TORONTO, April 30, 2024 /PRNewswire/ - Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) (the "Company" or "Rock Tech") is pleased to announce the execution of a definitive feedstock supply agreement between Rock Tech's subsidiary RTT Lithium SA and C&D Logistics (Qingdao) Co., Ltd., a supply chain enterprise of C&D Group which is ranked 69th on the Fortune Global 500 list.
Under the feedstock supply agreement which was signed on April 23 2024 C&D Logistics will supply up to the full amount of spodumene concentrate required for the operation of Rock Tech's Lithium refinery in Germany, the Guben Converter. The deliveries under the agreement will commence in 2025 and have an initial term of five years. The agreement includes a pricing concept based on a lithium hydroxide monohydrate market price index. Exact quantities and prices will be confirmed annually.
C&D Logistics is a major partner of the Australian and Chinese Lithium industry. The company has a long history of close cooperation with existing Lithium converters and operating Lithium mines. C&D Logistics specializes in sourcing and supply chain services. RTT Lithium is a joint venture between Rock Tech and Transamine SA established in 2023 to facilitate the sourcing and trading of spodumene concentrate for Rock Tech's converter projects.
Mirco Wojnarowicz, Rock Tech's VP of Business Development and Director with RTT Lithium comments: "This is a decisive moment for Rock Tech and the European lithium industry. We are honoured to have won one of the largest global companies as our strategic partner. With many years of lithium trading experience and long-standing business relationships with existing spodumene producers in Australia, Africa and Brazil, C&D will help Rock Tech to significantly advance our Guben project."
Rock Tech is a cleantech company with operations in Canada and Germany on a mission to produce lithium hydroxide for electric vehicle batteries. The Company plans to build lithium converters at the doorstep of its customers, to guarantee supply-chain transparency and just-in-time delivery, beginning with the Company's proposed lithium hydroxide merchant converter and refinery facility in Guben, Germany. The second Lithium converter is planned to be built in Red Rock, Ontario, Canada. Rock Tech plans to source raw material from its wholly-owned Georgia Lake spodumene project located in the Thunder Bay Mining District of Ontario, Canada, as well as procuring it from other responsibly producing mines. In the years to come, the Company expects to also source raw material from discarded batteries. To close the most pressing gap in the clean mobility story, Rock Tech has gathered one of the strongest teams in the industry. The Company has adopted strict environmental, social and governance standards and is developing a proprietary refining process aimed at further increasing efficiency and sustainability. Rock Tech's goal: to create a closed-loop lithium production system.
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.
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 outcome of amount, quality of products from C&D Logistics (Qindao) Co. and/or their partner's mining operations; the supply and demand for, deliveries of, and the level and volatility of prices of intermediate and final Lithium products ; the costs and results of development, exploration and operating activities; Rock Tech's ability to procure supplies and other equipment necessary for its business; and the accuracy and reliability of technical data, forecasts, estimates and studies; Rock Tech's opinions, beliefs and expectations regarding the outcome of the supply agreement, regulatory decisions and outcomes; future exchange and interest rates; general business and economic conditions; the Company's own business strategy and RTT Lithium SA's abilities to handle logistics and financing.
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. There may also be other factors that cause actual results to differ materially from the forward-looking statements, including the risks, 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, or known and unknown risks and uncertainties that may the Company's ability to access additional funding required to invest in available opportunities and projects (including the Company's converter projects and the Georgia Lake project).
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.
SOURCE Rock Tech Lithium Inc.
