Canada Changes Everything
– One Integrated Strategy –
Dear Friends and Shareholders,
Rock Tech is entering the second half of 2026 with the clearest strategy in its history. This letter is about that strategy, and the conviction behind it.
When I took over, the company had a single focus project, Guben, and the balance sheet left little room for error as we worked to build a globally competitive lithium conversion business under challenging conditions. My assessment led to one conclusion: to realize our vision, our first converter must be highly economic and it needs a business environment flexible and bold enough to help establish the new supply chain. The engineering and permitting knowledge we built in Germany is genuinely world-class, but the right place to deploy it next is Canada. And Canada was asking for exactly that.
Last June, I was invited into Mark Carney’s trade delegation to Germany. In the year since, the conversations with federal and Ontario officials were crystal clear: Canada has committed to building a domestic critical minerals chain together with its G7 partners from the Critical Minerals Production Alliance and is prepared to back it with real capital. Three shifts define the Carney era, and together they changed our calculus. First, diversification is no longer an aspiration but policy. Through the G7 Critical Minerals Production Alliance, Canada is deliberately routing supply toward trusted partners. Second, the state no longer simply permits a project and steps back. It has signaled it will co-invest directly, for example through the CAD 25 billion Canada Strong Fund. Third, critical minerals are no longer treated as commodities but as strategic security assets, anchored in Canada’s defence industrial strategy and in bilateral partnerships such as the critical minerals declaration Canada and Germany signed in August 2025. Together, these shifts created what no private developer could assemble alone: a project like Red Rock, with a domestic offtake market, the potential for public co-investment, and strategic backing behind it. Additionally, Ontario is offering hydropower at a fraction of the German industrial power price.
We have therefore decided to make Canada our priority. Guben remains a fully permitted, fully engineered asset with real value, and we fully intend to realize it, on disciplined terms and in a smarter financial structure. For the first time, our strategy, our operating environment, and our capital are pulling in the same direction.
Let me take you through it in detail in the sections that follow.
1 The Integrated Play
We own 100% of Georgia Lake, a spodumene deposit in Ontario, just seventy kilometers away from the Red Rock Converter property. Together they will form a fully integrated mine-to-battery-grade-lithium supply chain in a single jurisdiction.
Guben delivers the engineering blueprint. But a standalone merchant converter is permanently exposed to spot feedstock markets. The integrated model we are advancing in Canada eliminates that exposure. We will capture margin at the mine and at the converter.
| Red Rock Converter | Georgia Lake Mine | |
| Product | Battery-grade lithium carbonate and hydroxide | ~100,000 t/yr spodumene (SC6) |
| Economics | NPV CAD 2.3B | IRR up to 22% (scoping) | NPV ~CAD 190M | IRR 35.6% (PFS) |
| Next step | DFS – contract award exp. June 2026 | DFS – contract award exp. August 2026 |
| FID target | Q1 2027 | Q1 2027 |
| First production | Shortly after mine commissioning | ~18 months from FID |
| Ownership | GP/LP – Rock Tech as operator-GP | 100% Rock Tech |
2 Georgia Lake: Step-Change in Economics
On 19 May 2026, we published ore-sorting test results from work with Queen’s University and STARK Resources, supported by Ontario’s Critical Minerals Innovation Fund. The findings are strong:
- Waste removed before processing: ~25–45%
- Feed-grade uplift: ~1.4–1.8×
- Capital reduction pathway: up to 50% on crushing and concentrator capital
- Operating cost reduction: ~20% indicative
| PFS Baseline (2022) | With Ore Sorting * | |
| Pre-production capital | US$192M | ~US$100–125M |
| Cash operating cost | US$719/t SC6 | ~US$575/t SC6 |
| All-in sustaining cost | US$1,082/t SC6 | ~US$807/t SC6 |
| Waste removed pre-processing | — | ~25–45% |
| Feed-grade uplift | — | ~1.4–1.8× |
* Illustrative management estimates. Preliminary; not incorporated into any resource estimate, PFS or DFS. Subject to DFS confirmation.
