Mr. Martin Perez de Solay reports

SEPTEMBER 2023 QUARTERLY ACTIVITIES REPORT

Allkem Ltd. has provided an update on its global lithium portfolio, business activities and financial position as at Sept. 30, 2023.

Highlights

Operations:

• The Olaroz lithium facility achieved above-budget quarterly production of 4,453 tonnes of lithium carbonate, up 35 per cent on the previous corresponding period (PCP);
• Record lithium carbonate sales volume of 4,554 tonnes for the quarter, generating Olaroz revenue of approximately $118-million (U.S.) with average realized price of $25,981 (U.S.) per tonne FOB and a gross cash margin of 77 per cent or $19,893 (U.S.) per tonne;
• Mount Cattlin achieved record quarterly production of 72,549 tonnes of spodumene concentrate at 5.3-per-cent-lithium-oxide grade, an approximately 25-per-cent increase quarter on quarter and in line with full-year guidance;
• Strong Mount Cattlin recovery of 68 per cent across the quarter demonstrates favourable grade and mineralization as mining continues in the main part of the orebody;
• Mount Cattlin received approval from the Western Australian regulator to proceed with the mining of Stage 4 cutback, which supports the previously announced extension of mining activities;
• Spodumene sales of 76,631 dry metric tonnes generated record revenue of approximately $201.1-million (U.S.) with a gross cash margin of 71 per cent at average sales price of approximately $3,000 (U.S.) per dmt on an SC6 CIF basis.

Development projects:

• Material growth profile underpinned by 40 million tonnes of lithium carbonate equivalent of Allkem group resource with plans to deliver 179,000 tonnes LCE production capacity by fiscal 2028;
• Olaroz Stage 2 achieved first wet production in mid-July with commissioning continuing and production scheduled for second half calendar year 2023; ramp-up is on track and expected to take approximately 15 months;
• At Naraha, 526 tonnes of lithium hydroxide were sold and after completing work on product quality and operational improvements, battery-grade qualification with customers has continued throughout the quarter;
• Sal de Vida's mineral resource increased to 7.17 million tonnes LCE, and the reserve increased 43 per cent to 2.49 Mt LCE, supporting a 40-year project life; operating expenditures remain highly competitive; Stage 1 was updated to $4,529 (U.S.) per tonne LCE, and Stage 1 and 2 combined is $4,003 (U.S.) per tonne LCE; Stage 1 capital expenditures were updated to $374-million (U.S.) and Stage 2 to $657-million (U.S.);
• The first two strings of ponds at Sal de Vida Stage 1 are complete; process plant engineering was 66 per cent complete, procurement was 70 per cent and construction was 13 per cent by quarter-end;
• James Bay resource increased by 173 per cent to 110 Mt of 1.3 per cent Li2O, solidifying the Tier 1 long-life nature of the asset. Opex and capex were updated to $407 (U.S.) per tonne of 5.6-per-cent Li2O concentrate and $381.5-million (U.S.), respectively, in line with industry conditions, while economics remain robust;
• Detailed engineering and procurement at James Bay have reached 84 per cent;
• A recent project update of the Cauchari resource defined a 25,000-tonne-per-year LCE production capacity with competitive opex of $4,081 (U.S.) per tonne LCE, capex of $659-million (U.S.) and first production expected in second half calendar year 2027.

Financials and corporate:

• The notice of meeting and explanatory statement for the 2023 annual general meeting (Nov. 8, 2023) were dispatched to shareholders in early October.
• The notice of meeting and explanatory statement (scheme booklet) for the proposed merger with Livent Corp. is expected to be dispatched to shareholders in November, 2023. The date of the meeting will be confirmed once all approvals of the merger and scheme documentation have been received.
• Allkem and Livent have agreed that the name of the combined company will be Arcadium Lithium PLC upon a successful merger of equals transaction.
• Group revenue for the quarter was approximately $327-million (U.S.), and group gross operating cash margin was approximately $237-million (U.S.) (72 per cent).
• At Sept. 30, group net cash was $671.7-million (U.S.), up $23.3-million (U.S.) from June 30, 2023.

