James Bay Drilling Update - New High Grade Zone Identified in NW

Allkem Limited (ASX|TSX: AKE the Company ) is pleased to provide an update on the exploration and resource definition drilling program at its James Bay Project in Québec, Canada.

HIGHLIGHTS

Discovery of an additional swarm of spodumene-bearing pegmatite dykes located directly northwest of known mineralization ("NW Sector").
Highlighted intercepts include 125m @ 1.70 Li ₂ O from 68m in drill hole JBL-23-048, and 72m @ 1.89% Li ₂ O from 11m in drill hole JBL-23-024. The reader is cautioned that these thicknesses represent downhole thicknesses and not true thicknesses. True thicknesses are estimated to be between 60% and 80% of downhole thicknesses.
Infill and delineation drilling in the eastern portion of the deposit has confirmed both continuity and lithium grade of spodumene-bearing pegmatite dykes.

2022 / 2023 WINTER DRILLING PROGRAM

The winter diamond drilling program concluded on April 13 ^th , 2023, and consisted of:

Infill and Delineation – drilling within the eastern portion of the deposit at depth to satisfy the drill spacing required for Indicated category Mineral Resources.

Exploration – drilling targeting newly identified outcropping pegmatites to the east of the deposit, IP geophysical anomalies and deep "proof of concept" drilling targeting pegmatites at depths greater than 500m.

Systematic step-out – drilling to the northwest of the known extents of the deposit targeting the extension of the deformation corridor that hosts the deposit.

A total of 130 drill holes were completed between the end of November 2022 and mid-April 2023 for an aggregate of 29,164 metres.

As of 29 ^th April 2023, approximately 6,700 assays have been received from the drilling program, mostly relating to the infill and delineation drilling within known extents of the deposit. Approximately 2,400 assays remain pending in the laboratory and are expected to be received shortly.

Allkem Managing Director and CEO, Martin Perez de Solay said, " The significant grade and thickness of these drill results is outstanding and the addition of a new zone of mineralisation to the NW of the current resource provides scope for potential additions to resources and reserves as we further drill out this area."

Figure 1 presents a plan view of the location of the new spodumene-bearing pegmatite swarm located to the northwest of known mineralization. Based on the wide-spaced drilling, the current geological interpretation suggests that the individual dykes are oriented approximately north-south, with a 70-degree dip towards the west. The dykes vary between 4 and 30 metres thick (true thickness), with some dykes coalescing up to 85m true thickness in the core of the pegmatite swarm.

This NW Sector of the project is located under between 5 and 15 metres of glacial till, with no outcrop visible in this area of the project.

Drill core observations suggest that lithia (Li ₂ O) mineralization is hosted predominantly within coarse-grained, green spodumene with grain sizes varying between 0.5 cm and 40 cm. Trace amounts of lepidolite and zinnwaldite have been observed. Minor holmquistite has also been observed within the host metasediments in close proximity to the pegmatite dykes.

Highlights from the NW Sector (intercepts greater than 15m true thickness) include:

Drillhole	From (m)	To (m)	Downhole Thickness (m)	Estimated True Thickness (m)	Li ₂ O%
JBS-22-028	276.4	296.2	19.8	15.0	1.86
JBS-22-028	323.5	353.5	30.0	22.5	1.78
JBS-22-030	132.2	184.0	51.8	35.1	1.75
JBL-23-010	134.5	175.0	40.5	25.9	1.49
JBL-23-024	10.6	82.1	71.5	62.9	1.89
JBL-23-024	145.0	165.9	20.9	18.5	1.63
JBL-23-031	151.2	185.0	33.9	29.2	2.50
JBL-23-031	280.0	308.0	28.0	23.8	1.47
JBL-23-040	145.4	173.8	28.4	19.1	1.72
JBL-23-040	235.0	271.2	36.2	24.3	1.47
JBL-23-042	36.2	70.4	34.2	24.1	1.65
JBL-23-045	95.0	122.2	27.2	24.1	1.72
JBL-23-048	68.3	193.0	124.8	85.0	1.70
JBL-23-050 ¹	140.5	202.0	61.5	43.5	1.71
JBL-23-053 ¹	212.7	252.0	39.3	27.6	1.53
JBL-23-054 ¹	58.7	107.7	49.0	29.6	1.86
JBL-23-054 ¹	211.0	243.2	32.2	20.2	1.72
JBL-23-056	252.6	273.4	20.8	18.2	1.63
JBL-23-057	365.2	387.0	21.9	16.0	1.70
JBL-23-063	263.3	291.0	27.8	18.0	1.96

Only partial-hole analyses have been received.

Notes: Lower reporting cut-off 0.4% Li ₂ O%; minimum 4m true thickness interval; maximum 2m of internal waste. Assay results are only reported within logged pegmatite intervals. Estimated true thicknesses are calculated from the intersection of the downhole surveys with a plane dipping 70° towards 275° azimuth, or a plane dipping 60° towards 300° azimuth depending on location .

The NW Sector has been drilled to a nominal 80m x 80m drill spacing, which is expected to allow the inclusion of this new discovery into an updated Mineral Resource Estimate ("MRE") planned for release mid-year 2023.

All drill hole collars and surveys, with all significant assay results are presented in Appendix 1.

Figure 1: Plan view showing 2022/2023 drilling in NW Sector with drill hole intercepts coloured by assay status. The reserve pit from the feasibility study released on December 21st, 2021 and Section A-B are also shown.

Figure 2 presents a section view looking north-east that shows the NW Sector in relation to the existing reserve pit outline from the feasibility study released on December 21 ^st , 2021. The reader is cautioned that intercepts shown in Figure 2 are apparent thicknesses, and that true thicknesses vary between 60% – 80% of apparent thicknesses.

Figure 2: Section A-B (looking NE) showing 2022/2023 drilling in NW Sector with drill hole intercepts coloured by assay status.

Figure 2: Section A-B (looking NE) showing 2022/2023 drilling in NW Sector with drill hole intercepts coloured by assay status .

Next steps

After the receipt of final assays Allkem intends to update the James Bay MRE incorporating all new drilling results. Work is already underway to update the geological model in preparation for the receipt of final assays.

Additional site activities are planned during the North American summer to better understand the geometry of the pegmatite dykes discovered in the NW Sector, including trials of downhole televiewer technology and mineralogical studies. In addition, a detailed aeromagnetic drone survey is planned to trace the extents of the pegmatites under glacial till cover, and to better understand the litho-structural setting of this new sector.

Tenure Update

Over the past six months Allkem has progressively increased its tenement holdings in and around the James Bay project via the staking of new claims (29 claims equalling 1,531 hectares) and non-material acquisitions (131 claims for 6,913 hectares). The aggregate holdings as at the date of this announcement are shown in Figure 3 below.

Figure 3: Plan view of current Allkem claims.

Figure 3: Plan view of current Allkem claims .

This release was authorised by Mr. Martin Perez de Solay, CEO and Managing Director of Allkem Limited.

Allkem Limited	Investor Relations & Media Enquiries	Connect

	Andrew Barber	info@allkem.co
ABN 31 112 589 910	M: +61 418 783 701 E: Andrew.Barber@allkem.co	+61 7 3064 3600
		www.allkem.co
Level 35, 71 Eagle St	Phoebe Lee
Brisbane, QLD 4000	P: +61 7 3064 3600 E : Phoebe.Lee@allkem.co

IMPORTANT NOTICES

This investor ASX/TSX release ( Release ) has been prepared by Allkem Limited (ACN 112 589 910) (the Company or Allkem ). It contains general information about the Company as at the date of this Release. The information in this Release should not be considered to be comprehensive or to comprise all of the material which a shareholder or potential investor in the Company may require in order to determine whether to deal in Shares of Allkem. The information in this Release is of a general nature only and does not purport to be complete. It should be read in conjunction with the Company's periodic and continuous disclosure announcements which are available at allkem.co and with the Australian Securities Exchange ( ASX ) announcements, which are available at www.asx.com.au .

This Release does not take into account the financial situation, investment objectives, tax situation or particular needs of any person and nothing contained in this Release constitutes investment, legal, tax, accounting or other advice, nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act 2001 (Cth) ( Corporations Act ). Readers or recipients of this Release should, before making any decisions in relation to their investment or potential investment in the Company, consider the appropriateness of the information having regard to their own individual investment objectives and financial situation and seek their own professional investment, legal, taxation and accounting advice appropriate to their particular circumstances.

This Release does not constitute or form part of any offer, invitation, solicitation or recommendation to acquire, purchase, subscribe for, sell or otherwise dispose of, or issue, any Shares or any other financial product. Further, this Release does not constitute financial product, investment advice (nor tax, accounting or legal advice) or recommendation, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.

The distribution of this Release in other jurisdictions outside Australia may also be restricted by law and any restrictions should be observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.

