CEO.CA Chairman's Briefing

BRISBANE, Australia, Dec. 27, 2023 (GLOBE NEWSWIRE) -- Allkem Limited (ASX|TSX: AKE, “Allkem” or the “Company”) is pleased to announce receipt of the Certificate of Authorisation (“CA”) which is the final step in the Environmental and Social Impact Review Committee ("COMEX") and will allow the development of the James Bay Lithium Project (“James Bay or “the Project”) in Quebec, Canada.

The issuance of the Certificate of Authorisation pursuant to section 164 of Quebec’s Environment Quality Act from the Quebec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks follows a positive recommendation by COMEX, an independent body composed of members appointed by the governments of Quebec and the Cree Nation, responsible for the assessment and review of the environmental social impact assessment ("ESIA") for the James Bay Project.

Allkem has also recently signed the Impact and Benefit Agreement (“IBA”) with The Grand Council of the Crees (Eeyou Istchee), the Cree Nation Government and the Cree Nation of Eastmain regarding the development and operation of James Bay.

Detailed engineering and procurement have reached 84% and 90% completion respectively and are expected to be fully complete by the commencement of construction. Preparation of key construction permits (ministerial authorization) is complete and will be submitted shortly supporting the construction and operation phases. The targeted production capacity is 311ktpa of spodumene concentrate with a ~19 year mine life.

Head of Canadian Operation, Denis Couture said: “I would like to thank all stakeholders who help us to reach this important milestone and more specifically Daniel Cliche and René Dubé (mayor) from the Town of Matagami, Alain Coulombe and the SDBJ, Grand Chief Mandy Gull-Masty and the Cree National Government, Chief Raymond Shanoush and the community of Eastmain and special thanks to Brian Weapneacappo and his family for the support during this process.”

Managing Director and CEO, Martin Perez de Solay said: “We are pleased to achieve this approval prior to year-end and are positioned to execute this tier 1 project with detailed engineering well advanced prior to the commencement of construction. The project leverages Allkem’s significant spodumene experience and its strategic location is expected to deliver to significant economic benefits and value to the region and the broader North American lithium supply chain.”

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.

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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
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