Ore sorting works at lower cutoff grades – meaning more of the deposit becomes mineable. Only ~10% of the property has been drilled. We are planning to launch a summer 2026 drill program targeting meaningful inferred resource addition. DFS award is expected for August 2026. DFS completion target: year-end 2026. Assuming FID in Q1 2027, first production follows approximately 18 months later – making Rock Tech the first lithium producer in Ontario and Georgia Lake the aggregator for neighboring lithium properties.
Lower capital to build, lower cost to run, and a recovering price will push Georgia Lake’s value well above the 2022 PFS after-tax NPV.
3 Red Rock: De-Risked Capital
Red Rock is the Guben blueprint applied to Canada – it is the same IP, now IRA- and USMCA-compliant and 70 kilometers from our own feedstock anchor Georgia Lake. But we learned another lesson in Germany: do not carry the full capital weight of a large-scale project on the holding company’s balance sheet. So, we built a better architecture – the GP/LP model. Rock Tech acts as General Partner and we retain operational control, our technology and management fees, while strategic and financial partners provide the majority of the project capital as Limited Partners.
Partners in place include: Siemens Canada (Digital Twin and automation equipment, signed at the Canadian Critical Minerals Forum; evaluating equity). BMI Group (anchor equity partner with CAD$ 200m, landowner), and government investments are being actively pursued at both the federal and provincial levels.
As important as the financing, we have received budgetary proposals for a fully-scoped turnkey EPC execution. The numbers show potential to substantially reduce our capital estimate relative to prior market assumptions – and they have a significantly better outlook than building under current German market conditions. The DFS will formalize this.
DFS award is expected for June 2026. Completion target: year-end 2026. FID target: Q1 2027.
4 Broadening the Shareholder Base
We are deliberately widening access to our stock on both sides of the Atlantic. The logic is the same in each market: deeper, more transparent trading and a broader investor base mean better liquidity and fairer price formation for every shareholder.
XETRA listing: The process is launched, with an approval expected shortly. This will open Rock Tech to share trading to large German institutional investors.
NASDAQ: Base shelf prospectus is filed, the application underway. We want to be ready when the time is right. We will list when FID for Red Rock is in hand and the business justifies it — targeting to fulfill NASDAQ listing requirements without share consolidation.
5 Guben Monetizing a Permitted, Fully-Engineered Asset
Germany remains important. Our Guben converter is fully permitted and engineered, and it holds Strategic Project status under the EU Critical Raw Materials Act. That value is real and we intend to realize it. But we will be disciplined about how.
The German framework conditions do not currently allow the pace we are achieving in Canada. Guben will be built only once two conditions are met: a solution for a competitive energy price can be implemented, and meaningful state support from German national level.
In the meantime, the project moves forward. We plan to restructure Guben around the same GP/LP model we are using in Canada: Rock Tech builds and operates the plant as General Partner, applying our engineering and our team, while strategic and financial partners provide capital as Limited Partners. These conversations are already underway. We are in active discussions with interested parties about a strategic sale, structured around the same logic. If the asset changes hands, Rock Tech still builds it and still runs it.
Either way, Guben becomes a source of cash and recurring income, on terms that benefit our shareholders.
6 What This Adds Up To
Step back and the picture is clear. We are turning our experience in Germany into cash. We are building, in Canada, the first integrated lithium producer in Ontario with a mine whose economics have just taken a step-change for the better, and our efforts are backed by government, BMI and Siemens. We are funding it through a capital-light GP/LP model that pays us from start of construction without dilution. And we are sequencing it toward a NASDAQ re-rating once our first FID is in hand.
Each of these steps is a value-creation catalyst!
Best regards,
Mirco Wojnarowicz
Chief Executive Officer, Rock Tech Lithium Inc.
