Rock Tech Lithium has entered into a binding long-term offtake agreement with Geneva, Switzerland-based commodity trading firm Transamine for the supply of spodumene concentrate from its fully owned Georgia Lake project in Ontario, Canada.
Under the terms of the agreement, Transamine will buy spodumene concentrate over an initial seven-year period, with the option for up to five additional years.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Contracted volumes are set to begin at 50,000 dry tonnes (dt) in the first year and increase to 100,000dt per annum thereafter, with a tolerance of plus or minus 10% in favour of Rock Tech.
The parties have agreed to review and adjust both quantities and supply schedules based on the outcome of a definitive feasibility study (DFS).
The agreement anticipates that deliveries will commence in 2028, subject to the contract’s delivery terms and any revisions the parties may agree after the DFS is completed.
In addition, the contract provides for a potential development prepayment facility of up to $80m to support the Georgia Lake Project.
The facility would carry interest at the three-month CME Term Secured Overnight Financing Rate plus 2.95% annually and be repaid through shipments over a two-year period from first delivery.
The amount and precise terms of the prepayment are to be finalised following completion of the DFS and subject to standard conditions including financing, permitting and satisfactory due diligence.
Rock Tech CEO Mirco Wojnarowicz said: “This agreement demonstrates how Rock Tech is turning critical minerals ambition into execution.
“Together with the prepayment facility, the agreement brings us another step closer to building an integrated mine-to-converter platform and supporting a stable, secure supply of battery-grade lithium for Canada and its allies.”
The contract references the Fastmarkets benchmark price for spodumene concentrate (minimum 6% lithium oxide, CIF China), with adjustments for actual delivered grade.
A floor price mechanism is included, subject to terms relating to resale markets, inflation adjustment and project financing.
The agreement also outlines the possibility of transitioning some or all deliveries into offtake for battery-grade lithium hydroxide monohydrate or lithium carbonate, if Rock Tech’s Red Rock Lithium Converter requires concentrate.
This would involve mutually agreeing on conversion mechanisms, product specifications, pricing and schedules.
In February 2025, Rock Tech signed a binding business combination agreement with Swiss junior mining company Arcore to merge their subsidiaries and establish a new European entity named NewCo.
