Mr. Mirco Wojnarowicz reports
ROCK TECH LITHIUM RECEIVES $388,074 IN FUNDING FROM ONTARIO'S CRITICAL MINERALS INNOVATION FUND
Rock Tech Lithium Inc. has received $388,074 in funding from Ontario's Critical Minerals Innovation Fund (CMIF) to support the development of an ore-sorting process for low-grade spodumene ores. This strategic initiative is being conducted in partnership with Queen's University and Stark Technologies and aims to unlock new economic and environmental value from lithium deposits at Rock Tech's Georgia Lake site near Beardmore, Ont.
The funding will accelerate research and pilot testing of innovative ore-sorting solutions that target 80-per-cent lithium recovery rates from low-grade ores (0.3 per cent to 0.5 per cent Li2O (lithium oxide)), traditionally considered uneconomic. The goal is to enhance the viability and sustainability of lithium production in Canada, directly supporting the province's critical minerals strategy and clean energy transition.
"We're proud to have the support of the government of Ontario through the Critical Minerals Innovation Fund," said Mirco Wojnarowicz, chief executive officer at Rock Tech. "This project brings together academia, technology and industry to solve one of the key challenges in lithium production -- making lower-grade resources viable. It's a major step forward for sustainable critical minerals development in Ontario."
Key objectives:
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Develop and prototype an innovative, energy-efficient sorting process;
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Achieve 80-per-cent lithium recovery from low-grade spodumene ores;
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Foster collaboration between academia, technology providers and industry;
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Support commercialization and broader investment in Ontario's lithium sector.
"Ontario is charging ahead as a global leader in critical minerals -- and the Critical Minerals Innovation Fund is powering that momentum," said Stephen Lecce, Minister of Energy and Mines. "This project with Rock Tech, Queen's University and Stark Technologies is exactly the kind of smart collaboration that moves critical minerals from concept to production -- strengthening our supply chains, creating local jobs and driving clean energy progress. This is how we lead, this is how we win, and this is how we build a stronger Ontario for generations to come."
Research will be conducted at Queen's University, with Stark Technologies providing advanced sorting technology and expertise. Rock Tech will supply ore samples, oversee project progress and guide the path to commercialization.
"The Critical Minerals Processing Lab at Queen's University is pleased to collaborate with Rock Tech Lithium on this important initiative to advance the Georgia Lake project," said Charlotte Gibson, assistant professor and associate head, Robert M. Buchan Department of Mining at Queen's University. "We look forward to strengthening our ongoing partnership, combining fundamental and applied research to enhance the industrial processing of low-grade lithium ores."
This project exemplifies how public-private partnerships can drive innovation and long-term value creation in Ontario and Canada's clean energy supply chain.
Revised field exploration agreement
Furthermore, Rock Tech announces that it has entered into a revised field exploration agreement with Bingwi Neyaashi Anishinaabek, Biinjitiwaabik Zaaging Anishinaabek, Red Rock Indian Band and Animbiigoo Zaagi'igan Anishinaabek (collectively, the first nation groups) setting out a framework for Rock Tech's consultation and accommodation activities with the first nation groups in connection with exploration activities at the Georgia Lake project.
Under the terms of the agreement, Rock Tech has agreed to, among other things, grant an aggregate of one million common share purchase warrants to the first nation groups, with each first nation group receiving 250,000 warrants. Each warrant will entitle the holder thereof to purchase one common share in the capital of Rock Tech at an exercise price equal to the closing price of the company's common shares on the TSX Venture Exchange on the date of grant. The warrants will be exercisable for a period of five years from the date of issuance. In addition, Rock Tech has approved the cancellation of the previously agreed 750,000 warrants (see press release dated Jan. 12, 2022).
The grant of the warrants remains subject to, among other things, acceptance of the TSX-V.
Scientific and technical disclosure
The scientific and technical disclosure included in this news release has been reviewed and approved by Cameron Andrews, PEng, general manager, Georgia Lake project, a qualified person under National Instrument 43-101, Standards of Disclosure of Mineral Projects.
The company also announces that is has granted 410,000 stock options to certain directors, officers and employees of the company. All options were granted in accordance with the company's stock option plan. Of the options, 260,000 were issued to directors and officers of the company. The options were granted at an exercise price of $1. The options will vest immediately and are exercisable for a five-year term, expiring June 19, 2030.
About Rock Tech Lithium Inc.
Rock Tech's vision is to supply the electric vehicle and battery industry with sustainable, locally produced lithium, targeting a 100-per-cent recycling rate. To ensure resilient supply chains, the company plans to build lithium converters at the doorstep of its customers, beginning with the company's proposed lithium hydroxide converter in Guben, Brandenburg, Germany. The second converter is planned to be built in Ontario, Canada. Rock Tech Lithium plans to source raw material from its own Georgia Lake spodumene project in the Thunder Bay mining district of Ontario, Canada, and procure from other ESG-compliant (environmental, social and governance) mines. Ultimately, Rock Tech's goal is to create a closed-loop lithium production system. Rock Tech has gathered one of the strongest teams in the industry to close the most pressing gap in the clean mobility story. The company has adopted strict environmental, social and governance standards and is developing a proprietary refining process to increase efficiency and sustainability further.
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