Past performance information given in this Release is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

Forward Looking Statements

Forward-looking statements are based on current expectations and beliefs and, by their nature, are subject to a number of known and unknown risks and uncertainties that could cause the actual results, performances and achievements to differ materially from any expected future results, performances or achievements expressed or implied by such forward-looking statements, including but not limited to, the risk of further changes in government regulations, policies or legislation; the risks associated with the continued implementation of the merger between the Company and Galaxy Resources Ltd, risks that further funding may be required, but unavailable, for the ongoing development of the Company's projects; fluctuations or decreases in commodity prices; uncertainty in the estimation, economic viability, recoverability and processing of mineral resources; risks associated with development of the Company Projects; unexpected capital or operating cost increases; uncertainty of meeting anticipated program milestones at the Company's Projects; risks associated with investment in publicly listed companies, such as the Company; and risks associated with general economic conditions.

Subject to any continuing obligation under applicable law or relevant listing rules of the ASX, the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in this Release to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statements are based. Nothing in this Release shall under any circumstances (including by reason of this Release remaining available and not being superseded or replaced by any other Release or publication with respect to the subject matter of this Release), create an implication that there has been no change in the affairs of the Company since the date of this Release.

Competent Person Statement

The information in this announcement that relates to Exploration Results is based on information compiled by James Purchase, P.Geo, MAusIMM, a Competent Person who is both a member of L'Ordre des Géologues du Québec (License No. 2082) and a Member of The Australasian Institute of Mining and Metallurgy. Mr. Purchase is a full-time employee of Galaxy Lithium (Canada) Inc. Mr. Purchase has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Purchase consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Any information in this announcement that relates to the James Bay Mineral Resources and Reserves is extracted from the report entitled "James Bay Lithium Project, Feasibility Study & Maiden Ore Reserve" released on December 21 ^st , 2021 which is available to view on www.allkem.co and www.asx.com.au . The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the Mineral Resources estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Not for release or distribution in the United States

This announcement has been prepared for publication in Australia and may not be released to U.S. wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction, and neither this announcement or anything attached to this announcement shall form the basis of any contract or commitment. Any securities described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States except in transactions registered under the U.S. Securities Act of 1933 or exempt from, or not subject to, the registration of the U.S. Securities Act of 1933 and applicable U.S. state securities laws.

APPENDIX 1 – DRILL HOLE INFORMATION AND ASSAY RESULTS

Table 1: Drill hole collar and orientation as surveyed – NW Sector

Hole ID	TYPE	UTM 18N East	UTM 18N North	RL	Depth (m)	Dip	UTM 18N Azimuth
JBS-22-024	DDH	357176	5790345	208	276	51	141
JBS-22-028	DDH	356909	5790618	206	420	51	141
JBS-22-029	DDH	357037	5790532	208	417	50	140
JBS-22-030	DDH	357097	5790440	208	252	51	142
JBS-22-083	DDH	357251	5790413	208	144	49	145
JBL-23-010	DDH	357201	5790265	207	250	45	152
JBL-23-019	DDH	357132	5790224	207	250	45	152
JBL-23-024	DDH	357285	5790125	208	282	45	152
JBL-23-031	DDH	357214	5790084	208	325	45	152
JBL-23-039	DDH	357278	5790019	210	252	50	152
JBL-23-040	DDH	357129	5790394	208	300	45	142
JBL-23-042	DDH	357151	5790434	208	318	45	142
JBL-23-045	DDH	357357	5790164	208	252	45	152
JBL-23-045A	DDH	357354	5790167	208	23.6	45	152
JBL-23-046	DDH	357103	5790489	208	336	45	142
JBL-23-047	DDH	357270	5790305	207	300	45	152
JBL-23-048	DDH	357037	5790443	208	312	45	142
JBL-23-050	DDH	356988	5790501	208	300	45	142
JBL-23-051	DDH	357070	5790362	208	261	45	142
JBL-23-052	DDH	357316	5790227	207	303	45	152
JBL-23-053	DDH	357061	5790583	207	300	45	142
JBL-23-054	DDH	357248	5790189	208	312	45	152
JBL-23-056	DDH	357403	5790088	209	300	45	152
JBL-23-057	DDH	356978	5790573	207	402	46	142
JBL-23-062	DDH	357331	5790057	209	276	45	152
JBL-23-063	DDH	356936	5790459	209	300	45	142
JBL-23-065	DDH	356982	5790405	209	306	45	142
JBL-23-067	DDH	357214	5790466	208	300	44	141
JBL-23-069	DDH	357161	5790528	207	315	45	142
JBL-23-072	DDH	357107	5790298	208	312	45	147
JBL-23-073	DDH	357178	5790150	207	150	45	155
JBL-23-074	DDH	357111	5790596	207	315	45	142
JBL-23-075	DDH	357190	5790208	206	201	45	155
JBL-23-076	DDH	357019	5790341	209	300	45	147
JBL-23-077	DDH	357264	5790243	207	312	47	152
JBL-23-078	DDH	357057	5790660	206	300	45	142
JBL-23-079	DDH	357008	5790424	209	300	45	147
JBL-23-080	DDH	357214	5790394	208	300	47	147
JBL-23-081	DDH	356937	5790510	208	357	47	147
JBL-23-082	DDH	357013	5790618	207	372	45	142
JBL-23-083	DDH	357317	5790141	208	201	45	152
JBL-23-084	DDH	357354	5790166	208	150	45	107
JBL-23-085	DDH	356988	5790407	209	330	45	105
JBL-23-085A	DDH	356988	5790407	209	44	45	107
JBL-23-086	DDH	357298	5790354	207	150	45	107
JBL-23-088	DDH	357035	5790275	209	177	45	107

Notes: Collars surveyed using RTK methodology. Azimuths and dip are derived from a Reflex TN14 gyrocompass from casing at surface .

Table 2: Significant intercepts – NW Sector (received up to 29 ^th April 2023)

Drillhole	From (m)	To (m)	Downhole Thickness (m)	Estimated True Thickness (m)	Li ₂ 0%
JBS-22-024 ¹	48.0	56.0	8.0	5.5	2.18
JBS-22-024 ¹	92.4	109.3	16.9	11.6	1.88
JBS-22-028	257.8	272.3	14.5	11.1	1.76
	276.4	296.2	19.8	15.0	1.86
	310.9	320.8	9.9	7.5	2.23
	323.5	353.5	30.0	22.5	1.78
	400.0	407.7	7.7	5.8	1.16
JBS-22-029	96.0	112.5	16.5	11.4	1.74
	115.4	125.8	10.4	7.2	1.89
	129.2	138.1	8.9	6.1	1.93
	144.6	151.6	7.0	4.8	1.87
	155.2	167.7	12.5	8.5	1.54
	200.0	209.0	9.0	6.2	1.48
	247.5	254.5	7.0	4.9	1.46
	294.8	303.7	8.8	6.3	1.40
	329.1	335.2	6.1	4.3	1.28
	339.8	355.2	15.4	10.8	1.64
	363.3	379.0	15.7	11.1	1.64
	391.5	405.8	14.4	10.0	1.58
JBS-22-030	108.9	125.2	16.3	11.1	1.94
	132.2	184.0	51.8	35.1	1.75
	196.0	214.1	18.1	12.2	1.39
	225.0	231.4	6.4	4.3	1.44
JBL-23-010	134.5	175.0	40.5	25.9	1.49
JBL-23-024	10.6	82.1	71.5	62.9	1.89
	145.0	165.9	20.9	18.5	1.63
	176.0	181.0	5.0	4.4	1.46
JBL-23-031	151.2	185.0	33.9	29.2	2.50
	207.3	214.0	6.7	5.7	1.28
	280.0	308.0	28.0	23.8	1.47
JBL-23-039	127.0	141.0	14.0	11.8	1.81
JBL-23-039	203.1	220.0	16.9	14.4	1.91
JBL-23-040	6.8	25.2	18.4	12.5	1.57
	67.3	79.3	12.0	8.0	1.91
	86.2	96.1	9.9	6.7	1.68
	145.4	173.8	28.4	19.1	1.72
	177.9	188.3	10.4	6.9	1.44
	206.9	221.3	14.5	9.7	1.60
	235.0	271.2	36.2	24.3	1.47
JBL-23-042	36.2	70.4	34.2	24.1	1.65
	105.5	115.0	9.5	6.6	2.03
	151.5	166.4	14.9	10.4	1.60
	203.5	213.9	10.4	7.2	1.96
	247.0	258.5	11.5	8.0	1.64
	299.9	305.9	6.0	4.2	1.66
JBL-23-045	95.0	122.2	27.2	24.1	1.72
JBL-23-046	51.2	66.0	14.8	10.4	1.69
	209.0	215.7	6.7	4.7	1.43
	220.8	234.3	13.5	9.5	1.51
	271.4	279.0	7.6	5.5	1.38
	306.5	317.0	10.5	7.5	1.35
JBL-23-047	61.5	69.5	8.0	5.0	1.66
JBL-23-047	72.9	92.0	19.2	11.9	1.66
JBL-23-048	68.3	193.0	124.8	85.0	1.70
JBL-23-050 ¹	140.5	202.0	61.5	43.5	1.71
JBL-23-052	5.1	25.0	19.9	11.9	1.42
JBL-23-052	158.0	181.3	23.3	14.1	1.32
JBL-23-053 ¹	157.8	163.8	6.0	4.2	1.72
	212.7	252.0	39.3	27.6	1.53
	283.0	293.0	10.0	7.0	1.29
JBL-23-054 ¹	58.7	107.7	49.0	29.6	1.86
	211.0	243.2	32.2	20.2	1.72
	290.2	296.8	6.6	4.1	1.83
JBL-23-056	41.7	54.7	13.0	11.4	1.69
	100.3	112.3	12.0	10.6	1.76
	177.4	183.0	5.6	4.9	1.60
	252.6	273.4	20.8	18.2	1.63
JBL-23-057	142.0	152.0	10.0	7.3	1.57
	181.0	189.8	8.8	6.5	1.52
	204.8	211.5	6.8	5.0	1.67
	227.2	244.7	17.5	12.8	1.80
	316.1	325.0	8.9	6.5	1.88
	365.2	387.0	21.9	16.0	1.70
JBL-23-062	200.2	209.6	9.4	8.0	1.07
JBL-23-063	263.3	291.0	27.8	18.0	1.96
JBL-23-069	295.4	306.0	10.6	7.6	1.52

