Belgravia Provides Litigation Update
Executive Summary
- The Court ordered PolyNatura to deposit $9,046.05 for damages related to the books‑and‑records inspection provision and sanctioned its defense counsel $2,000.
- A Final Judgment entered on March 19, 2026 dismissed the remaining claim as moot; appellate options are being evaluated.
- Belgravia confirms that its Ochoa royalty interest remains fully intact (75% water revenue, 1% mining revenue, capped at US$12.2 M) and continues to monitor PolyNatura’s compliance.
Key Details
- Court Orders (Mar 16, 2026):
- PolyNatura required to deposit $9,046.05 with the Court Clerk per Fed. R. Civ. P. 67 for damages on the books‑and‑records inspection issue.
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PolyNatura’s defense counsel sanctioned $2,000 under Fed. R. Civ. P. 16(f) for missed pre‑trial scheduling deadlines; plaintiff counsel received no sanction.
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Final Judgment (Mar 19, 2026):
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Remaining claim dismissed as moot after the deposit; all post‑judgment remedies (including appeal) under review by Belgravia’s legal team.
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Ongoing Enforcement:
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Company continues to evaluate additional enforcement actions against PolyNatura for post‑2021 conduct and will provide further updates.
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Royalty Interest Status:
- Ochoa royalty remains unchanged: 75% of water revenue, 1% of mining revenue, with a combined cap of US$12.2 M.
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Project resources: ~630 million tons at >82% polyhalite grade; mine life >50 years.
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Response to PolyNatura Press Release:
- Belgravia disputes PolyNatura’s claims that all litigation was resolved in its favor and corrects misstatements about law‑firm representation (four firms, not ten).
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Highlights that PolyNatura has generated no revenue from the Ochoa water or mining assets nine years after the royalty agreement.
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Corporate Update:
- Company continues to hold Bitcoin and related ETF (BITX) in treasury; focus remains on royalty portfolio and broader Bitcoin ecosystem.
Notable Quotes
“The Ochoa royalty is a valuable, long‑duration asset tied to one of the most significant polyhalite deposits in the world… We are fully focused on enforcement of our contractual rights.” – Mehdi Azodi, President & CEO
Materiality Assessment: Non‑Material – Neutral (the update provides legal status information but does not indicate a material financial impact).