The company was stripped of the project by the NSW government because it was deemed the process that issued Nucoal the licence had been corrupted.

The company received a Judical Review Judgement by Justice Stephen Rothman on September 24.

Rothman found that the Independent Commission Against Corruption had acted within its statutory and common law duties.

However, Rothman found that ICAC clearly acknowledged “the difference in interest between the plaintiff, on the one hand, and on the other, those that were once its directors and against whom there were serious allegations of corruption … the commission also took the view that the plaintiff, as an entity, was involved in no wrongdoing and none of the commission’s findings were based on any suggestion of the plaintiff being involved in wrongdoing.

“The plaintiff’s submission was that its conduct was wholly innocent. The commission accepted that view.

“Ultimately the commission came to the view that the plaintiff, as an entity, was not involved in any wrongdoing.”

Nucoal argues that this clearly shows that despite ICAC forming a view that Nucoal was an innocent party and that innocent parties could be compensated, parliament determined that Nucoal’s exploration licence should be cancelled with no compensation.

“The court noted that ‘parliament, not the commission, has determined that if Nucoal be innocent, it ought not to be compensated,” the company said.

Nucoal’s shares leapt 33% to 4c on the news of the Judicial Review Judgement.