Iofina subsidiary has Montana water project permit denied

Iofina shareholders were on Friday disappointed by the news the company's wholly-owned subsidiary had the preliminary permit on its Water Depot project in Montana denied.

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Atlantis Water Solutions faced objection to the permit from Montana's Department of Natural Resources and Conservation.

"The company disagrees with this decision and intends to take further legal action with respect to this non-core project," the Iodine explorer said.

"With this denial and during the period of judicial review, the company will not be able to further develop this non-core asset. The company will continue to maintain its leases and right of ways in anticipation of a future favourable ruling."

The share price had declined 14.63% to 25.61p by 13:41.