Only partial-hole analyses have been received.

APPENDIX 2 – RESOURCE AND RESERVE TABLES

James Bay Mineral Resource Estimate (effective November 23 ^rd , 2017)

Category	Tonnage	Grade	Contained Metal
Category	Mt	% Li ₂ O	(‘000) t Li ₂ O
Indicated	40.3	1.40	564.2
Total	40.3	1.40	564.2

Note: The Mineral Resource Estimate is reported at a cut-off grade of 0.62% Li ₂ O inside a conceptual pit shell optimised using spodumene concentrate price of USD 950/t containing 6.0% Li ₂ O, metallurgical and process recovery of 70%, overall mining and processing costs of USD 55/t milled and overall pit slope of 50 degrees. All figures are rounded to reflect the relative accuracy of the estimates. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

James Bay Ore Reserve (effective December 2021)

Category	Tonnage	Grade	Contained Metal
Category	Mt	% Li ₂ O	(‘000) t Li ₂ O
Proven	-	-	-
Probable	37.2	1.30	483.7
Total	37.2	1.30	483.7

Note:

Effective date of the estimate is December 2021.
Mineral Reserves are estimated using the following long-term metal prices (Li ₂ O Conc = USD 950/t Li ₂ O at 6.0% Li ₂ O) and an exchange rate of CAD/USD 1.33.
A minimum mining width of 5 m was used.
Cut-off grade of 0.62% Li ₂ O.
Bulk density of ore is variable, outlined in the geological block model and average 2.7 g/t.
The average strip ratio is 3.54:1.
The average mining dilution factor is 3.0% at 0.38% Li ₂ O.

