Rock Tech selects Red Rock for lithium refinery and secures investment from BMI Group

3D-Model of Rock Tech’s Lithium Refinery in Red Rock (CNW Group/Rock Tech Lithium Inc.)

TORONTO — Rock Tech Lithium Inc. and the BMI Group announce the signing of a Cooperation Agreement. The Agreement bindingly confirms the parties’ plans to enter into a long-term lease contract for the location of Ontario’s first Lithium Converter. The Red Rock site was selected by Rock Tech following the successful completion of a comprehensive site-assessment process. BMI further commits to invest CAD 5.5mn into the Project as part of the Agreement.

Rock Tech has decided to develop Ontario’s first Lithium Converter on the former Norampac Paper Mill site in Red Rock. The township of Red Rock is located approximately 110 km northeast of Thunder Bay, along the Trans-Canada Highway 17, on the north shore of Lake Superior. Rock Tech’s 100% owned Georgia Lake mining project is located approximately 60 km north of Red Rock.

In early 2023, Rock Tech engaged in an extensive site selection process. Several green and brown-field sites across Ontario and the Northern United States were evaluated. Rock Tech’s comprehensive expertise in developing Europe’s first Lithium Converter in Germany was instrumental in running an efficient and successful selection process in Canada. Since 2021, the Company says they have invested over 350,000 engineering hours and CAD 60mn into developing the Guben Lithium Converter in Germany.

“This is a fundamental milestone for our North American Lithium refinery plans,” explains Kerstin Wedemann, Rock Tech’s Chief Legal & Operations Officer, “Lithium Converters are large value-added production facilities. Substantial infrastructure and several supporting factors are required to enable such projects. Our site selection process evaluated more than 150 different criteria and determined that Red Rock is the best location for this important Project.”

“From developing the northernmost port on the Great Lakes in partnership with the Red Rock Indian Band to working with the town of Red Rock, Iron and Oak Railroad Services, and Hydro One, we’ve been working to make Red Rock industry-ready,” commented Paul Veldman, CEO of the BMI Group, “Today, that work has secured a pivotal partnership with Rock Tech and a new future for the Red Rock community. Together, we’re working to fortify Ontario’s Critical Mineral Corridor from the North to Niagara to establish a robust, made-in-Ontario lithium supply chain crucial for meeting the province’s burgeoning automotive and battery manufacturing potential. At PDAC 2024, we’ll be meeting with industry partners to discuss the Port of Red Rock, Rock Tech’s Lithium Converter capabilities, and the Critical Mineral Corridor strategic supply chain.”