From Strategy to Execution
Dear Friends and Shareholders,
Four weeks ago, I wrote to you that Canada changes everything. This letter is going to be shorter, because the update is simple: we are executing on what we promised, and the environment around us is moving in the same direction as our strategy. Allied governments, including Canada and Germany, and industrial partners are increasingly recognizing the importance of exactly the kind of projects we are building.
1. Red Rock: The DFS Has Started
We have commenced the Definitive Feasibility Study (“DFS”) for the Red Rock Converter, the most important technical milestone on the path to a final investment decision. The DFS is designed to support bankability — engineering depth comparable to FEL3, with a capital cost accuracy of +/-10%. Early engineering and value-engineering work indicate a credible pathway to materially lower capital costs than assumed in the 2024 Scoping Study. The completed DFS will validate those improvements.
2. Georgia Lake & Victory: Building the Ontario Resource Base
Georgia Lake is the upstream foundation of our made-in-Ontario mine-to-converter strategy. It is an increasingly important strategic asset as Ontario builds domestic critical minerals processing capacity. Georgia Lake combines what few spodumene projects in Ontario can offer at the same time: advanced permitting, a completed PFS, and outstanding infrastructure, grid power and direct access to the Trans-Canada Highway. This combination positions Georgia Lake to be first to market among Ontario’s spodumene projects. And we are working on the first offtake agreement. The second half of 2026 is about growing it on both axes — resource size and project economics:
- Drilling. A drill program is planned for the second half of 2026. The program is designed to materially expand the current ~15 million-tonne resource and test the potential for new discoveries across the roughly 90% of the property that remains unexplored. “Based on historical drill results and geological continuity, we expect the resource to grow toward 30 million tonnes” says our General Manager Canada, Cameron Andrews.
- DFS. The Georgia Lake DFS contract award is targeted for late August. A key workstream is validating the ore-sorting results we published in May — waste rejection of 25–45% before processing, a pathway to reduce crushing and concentrator capital by up to 50%, and operating cost reductions of approximately 20%. If the DFS confirms these results, Georgia Lake becomes one of the lowest-capital-intensity spodumene projects in North America.
In June, we acquired an option to earn a 100% interest in the Victory Project, a 9,875-hectare lithium exploration property near Kenora from Bounty Gold Corp. and Last Resort Resources Ltd. Victory hosts two known spodumene-bearing pegmatite systems with high-grade surface sampling of up to 5.11% Li₂O and neither has ever been drill tested. Initial exploration later this year will focus on mapping, sampling and targeted drilling to evaluate what we believe could become another meaningful source of feedstock for our Ontario platform.
“Our pre-acquisition technical review indicates that an exploration target in excess of 50 million tons could be possible, if drilling is successful”, adds Cameron Andrews.
The logic is straightforward. A converter without captive feedstock is permanently exposed to spot markets. We are building an Ontario resource base — mine, exploration and land consolidation pipeline, and converter within one province, one jurisdiction, one supply chain. Every metric tonne of resource we add strengthens the long-term competitiveness and economics of the entire platform.
3. Canada Is Moving — Fast
Since my last letter, the policy environment has accelerated. Federal and provincial governments are increasingly recognizing that securing critical minerals and shoring up allied supply chains requires domestic processing capacity.
- The federal government launched the Canada Critical Minerals Accelerator, a CAD 2 billion fund making equity investments, loan guarantees, and offtake agreements to bring projects to FID faster and signed its first agreement within days of launch. These instruments map directly onto our GP/LP structure.
- The First and Last Mile Fund provides CAD 1.5 billion for mining and enabling infrastructure through 2030.
- Canada’s new Defence Industrial Strategy enables the stockpiling of critical minerals under the Defence Production Act. Lithium is now formally a security asset.
- In Ontario, our application under the province’s CAD 500 million Critical Minerals Processing Fund continues to advance through the review process, with the assessment now moving toward its later stages. The province has additionally committed nearly CAD 3.1 billion to support Indigenous participation and ownership in the critical minerals supply chain. This is directly relevant to the partnerships we are building with First Nation communities connected to our projects.
- A small but telling proof point: Ontario’s Critical Minerals Innovation Fund awarded Rock Tech another funding; this time CAD 262,500 to validate crude tall oil, a forestry byproduct, as a low-emission flotation reagent — connecting lithium processing to Ontario’s forestry sector. We shared this announcement with Ontario’s Associate Minister of Forestry and Forest Products, Kevin Holland, last week.
Kevin Holland, MPP for Thunder Bay–Atikokan / Dirk Harbecke, Chairman, Rock Tech Lithium
Canada has a bold vision, backed by government policies and action, to become the preferred supplier of responsibly sourced critical minerals and set the foundation for its mine-to-converter strategy. The entire North American supply chain is now being assembled in real time.
4. Guben
Guben remains fully permitted, shovel-ready, and strategically valuable. Strategic investor discussions are advancing on the disciplined terms I described in my letter from June. We are also advancing our internal work on establishing a R&D hub as the anchor of our lithium conversion IP — the knowledge base every future converter is built on.
The next months are about delivery: DFS milestones, drill results, and financing steps. I look forward to reporting on each.
Best regards,
Mirco Wojnarowicz
Chief Executive Officer, Rock Tech Lithium Inc., July 2026
