Trident Royalties has a share price target upgrade from house broker Liberum following the legal ruling over the Thacker Pass lithium project in Nevada.
Developer Lithium Americas received a favourable ruling for the appeal filed against the Bureau of Land Management (BLM), said the broker, which means construction can commence soon.
There is some further work the courts have requested of BLM, but it should not impact recent guidance for first production in the second half of 2026, Liberum added.
“Alongside the GM investment, we now see the project as de-risked, lifting our price target to 74p, from 71p,” said the broker.
The Record of Decision was initially received in January 2021, but various challenges delayed the process.
“For any prospective lithium project in Nevada, they will expect a long road ahead to get to the same stage at which Lithium Americas is at today.
“As expected, there is still a little bit more work to do. The Federal Court ordered the BLM to consider one issue under the mining law, relating to the area designated for waste storage and tailings. However, this should not impact the construction timeline."
Shares rose 2.6% to 58.5p.