Rock Tech Lithium (TSX-V:RCK) has signed a binding seven-year offtake agreement with Geneva-based Transamine for spodumene concentrate from its Georgia Lake Project in Ontario, Canada.
The agreement covers up to 100,000 dry metric tonnes per year of spodumene concentrate, with deliveries scheduled to begin in 2028.
Contracted volumes ramp from 50,000 dry metric tonnes in the first year to 100,000 dry metric tonnes annually thereafter, subject to a plus-or-minus 10% tolerance in favour of Rock Tech.
The deal includes a development prepayment facility framework of up to US$80 million ($114.8 million) to support the project. The prepayment carries interest at a three-month CME term secured overnight financing rate, plus 2.95% per annum; and will be repaid through concentrate deliveries over 24 months from first delivery.
Should Rock Tech determine that the concentrate is required for its planned Red Rock lithium converter in Ontario, the parties will convert the arrangement into an offtake for battery-grade lithium hydroxide monohydrate or lithium carbonate.
CEO Mirco Wojnarowicz says the agreement demonstrates “how Rock Tech is turning critical minerals ambition into execution”.
“It provides a long-term, commercial foundation for the Georgia Lake mine’s future production, strengthens our financing pathway, and brings us another step closer to building the integrated mine-to-converter platform,” Wojnarowicz says.
Prepayment conditions precedent include full project equity financing, material permits, environmental approvals, satisfactory due diligence, and final metallurgical test results.
Rock Tech says quantities and timelines will be reviewed following completion of the Definitive Feasibility Study for Georgia Lake.
Rock Tech Lithium is developing lithium converter projects in Guben, Germany, and Ontario, Canada, targeting raw material sourcing exclusively from ESG-compliant suppliers.
Write to Paula Fabe at Mining.com.au
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