Rock Tech Lithium Receives $388,074 in Funding from Ontario's Critical Minerals Innovation Fund
Rock Tech Lithium Receives $388,074 in Funding from Ontario's Critical Minerals Innovation Fund |
| [23-June-2025] |
/NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, June 23, 2025 /CNW/ - Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) ("Rock Tech" or the "Company") is pleased to announce that it 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, Ontario.
The funding will accelerate research and pilot testing of innovative ore sorting solutions that target 80% lithium recovery rates from low-grade ores (0.3–0.5% Li₂O), 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
"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 (the "Agreement") with Bingwi Neyaashi Anishinaabek, Biinjitiwaabik Zaaging Anishinaabek, Red Rock Indian Band, and Animbiigoo Zaagi'igan Anishinaabek (collectively, the "First Nations Groups") setting out a framework for Rock Tech's consultation and accommodation activities with the First Nations 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 1,000,000 common share purchase warrants ("Warrants") to the First Nations Groups, with each First Nations Group receiving 250,000 Warrants. Each Warrant will entitle the holder thereof to purchase one common share in the capital of Rock Tech (a "Warrant Share") at an exercise price equal to the closing price of the Company's common shares on the TSX Venture Exchange (the "TSX-V") on the date of grant. The Warrants will be exercisable for a period of five (5) years from the date of issuance. In addition, Rock Tech has approved the cancellation of the previously agreed 750,000 warrants (Press Release January 12, 2022). The grant of the Warrants remains subject to, among other things, acceptance of the TSX Venture Exchange. SCIENTIFIC AND TECHNICAL DISCLOSURE The scientific and technical disclosure included in this news release has been reviewed and approved by Cameron Andrews, P.Eng, General Manager Georgia Lake Project, a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects. 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. 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. 260,000 of the options were issued to Directors and Officers of the Company. The Options were granted at an exercise price of $1.00. The Options will vest immediately and are exercisable for a five-year term, expiring June 19, 2030. About Rock Tech Lithium Inc. CAUTIONARY STATEMENT REGARDING 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 the Company's intentions with respect to the development and timing thereof and statements regarding further exploration activities future plans, activities and schedules relating to such projects and related development including the Guben Converter, the second converter in North Amerika and/or and the Georgia Lake Spodumene project ; statements regarding the Company's future plans, estimates, and schedules relating to the Guben Converter, the NA converter and/or the Georgia Lake Spodumene project, including the anticipated timing of future activities taken in support of the development thereof; Rock Tech's potential financing arrangements; the anticipated timing and outcomes of a final investment decision and regulatory approvals, construction activities and commissioning of the Guben Converter; statements regarding the Company's sustainability and ESG related goals and strategy, including the benefits and achievement thereof and future actions taken by the Company in relation thereto; 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 general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; inability to complete the financing in connection with the Transaction; delay or failure to close the Transaction; and 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. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. SOURCE Rock Tech Lithium Inc. | ||
Company Codes: Frankfurt:RJIB, TorontoVE:RCK |