APPENDIX 3 – JORC 2012 TABLE 1 DISCLOSURE

Section 1: Sampling Techniques and Data

JAMES BAY LITHIUM PROJECT SAMPLING AND DATA
*Sampling techniques*	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialized industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralization that are Material to the Public Report. In cases where ‘industry standard' work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverized to produce a 30 g charge for fire assay'). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralization types (e.g. submarine nodules) may warrant disclosure of detailed information.	2008/2009 Exploration Drilling – Lithium One Lithium One (subsequently acquired by Galaxy Lithium (Canada) Inc.) drilled a total of 102 diamond drill holes for 13,487m on a pattern ranging between 50m and 60m spacing. Drill holes were for the most part inclined towards the south-east to intersect the spodumene mineralization perpendicular to the dyke geometry. Drillhole diameter was NQ. The 2008/2009 drill-hole collars were initially surveyed by handheld GPS, and subsequently resurveyed using RTK by Galaxy Lithium Canada in 2017. A total of 84 out of 102 drill holes were located and resurveyed by RTK. Downhole survey methods for the 2008 drilling are unknown, however downhole surveying in 2009 was conducted at 3m intervals using a REFLEX Flexit tool. 2009/2010 Channel Sampling – Lithium One Surface outcrops of pegmatite were channel sampled in 2009 and 2010 using a dual-blade diamond saw to ensure consistent widths during cutting. A total of 53 channel samples were collected for a combined length of 810m. Channel lengths ranged from 2m to 41m, and sampling was conducted on 1.5m intervals. Channel samples were terminated at the contact with surrounding lithologies. 2017 Resource Definition Drilling – Galaxy Lithium (Canada) Inc. Galaxy Lithium (Canada) Inc. conducted a program of infill and extensional diamond drilling in 2017 with 157 holes drilled for a total meterage of 33,339m. Drillhole diameter was NQ. All drill hole collars were resurveyed using a RTK method. Downhole surveys were recorded every 3m using a multi-shot camera (REFLEX EZ-TRAC). 2017/2018 Geotech and Metallurgical Drilling – Galaxy Lithium (Canada) Inc. Galaxy Lithium (Canada) Inc. conducted a program of diamond drilling in 2017 and 2018, with 102 holes drilled for a total meterage of 10,900m. Drillhole diameter was HQ for metallurgical drill holes, and NQ for the remaining Geotech holes. 2021 - 2023 Sterilisation, Exploration and Resource Delineation Drilling – Galaxy Lithium (Canada) Inc. Galaxy Lithium (Canada) Inc. conducted two programs of diamond drilling during the winter of 2021/2022 and 2022/2023, with 231 holes drilled for a total meterage of 43,600m. Drillhole diameter was NQ and drilling was undertaker by Major Drilling. All drill hole collars were resurveyed using a RTK method by an independent land surveyor. Downhole surveys were recorded every 3m using a multi-shot camera (REFLEX EZ-TRAC) or a gyroscope.
*Drilling techniques*	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	Diamond Drilling : Drilling campaigns between 2008 and 2018 were conducted by Chibougamou Drilling using either NQ or HQ drilling diameters. Triple tubing was not necessary as the rock is fresh and highly competent starting from the base of the overburden. Recoveries were excellent (> 95%). Drilling campaigns conducted between 2021 and 2023 were carried out by Major Drilling using NQ drill diameter. Exploration and resource definition drillholes vary in depth from 50m to 300m, with the occasional deep exploration hole up to 500m depth. Metallurgical drillholes are HQ diameter and vary in depth between 10m and 105m. Geotech and sterilisation drillholes are NQ diameter and are generally 70m to 120m deep.
*Logging*	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. The total length and percentage of the relevant intersections logged.	All drill core processing was performed at the Relais Routier Km 381 Truck Stop, with logging and sampling conducted by employees and contractors of GLCI. Lithology, structure, mineralization, sample number, and location were recorded by the geologists in a GeoticLog log database, with a backup stored on an external hard drive for additional security. Drill core was stored in wooden core boxes and delivered to the core logging facility at the camp twice daily by the drill contractor. The drill core was first aligned and measured for core recovery by a technician, followed by RQD measurements. Due to the hardness of the pegmatite units, the recovery of the drill core was generally very good, averaging over 95%. The core was then logged, and sampling intervals were defined by the geologist. Before sampling, the core was photographed using a digital camera and core boxes were marked with box number, hole ID, and aluminium tags indicating "from" and "to" measurements. All drill holes were logged in full.
*Sub- sampling techniques and sample preparation*	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	2008/2009 Drilling and Channel Sampling Standardized core sampling protocols were used by Lithium One. Initially, during the 2008 drilling program, core was sampled at 2.5 m intervals, and subsequently at 1.5 m intervals. A selective sampling procedure was used based on lithological contacts, where the maximum (and most common) sample interval was 1.5 m. Shorter samples were collected to define geological domains. Channel samples were also sampled at 1.5 m intervals. Sample intervals were marked by appropriately qualified geologists. Two sample tags were placed at the beginning of each sample interval, while a third copy remained in the sample booklet along with the associated "from" and "to" information recorded by the geologist. A geo-technician was responsible for core cutting and for preparing the samples for dispatch to the preparation laboratory – Table Jamésienne de Concertation Minière in Chibougamau (TJCM). Assay samples were collected on half-core sawed lengthwise using a diamond saw; the remaining half was replaced in the core box for future reference. Quarter core duplicates were collected frequently. 2017/2018 Drilling Sample intervals were determined based on observations of the lithology and mineralization and were marked and tagged by the geologist. The typical sample length was 1.5 m but varied according to lithological contacts between the mineralized pegmatite and the country rock. In general, one country rock sample was collected from each side of the contact with the pegmatite. The drill core was split lengthwise; one half was placed in a plastic bag with a sample tag, and the other half was left in the core box with a second sample tag for reference. The third sample tag was archived on site. The samples were then catalogued and placed in rice bags for shipping. Sample shipment forms were prepared on site, with one copy inserted with the shipment and a second copy given to the carrier. One copy was kept for reference. The samples were transported regularly by contractors' truck directly to the ALS Canada Ltd – ALS Minerals laboratory in Val-d'Or, Québec. At the ALS facility, the sample shipment was verified, and a confirmation of receipt of shipment and content was sent digitally to the Galaxy project manager. The sample sizes (half-core, NQ diameter) are appropriate for the style, thickness and consistency of the mineralization at the James Bay Lithium Project. 2021 – 2023 Drilling Sampling techniques and preparation were consistent with the 2017/2018 drilling campaigns, with sampling lengths reduced to 1m within pegmatite lithologies.
*Quality of assay data and laboratory tests*	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	2008 - 2010 Assaying Samples were shipped from site in secure containers to Table Jamésienne de Concertation Minière (TJCM) in Chibougamau for preparation. The protocol for sample preparation involved weighing, drying, crushing, splitting and pulverizing. The pulverized pegmatite core samples were shipped from the TJCM to the COREM Research Laboratory (COREM) in Québec City. COREM was accredited ISO/IEC 17025:2005 by the Standards Council of Canada for various testing procedures on April 30, 2009. The scope of accreditation did not include the specific testing procedures used by COREM to assay lithium (method code B23). Lithium One also utilized SGS Mineral Services Lakefield Laboratory (SGS) as an umpire laboratory to monitor the reliability of assaying results delivered by the primary laboratory COREM. At COREM, prepared samples were assayed using three-acid digestion (nitric acid, hydrofluoric acid, perchloric acid) in boiling water. The dissolved sample was analysed by atomic absorption (AA) spectrometry. At SGS, check samples were assayed by sodium peroxide fusion and atomic absorption spectroscopy. At ALS Minerals, prepared samples were assayed using four-acid digestion (perchloric acid, hydrofluoric acid, nitric acid and hydrochloric acid) with ICP-AES finish. Although a four-acid digest is considered a near-total digest, common practice for the analysis of pegmatite material is a sodium-peroxide fusion. Significant verification test work has been undertaken and has demonstrated that the acid digest method is robust, and no bias has been observed when compared to the sodium-peroxide fusion check assays. Samples from 2008 – 2010 represent roughly 14% of the total meterage of the drilling on the project. *2008 - 2010 QAQC* Lithium One relied partly on the internal analytical quality control measures implemented by COREM laboratory. Additionally, Lithium One implemented external analytical quality control measures consisting of using control samples (field blanks, in house standards and field duplicates) inserted with sample batches submitted for assaying in 2009 and 2010, and coarse reject duplicate samples in 2008. Standards were non-certified and were custom-made from a bulk sample of the outcropping pegmatite material from the project. Field duplicates were generated from quarter core samples and inserted every 40 samples. Total insertion rate for QAQC in 2008 – 2010 was 4.2%, with an additional 2.6% when including umpire assays. Although the insertion rate of QAQC in 2008 – 2010 was below industry standards, subsequent check assays have shown that the assay results are valid. Also, the results from the limited QAQC undertaken at the time of drilling show no issues. 2017/2018 Assaying Samples were shipped to ALS Minerals in Val-d'Or for preparation and analyses. The laboratory is accredited ISO/IEC 17025:2005 by the Standards Council of Canada for various testing procedures, however, the scope of accreditation does not include the specific testing procedure used to assay lithium. Sample preparation involved the sample material being weighed and crushed to 70% passing 2 mm. The ground material was then pulverized to 90% passing 75 microns before being analysed. At ALS Minerals, prepared samples were assayed for mineralization grade lithium by specialized four-acid digestion and inductively coupled plasma – atomic emission spectrometry (ICP-AES) finish (method code Li-OG63). An approximately 0.4-gr sample was first digested with perchloric, hydrofluoric, and nitric acid until dry. The residue was subsequently re-digested in concentrated hydrochloric acid, cooled and topped up to volume. Finally, the samples were analysed for lithium by ICP-AES. The method used has a lower detection limit of 0.005% lithium and an upper limit of 10% lithium. Samples from 2017 represent roughly 44% of the total meterage of the drilling on the project. 2017/2018 QAQC GLCI relied partly on the internal analytical quality control measures implemented by the ALS Minerals laboratory, which involved routine pulp duplicate analyses. GLCI also implemented external analytical quality control measures including the insertion of control samples (blanks, in house standards and field duplicates) with sample batches submitted for assaying at ALS Minerals in 2017. In 2017, a number of pulp samples were also re-submitted to the SGS laboratory in Lakefield, Ontario for umpire check assays. In 2020, additional pulp samples were resubmitted to Nagrom Analytical, Perth. Duplicate samples were inserted into each sample series at a rate of one in every 20 samples. Duplicates corresponded to a quarter core from the sample left behind as reference. Total insertion rate for QAQC in 2017 was 12.4%, with which increases up to 16.6% when including umpire assays. The rate of insertion of QAQC samples in 2017 was much improved compared to 2008 – 2010 period. No biases were identified, and a minor failure was identified in the low-grade standard which was investigated and no issues were identified. 2021 - 2023 Assaying Samples were shipped to ALS Minerals in Val-d'Or for preparation and analyses. The laboratory is accredited ISO/IEC 17025:2005 by the Standards Council of Canada for various testing procedures, however, the scope of accreditation does not include the specific testing procedure used to assay lithium. Sample preparation (code PREP-31A) involved the sample material being weighed and crushed to 70% passing 2 mm, with a riffle split of 250g pulverized to 85% passing 75 microns before being analysed. At ALS Minerals, prepared samples were assayed for mineralization-grade lithium by sodium-peroxide fusion and digestion followed by inductively coupled plasma – atomic emission spectrometry (ICP-AES) finish (method code ME-ICP81). The method used has a lower detection limit of 0.001% lithium and an upper limit of 10% lithium. Samples from 2021 - 2023 represent roughly 42% of the total meterage of the drilling on the project. 2021 - 2023 QAQC GLCI implemented external analytical quality control measures including the insertion of control samples (blanks and in house standards) with sample batches submitted for assaying at ALS Minerals at a rate of 1 QAQC sample for every 9 samples. A number of pulp samples were also re-submitted to the SGS laboratory in Lakefield, Ontario for umpire check assays. Total insertion rate for QAQC between 2021 and 2023 was roughly 12% when including umpire assays. No biases were identified, and two minor blank failures were identified and a re-analysis was requested. The re-analyses returned similar results to the original assays.
*Verification of sampling and assaying*	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	James Purchase, P. Geo, of GLCI and Competent Person for the James Bay Mineral Resource (in his prior role as Vice-President, Geology and Resources are G Mining Services Inc.) has visually assessed and verified significant intersections of drill core described in this announcement and has witnessed outcropping spodumene mineralization in the field. A selection of drill collar coordinates was validated by handheld GPS, and core and sample storage and security facilities were inspected. Channel sample outcrops were also inspected and found to be of high-quality. Numerous site visits have taken place since 2021, the most recent being in April 2023. It should be noted that the drilling between 2021 and 2023 was managed by an independent geological contractor (InnovExplo) and was conducted under the supervision of professional geologists registered in the Province of Québec. Data collection and entry procedures were also reviewed and found to be adequate. Various reanalyses of pulps have shown that there are very immaterial differences between analysing using a standard 4-acid digest and a peroxide fusion for the James Bay lithium deposit. No clear and consistent biases were defined during investigations into QAQC performances, and any failures were duly investigated and found to be minor.
*Location of data points*	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	Drill collars were surveys by an external contractor using RTK methodology in UTM (Universal Transverse Mercator) Zone 18N. Datum is NAD83. Downhole surveys were completed using an EZ-TRAC multishot tool provided by REFLEX. Declination (-14.2) was removed to correct the data from magnetic north to geographic north. At the collar, a TN14 tool was used to measure the dip and azimuth of the casing. Topographic controls are informed by a LiDAR survey completed recently on the project.
*Data Spacing and distribution*	Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	In the NW Sector, drilling has been completed on a nominal 80m x 80m spacing. It is the authors belief that this is appropriate for the classification of this sector as Inferred Mineral Resources. The remainder of the deposit has been drilled at a nominal spacing of between 40 and 50 metres to satisfy the classification of the deposit as Indicated Mineral Resources. No sample compositing has been undertaken.
*Orientation of data in relation to geological structure*	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	As the pegmatite dykes in the NW Sector are concealed by 5 – 15m of glacial till, it was difficult to accurately orientate the drilling at a perpendicular angle to the pegmatites as limited information was available at the time. As drilling progressed, it became apparent that the drilling was intersecting the pegmatites at a sub-optimal angle, and that the true thickness of pegmatites in drilling represent between 60 – 80% of the apparent thickness (downhole thicknesses). Although this angle is sub-optimal, the author does not believe this has introduced a sampling bias.
*Sample Security*	The measures taken to ensure sample security.	Drill core, sample rejects and sample pulps are stored in a secure environment (in a locked dome structure) at the Relai Routier 381 truck stop. Sample pulps are stored in a locked container adjacent to the dome.
*Audits or reviews*	The results of any audits or reviews of sampling techniques and data	Sampling techniques were reviewed by previous employees of Galaxy Lithium, and also by the QP of the Mineral Resource released in January 2022. In addition, external geological contractors were engaged during drilling activities to monitor the QAQC data and logging procedures to ensure that industry best practises were followed.

