Panama’s President blames previous gov’t for First Quantum mine crisis
The Cobre Panama mine paid the price for the accumulated national discontent, said President José Raúl Mulino.
Rock Tech Lithium (TSXV: RCK) announced Tuesday it is undertaking a non-brokered offering of approximately 7.7 million units of the company at C$1.30 per unit to raise aggregate gross proceeds of C$10 million ($7.3m).
Each unit will consist of one common share of Rock Tech and one half of a common share purchase warrant, which has an exercise price of C$1.69 per share. The stock was trading at C$1.36 as of noon EDT in Toronto, down 3.5% for the session with a market capitalization of C$131.3 million ($95.5m).
Half of the gross proceeds (C$5 million) are intended to finance the continued exploration and development of Rock Tech’s Georgia Lake lithium project in Ontario, including exploration drilling programs and planned consolidation of adjacent properties.
Located 160 km northeast of Thunder Bay, Georgia Lake is planned as an open-pit and underground mining project, anchored by indicated mineral resources of 10.6 million tonnes grading 0.88% lithium oxide and inferred resources of 4.2 million tonnes grading at 1% lithium oxide.
According to prefeasibility study released November 2022, the project has an after-tax net present value of $146 million (at a discount rate of 8%) and an internal rate of return of 36%. The mine would cost $192.2 million to build, with sustaining capital costs of $98.5 million including closure after a nine-year mine life.
The Georgia Lake prefeasibility forecast average annual spodumene concentrate production of 100,000 tonnes at a cost of $719 per tonne.
The remaining proceeds of the offering will be used for general corporate purposes as well as the development of the company’s converter project in Canada.
Also in November of last year, Rock Tech completed a bankable project study for the construction and operation of the lithium hydroxide converter and refinery facility located in Guben, Germany.