June 2026Canada Changes Everything
– One Integrated Strategy –
Dear Friends and Shareholders,
Rock Tech is entering the second half of 2026 with the clearest strategy in its history. This letter is about that strategy, and the conviction behind it.
When I took over, the company had a single focus project, Guben, and the balance sheet left little room for error as we worked to build a globally competitive lithium conversion business under challenging conditions. My assessment led to one conclusion: to realize our vision, our first converter must be highly economic and it needs a business environment flexible and bold enough to help establish the new supply chain. The engineering and permitting knowledge we built in Germany is genuinely world-class, but the right place to deploy it next is Canada. And Canada was asking for exactly that.
Last June, I was invited into Mark Carney’s trade delegation to Germany. In the year since, the conversations with federal and Ontario officials were crystal clear: Canada has committed to building a domestic critical minerals chain together with its G7 partners from the Critical Minerals Production Alliance and is prepared to back it with real capital. Three shifts define the Carney era, and together they changed our calculus. First, diversification is no longer an aspiration but policy. Through the G7 Critical Minerals Production Alliance, Canada is deliberately routing supply toward trusted partners. Second, the state no longer simply permits a project and steps back. It has signaled it will co-invest directly, for example through the CAD 25 billion Canada Strong Fund. Third, critical minerals are no longer treated as commodities but as strategic security assets, anchored in Canada’s defence industrial strategy and in bilateral partnerships such as the critical minerals declaration Canada and Germany signed in August 2025. Together, these shifts created what no private developer could assemble alone: a project like Red Rock, with a domestic offtake market, the potential for public co-investment, and strategic backing behind it. Additionally, Ontario is offering hydropower at a fraction of the German industrial power price.
We have therefore decided to make Canada our priority. Guben remains a fully permitted, fully engineered asset with real value, and we fully intend to realize it, on disciplined terms and in a smarter financial structure. For the first time, our strategy, our operating environment, and our capital are pulling in the same direction.
Let me take you through it in detail in the sections that follow.
1 The Integrated Play
We own 100% of Georgia Lake, a spodumene deposit in Ontario, just seventy kilometers away from the Red Rock Converter property. Together they will form a fully integrated mine-to-battery-grade-lithium supply chain in a single jurisdiction.
Guben delivers the engineering blueprint. But a standalone merchant converter is permanently exposed to spot feedstock markets. The integrated model we are advancing in Canada eliminates that exposure. We will capture margin at the mine and at the converter.
| Red Rock Converter | Georgia Lake Mine | |
| Product | Battery-grade lithium carbonate and hydroxide | ~100,000 t/yr spodumene (SC6) |
| Economics | NPV CAD 2.3B | IRR up to 22% (scoping) | NPV ~CAD 190M | IRR 35.6% (PFS) |
| Next step | DFS – contract award exp. June 2026 | DFS – contract award exp. August 2026 |
| FID target | Q1 2027 | Q1 2027 |
| First production | Shortly after mine commissioning | ~18 months from FID |
| Ownership | GP/LP – Rock Tech as operator-GP | 100% Rock Tech |
2 Georgia Lake: Step-Change in Economics
On 19 May 2026, we published ore-sorting test results from work with Queen’s University and STARK Resources, supported by Ontario’s Critical Minerals Innovation Fund. The findings are strong:
- Waste removed before processing: ~25–45%
- Feed-grade uplift: ~1.4–1.8×
- Capital reduction pathway: up to 50% on crushing and concentrator capital
- Operating cost reduction: ~20% indicative
| PFS Baseline (2022) | With Ore Sorting * | |
| Pre-production capital | US$192M | ~US$100–125M |
| Cash operating cost | US$719/t SC6 | ~US$575/t SC6 |
| All-in sustaining cost | US$1,082/t SC6 | ~US$807/t SC6 |
| Waste removed pre-processing | — | ~25–45% |
| Feed-grade uplift | — | ~1.4–1.8× |
* Illustrative management estimates. Preliminary; not incorporated into any resource estimate, PFS or DFS. Subject to DFS confirmation.