Section 2: Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
*Mineral tenement and land tenure status*	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.	The Project comprises 93 contiguous mining titles located in NTS map sheet 33C/03, covering an area of approximately 2,164 hectares. The boundaries of the claims have not been legally surveyed. All claims are in good standing, with expiry dates between June 20, 2023, and November 2, 2025. The claims are "CDC"-type claims which gives its holder the exclusive right to search for mineral substances. No Mining Lease has been issued for the project. The claims are registered under Galaxy Lithium (Canada) inc. ("GLCI") and Galaxy Lithium (Ontario) Inc. ("GLOI"). Project level approvals at both Provincial and Federal level jurisdictions are underway, final approval is anticipated in 2023.
*Exploration done by other parties*	Acknowledgment and appraisal of exploration by other parties.	Prospector Jean Cyr first discovered spodumene pegmatite outcrops on the property in 1964. The property was staked in 1966 by Mr. Cyr and was optioned by the SDBJ in 1974, who after conducting some exploration on the property, returned it to Mr. Cyr on June 10, 1986. Commencing in 1974, SDBJ conducted an exploration program that consisted of geological mapping, systematic sampling and diamond drilling of the mineralized outcrops to evaluate the lithium potential of the property. The mapping defined an area of 45,000 square metres of outcropping spodumene dykes. The Centre de Recherches Minérales du Québec conducted concentration tests and chemical analyses in 1975. A composite sample of the spodumene pegmatite grading 1.7% Li ₂ O yielded a spodumene concentrate grading an average of 6.2% Li ₂ O with a recovery factor of 71%. LithiumOne acquired the claims in 2007 and embarked on an exploration campaign designed to produce a maiden mineral resource on the property. In 2012, Galaxy Resource Limited merged with Lithium One.
*Geology*	Deposit type, geological setting and style of mineralization.	The Project is in the north-eastern part of the Superior Province. It lies within the Lower Eastmain Group of the Eastmain greenstone belt, which consists predominantly of amphibolite grade mafic to felsic metavolcanic rocks, metasedimentary rocks and minor gabbroic intrusions. The property is underlain by the Auclair Formation, consisting mainly of paragneisses of probable sedimentary origin which surround the pegmatite dykes to the northwest and southeast. Volcanic rocks of the Komo Formation occur to the north of the pegmatite dykes. The greenstone rocks are surrounded by Mesozonal to catazonal migmatite and gneiss. All rock units are Archean in age. The pegmatites delineated on the property to date are oriented in a generally parallel direction to each other and are separated by barren host rock of sedimentary origin (metamorphosed to amphibolite facies). They form irregular dykes attaining up to 60 m in width and over 200 m in length. The pegmatites crosscut the regional foliation at a high angle, striking to the south-southwest and dipping moderately to the west-northwest. Spodumene is the principal source of lithium found at the Project. Spodumene is a relatively rare pyroxene that is composed of lithium (8.03% Li ₂ O), aluminium (27.40% Al ₂ O ₃ ), and silica (64.57% SiO ₂ ). It is found in lithium rich granitic pegmatites, with its occurrence associated with quartz, microcline, albite, muscovite, lepidolite, tourmaline and beryl.
*Drill hole Information*	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in meters) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length.	All drill collars and hole directions are presented in Appendix A. Most holes are inclined 45 – 70 degrees towards the southeast.
*Data aggregation methods*	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	No capping has been applied to reported intercepts. Lower cut-off used for reporting is 0.4% Li ₂ O%; minimum 4m true width interval; maximum 2m of internal waste. No metal equivalent values are used. Li% assays have been multiplied by 2.153 to transform them to Li ₂ O%.
*Relationship between mineralization widths and intercept lengths*	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralization with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known').	Lithium mineralization in the NW Sector occurs as thick, steeply dipping pegmatite dykes ranging between 4 and 30 metres thick (true thickness), with some dykes coalescing up to 85m true thickness in the core of the pegmatite swarm. Due to the sub-optimal angle of intercept between the drilling at the assumed orientation of the pegmatite dykes in the NW Sector, true widths have been estimated at between 60% and 80% of downhole widths.
*Diagrams*	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	A map view has been provided.
*Balanced reporting*	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All significant intersections above 0.4% Li ₂ O with a minimum true width of 4m have been reported. A maximum internal waste of 2m has been allowed.
*Other substantive exploration data*	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk sample– size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	No bulk sampling has been conducted on the project in recent times. An IP survey undertaken in 2020 and 2021 has uncovered potential extensions of mineralization to the east of the property, east of the 381KM Truckstop, not part of the MRE. Re-assaying of pulps using multi-element sodium-peroxide fusion methods has not returned economic concentrations of tantalum, tin or other elements of economic importance apart from Lithium.
*Further work*	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Downhole televiewer survey is planned to determine geometry of newly discovered pegmatites. Aeromagnetic survey covering NW Sector. Eventual infill drilling to bring the NW Sector to Indicated category. On receipt of the balance of the remainder of the assays, QA-QC investigation, prior to updating the James Bay MRE, mid 2023.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1a516ac2-e6e6-476b-b2f0-5f2edc48aa5f
https://www.globenewswire.com/NewsRoom/AttachmentNg/76b12239-26bc-4683-aacf-9080b4166932
https://www.globenewswire.com/NewsRoom/AttachmentNg/79d82e57-f1ec-499e-853f-e3b4f4af5817

News Provided by GlobeNewswire via QuoteMedia

lithium investing asx:ake allkem ltd ake:ca Lithium Investing

AKE:CA

First Production Achieved at Olaroz Stage 2

Allkem Limited (ASX|TSX: AKE, " Allkem " or the " Company ") is pleased to advise that Stage 2 of the Olaroz Lithium Facility has successfully achieved first production, with wet lithium carbonate cake produced at the filter presses.

The Olaroz Stage 2 development has a nameplate capacity of 25,000 tonnes per year (" tpa ") of technical grade lithium carbonate. Olaroz is managed through Sales de Jujuy SA, a joint venture company owned with Toyota Tsusho Corporation (" TTC ") and JEMSE (a Jujuy State company).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Strategic Consolidation of Hidden Lake and Board Changes

Loyal Lithium Limited (ASX:LLI) (Loyal Lithium, LLI, or the Company) is pleased to announce the execution of a definitive agreement for the consolidation of the Hidden Lake Lithium Project, with Patriot Battery Metals (ASX:PMT) becoming a substantial LLI shareholder. Mr. Blair Way, Non- Executive Director and former President & CEO of Patriot Battery Metals, will join the Loyal Lithium Board of Directors, bringing valuable regional and industry expertise to guide the company's growth initiatives. The consolidation of the Hidden Lake Lithium Project provides Loyal Lithium with greater flexibility and optionality to deploy innovative exploration and development solutions.

Keep reading...Show less

Drilling Commences at the Barra Lithium Project in Brazil

Summit Minerals Limited (ASX:SUM) (“Summit” or the “Company”) is pleased to announce that Summit’s maiden drilling program has commenced at the recently acquired 100% owned Barra Lithium Project (“Barra”).

The Barra Lithium Project consists of four recently acquired tenements that are located within close proximity to the existing operating Miranda Lithium mine that is within the Borborema Pegmatitic Province (“BPP”) in northeast Brazil.

