Altai Provides Update on Quebec Litigation

Core Viewpoint - Altai Resources Inc. is facing significant legal challenges and financial burdens due to a claim against the Government of Quebec regarding the expropriation of its oil and gas exploration assets in 2022, leading the company to abandon its legal representation as it deems further pursuit of justice futile [1][5]. Group 1: Legal Proceedings - The company filed a claim in the Superior Court of Quebec in 2022 against the Ministry of Energy and Natural Resources and the Attorney General of Quebec for compensatory damages due to expropriation [1]. - Progress in the legal proceedings has been significantly delayed since the company's case was joined with other similar actions, with no hearing date set for the first phase [2]. - The company proposed advancing certain test cases to streamline the process, but this approach was rejected by the defendants, leading to concerns about escalating legal costs [3]. Group 2: Financial Implications - The company has incurred considerable legal costs and is facing a motion from the defendants seeking security for costs amounting to $250,000, which could further strain its financial resources [4]. - The company believes that the ongoing litigation and the defendants' tactics will continue to impose a crippling financial burden, prompting the decision to abandon legal representation to protect its working capital [5]. Group 3: Company Overview - Altai Resources Inc. is based in Toronto, Ontario, and has an oil property in Alberta along with a Canadian investment portfolio consisting of cash and cash equivalents [6].