19:27:18 EST Mon 30 Jan 2023
Enter Symbol
or Name
USA
CA



Rock Tech Lithium Inc (2)
Symbol RCK
Shares Issued 84,463,803
Close 2022-10-21 C$ 3.31
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Rock Tech, Transamine enter definitive deal for JV

2022-10-24 01:51 ET - News Release

Mr. Markus Bruegmann reports

ROCK TECH AND TRANSAMINE TO FORM JOINT VENTURE FOCUSED ON SECURING SUPPLY OF SPODUMENE

Rock Tech Lithium Inc. and Transamine Holdings and Investments Ltd. have entered into a definitive agreement to form a joint venture entity called RTT Lithium SA. RTT shall identify, pursue and secure the supply of, and establish a new route for, lithium-bearing spodumene for the company's planned European lithium converters. RTT is expected to offer spodumene producers a single resilient and transparent offtake option by providing feedstock to Rock Tech, which intends to supply lithium to customers in the European automotive sector.

"RTT is expected to provide Rock Tech with the capacity to secure a deep pipeline of potential raw material sources and is an important step in advancing the company's diversified sourcing strategy," said Markus Bruegmann, the company's chief executive officer. "Transamine is a partner with 70 years of expertise in the global non-ferrous raw materials trading space, and has the liquidity and access to financing necessary for potential purchase financing."

Jean-Pierre Adamian, director of Transamine, explained: "We intend to create a new and reliable solution for spodumene concentrate producers to, via Rock Tech, supply the European lithium market as part of a supply chain that is transparent, traceable, and [environmental, social and governance] compliant, from mines to the offtake market. This will also help us to grow in a strategic market of critical raw materials."

RTT will be a 50/50 joint venture company to be based in Geneva, Switzerland, which is expected to be formed in 2022. In connection with the joint venture, Rock Tech and Transamine have entered into a definitive agreement to establish the terms governing the formation and operations of RTT.

Pursuant to the definitive agreement, RTT will manage the procurement of spodumene concentrate from global mining companies and spodumene producers, and arrange related logistical and storage services, Transamine will provide related financing, and Rock Tech will support the identification of spodumene producers and marketing activities, and will be primarily responsible for ESG auditing and compliance. Future deliveries of spodumene concentrate by RTT to Rock Tech will be governed by long-term feedstock supply agreements to be entered into between RTT and Rock Tech.

About Rock Tech Lithium Inc.

Rock Tech is a cleantech company on a mission to produce lithium hydroxide for electric vehicle batteries. The company plans to build lithium converters at the doorstep of its customers and to guarantee supply chain transparency and just-in-time delivery. To close the most pressing gap in the clean mobility story, Rock Tech has gathered one of the strongest teams in the industry. The company has adopted strict ESG standards, and is developing a proprietary refining process aimed at further increasing efficiency and sustainability. Rock Tech plans to source raw material from its own mineral project in Canada, as well as procure it from other responsibly producing mines. In the years to come, the company expects to also source raw material from discarded batteries. Rock Tech's goal is to create a closed-loop lithium production system.

About Transamine Holdings and Investments Ltd.

Founded in 1953, Transamine SA is an independent and privately held commodity trading company, specializing in non-ferrous raw materials. Transamine is headquartered in Geneva, Switzerland, and has offices throughout key markets, including Australia, South Africa, India, the United States and China. Transamine is a full-service company, providing worldwide raw material sourcing, marketing, finance and investment, and specializes in all aspects of non-ferrous raw material production and trade. Transamine recently added lithium, mostly in the form of spodumene, to its traditional activity and will maintain the highest standard of conduct to promote fundamental principles, such as sustainability, environment and social responsibilities.

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