/C O R R E C T I O N from Source -- Rock Tech Lithium Inc./ In the news release, "Early Start Permission Received for Rock Tech's first Lithium Converter in Germany ", issued 12-Jan-2023 by Rock Tech Lithium Inc. over CNW, the company advises that multiple errors occurred throughout the release.
/C O R R E C T I O N from Source -- Rock Tech Lithium Inc./
In the news release, "Early Start Permission Received for Rock Tech's first Lithium Converter in
Germany
", issued
12-Jan-2023
by Rock
Tech Lithium Inc. over CNW, the company advises that multiple errors occurred throughout the release.
We are advised by the company that
the second paragraph, third sentence, should read "Rock Tech plans to start initial work on the project, with an estimated cost of
USD 683
million
" rather than "Rock Tech plans to start initial work on the project, with an estimated cost of
650 million euros
,"
and the sixth paragraph,
first sentence should read " To date, more than 250,000 working hours and over
USD 37 million
" rather than " To date, more than 250,000
working hours and over
45 million euros
" as originally issued inadvertently. The complete, corrected release follows:
Early Start Permission Received for Rock Tech's first Lithium Converter in Germany
GUBEN,
Germany
,
Jan. 12, 2023
/CNW/ -
Rock Tech Lithium Inc.
(TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V)
(the
"Company" or "Rock Tech") has received permission for an early start to the construction of its lithium converter in Guben,
Germany
(the
"Guben Converter"). The first significant work onsite for this strategic critical mineral project is expected within the upcoming next weeks.
Early Start for Rock Tech's Lithium Converter Approved (CNW Group/Rock Tech Lithium Inc.)
From 2025, the Guben Converter is expected to produce around 24,000 tonnes of battery-grade lithium hydroxide. For this purpose, Rock
Tech recently received approval from the responsible Brandenburg State Office for the Environment for an early start related to the first
tranche of permits. Rock Tech plans to start initial work on the project, with an estimated cost of
USD 683 million
1
, on its own property on
the industrial park in Guben in the upcoming weeks.
Rock Tech applied for the first partial permit and approval for early start in
February 2022
. In the course of the application procedure, which
involved public participation, no objections were received under approval regulations. Rock Tech considers this to be a positive indication of
support for the construction of the Guben Converter and at the same time appreciates the efficient and transparent cooperation with the
authorities.
"Our converter will be one of the first of its kind in
Europe
. The production of our battery-grade lithium hydroxide will be an essential part of
the battery mineral supply chains in
Europe
- this is another reason why the approval by the authority is an important step towards
implementation and sends a clear signal to the market," adds
Klaus Schmitz
, Rock Tech's Chief Operating Officer.
The approval for an early start is also an encouraging indicator that permission for construction of the Guben Converter will be granted in due
course. In November, Rock Tech has submitted the second and final tranche of permit applications for this to the authority. Approval for
construction of the Guben Converter is expected from summer 2023 onwards.
To date, more than 250,000 working hours and over
USD 37 million
2
have been directly invested by Rock Tech in the planning the design and
construction of the Guben Converter. With the early start permission, necessary groundwork as well as the construction of roads, office and
storage buildings can begin.
ABOUT ROCK TECH
Rock Tech is a cleantech company on a mission to produce lithium hydroxide for EV 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. 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 ESG standards
and is developing a proprietary refining process aimed at further increasing efficiency and sustainability. Rock Tech plans to source raw
material from its own mineral project in
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.
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.
CAUTIONARY NOTE CONCERNING FORWARD-LOOKING INFORMATION
The following cautionary statements are in addition to all other cautionary statements and disclaimers contained elsewhere in, or referenced
by, this press release.
Certain information set forth in this press release constitutes "forward-looking information" (collectively, "forward-looking information") within
the meaning of applicable Canadian securities laws, which information is based on Rock Tech's current expectations, estimates, and
assumptions in light of its experience and perception of historical trends. All statements other than statements of historical facts may
constitute forward-looking information. Often, forward-looking information can be identified by the use of words or phrases such as
"estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and all other
indications of future tense. All forward-looking information set forth in this press release is expressly qualified in its entirety by the cautionary
statements referred to in this section.
