Vancouver, BC, Canada – December 10, 2020 – Rock Tech Lithium Inc. (the "Company" or “Rock Tech”) (TSX-V: RCK; Frankfurt: RJIB) announces that, as a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify its disclosure.
In its November 4, 2020 news release, the Company made statements that are misleading and contrary to NI 43-101. Accordingly, the Company has retracted and restated certain statements contained in the November 4, 2020, news release and advises the public to not rely on the retracted statements.
The Company states that the PEA shows the potential of a vertically integrated lithium hydroxide converter located in Thunder Bay, Ontario, exclusively utilizing feed from the Company’s nearby 100%-owned Georgia Lake lithium project.
Furthermore, the Company’s chairman, Dirk Harbecke states, “We are pleased to complete the first-ever PEA on a vertically integrated lithium hydroxide converter in the Province of Ontario. We now look forward to the imminent kick-off of a pre-feasibility study as we advance discussions around site selection, production optimization, community engagement and financing. Our PFS will contemplate a variety of scenarios including expanded converter capacity and a dual-location strategy whereby initial refining is completed in Canada before final purification in Germany.”
The Company reminds the public that the PEA is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Furthermore, mineral resources that are not mineral reserves do not have demonstrated economic viability.
Additionally, the November 4, 2020, news release and a corporate presentation on the Company’s website disclosed the results of the PEA without stating that the PEA is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
The economic analysis of the PEA is based on the following main assumptions: a) forecast lithium hydroxide price of US$14,612 per tonne averaged over the life of the project, b) annual production of 15,000 tonnes of lithium hydroxide per year and, c) estimated operating and capital costs for the project based on the most current data available.
Accordingly, the Company has retracted and restated its previous disclosure and advises the public to not rely on documents that previously contained non-compliant disclosure.
Certain disclosures on the Company’s website did not identify and disclose the relationship to the Company of the Qualified Person(s) who prepared, supervised the preparation of, or approved of the technical information. Accordingly, the Company has amended the relevant sections of its website to include this information.
On behalf of the Board of Directors,
Director, Chief Executive Officer
For further information, please contact:
Chief Financial Officer
Rock Tech Lithium Inc.
777 Hornby Street, Suite 600
Vancouver, B.C., V6Z 1S4
Telephone: (778) 358-5200
Facsimile: (604) 670-0033
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements". Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.