Rock Tech Lithium (TSXV: RCK) has raised $6 million (US$4.21 million) to fund a feasibility study for its Georgia Lake mine and the development of the Red Rock converter in Ontario.
The money was raised through a non-brokered private placement to which the company issued around 9.2 million units through three tranches at a price of 65¢ apiece. Each Unit consists of one common share in the capital of Rock Tech and one-half of one common share purchase warrant.
Red Rock Converter
The news comes as Rock Tech advances its lithium converter in Red Rock, Ont. The company recently signed an agreement for the development and deployment of Siemens Canada’s twin technology at the project.
Located in Red Rock, Ont, about 900 km northwest of Toronto, the converter would produce about 30,000 tonnes of lithium annually, according to a new estimate. The company cut the plant's cost estimate by 54% earlier this week.
Rock Tech is continuing work on a definitive feasibility study (DFS) for the converter. The DFS was launched in June and is expected to be finalized in Dec. 2026.
The company expects construction to begin in the H2 of 2027, with first production starting in 2029.
Georgia Lake Mine
Georgia Lake is a 5,686 hectare project in Thunder Bay's mining district. It consists of more than 200 mining claims and 42 leases. As of now, only 10% of the land has been explored.
According to Rock Tech's 2022 preliminary feasibility study (PFS), Georgia Lake has a pre-tax net present value (NPV) of US$223 million with a estimated pre-tax internal rate of return (IRR) of 47.8%.
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