Sustainability

Allkem continues to focus on a long-term commitment to environmental and social performance and transparent reporting across its operations and growth projects.

In July, a $130-million (U.S.) sustainability-linked green project financing facility was signed with the International Finance Corp. for Sal de Vida Stage 1. Allkem is in discussions with another lender to increase the project finance facility by a further $50-million for a total financing package of $180-million. The facility recognizes Allkem's level of commitment to sustainability and alignment with the globally recognized IFC environmental and social performance requirements.

Decarbonization -- net zero commitment

A key performance metric of the IFC loan is linked to achieving low-emission-intensity targets for the Sal de Vida project. Allkem has also become part of the Electric Mine Consortium in Australia, which promotes development and testing of new technology for mine site emission reduction.

Human capital -- safety performance

Allkem recorded a 12-month moving average total recordable injury frequency rate of 2.03 (per million hours) at the end of September, slightly higher than the closing rate of fiscal 2023. The 12-month moving average lost-time injury frequency rate was 0.72 (per million hours). Three recordable injuries were incurred by contractors during the quarter with one resulting in a lost-time injury. Investigations have been carried out, and corrective actions are being implemented.

Additional safety initiatives during the quarter have included continued rollout of the field-critical control check at Mount Cattlin and special focus on deployment of actions to improve driving safety performance in Argentina (for example, related campaign, development of vehicle monitoring technologies and driver-focused training).

Natural capital -- impact assessment and rehabilitation

Environmental-monitoring-related activities on the James Bay territory were suspended by the government during forest fires that continued to impact the region until late August.

At Mount Cattlin, winter 2023 rehabilitation earthworks were completed, with final profiles and cover soil systems constructed over approximately 7.5 hectares of south-facing waste dump 1 slopes.

Shared value -- community initiatives

A new physiotherapy room at Susques Hospital (near Olaroz) was completed as a donation by the company following a collaborative effort with COAS (Cooperation for Social Action) and the Ministry of Health of the province. This followed a joint assessment of the hospital's needs and the impact on the community.

At Sal de Vida, Allkem continued delivering health and well-being programs to local communities by supporting visits by medical professionals to all the villages of Antofagasta de La Sierra. During August, 65 people from the villages participated in the program.

Community engagement with key Cree stakeholders for the James Bay project continues and remains positive.

Operations

Olaroz lithium facility

Lithium carbonate

Jujuy province, Argentina

Production

Production for the September quarter of 4,453 tonnes was up 35 per cent on the previous corresponding period. Approximately 42 per cent of quarterly production was battery-grade lithium carbonate, higher than previous quarter and in line with customer requirements.

Excellent operational performance continues reflecting robust plant reliability, low downtime and improved energy efficiency with high brine feedstock concentration.

Sales and financial performance

Record quarterly product sales volume was up 33 per cent quarter over quarter to 4,554 tonnes of lithium carbonate, of which 31 per cent was battery grade.

Total sales revenue was approximately $123-million (U.S.) including $4.6-million (U.S.) related to sales of a lithium carbonate byproduct. The average price received from third party sales was $25,981 (U.S.) per tonne on an FOB basis.

Cost and margins

Cash cost of goods sold for the quarter was $6,088 (U.S.) per tonne, up 4 per cent from prior quarter. Cost of sales has increased over the last year due to the removal of export incentives, and material increases in the price of soda ash, lime and natural gas, as well as employment costs being affected by inflation. These increases have in part been mitigated by strong operational performance with high brine concentration and high process recovery. Gross cash margin for the quarter was 77 per cent or $19,893 (U.S.) per tonne.

Stage 2 expansion

The Olaroz Stage 2 lithium facility achieved first production in mid-July, with wet lithium carbonate cake produced at the filter presses. Commissioning activities continue, and production is on track for second half calendar year 2023, with ramp-up expected to take approximately 15 months.

Project update

Allkem reviewed and updated the mineral resources and economics for Olaroz Stage 1 and Stage 2. Results are summarized herein.