In particular, this press release contains forward-looking information pertaining to: expectations concerning the Guben Converter, including
the design and features of the Guben Converter, as well as the expected costs, capital expenditures, timing and outcomes thereof;
statements regarding the Company's future plans, estimates, and schedules relating to the Guben Converter, including the anticipated timing
of future activities taken in support of the development thereof; Rock Tech's expectations regarding the FEL3 study including the related
activities, findings and uses thereof; potential financing arrangements; the expected economic performance of the Guben Converter and
anticipated production of battery-grade lithium hydroxide and related processing methods employed; the estimated capital and operating
costs of the Guben Converter; the anticipated timing and outcomes of a final investment decision, construction activities and commissioning
of the Guben Converter; statements regarding the Company's sustainability and ESG related goals and strategy, including the benefits and
achievement thereof and future actions taken by the Company in relation thereto; expected regulatory processes and final outcomes,
including in relation to the timing of TG-1 and TG-2 approvals; expectations regarding the electric vehicle industry, including the demand for
and pricing of battery-grade lithium hydroxide and the benefits therefrom, and the development of political and regulatory frameworks
especially in
Germany
and the European Union; Rock Tech's opinions, beliefs and expectations regarding the Company's business strategy,
development and exploration opportunities and projects; and plans and objectives of management for the Company's operations and
properties.
Forward-looking information is based on certain estimates, expectations, analysis and opinions that are believed by management of Rock
Tech to be reasonable at the time they were made or in certain cases, on third party expert opinions. It should be noted that, in order to
proceed with the planned investment of
USD 683 million
contained herein, Rock Tech will be required to raise additional funding and the
availability of financing on satisfactory terms is not guaranteed. This forward-looking information was derived utilizing numerous assumptions
regarding, among other things, the supply and demand for, deliveries of, and the level and volatility of prices of, intermediate and final lithium
products, expected growth, performance and business operation, prospects and opportunities, general business and economic conditions,
results of development and exploration, Rock Tech's ability to procure supplies and other equipment necessary for its business, including
development and exploration activities, and timing related to government approvals. The foregoing list is not exhaustive of all assumptions
which may have been used in developing the forward-looking information. While Rock Tech considers these assumptions to be reasonable
based on information currently available, they may prove to be incorrect. Forward-looking information should not be read as a guarantee of
future performance or results.
In addition, forward-looking information involves known and unknown risks and uncertainties and other factors, many of which are beyond
Rock Tech's control, that may cause Rock Tech's actual events, results, performance and/or achievements to be materially different from
that which is expressed or implied by such forward-looking information. Risks and uncertainties that may cause actual events, results,
performance and/or achievements to vary materially include the risk that Rock Tech will not be able to meet its financial obligations as they
fall due, delays in government approval for the construction of the Guben Converter, changes in commodity prices, Rock Tech's ability to
retain and attract skilled staff and to secure feedstock from third party suppliers, unanticipated events and other difficulties related to
construction, development and operation of converters and mines, the cost of compliance with current and future environmental and other
laws and regulations, title defects, competition from existing and new competitors, changes in currency exchange rates and market prices of
Rock Tech's securities, Rock Tech's history of losses, impacts of climate change and other risks and uncertainties discussed under the
heading "Financial Instruments and Other Risks" in Rock Tech's most recently filed Management Discussion and Analysis, a copy of which is
filed electronically through SEDAR and is available online at
www.sedar.com
. Such risks and uncertainties do not represent an exhaustive list
of all risk factors that could cause actual events, results, performance and/or achievements to vary materially from the forward-looking
information.
It can not be guaranteed that actual events, results, performance and/or achievements will be consistent with the forward-looking information
and management's assumptions may prove to be incorrect. This forward-looking information reflects Rock Tech management's current views
as at the date of this press release. Except as may be required by law, Rock Tech undertakes no obligation and expressly disclaims any
responsibility, obligation or undertaking to update or to revise any forward-looking information, whether as a result of new information, future
events or otherwise, to reflect any change in Rock Tech's expectations or any change in events, conditions or circumstances on which any
such information is based.
The forward-looking information contained herein is presented for the purposes of assisting readers in understanding Rock Tech's plans,
objectives and goals and is not appropriate for any other purposes.
________________________
1
capital costs according to the results of the Banakable Project Study on the Guben Converter, released by Rock Tech on 4 November, 2022
2
for the years 2021 and 2022, including forecasted figures for Q4/2022 and subject to final accounting and audit; more details are available with Rock Tech's continuous MD&A releases
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SOURCE
Rock Tech Lithium Inc.
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For further information:
André Mandel, phone: +49 (0) 151 2825 4014; or email: [email protected]; Rock Tech Lithium Inc.;
777 Hornby Street, Suite 600, Vancouver, B.C., V6Z 1S4
CO: Rock Tech Lithium Inc.
CNW 01:00e 12-JAN-23