Retirement of Chair

Allkem Limited (ASX|TSX: " Allkem ," the Company ") advises that Mr. Martin Rowley has retired from the role of Chair and as a director of Allkem from the close of the 2022 Annual General Meeting (" AGM ") which was held today 15 November 2022.

Mr. Rowley leaves the Company in its strongest position ever having initiated and led the successful implementation of the merger between Galaxy Resources and Orocobre Limited to create Allkem.

Allkem has a world class asset portfolio and following the record production and financial results of FY22 is positioned for significant growth into the future as a global supplier of lithium chemicals.

Mr. Rowley has the unique distinction of being instrumental in the creation of two major resources companies during his career. Martin was co-founder in 1996 of major copper company First Quantum Minerals Ltd. While an executive director of First Quantum he recognised early the future of the lithium sector becoming Chair in 2009 of Lithium One Inc. which at that stage had secured interests in the Sal de Vida and James Bay assets. He then became Chair of Galaxy Resources after it merged with Lithium One, adding the Mt Cattlin spodumene mine to the asset portfolio.

Mr. Rowley oversaw significant growth in Galaxy and its assets ultimately resulting in the successful merger of equals with Orocobre in 2021. Since the time of his appointment as Chair of Lithium One market capitalisation has grown from ~CAD$20 million to over A$10 billion as he now retires as Chair of Allkem.

"It has been a pleasure working with the team at Allkem which has grown into an outstanding global specialty lithium chemicals company. It now has an enviable project portfolio and a solid management team with deep experience in both brine and hard rock lithium operations. This platform of world class assets provides its experienced Board the foundation to ensure the Company can play a significant and meaningful role in the green revolution and become the leading fully integrated company in this sector," Mr. Rowley said.

Incoming Chair Peter Coleman said, " I am honoured to be assuming the role of Chair from Martin and I would like to thank him for his support and advice as I have transitioned into the company. He leaves Allkem after presiding over a period of significant growth in shareholder value and I wish him the very best for the future."

CEO and Managing Director Martin Perez de Solay said, "I would like to sincerely thank Martin and his significant contributions to the company. It has been a pleasure to work with him since the merger and he leaves the Board and Company in the strongest position ever. I wish him success in all his future endeavours."

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.

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.