Total mineral resource estimate of 22.63 Mt LCE is a 10-per-cent increase from the previous estimate in March, 2023, with a 52-per-cent increase in measured mineral resources. The mineral resource now comprises 11.54 million tonnes of LCE as measured, and 3.83 Mt as indicated for a combined 15.38 Mt of measured and indicated mineral resource. There is an additional 7.25 Mt of inferred resources for a total resource of 22.6 Mt (measured, indicated and inferred).

Pretax net present value of $7.01-billion (U.S.) at a 10-per-cent discount rate and long-term operating costs for the combined Stage 1 and Stage 2 operation are estimated at $4,149 (U.S.) per tonne LCE over the life of mine, considering synergies from the joint operation of stages 1 and 2.

Mount Cattlin

Spodumene concentrate

Ravensthorpe, Western Australia

Production

Production in the September quarter was a record 72,549 dmt of spodumene concentrate at 5.3-per-cent Li2O grade, a 25-per-cent increase from the prior quarter and in line with fiscal 2024 production forecast of 210,000 to 230,000 tonnes. Recovery of 68 per cent demonstrates favourable grade and favourable mineralization as mining has moved into the central zones of the main orebody.

Sales and financial performance

A total of 76,631 dmt of spodumene concentrate were shipped during the quarter at an average grade of 5.3 per cent Li2O. Revenue generated for the quarter was $201.1-million (U.S.) at an average realized sales price of $2,625 (U.S.) per dry metric tonne CIF, which corresponds to approximately $3,000 (U.S.) per dmt CIF on an SC6 equivalent.

An additional $2.7-million (U.S.) of revenue was generated from a delayed shipment of low-grade spodumene concentrate.

Cost and margins

The FOB cash cost of production for the quarter of $636 (U.S.) per dmt was 23 per cent lower quarter over quarter due to higher production volumes and recoveries compared with previous quarters. The gross cash margin for the quarter was 69 per cent or approximately $142-million (U.S.).

Mining activities

As previously announced, the next mining stage (Stage 4) consists of two separate cutbacks (Stage 4-1 and 4-2) to optimize ore presentation. Regulatory approval was obtained on Sept. 30 for the Stage 4 cutback, and mining commenced at Stage 4-1 in early October.

In the second cutback (Stage 4-2), the increasing waste to ore strip ratio at depth through open-pit mining methods is being evaluated against an alternative underground mining option in the form of a feasibility study.

Mineral resource and reserve update

Allkem reviewed and updated the Mount Cattlin mineral resource estimate to 12.1 million tonnes at 1.3 per cent Li2O and ore reserve to 7.1 Mt at 1.2 per cent Li2O. The update incorporates infill drilling results from the 2NW deposit, depleted mined material and site stockpiles at June 30, 2023, and material to be mined after this date.

Development projects

Naraha

Lithium hydroxide

Naraha, Japan

The operational focus continues to be on progressively increasing product quality and volumes to design capacity. The scheduled maintenance shutdown was complete during the quarter, and plant performance demonstrated capability to run at 100-per-cent capacity.

A total of 526 tonnes of lithium hydroxide were sold to third party customers during the quarter. The battery-grade hydroxide qualification process with customers continues with samples produced in early July.

Sal de Vida

Lithium carbonate

Catamarca province, Argentina

Sal de Vida is designed with a nameplate capacity of 45,000 tonnes per year of predominantly battery-grade lithium carbonate through an evaporation and processing operation at the Salar del Hombre Muerto site. Development will be delivered in two stages with Stage 1 currently in construction targeting 15,000-tonne-per-year production capacity.

Project update

Allkem released an update to Sal de Vida's mineral resource estimate and ore reserves, project costs, schedule estimates, and project economics in the announcement titled "Sal de Vida Delivers Improved Economics, Resource, Reserves" on Sept. 25, 2023. The results are summarized herein.

