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. Rock Tech acquired the licenses since 2009 and carried out several drill campaigns until 2018. Based on a  total of 351 drill holes with a combined length of 47,384 m an NI43-101 compliant resource estimate of 6.62 million tonnes in the measured and indicated categories and 6.68 million tonnes in the inferred category was published in April 2021 and is included in a Technical Report titled, "Preliminary Economic Assessment for an Integrated Lithium Hydroxide Operation from the Georgia Lake Lithium Project, Northwest Ontario, Canada." Ryan Hanrahan, BEng (Hons) Mech, GAICD, MIEAust, CPEng, NPER, IntPE (Hon), Chris Larder, FAusIMM, Karl-Stephan Peters, EurGeol 787, Florian Lowicki, MSACNASP, Eugene Puritch, P.Eng., FEC, CET, D. Grant Feasby, P.Eng. and Ken Kuchling, P.Eng. were the Qualified Persons for the Technical Report and are independent of Rock Tech Lithium Inc. For the full report, please visit our SEDAR profile.
  
Measured
Indicated
M+I
Inferred
Tonnage [Mt]
2.31
4.31
6.62
6.68
Li₂O [%]
1.04
0.99
1.01
1.16
Cut Off Li₂O [%]
0.65
0.65
0.65
0.65

Table 1: NI43-101 resource estimate, March 2021

 
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
Payback
Average LiOH Price
Unit
Mio USD
USD/t Conc
Mio USD
Mio USD
Mio USD
Mio USD
Mio USD
Mio USD
%
%
Years
USD/t
Value
353
6,266
1,973
847
1,103
123
289
230
22%
20%
4.6
14,605

Table 2: NI43-101 PEA results, March 2021
* includes 1.5% NSR

The PEA studied a vertically-integrated lithium hydroxide operation with a capacity of 15,000 tonnes per year. The feed for this converter would come exclusively from the Company's Georgia Lake lithium project. Rock Tech's planned European converter with a conceptual capacity of 24,000 tonnes per year was not part of this PEA and the Company has not completed a Technical Report assessing a European converter.

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. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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.