Rock Tech Lithium


C$170.8m market cap

C$3.5 last close

Rock Tech Lithium (RCK) is a lithium exploration and development company. Its flagship asset is the 100%-owned Georgia Lake hard-rock lithium pegmatite project in Ontario, Canada, which is currently at the PEA stage. RCK has recently acquired the Nogalito brine project in Mexico.

Investment summary

Since our last note on the company in June, Rock Tech (RCK) has announced the results of an updated preliminary economic assessment (PEA) on its Georgia Lake lithium project in Canada and raised an additional C$8.5m. The updated PEA used the economic outputs of its October 2018 PEA to include a lithium hydroxide converter to create a fully integrated mining and processing operation. Operating at nameplate capacity, the converter would consume Georgia Lake’s production over 10 years to produce 15,000tpa of battery-grade lithium hydroxide. An alternative case considered a 24,000tpa converter that would operate over 20 years and would require RCK to supplement the feedstock from Georgia Lake with material from third-party spodumene producers.

Revenue (C$m)
PBT (C$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2018A 0.0 (3.4) (3.4) (10.1) N/A N/A
2019A 0.0 (1.0) (1.0) (3.0) N/A N/A
2020E N/A N/A N/A N/A N/A N/A
2021E N/A N/A N/A N/A N/A N/A
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Share price graph
Balance sheet
Forecast net debt (C$m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual (36.4) 196.6 483.3
Relative* (36.7) 186.7 440.0
52-week high/low C$6.9/C$0.4
*% relative to local index
Key management
Dirk Harbecke Chairman
Martin Stephan CEO
Brad Barnett CFO