The total mineral resource estimate increased by 5 per cent to 7.17 Mt LCE from the previous estimate in 2022, with a 41-per-cent increase in measured mineral resource. The total ore reserve estimate of 2.49 Mt LCE supports a 40-year project life based on ore reserves only, a 43-per-cent increase from the previous statement due to a revised point of reference for ore reserve reporting of brine pumped to the evaporation ponds.

Pretax net present value for Stage 1 and 2 increased approximately 82 per cent from the previous study to $5.51-billion (U.S.) at a 10-per-cent discount rate. Operating costs for Stage 1 and 2 increased from $3,280 (U.S.) per tonne LCE to $4,003 (U.S.) per tonne LCE due to increases in the price of soda ash, lime and labour costs since the previous study.

Stage 1 operating costs increased to $4,529 (U.S.) per tonne LCE due, and capital expenditures for Stage 1 increased to $374-million (U.S.) for mechanical completion, representing a 38-per-cent increase, which is in line with inflationary conditions.

The prefeasibility study update confirms the Stage 2 expansion will be completed on the same design basis as Stage 1 with a twofold modular replication of the Stage 1 design. Stage 2 capex is estimated at approximately $657-million (U.S.), with Stage 2 benefiting from Stage 1 detailed engineering, established on-site infrastructure, and established regional construction teams and facilities.

Project execution

Construction of the first two strings of ponds reached completion, and they are filled with brine. The third string of ponds has reached 63 per cent of construction completion. The brine distribution system is complete, and the booster station has been commissioned.

The process plant engineering is at 66-per-cent completion, procurement is at 70 per cent and construction is at 13 per cent. Camp construction was also complete with 888 beds available. Long-lead equipment procurement is well advanced with the majority of equipment forecast for arrival prior to end of calendar year 2023.

Substantial mechanical completion, precommissioning and commissioning activities are expected by first half 2025 with first production expected in second half 2025 and ramp-up expected to take one year. The schedule change relates to improved understanding of the current execution plan, and the continuing import challenges and delays experienced in country by Allkem and its contractors and vendors, as well as an improved understanding of regional productivity factors.

Stage 2 construction is anticipated to commence upon receipt of applicable permits and substantial mechanical completion of Stage 1, with Stage 2 first production approximately 2.5 to 3 years thereafter.

James Bay

Spodumene concentrate

Quebec, Canada

Project update

Allkem released an update to the project's mineral resources and ore reserves, project cost, and project economics in the announcement titled "James Bay Update Confirms Strong Project Economics" on Sept. 25, 2023. The results are summarized herein.

The total mineral resource increased by 173 per cent from the previous estimate to 110.2 Mt at 1.30 per cent Li2O, including 54.3 Mt at 1.30 per cent Li2O in the indicated category, and 55.9 Mt at 1.29 per cent Li2O in the inferred category. Ore reserve of 37.3 Mt at 1.27 per cent Li2O provides a long-life, low-cost spodumene operation and remains in line with permitting considerations.

The project had a material approximate 108-per-cent increase in pretax net present value to $2.9-billion (U.S.) with a strong internal rate of return and short payback period. Capital expenditures were revised to $381.5-million (U.S.), representing a 33.8-per-cent increase on the December, 2021 feasibility study, in line with inflationary conditions. Cash operating costs (FOB Montreal) of $407 (U.S.) per tonne of 5.6 per cent Li2O concentrate also reflect inflationary conditions.

Project execution

Detailed engineering continues alongside procurement activities, including ordering of key long-lead items and equipment packages (temporary camps, primary substation and process equipment).

Engineering and procurement progressed to 84-per-cent completion by the end of the quarter with engineering of the process plant package at 87 per cent. Procurement of various equipment (mechanical, mobile and electrical) are mostly completed. The bidding process for contract packages (including services) is mostly completed, including final negotiations in progress.

Permitting

The impact benefit agreement with the Grand Council of the Crees (Eeyou Istchee), the Cree Nation government and the Cree Nation of Eastmain remains in progress and has resumed after the last approval process was paused due to a state of emergency declared in relation to forest fires in the region.

