 500 metres from these existing mines. The asset has been described by Lithium Ionic as its flagship property and whose shares were valued by the market on the day of the OSC notice at CAD $250 million. The base case economics of the project from the September 2025 feasibility study is post-tax NPV8 of US$1.45 billion and an IRR of 61%.
Emerita paid the consideration to acquire this asset. If the allegations in the OSC Application and the draft Statement of Claim are proven, this property belongs beneficially to Emerita — and, through it, to Emerita's shareholders. PMSF believes that recovering the Falcon Project would represent a transformative outcome for Emerita and its shareholders.
Forward-Looking Information and Legal Notice
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation, including statements regarding the anticipated September 4, 2026 hearing, the timing and outcome of Emerita's Special Committee and Board review, the possible commencement of proceedings by Emerita or by PMSF on Emerita's behalf, and the prospects of any such proceedings. Forward-looking information is based on current expectations and is subject to known and unknown risks, uncertainties, and other factors that may cause actual events or results to differ materially from those anticipated, including the possibility that the hearing date is adjourned or rescheduled, that Emerita's Board reaches a different determination or on a different timeline than currently anticipated, or that the Court does not grant the relief sought. No assurance can be given that the Leave Application will be successful, that any proceedings commenced by Emerita or PMSF will be successful, or that any particular outcome will be achieved. This press release is issued for informational purposes to Emerita's shareholders and does not constitute legal or investment advice.
The allegations referenced herein are contained in the OSC's Application for Enforcement Proceeding dated April 9, 2026, and in PMSF's Notice of Application and supporting materials, and have not been proven in any court or regulatory proceeding. All individuals and entities named or referenced herein are presumed innocent and are entitled to defend the allegations made against them.
Shareholders of Emerita Resources Corp.
Media and Shareholder Inquiries:
emoshareholders26@gmail.com
Previous News Releases:
May 14, 2026
https://www.newsfilecorp.com/release/297439/Emerita-Resources-Shareholders-Demand-Board-Action-to-Recover-Falcon-Project-from-Lithium-Ionic-Corp.
June 8, 2026
https://www.newsfilecorp.com/release/300517/Emerita-Resources-Shareholders-File-for-Leave-to-Pursue-Derivative-Action-to-Recover-Falcon-Project
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302379
Source: Significant Shareholders of Emerita Resources Corp.
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Ontario Superior Court of Justice Sets September 4, 2026 Hearing Date for PM Super Fund's Application to Pursue Derivative Claims and Recover the Bandeira Project from Lithium Ionic on Behalf of Emerita Resources
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