Mt Cattlin Resource Update with Higher Grade

Allkem Limited (ASX|TSX: AKE, " Allkem " or the " Company ") provides an updated Mineral Resource Estimate (" MRE ") and development drilling update at 31 December 2022 for its Mt Cattlin operation in Western Australia.

HIGHLIGHTS

• The completion of a major infill drilling program (132 drillholes 31,231 metres) and review of the MRE has successfully converted Inferred resources to Indicated category. Total tonnes of contained metal increased by 4%
• The updated Mineral Resource of 12.8 Mt @ 1.3% Li ₂ O and 179ppm Ta ₂ O ₅ reflects higher lithium grade with 92% of the total resource tonnage now sitting in the Indicated category (up by 130%), supporting an upcoming Reserve update and life of mine extension review
• Open pit and underground mining studies are currently being undertaken which include diamond drilling for geotechnical purposes and additional metallurgical test work. This will result in a revised ore reserve and will determine the trade-off between open pit and underground mining options
• Stage 3 exploration drilling in the SW area has been completed and assay results are pending
• Further step out drilling is planned for late CY23 to test down dip extension of the pegmatite orebodies beyond the area included in this MRE
  

RESOURCE EXTENSION DRILLING

Allkem commenced a three-phase resource extension program in April 2022, the first phase targeting the conversion of inferred resource into the indicated category and the second to test two pegmatite lenses along strike and at depth.

Results were included in the 30 June 2022 Resource Update and interim drilling and assay results were released 5 October 2022 for 81 RC drillholes and 19,177 metres. Additional drilling for 51 RC drillholes for 12,054m were completed subsequently to total 132 drill holes for 31,231 (Figure 1, below).

Assay highlights from the upper pegmatite include:

Highlights from the lower pegmatite include:

All intercepts are reported down hole, however the orientation of the drilling is such that intercepts are approximate true widths.

Drillhole collars are tabulated in Appendix 2, and all significant assays, with intercept lengths greater than 3m, with a maximum of 1m internal dilution are presented in Appendices 3 and 4 for the upper and lower pegmatite, respectively.

Figure 1: Mt Cattlin 2022 Mineral Resource drilling at NW pit

Figure 2: Mt Cattlin Cross section looking west

MINERAL RESOURCE UPDATE

The Mineral Resource Estimate at 31 December 2022 (Table 1) represents the 30 June 2022 resource estimate, adjusted for mining and stockpile depletion from 30 June to 31 December 2022 combined with infill drilling undertaken during 2022. The target pegmatites are drilled out to a nominal 40 x 40m spacing. The "Indicated" proportion of the classified Mineral Resource contained metal has increased by 130% with a corresponding decrease of ‘Inferred" resources by -80%.

Table 1: Mt Cattlin Mineral Resource at 31 December 2022

Mineral Resource Estimate for the Mt Cattlin Spodumene Deposit reported at 0.4% cut off grade - All material types.

Notes: Reported at cut-off grade of 0.4% Li ₂ O. The proportion of potential open pit (64%) and underground resource (36%) is tabulated below (Table 2). The statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) 2012 edition. All tonnages reported are dry metric tonnes. Excludes mineralisation classified as oxide and transitional. Minor discrepancies may occur due to rounding to appropriate significant figures.

The Mineral Resources are reported at a cut-off of 0.4% Li ₂ O. Table 2 below demonstrates that 64% of the Mineral Resource reports inside a USD 1,100 pit shell which satisfies the requirements for Reasonable Prospects for Eventual Economic Extraction (" RPEEE ") as defined in the JORC Code (2012) and is potentially minable by open cut methods. The remainder of the resource is a direct continuation of the mineralised pegmatites and may be minable by underground mining methods such as room and pillar with decline access. This will be confirmed in studies that are underway. The updated resource has been depleted for mining and stockpile reclamation (by tonnes) in the six month period between this update and the previous estimate.

Table 2: Classified Mt Cattlin Mineral Resource depleted for mining as at 31 December 2022

The open pit RPEEE test was re-visited in H2 CY22 to reflect spodumene pricing at USD 900, 1,100 and 1,500 and FX AUD/USD 0.70. It was observed that both the USD 1,100 and 1,500 Mineral Resource remain limited by drilling data which will be resolved by further step out drilling planned for later in CY23. Depleted stockpiles at the same record date have been included in the Mineral Resource. Depletion of high-grade material, an updated optimised pit shell design and the impact of additional drilling is reflected in the updated Mineral Resource. Remnant classified Mineral Resources under the backfilled 2SW pit have been included as potential underground feed.