Keep reading...Show less

Latest Press Releases

Related News

Gold Investing

Classification	Location	Ore Tonnes (Mt)	Grade Li ₂ O (%)	Grade Ta ₂ O ₅ (ppm)	Contained Metal (‘000) t Li ₂ O)	Contained Metal (‘000) lbs Ta ₂ O ₅
*Proved*	In-situ	-	-	-	-	-
*Probable*	In-situ	6.1	1.3	130	80	1,800
	Stockpiles	1.8	0.8	99	14	380
Total Ore Reserve		7.8	1.2	130	93	2,200

Category		Tonnage Mt	Grade % Li2O	Grade ppm Ta2O5	Contained metal (‘000) t Li2O	Contained metal lbs Ta2O5
Proven	-	-	-	-	-	%
Probable	2NW only	3.3	1.12	105	37.0	764,000
	Stockpiles	2.4	0.80	122	19.0	646,000
Total		5.8	0.98	113	56.0	1,410,000

LOM Operating Cash Cost	US$/dmt produced
Costs
Mining		445
Processing		268
General & Administration		68
Site Operating Costs		780
Transport & Logistics		40
Cash & Operating Costs		821
Royalties		126
By-Product credits		-12
FOB Cash Cost		935

Period	Realised Li ₂ O	Exchange rate	Realised Li ₂ O	Realised Ta ₂ O ₅
Period	US$/dmt	AUD:USD	A$/dmt	A$/dry lb
H2 CY23	4,048	0.70	5,783	34.72
CY24	2,074	0.70	2,963	34.72
CY25	1,425	0.70	2,036	34.72
CY26	2,375	0.70	3,393	34.72
CY27	2,103	0.70	3,004	34.72
CY28	1,762	0.70	2,517	34.72
H1 CY29	1,486	0.70	2,123	34.72

Parameter	Unit	Stage 3	Stage 4-1	Stage 4-2	Closure Stockpiles	Total
Product Produced	Mt	0.4	0.2	0.3	0.1	1.0
Life-Of-Mine Revenue	A$B	1.8	0.5	1.0	0.3	3.5
Life-Of-Mine Total Expenditure	A$B	0.4	0.4	0.6	0.2	1.5
Life-Of-Mine Free Cashflow	A$B	1.4	0.1	0.4	0.1	2.0
Free Cashflow Margin	%	80%	22%	37%	36%	57 %
Life-Of-Mine NPV	A$B	1.4	0.1	0.2	0.1	1.7

Allkem Limited ABN 31 112 589 910 Level 35, 71 Eagle St Brisbane, QLD 4000	Investor Relations & Media Enquiries Andrew Barber M: + 61 418 783 701 E: Andrew.Barber@allkem.co Phoebe Lee P: +61 7 3064 3600 E : Phoebe.Lee@allkem.co		Connect info@allkem.co +61 7 3064 3600 www.allkem.co

MT CATTLIN LITHIUM PROJECT SAMPLING AND DATA
*Sampling techniques*		Nature and quality of sampling (e.g. cut channels, random chips, or specific specialized industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralization that are Material to the Public Report. In cases where ‘industry standard' work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverized to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralization types (e.g. submarine nodules) may warrant disclosure of detailed information.	Pre-2017 Mt Catlin mineralization was sampled using a mixture of Diamond (DD) Reverse Circulation drill holes (RC), rotary Air Blast (RAB) and Open Hole (OH). In the north zone drilling is a 40mE x 40mN spacing and infilled to 20mE to 25mE x 20mN to 20mN in the central zone. In the south the drilling is on a 40mE x 80mN pattern. Drill holes were drilled vertical to intersect true thickness of the spodumene mineralization. A total of 39 DD holes for 1,528.56m, 986 RC holes for 48,763m,59 OH holes for 1,999m and 23 RAB for 402m had been completed before 2017. The drill-hole collars were surveyed by professional survey contractors. A total of 71 drill holes were surveyed by Surtron Technologies Australia of Welshpool in 2010. Sampling was carried out under Galaxy Resources QAQC protocols and as per industry best practice. RC sample returns were closely monitored, managed and recorded. Drill samples were logged for lithology and SG measurements. Diamond HQ and PQ core was quarter-cored to sample lengths relating to the geological boundaries, but not exceeding 1m on average. RC samples were composited from 1m drill samples split using a two-stage riffle splitter 25/75 to obtain 2kg to 4kg of sample for sample preparation. All samples were dried, crushed, pulverized and split to produce a 3.5kg and then 200g sub-sample for analysis For Li (method AAS40Q), for Ta, Nb and Sn (method XRF78O) and in some cases for SiO2, Al2O3, CaO, Cr2O3, Fe2O3, K2O3, MgO, MnO, P2O5, SO3, TiO2 and V2O5 were analysed by XRF78O. Entire drill-hole lengths were submitted for assay. Drilling 2017-8 From 1m of drilling and sampling, two 12.5% splits are taken by a static cone splitter in calico drawstring bags. This obtains two 2kg to 4kg samples with one being retained as an archive sample and the other submitted for assay, where required an archive bag is used as the duplicate sample. A 4.5-inch diameter rod string is used and the cyclone is cleaned at the end of every 6m rod as caking occurs from the mandatory use of dust suppression equipment. Drilling November 2018 – 2021 Subsequent to 2018 update, 5,912m (41 holes) of new reverse circulation (RC) and 273.65m of diamond tails (2 holes) has been completed (excluding metallurgical and geotechnical) has taken place. From 1m of drilling and sampling, two 12.5% splits are taken by a static cone splitter in calico drawstring bags. This obtains two 2kg to 4kg samples with one being retained as an archive sample and the other submitted for assay, where required an archive bag is used as the duplicate sample. A 4.5-inch diameter rod string is used and the cyclone is cleaned at the end of every 6m rod as caking occurs from the mandatory use of dust suppression equipment. 2022 Drilling The current drillhole dataset for the project contains 3,232 drillholes, for 175,950 metres, comprised of a combination of reverse circulation (RC), diamond drilling (DD), and RC with a diamond tail (RC_DDT) drillholes. The dominant drillhole type is RC, with over 95% of the metres being from RC drillholes.
			Hole_Type	Count	Metres	% Drillholes	% Metres
			DDH	45	5,437.8	1.4%	3.1%
			RC	3,173	169,037.8	98.2%	96.1%
			RC_DDT	14	1,474.4	0.4%	0.8%
			TOTAL	3,232	175,950	100%	100%

