GEORGIA LAKE PROJECT

Rock Tech Lithium owns spodumene-bearing pegmatites in the Georgia Lake area, located less than 200 kilometers northeast of the city of Thunder Bay, Ontario. The lithium bearing deposits form an integral part of the integrated converter strategy planned by the company.

Lithium mineralization was discovered in 1955 and subsequently explored by several historic owners. RockTech acquired the licenses since 2009 and carried out several drill campaigns until 2017. Based on a  total of 351 drill holes with a combined length of 47,384 m an NI43-101 compliant resource estimate of 6.58 million tonnes in the measured and indicated category and 6.72 million tonnes in the inferred category was published in August 2018. Report without Annexure. For the full report, please visit our SEDAR profile.
  
Measured
Indicated
Inferred
TOTAL
Tonnage [Mt]
1.89
4.68
6.72
13.29
Li₂O [%]
1.40
1.00
1.16
1.09
Cut Off Li₂O [%]
0.65
0.65
0.65
0.65

Table 1: NI43-101 resource estimate, August 2018

In 2018 Rock Tech engaged DMT for the preparation of a Preliminary Economic Assessment (“PEA”) which was published in October 2018 with the following key outcomes. Report without Annexure. For the full report, please visit our SEDAR profile.
 
Initial CAPEX
Average LoM Operating Costs
LoM Revenue
LoM Operating Cost
LoM EBITDA
Annual EBITDA
Pre Tax NPV8
After Tax NPV8
Pre Tax IRR
After Tax IRR
Pre Tax Payblack
After Tax Payblack
Unit
Mio CAD
CAD/t Conc
Mio CAD
Mio CAD
Mio CAD
Mio CAD
Mio CAD
Mio CAD
%
%
Years
Years
Value
65.3
397
1,136.2
419.4
706.0
64.2
312.2
210.2
62%
48%
3.1
3.5

Table 2: NI43-101 PEA results based on aspodumene price of USD 827/t, October 2018

To develop the project towards feasibility stage the company submitted the Project Definition and Notice of Project Status (“NoPS”) in August 2020. It has been confirmed that no Federal Impact Assessment is required since the production profile of Georgia Lake mine will be below the threshold. Further the status change from“Undeveloped Lands/Past Producer’ to ‘Mine Production and Development’ has been accepted, subject to the completion and acceptance of a certified comprehensive closure plan.