08:15 AM EDT, 10/09/2024 (MT Newswires) -- Rock Tech Lithium ( RCKTF ) said Wednesday that it secured up to $1.4 million in federal funding to upgrade and extend a 10-kilometer access road north of Nipigon, Ontario.

The company said the road will facilitate the transportation of lithium from its Georgia Lake project to the proposed lithium converter facility in Red Rock, Ontario.

Red Rock said the funds will be sourced from the Government of Canada's Critical Minerals Infrastructure Fund.

"Unlike many other projects in Ontario, our Georgia Lake project benefits from a highly strategic location with extensive infrastructure already in place," CEO Dirk Harbecke said. "This results in lower development costs compared to more remote projects."

The company's share price fell 3.2% yesterday to $1.21 on the TSXV.