*Drilling techniques*	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).		RC drilling hammer diameter was generally 4 & 5/8 inches in early exploration, from 2009 and 2010 the bit diameter was 5 ¼ inches. RC 2017 -2020 5.25-inch face sampling hammer, reverse circulation, truck mounted or tracked drilling rigs, Three Rivers Drilling, Castle Drilling. Diamond core is generally RC from surface, and either PQ size tails in weathered rock and narrowed to HQ in fresh rock (standard tubing). Core was not oriented as the disseminated and weathered nature of the mineralization does not warrant or allow it. Diamond core is typically for metallurgical test-work. Pre-collars drilled short of mineralisation. RC 2021 A 5.25-inch face sampling hammer, used in reverse circulation. ASX (Australian Surface Exploration) drillers used for RC (including pre-collars). Diamond 2021 : Wizard Drilling utilised for diamond drilling from surface. HQ size Metallurgical and geotechnical diamond drilling (standard tubing). Two Metallurgical holes were diamond tails from approximately 70m to 80m. Four Geotechnical holes were diamond from surface and two tails from 50-60m depth. RC 2022 PXD drilling was utilised for RC drilling from surface. HQ size Metallurgical and geotechnical diamond drilling (standard tubing) by Orlando Drilling. Four Metallurgical holes were and three Geotechnical holes were diamond drilled from surface and two diamond tails from 150-160m depth.
*Logging*	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. The total length and percentage of the relevant intersections logged.		All DD, RC and OH (PC) and RAB intervals were geologically logged (where applicable); RQD (DD only), interval weights, recovery, lithology, mineralogy and weathering were recorded in the database. The DD core was oriented using the Ezy-Mark tool and after 2019 using the Reflex ACT electronic orientation tool. Geological logging was qualitative. Recording of interval weights, recovery and RQD was quantitative. All DD core was photographed and representative 1m samples of RC and OH (PC) chips were collected in chip trays for future reference and photographed. All drill holes were logged in full. 2017-2023 logging All drill holes are logged and validated via LogChief/ Maxwells Geosciences/DataShed systems. Assays, standards and control limits are monitored after loading of each batch and reports supplied on demand. All drill holes are logged in full. Different Lithium bearing mineral species are logged in detail.
*Sub- sampling techniques and sample preparation*	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.		Pre-2016 sampling All fresh rock DD core was quarter-cored using a stand mounted brick saw. Soft, weathered DD core was also sampled quarter-core, using a knife and scoop where applicable and practical. RC samples were collected using a two stage riffle splitter. All samples were dry or dried prior to riffle-splitting. All 2kg 1m drill samples were sent to SGS, dried, crushed, pulverized and split to approximately -75µ to produce a sample less than 3.5kg sub-sample for analysis. Sampling was carried out under Galaxy Resources QAQC protocols and as per industry best practice. Duplicate, blank and standard reference samples were inserted into the sample stream at random, but averaging no less than 1 blank and standard in every 25 samples. Samples were selected periodically and screened to ensure pulps are pulverized to the required specifications. Duplicate quarter-core samples were taken from DD core at random for testing averaging one in every 25 samples. Duplicate riffle-split RC samples were taken at random, but averaging one every approximately 25 samples. The sample sizes are appropriate to the style, thickness and consistency of the mineralization at Mt Catlin. Drilling 2016 (SGS) Core was halved by saw and sample lengths typically 0.5m in length. Sample preparation involved crushing followed by splitting of sample if sample greater than 3 kg using a riffle splitter (SPL26), Dry sample, crush to 6mm, pulverise to 75µm (PRP88) in a LM5 Mill. Drilling 2017-2021 Diamond drilling was typically sawn half core with whole core used for metallurgical test work. Intertek (2017-8) Samples are sorted and weighed. Samples >3kg are riffle split and milled in LM5 to obtain 85% passing 75 Microns. A 400g pulp is taken and a nominal 0.25g sub-sample is fused with sodium peroxide. Nagrom: 2018-2021 RC chips are dried to 105C°, crushed to nominal top-size of 2 mm in a Terminator Jaw crusher using method CRU01. Pulverised up to 3 kg in a LM5 pulveriser mill at 80% or better passing 75µm, using method PUL01. If the sample is greater than 3 kg, the sample is dried, and split with rotary splitter before analysis, Diamond core is dried, crushed in a Terminator Jaw crusher to top size 6.3 mm, and pulverised in a LM5 mill up to 2.5 kg using method CRU01. If the sample is greater than 2.5 kg, the sample is riffle split after drying to reduce the sample size. Intertek 2022-3 Samples are sorted and weighed. Samples >3kg are riffle split and milled in LM5 to obtain 85% passing 75 Microns. A 400g pulp is taken and a nominal 0.25g sub-sample is assayed by Sodium peroxide fusion in a Ni crucible / MS, OES method FP6-Li/OM19.
*Quality of assay data and laboratory tests*	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.		Pre-2016 QAQC All samples were dried, crushed, pulverized and split to produce a 3.5kg and then 200g sub-sample for analysis For Li (method AS40Q), for Ta, Nb and Sn (method XRF78O) and in some cases for SiO2, Al2O3, CaO, Cr2O3, Fe2O3, K2O3, MgO, MnO, P2O5, SO3, TiO2 and V2O5 were analysed by XRF78O. This process involves fusing the sample in a platinum crucible using lithium metaborate/tetraborate flux. For Cs, Rb, Ga, Be and Nb from time to time analysis was by IMS40Q – DIG40Q to ICPMS end. Duplicate, blank and certified reference samples were inserted into the sample stream at random, but averaging one every ~25 samples. Galaxy Resources utilized certified Lithium standards produced in China and one from SGS in Australia, STD-TAN1. Inter-laboratory checking of analytical outcomes was routinely undertaken to ensure continued accuracy and precision by the preferred laboratory. Samples were selected periodically and screened by the laboratory to ensure pulps are pulverized to the required specifications. All QAQC data is stored in the Mt Catlin database and regular studies were undertaken to ensure sample analysis was kept within acceptable levels of accuracy; the studies confirmed that accuracy and precision are within industry standard accepted limits. Umpire analysis performed on pulps at Genalysis and Ultratrace Perth 2016-QAQC In 2016 Perth SGS were used for a small 6 hole diamond program by General Mining. Samples were digested using a sodium peroxide fusion digest, method DIG90Q and the resultant solution from the digest was then presented to an ICP-MS for the quantification of Li2O, using method IMS40Q. The majority of standards submitted performed within expected ranges with a positive bias observed for two standards. 2017 - 2021 QAQC Samples (including QA/QC samples) were processed by Intertek PLC, Perth laboratory in 2017 and 2018, by utilised method FP1 digest (Peroxide Fusion – complete), MS analytical finish, 22 elements, Li2O detection limit 0.03% Ta2O5 detection limit, 0.2 ppm. Monthly review of QA/QC, which includes blanks, field duplicates, high grade standards and CRM (certified reference materials) and SRM (standard reference materials). FS_ICPMS is a Laboratory Method FP1/MS (mass spectrometry) used to analyse for Cs, Nb, Rb, Ta,Th, and U . FS/ICPES (inductively coupled plasma emission spectroscopy) is Laboratory method FP1/OE used to analyse Al, Fe, K, Li, and Si. Reports include calculated values of oxides for all elements. RC samples and diamond (including QA/QC samples) have been processed by Nagrom Perth, Perth Western Australia. Methods utilised from Lithium and Tantalum are ICP004 and ICP005 (Peroxide Fusion – complete). ICP005 utilises tungsten carbide bowl to reduce iron contamination at exploration and resource development stages (detection limit of 10ppm and 1ppm for Li2O and Ta respectively) Monthly review of QA/QC, which includes blanks, field duplicates, high grade standards and CRM (certified reference materials) and SRM (standard reference materials). All sampling has rigorous QAQC in terms of reference sampling as well as blank and standards introduced into the sample steam. Duplicate field samples show some evidence of high nugget effect. Typically, duplicate pairs plot within acceptable limits. Field duplicates have been submitted at a rate of 1 per 20.5 samples. Standards used are ASM0343, ASM0340 AMIS0339, OREAS147, OREAS148 and OREAS149. Standards reported only one result outside three standard deviations from 533 assays for Lithium. The majority of Tantalum standards reported within three standard deviations. Coarse blanks have shown no evidence of systematic contamination from 2016-2021 with results consistently low. QAQC in 2022-3 is broadly in line with the processes above, assays are by Intertek, Perth and Kalgoorlie. Standards used are OREAS 147, AMIS0341, OREAS 751, OREAS 753, OREAS 148, AMIS0341, AMIS0341, and OREAS 147 to support Sodium peroxide fusion in Ni crucible assay method MS, OES FP6-Li/OM19. This method provides near complete recovery for most samples. Ore grade standards e.g. Oreas 751 reported only four results outside 2 standard deviations from assays for Lithia. The majority of Tantalum standards reported within 2 standard deviations. A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a0a96d56-0609-4c98-a4b7-54a5abe86952 The data is moderately precise.
*Verification of sampling and assaying*	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.		Pre-2018 Verification An external geological consultant and staff have visually assessed and verified significant intersections of core and RC and PC chips. Several core holes were compared to neighbouring RC and PC drill holes. The geological logging of the DD holes supports the interpreted geological and mineralization domains. Studies on assays results from twinned holes showed a close correlation of geology and assays. Primary data is recorded by hand in the field and entered Excel spread sheets with in-built validation settings and look-up codes. Scans of field data sheets and digital data entry spread sheets are handled on site at Mt Cattlin. Data collection and entry procedures are documented, and training given to all staff. QAQC checks of assays had identified several standards out of control, these were subsequently reviewed and results rectified. No clear and consistent biases were defined by Galaxy during the further investigations into QAQC performances although deviations were noted by Galaxy. 2017-8 Verification CP independently verified drilling, sampling, assay and results from validated, externally maintained and stored database. No adjustments to assay data other than conversion from Li to Li20 and Ta to Ta2O5. 2018 - 2022 Verification The CP independently verified drilling, sampling, assay and results from validated, externally maintained and stored database. No adjustments to assay data other than conversion from Li to Li20 and Ta to Ta2O5. Primary data capture by Maxwell LogChief and management by Maxwell DataShed. Assay data loaded directly from Laboratory supplied .csv files as are downhole and collar surveys. An independent data verification was completed as part of a 2021 Ni-43-101 filing by then competent person. Data exported from SQL database and verified by the CP. No adjustments are made to assay data.

