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Rock Tech Secures Option on Ontario Lithium Project

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Rock Tech Lithium (RCK.V) said Monday it has secured an option to acquire a 100% interest in the Victory lithium project in northwestern Ontario, expanding its upstream resource pipeline as it seeks to build an Ontario-based lithium supply chain to support the electric vehicle battery sector.

The option agreement with Bounty Gold and Last Resort Resources covers the 9,875-hectare property located about 45 kilometres east of Kenora.

Under the deal, Rock Tech is expected to pay C$600,000 in cash and issue C$400,000 of its shares over a 24-month period. C$150,000 in cash and C$100,000 in shares are payable upon signing and the balance is payable in two additional tranches on the 12-month and 24-month anniversaries of the agreement.

The vendors will retain a 2.0% net smelter return royalty on the project. Rock Tech will have the right to purchase 1.0% of the NSR royalty for C$1.0 million at any time before a construction decision is made.

The Victory project could become a source of lithium-bearing minerals for a domestic lithium supply chain and support the province's emerging advanced manufacturing and defense sectors, the company said.

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