Ore sorting works at lower cutoff grades – meaning more of the deposit becomes mineable. Only ~10% of the property has been drilled. We are planning to launch a summer 2026 drill program targeting meaningful inferred resource addition. DFS award is expected for August 2026. DFS completion target: year-end 2026. Assuming FID in Q1 2027, first production follows approximately 18 months later – making Rock Tech the first lithium producer in Ontario and Georgia Lake the aggregator for neighboring lithium properties.
Lower capital to build, lower cost to run, and a recovering price will push Georgia Lake’s value well above the 2022 PFS after-tax NPV.
3 Red Rock: De-Risked Capital
Red Rock is the Guben blueprint applied to Canada – it is the same IP, now IRA- and USMCA-compliant and 70 kilometers from our own feedstock anchor Georgia Lake. But we learned another lesson in Germany: do not carry the full capital weight of a large-scale project on the holding company’s balance sheet. So, we built a better architecture – the GP/LP model. Rock Tech acts as General Partner and we retain operational control, our technology and management fees, while strategic and financial partners provide the majority of the project capital as Limited Partners.
Partners in place include: Siemens Canada (Digital Twin and automation equipment, signed at the Canadian Critical Minerals Forum; evaluating equity). BMI Group (anchor equity partner with CAD$ 200m, landowner), and government investments are being actively pursued at both the federal and provincial levels.
As important as the financing, we have received budgetary proposals for a fully-scoped turnkey EPC execution. The numbers show potential to substantially reduce our capital estimate relative to prior market assumptions – and they have a significantly better outlook than building under current German market conditions. The DFS will formalize this.
DFS award is expected for June 2026. Completion target: year-end 2026. FID target: Q1 2027.
4 Broadening the Shareholder Base
We are deliberately widening access to our stock on both sides of the Atlantic. The logic is the same in each market: deeper, more transparent trading and a broader investor base mean better liquidity and fairer price formation for every shareholder.
XETRA listing: The process is launched, with an approval expected shortly. This will open Rock Tech to share trading to large German institutional investors.
NASDAQ: Base shelf prospectus is filed, the application underway. We want to be ready when the time is right. We will list when FID for Red Rock is in hand and the business justifies it — targeting to fulfill NASDAQ listing requirements without share consolidation.
5 Guben Monetizing a Permitted, Fully-Engineered Asset
Germany remains important. Our Guben converter is fully permitted and engineered, and it holds Strategic Project status under the EU Critical Raw Materials Act. That value is real and we intend to realize it. But we will be disciplined about how.
The German framework conditions do not currently allow the pace we are achieving in Canada. Guben will be built only once two conditions are met: a solution for a competitive energy price can be implemented, and meaningful state support from German national level.
In the meantime, the project moves forward. We plan to restructure Guben around the same GP/LP model we are using in Canada: Rock Tech builds and operates the plant as General Partner, applying our engineering and our team, while strategic and financial partners provide capital as Limited Partners. These conversations are already underway. We are in active discussions with interested parties about a strategic sale, structured around the same logic. If the asset changes hands, Rock Tech still builds it and still runs it.
Either way, Guben becomes a source of cash and recurring income, on terms that benefit our shareholders.
6 What This Adds Up To
Step back and the picture is clear. We are turning our experience in Germany into cash. We are building, in Canada, the first integrated lithium producer in Ontario with a mine whose economics have just taken a step-change for the better, and our efforts are backed by government, BMI and Siemens. We are funding it through a capital-light GP/LP model that pays us from start of construction without dilution. And we are sequencing it toward a NASDAQ re-rating once our first FID is in hand.
Each of these steps is a value-creation catalyst!
Best regards,
Mirco Wojnarowicz
Chief Executive Officer, Rock Tech Lithium Inc.
June 2026