Criteria	JORC Code explanation	Commentary
*Mineral tenement and land tenure statu* s	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.	Mining Lease M74/244 was amalgamated and awarded on 04/08/2009 and is valid until 23/12/2030 and covers 1830 Ha. The project is subject to normal projects approvals processes as regulated by the WA Department of Mines, Industry and Regulation. The tenement is subject to the Standard Noongar Heritage agreement as executed 7 February 2018. The underlying land is a mixture of freehold property and vacant Crown land. The property Freehold title is held by Galaxy Resources or its child subsidiaries.
*Exploration done by other parties*	Acknowledgment and appraisal of exploration by other parties.	During the 1960's WMC carried out an extensive drilling program to define the extent of local spodumene bearing pegmatite. The WMC work led onto a further investigation into project feasibility. In 1989 Pancontinental Mining, Limited drilled 101 RC drill holes. In 1990 Pancontinental drilled a further 21 RC drill holes. In 1997 Greenstone Resources drilled 3 diamond holes and 38 RC holes, undertook soil sampling and metallurgical test work on bulk samples from the mine area. Haddington Resources Ltd in 2001 drilled 9 diamond holes for metallurgical test work and undertook further sterilization drilling. Galaxy acquired the M72/12 mining tenement from the Sons of Gwalia administrators in 2006.
*Geology*	Deposit type, geological setting and style of mineralization.	The Mount Catlin Project lies within the Ravensthorpe Suite, with host rocks comprising both the Annabelle Volcanics to the west, and the Manyutup Tonalite to the east. The contact between these rock types extends through the Project area. The Annabelle Volcanics at Mt Cattlin consist of intermediate to mafic volcanic rocks, comprising both pyroclastic material and lavas. The pegmatites which comprise the orebodies occurs as a series of sub- horizontal sills, hosted by both volcanic and intrusive rocks, interpreted as a series of westward verging thrusts. Typical coarse grained spodumene (grey green colour) from the NW pegmatite shown below. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f75c30db-a3c7-4a94-b77e-7e2fe8863892
*Drill hole Information*	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in meters) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length.	Pre-2017 drilling reported 4 August 2015 by subsidiary GMM (ASX:GMM). Last prior resource and update was 28 November 2018 2019-2022 drill collars New resource development collar information is presented in Appendices below. Holes generally inclined between -75 to -80 degrees to determine true width or due to local infrastructure.
*Data aggregation methods*	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	Pre-2017 Data Where higher grade zones internal to broader intervals of lower grade mineralization were reported, these were noted as included intervals and italicized. 2019-2022 Drilling New results are reported to a 0.3% cut-of grade (below), minimum 4m width, maximum 1m internal dilution. Only drillholes incorporated into the resource model are reported. No metal equivalent values are used.
*Relationship between mineralization widths and intercept lengths*	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralization with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known').	All intersection grades have been reported previously as length weighted average grades using a 0.3% Li2O lower grade cut-off except where stated. Intersections were calculated allowing a maximum of 2m of internal dilution with no top-cut applied. Cutting of high grades is not required due to nature of the mineralization and grade distribution/estimation. The Mt Cattlin lithium and tantalum mineralization occurs as a thick horizontal to gently dipping pegmatite and generally lies 30 to 280m below the current topographic surface resulting in drill intercepts nearing true widths. All reported intersections in 2023 are approximate true widths.
*Diagrams*	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Diagrams are included in the text above.
*Balanced reporting*	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All significant intersections above 0.3% Li2O have been fully reported in previous releases. 2019-2022 Drilling Drill hole collars and relevant assay details are appended below.
*Other substantive exploration data*	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk sample– size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Fe2O3 is modelled with Li and Ta to determine the effect of deleterious chemistry and mineralogy at or near pegmatite contacts and rafts of surrounding country rock with pegmatite.
*Further work*	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Development and extraction of the NW Pit Mineral Resource and Reserve. Diagrams are illustrated in the text above. Feasibility study work to trade off open pit vs underground options has commenced.

Metric	Units	Mar Q FY23	Dec Q FY23	QoQ %	PCP Mar FY22	PCP %
Production	tonnes	4,102	4,253	-4%	2,972	38%
Sales	tonnes	2,904	3,131	-7%	3,157	-8%
Average price received	US$/tonne	52,738	46,706	13%	27,236	94%
Third party price received	US$/tonne	53,175	53,013	0%	27,236	95%
Cash cost of goods sold ¹	US$/tonne	4,924	4,682	5%	3,811	29%
Revenue	US$M	159	151	5%	86	85%
Gross cash margin (Av. Price)	US$/tonne	47,814	42,024	14%	23,425	104%
Gross cash margin	%	91%	90%	1%	86%	5%

Interval (metres)	Volume Sediment (m ³ )	Specific Yield Porosity	Volume Brine (m ³ )	Li (mg/l)	Tonnes Li	Tonnes LCE
Measured Resources 0-650 m
0-200 overall & 0-650 (in East)	33,316,374,710	6.46%	2,152,306,738	657	1,420,000	7,550,000
Indicated Resources 200-650 m
200-650 and 200-350 (North & South)	35,645,703,500	6.16%	2,196,423,559	612	1,340,000	7,130,000
Measured and Indicated Resources (M&I) 0-650 m
0-650 combined	68,962,078,210	6.31%	4,348,730,296	634	2,760,000	14,680,000
Inferred Resources 350 ->650 m
350-650 (North & South)	17,043,607,000	5.93%	1,010,534,106	578	585,000	3,100,000
>650 in North	20,681,459,500	4.13%	853,671,348	636	540,000	2,870,000
Total	106,687,144,710	5.82 %	6,212,935,750	625	3,885,000	20,650,000

Metric	*Units*	Mar 23	Dec 22	Sep 22
Production
Recovery	%	60	37	25
Concentrate produced	dmt	38,915	16,404	17,606
Grade of concentrate produced	% Li ₂ O	5.3	5.3	5.3
Sales
Concentrate shipped	dmt	21,553	15,702	21,215
Grade of concentrate shipped	% Li ₂ O	5.2	5.3	5.4
Realised price	US$/dmt CIF	5,702	5,284	5,028
Revenue ¹	US$ million	122.9	83.0	106.7
Costs of production
Cash cost of production	US$/t FOB	1,033	1,016	796

	Group		Olaroz		Mt Cattlin
	Group		Olaroz			(4 months)
	31-Dec-22	31-Dec-21	31-Dec-22	31-Dec-21	31-Dec-22	31-Dec-21
	US $'000	US $'000	US $'000	US $'000	US $'000	US $'000
Revenue	557,875	180,527	300,817	65,620	257,058	114,907
EBITDAIX 1	401,459	97,780	246,605	35,299	202,894	71,027
Less depreciation & amortisation	(32,192 )	(18,488)	(9,027 )	(8,611)	(22,215)	(9,065)
EBITIX 2	369,267	79,292	237,578	26,688	180,679	61,962
Less interest income/(costs)	11,796	(10,176)	(3,664 )	(12,610)	6,934	(237)
EBTIX 3	381,063	69,116	233,914	14,078	187,613	61,725
Add other income – gains from financial instruments	27,896	12,396	-	-	-	-
Less foreign currency gains/(losses)	(26,455 )	(420)	(24,479 )	(1,323)	83	(178)
Less share of loss of associates, net of tax	(4,051 )	(869)	-	-	-	-
Less acquisition costs	-	(12,760)	-	-	-	-
Less amortisation of customer contracts due to purchase price allocation	-	(13,400)	-	-	-	(13,400)
Less inventory adjustment due to purchase price allocation	-	(12,367)	-	-	-	(12,367)
Segment profit for the period before tax	378,453	41,696	209,435	12,755	187,696	35,780
Income tax expense	(155,940 )	(29,134)	(93,817 )	(23,843)	(56,653)	(10,734)
Total profit/(loss) for the period – continuing operations	222,513	12,562	115,618	(11,088)	131,043	25,046
Discontinued operations	(3,278 )	396
Total profit for the period	219,235	12,958
1. EBITDAIX - Segment earnings before interest, taxes, depreciation, amortisation, impairment, gains from financial instruments, foreign currency (losses)/gains, share of associate losses, business combination costs and other adjustments due to purchase price allocation.
2. EBITIX - Segment earnings before interest, taxes, impairment, gains from financial instruments, foreign currency (losses)/gains, share of associate losses, business combination costs and other adjustments due to purchase price allocation.
3. EBTIX - Segment earnings before taxes, impairment, gains from financial instruments, foreign currency (losses)/gains, share of associate losses, business combination costs and other adjustments due to purchase price allocation.

For further information contact:
CleanTech Lithium PLC
Steve Kesler/Gordon Stein/Nick Baxter	Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222
	Or via Celicourt
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani	+44 (0) 20 7770 6424 cleantech@celicourt.uk
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak	+44 (0) 20 7628 3396
Fox-Davies Capital Limited (Joint Broker) Daniel Fox-Davies	+44 (0) 20 3884 8450 daniel@fox-davies.com
Canaccord Genuity (Joint Broker) James Asensio	+44 (0) 20 7523 4680

James Bay Drilling Update - New High Grade Zone Identified in NW

Overview

Company Highlights

The ’Lithium Conversion Gap’

The ’Lithium Dream Team’

Lithium Carbonate Refinery

Management Team

Iggy Tan - Executive Chair

Alex Hanly - Chief Executive Officer

Patrick Scallan - Non-executive Director

Dr. Jingyuan Liu - Non-executive director

John Sobolewski - Chief Financial Officer

Vincent John Fayad - Joint Company Secretary

Kurt Laney - Joint Company Secretary

Justin Rivers - Head of Geology

Terry Stark - Head of Mining

John Loxton - Head of Lithium Carbonate Refinery

Roger Pover — Head of Processing

Huy Nguyen — Engineering Manager

Victoria Vargas - Director, Lithium Universe Holdings (Canada)

Latest News

Latest Press Releases

Related News

TOP STOCKS