20:24:35 EDT Sun 05 May 2024
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or Name
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CA



Rock Tech Lithium Inc (2)
Symbol RCK
Shares Issued 96,763,662
Close 2023-05-24 C$ 2.33
Market Cap C$ 225,459,332
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Rock Tech Lithium options 6,150 hectares

2023-05-25 12:23 ET - News Release

Mr. Robert MacDonald reports

ROCK TECH OPTIONS ADDITIONAL PROPERTY IN THUNDER BAY MINING DISTRICT AND APPOINTS STRATEGIC ADVISOR FOR GEORGIA LAKE PROJECT

Rock Tech Lithium Inc. has entered into an option agreement to acquire a 100-per-cent undivided interest in a total of 6,150 hectares in the Thunder Bay mining district of Ontario. Adding to the company's Georgia Lake project, these claims will expand Rock Tech's footprint in the district, as well as provide additional lithium exploration potential in a region that is already historically well studied.

Robert MacDonald, general manager at Rock Tech's mining entity, noted: "As leaders in lithium exploration in the Thunder Bay area, Rock Tech is keen to add to its land position with perspective properties. The Georgia Lake project contains over 50 per cent of the published mineral resources in the Thunder Bay district and the Boston Lake mining claims offer an exciting opportunity to expand our exploration footprint."

Pursuant to the terms of the agreement, Rock Tech has made an initial deposit and will make additional annual cash payments totalling $175,000 until the third anniversary of this agreement. Concurrent with the cash payments, the company will additionally issue in total $175,000 in shares.

This agreement and the Georgia Lake project, which has successfully completed prefeasibility stage, demonstrate Rock Tech's continued ambition and growth path in its home market. Additionally, the company is excited to announce the appointment of CIBC as strategic adviser. CIBC, a long-standing participant in the mining industry, will assist in the selection of a strategic partner to jointly advance the 100-per-cent-owned Georgia Lake project.

"We are delighted to have partnered with CIBC and their strong, globally networked capital markets team. CIBC will work closely with Rock Tech to ensure we find the strongest strategic partnership to develop our Georgia Lake asset. With the PFS successfully completed, and the latest exploration drilling programs progressing, the project is now significantly derisked and represents a unique opportunity to invest in a high-quality hard-rock lithium project in Canada," Sonja Rossteuscher, Rock Tech's chief financial officer, stated.

About Rock Tech Lithium Inc.

Rock Tech is a cleantech company with operations in Canada and Germany on a mission to produce lithium hydroxide for electric vehicle batteries. The company plans to build lithium converters at the doorstep of its customers, to guarantee supply chain transparency and just-in-time delivery, beginning with the company's proposed lithium hydroxide merchant converter and refinery facility in Guben, Germany. 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 environmental, social and governance standards and is developing a proprietary refining process aimed at further increasing efficiency and sustainability. Rock Tech plans to source raw material from its wholly owned Georgia Lake spodumene project located in the Thunder Bay mining district of Ontario, Canada, as well as procuring 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: to create a closed-loop lithium production system.

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