The resource classification has been applied to the MRE based on the drilling data spacing, grade and geological continuity, the quality of the resource estimate as defined by the slope of regression and data integrity. Following recent experiences with mining in the current pit, fine grained pegmatite and unmineralised pegmatite waste was domained out of the estimate at the geological modelling stage using a 2 O

• Minor portions immediately adjacent to the SW of the current mining area have been classified as Measured where prior grade control drilling had been completed. No portions of the NW area have been classified as Measured Mineral Resources
• Pegmatites that have been defined by drillholes on a spacing at or closer than 40 m by 40 m, estimated on the first two passes (up to the range of the variogram) and have returned a slope of regression value above 0.5 have been classified as Indicated Mineral Resources . In order to avoid the generation of an inconsistent classification each pegmatite domain is accessed individually and estimates within are used to classify the majority of Indicated blocks; and
• The blocks that have been estimated on either the first, second or third pass and have been defined by drillholes spaced wider apart than 40 m by 40 m, with lower levels of confidence in the quality of the estimate and hence in the continuity of grade, have been classified as Inferred Mineral Resources .
  

A description of the major factors that resulted in changes from the June 2022 Mineral Resource Estimate to the December 2022 Mineral Resource Estimate are:

• Depletion for mining and stockpile reclamation
• Change in resource classification to majority "Indicated" in a nominal 40 x 40m intercept spacing in the completed drill out
• Drill out at depth to the limits of the nominal RPEEE USD 1,100 pit shell
• Change in the methods of geological domaining to exclude pegmatite types (waste and fine-grained pegmatite) that result in poor or low metallurgical recoveries

The Mineral Resource Estimate depletion and reporting was supervised and completed by Allkem staff. Allkem has assumed responsibility for the logging, sampling, analytical and quality assurance/quality control protocols currently in place for estimates and depletions.

NEXT STEPS

Reserve update

Further HQ diameter diamond drilling has been completed with seven HQ size drillholes for 1,682m completed to support geometallurgical and geotechnical test work to inform the Mt Cattlin mine life extension study, which aims to inform approvals and design of both potential opencut and underground options. Initial results are expected by mid CY23.

Exploration Drilling

Exploration drilling to the southwest of the current mineralised pegmatites is complete and assays are awaited. The first drillhole SWRC089 (azure coloured collar in Figure 1) returned:

RESOURCE AND RESERVE CONTROLS & GOVERNANCE

Allkem ensures that quoted Mineral Resource and Ore Reserve estimates are subject to internal controls, peer review and validation at both project and corporate levels. Mineral Resource and Ore Reserves are estimated and reported in accordance with the 2012 edition of the JORC Code.

Allkem stores and collects exploration data using industry standard software that contains internal validation checks. Exploration samples from drilling have certified reference material standards introduced to the sample stream at set ratios, typically 1 per 25 samples. These are reported as necessary to the relevant Competent Persons to assess both accuracy and precision of the assay data applied to resource estimates. In resource modelling, block models are validated by checking the input drill hole composites against the block model grades by domain.

Allkem engages independent, qualified experts on a commercial fee for service basis, to undertake Mineral Resource and Ore Reserve audits. Allkem internally reconciles the resource outcomes to validate both the process and the outcome. A RPEEE has been tested against a Whittle Optimisation with only the revenue factor changed from USD 900, 1,100 and to 1,500.

The Company has developed its internal systems and controls to maintain JORC compliance in all external reporting, including the preparation of all reported data by Competent Persons who are members of the Australasian Institute of Mining and Metallurgy or a ‘Recognised Professional Organisation'. As set out above, the Mineral Resource and Ore Reserve statements included in this announcement were reviewed by suitably qualified Competent Persons (below) prior to their inclusion, in the form and context announced.

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

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 and Mineral Resources is based on information compiled and supervised by Albert Thamm, B.Sc. (Hons)., M.Sc. F.Aus.IMM, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Albert Thamm is a full-time employee of Galaxy Resources Pty. Limited. Albert Thamm 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'. Albert Thamm consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

The scientific and technical information contained in this announcement has been reviewed and approved by Albert Thamm, as it relates to geology, exploration, drilling, sample preparation, data verification and the depleted Mineral Resource.

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 – JORC 2012 TABLE 1 DISCLOSURE

Section 1: Sampling Techniques and Data

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. 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.

Section 2: Reporting of Exploration Results

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 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.
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.

Section 3: Estimation and Reporting of Mineral Resources – Mt Cattlin

Appendix 2: New RC Drillhole collar details post 14 September 2022.

(Previous results released 5 October 2022 for 81 drillholes and 19,177metres)

Appendix 3: New Significant results upper pegmatite

Appendix 4: Significant new results lower pegmatite