HomeMarket NewsMiningRock Tech Lithium Secures $7.3 Million Funding for Georgia Lake and Converter...

Rock Tech Lithium Secures $7.3 Million Funding for Georgia Lake and Converter Projects

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Exploration and Development of Georgia Lake Lithium Project

Rock Tech Lithium has announced plans to raise $7.3 million in funding, with half of the proceeds ($5 million) intended for the continued exploration and development of the company’s Georgia Lake lithium project in Ontario. This investment will support exploration drilling programs and the consolidation of adjacent properties.

Located 160 km northeast of Thunder Bay, the Georgia Lake project is envisioned as an open-pit and underground mining operation. It boasts indicated mineral resources of 10.6 million tonnes with a grading of 0.88% lithium oxide, along with inferred resources of 4.2 million tonnes grading at 1% lithium oxide.

A recently released prefeasibility study for the Georgia Lake project highlights its potential, with an after-tax net present value of $146 million (at an 8% discount rate) and an internal rate of return of 36%. The construction of the mine is estimated to cost $192.2 million, with additional capital costs of $98.5 million for ongoing maintenance over a projected nine-year mine life. The study also forecasts an average annual spodumene concentrate production of 100,000 tonnes at a cost of $719 per tonne.

Development of Converter Project

The remaining proceeds from the funding will be allocated to the development of Rock Tech Lithium’s converter project in Canada. Last year, the company completed a bankable project study for the construction and operation of a lithium hydroxide converter and refinery facility located in Guben, Germany.

This converter project represents a significant milestone for Rock Tech Lithium as it aims to expand its presence in the lithium market and capitalize on the increasing demand for lithium hydroxide.

Overall, this funding not only strengthens Rock Tech Lithium’s exploration and development efforts at the Georgia Lake lithium project but also supports the company’s expansion into converter projects, positioning it well for future growth in the rapidly evolving lithium industry.

(Photo: Rock Tech Lithium)

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