TORONTO, Nov. 28, 2023 /CNW/ - Rock Tech Lithium (the "Company" or "Rock Tech") (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) today announced the signing of a memorandum of understanding with Electra Battery Materials Corporation (NASDAQ: ELBM) (TSXV: ELBM) ("Electra") for the development of a partnership to supply recycled lithium from Electra's Ontario battery recycling operations for upgrading to battery-grade lithium chemicals in Rock Tech's lithium refineries. The companies will leverage their processing expertise to develop a comprehensive, fully sustainable closed-loop service offering for the recycling of lithium-ion battery manufacturing scrap, end-of-life batteries and black mass.
"Partnering with Rock Tech, a leading lithium development company with assets in Europe and North America, complements our recycling strategy by allowing us to further upgrade recycled lithium into a battery grade product," said Trent Mell, Electra's CEO. "Collaboration is crucial to create a closed loop for all critical minerals we recover in our black mass refining operation. Jointly with Rock Tech, we are excited to offer an end-to-end battery recycling solution specifically for the lithium market. The partnership is expected to generate an additional revenue stream for Electra, improve our service offering for our clients, and facilitate future growth."
"At Rock Tech, we are thinking long-term," emphasized Klaus Schmitz, Rock Tech's COO. "Developing localized circular lithium value chains is key for this. Electra is an important partner to realize this vision in Ontario and North America. Our collaboration unlocks an important lithium sourcing option and ensures continuous long-term supply for our plants. Our collaboration ensures that lithium recovered from the recycling of end-of-life batteries or battery manufacturing scrap is recovered, refined and returned to the battery value chain as battery-grade lithium product. An efficient, environmentally friendly and truly closed recycling loop."
Under the agreement, Electra will supply a portion of the lithium recovered from its black mass refinery north of Toronto to Rock Tech for further processing. Rock Tech will upgrade the lithium to battery-grade lithium chemicals at its planned lithium converters. This upgrading step is essential to achieve the quality and purity required to qualify the final lithium product for re-use in the manufacturing process of new batteries.
Processing of material is expected to start in 2026. Supply is expected to increase over time, as Electra continues to expand its battery materials park in a modular fashion. The companies also intend to explore additional collaboration opportunities including possible licensing of Electra's technology for application in Europe and the co-location of future battery recycling and lithium refining plants.
Rock Tech is an emerging producer of lithium chemicals through its planned lithium conversion facility in Germany as well as a second proposed lithium converter to be developed in Ontario, Canada. The company is developing a refining platform for both, primary spodumene concentrate and recycled lithium from battery and black mass recycling operations.
Electra is currently constructing North America's only cobalt sulphate refinery in Temiskaming Shores, Ontario as part of a multipronged effort to co-locate cobalt, nickel, manganese and black mass refining within the refining complex. Electra is currently testing its proprietary hydrometallurgical process to recycle black mass on a plant scale setting, recovering nickel-cobalt MHP, lithium carbonate, graphite and other commercial products.
In May 2023, Electra announced its intention to form a joint venture with the Three Fires Group to source and process lithium-ion battery waste generated by manufacturers of current and future battery cells, electric vehicles, and energy storage systems. Battery waste would be processed at a facility to be located in southern Ontario to produce black mass feed material for Electra's refinery to recover lithium, nickel, cobalt, copper, manganese and graphite.
ABOUT ROCK TECH
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 door-step 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. 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 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. Rock Tech's goal: to create a closed-loop lithium production system. www.rocktechlithium.com
ABOUT ELECTRA
Electra is a processor of low-carbon, ethically-sourced battery materials. Currently commissioning North America's only cobalt sulfate refinery, Electra is executing a multipronged strategy focused on onshoring the electric vehicle supply chain. Keys to its strategy are integrating black mass recycling and nickel sulfate production at Electra's refinery located north of Toronto, advancing Iron Creek, its cobalt-copper exploration-stage project in the Idaho Cobalt Belt, and expanding cobalt sulfate processing into Bécancour, Quebec. For more information visit www.ElectraBMC.com.
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CAUTIONARY NOTE CONCERNING FORWARD-LOOKING INFORMATION
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 the outcome in quality and output in quantity of lithium products recovered from Electra's black mass refinery; access to capital markets and other sources of financing; the supply and demand for, deliveries of, and the level and volatility of prices of, intermediate and final lithium products; future exchange and interest rates; general business and economic conditions; 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 MoU, the Company's own business strategy, plans and objectives of management for the Company's operations and properties; and Electra's accuracy and reliability of technical data, forecasts, estimates.
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 Converter Project 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.
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SOURCE Rock Tech Lithium Inc.
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