Rock Tech Lithium Secures $1.4 million in Federal Funding for Georgia Lake Infrastructure Development

Rhea-AI Summary

Rock Tech Lithium Inc. has been awarded up to CAD 1.4 million in funding from the Government of Canada's Critical Minerals Infrastructure Fund (CMIF). The funding, pending final due diligence, will be used to upgrade and extend the Fairloch Lake Road, facilitating the transportation of lithium from the Georgia Lake Project mine site to the proposed Lithium Converter facility in Red Rock, Ontario.

Rock Tech is one of four critical minerals projects in Northern Ontario selected for this funding. The company has engaged Lake Nipigon Forest Management, a cooperative of local First Nations, to complete the road construction. CEO Dirk Harbecke highlighted the strategic location of the Georgia Lake project, noting its extensive existing infrastructure and resulting lower development costs compared to more remote projects.

Positive

• Secured CAD 1.4 million in federal funding for infrastructure development
• Selected as one of four critical minerals projects in Northern Ontario for CMIF funding
• Strategic location with existing infrastructure, leading to lower development costs

Negative

• None.

• Pending final due diligence, Rock Tech Lithium Inc. has secured CAD 1.4 million in federal funding through the Government of Canada's Critical Minerals Infrastructure Fund (CMIF). Rock Tech is one of four critical minerals projects in Northern Ontario selected for this funding.
• The funding will be used to upgrade and extend a 10-kilometre access road north of Nipigon, Ontario. This road will facilitate the transportation of lithium from the Georgia Lake Project mine site to the proposed downstream Lithium Converter facility in Red Rock, Ontario.

TORONTO, Oct. 9, 2024 /PRNewswire/ - Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) ("Rock Tech", or the "Company") is pleased to announce that it has been awarded up to CAD 1.4 million in funding from the Government of Canada's Critical Minerals Infrastructure Fund (CMIF), a federal initiative to support the development of clean energy and transportation infrastructure projects in Canada's critical minerals sector. Pending final due diligence, the funding will be used to upgrade and extend the Fairloch Lake Road to enable the transportation of Lithium-containing spodumene from its Georgia Lake Project mine site. Lake Nipigon Forest Management (a forest management cooperative of Bingwi Neyaashi Anishinaabek, Biinjitiwaabik Zaaging Anishinaabek, Red Rock Indian Band, and Animbiigoo Zaagi'igan Anishinaabek) has been engaged to complete the road construction.

Dirk Harbecke, Rock Tech's CEO commented: "We are honoured to receive this funding to support the development of our Georgia Lake mining project. Unlike many other projects in Ontario, our Georgia Lake project benefits from a highly strategic location with extensive infrastructure already in place. This results in lower development costs compared to more remote projects."

ABOUT ROCK TECH

Rock Tech's vision is to supply the electric vehicle and battery industry with sustainable, locally produced Lithium, targeting a 100% 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 Red Rock, 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 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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. 

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING INFORMATION Certain statements contained in this news release constitute "forward-looking information" under applicable securities laws and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact, which address events, results, outcomes or developments that the Company expects to occur are forward-looking statements. When used in this news release, words such as "expects", "anticipates", "plans", "predicts", "believes", "estimates", "intends", "targets", "projects", "forecasts", "may", "will", "should", "would", "could" or negative versions thereof and other similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking information pertaining to expectations concerning the Georgia Lake Project, including the design and features of the Georgia Lake Project; statements regarding the Company's future plans, estimates, and schedules relating to the Georgia Lake Project, including the anticipated timing of future activities taken in support of the development thereof; the expected economic performance of the Georgia Lake Project; Rock Tech's opinions, beliefs and expectations regarding the Company's business strategy, development and exploration opportunities and projects; and plans and objectives of management for the Company's operations and properties. Forward-looking statements by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from the forward-looking statements, including the risks, uncertainties and other factors discussed in the Company's most recent management's discussion and analysis and annual information form filed with the applicable securities regulators. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and the Company cautions the reader not to place undue reliance upon any such forward-looking statements. The Company does not intend, nor does it assume any obligation to update or revise any of the forward-looking statements, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.

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SOURCE Rock Tech Lithium Inc.

FAQ

What is the amount of funding Rock Tech Lithium (RCKTF) received from the CMIF?

Rock Tech Lithium has been awarded up to CAD 1.4 million in funding from the Government of Canada's Critical Minerals Infrastructure Fund (CMIF).

What will Rock Tech Lithium (RCKTF) use the CMIF funding for?

The funding will be used to upgrade and extend the Fairloch Lake Road, a 10-kilometre access road north of Nipigon, Ontario, to facilitate lithium transportation from the Georgia Lake Project mine site.

Who will complete the road construction for Rock Tech Lithium's (RCKTF) Georgia Lake Project?

Lake Nipigon Forest Management, a forest management cooperative of local First Nations, has been engaged to complete the road construction.

What advantage does Rock Tech Lithium (RCKTF) claim for its Georgia Lake Project?

Rock Tech's CEO states that the Georgia Lake project benefits from a highly strategic location with extensive infrastructure already in place, resulting in lower development costs compared to more remote projects.