Comex approval (Quebec government and Cree Nation) of the environmental and social impact assessment and procedural construction permitting also remains in progress. The ESIA draft report was completed in August by Quebec government personnel and submitted to Comex for review and final evaluation. Engagement remains positive with community stakeholders, including community consultations, meetings with key Cree stakeholders and discussions with the Eastmain community economic development branch to agree on local economic benefits.

Once permits are secured, construction will commence and the company will update guidance for first production. Work is continuing with engineering contractors to progress alternative commencement dates and evaluate opportunities to accelerate the construction schedule, including use of prefabricated modules.

Drilling

A 40,000-metre drilling campaign commenced in late September, 30,000 metres of which will target further definition of the orebody to convert inferred to indicated resources. The rest of the program will commence later in the calendar year, largely targeting possible extensions to mineralization in the east, in the northwest and at depth, as well as new targets identified from geophysics.

Cauchari

Lithium carbonate

Jujuy province, Argentina

Project update

Allkem released an update to Cauchari's mineral resources and ore reserves, project cost, and project economics, which supports a 25,000-tonne-per-year LCE production capacity. The announcement titled "Cauchari Mineral Resource, Ore Reserve and Project Update" was released on Sept. 25, 2023, and is summarized herein.

Total mineral resource estimate of 5.95 Mt LCE, a 6-per-cent decrease from the previous estimate in 2019 due to slight changes in mining assumptions. The total ore reserve estimate of 1.13 Mt LCE supports a 30-year project life based on ore reserves only, an 11-per-cent increase from the previous statement due to a revised point of reference for ore reserve reporting of brine pumped to the evaporation ponds.

Pretax NPV increased approximately 200 per cent to $2.52-billion (U.S.) from the previous study at a 10-per-cent discount rate. Cash operating margin stayed constant at approximately 85 per cent, with the increased realized price projections being proportionally offset by increased operating costs. Operating costs increased to $4,081 (U.S.) per tonne LCE due to material increases in the price of soda ash, lime, natural gas and employment costs since the previous study.

Capex increased to $659-million (U.S.) from the previous study for mechanical completion. Substantial mechanical completion, precommissioning and commissioning activities are expected by first half calendar year 2027 with first production expected in second half calendar year 2027 and ramp-up expected to take one year.

Exploration update

A total of 3,427 m of reverse circulation drilling was conducted in late September at James Bay, incurring total drilling costs of approximately $390,000. No exploration drilling was undertaken at Mount Cattlin during the quarter.

Lithium market

Demand

Demand during the quarter was somewhat softer than expected. Procurement activity has been conservative as customers have kept a wait-and-see approach, putting renewed downward pressure on lithium prices. Original equipment manufacturers are increasing pressure on battery makers, which have not passed on their material cost decreases to help reduce the electric vehicle premium versus ICE vehicles to consumers. This supports the view that the anticipated demand uptick is merely delayed as EV demand fundamentals remain strong.

EV sales have continued to grow year on year, with August showing the highest EV penetration to date in China and United States at 36 per cent and 10 per cent, respectively, and September reaching a new record in China for EV unit sales. Global EV sales remain on track to reach 14 million this year, with China set to account for over eight million units. Medium- to longer-term demand drivers remain resilient despite short-term sentiment and volatility.

Supply

New supply sources are balancing their cash requirements with limited profitability at current prices, while a number of projects recently announced delays and increased capital and operating costs. Some higher-cost production has been curtailed, and some new production delayed, as a result of the lower prices, again highlighting the risk of deficit should trade continue at current levels.

Corporate and financials

Proposed merger with Livent

On May 10, Allkem and Livent announced a definitive agreement to combine in an all-stock merger of equals to create a leading global integrated lithium chemical producer.

During the quarter, the following progress had been made in relation to the transaction:

• Antitrust/competition and investment screening/foreign investment regime notifications, and applications or draft filings (as applicable) were lodged in all required jurisdictions.
• All competition and foreign investment approvals required to be obtained prior to completion have been obtained or are expected to be received prior to the proposed closing of the transaction.
• Allkem expects to dispatch the scheme booklet to shareholders in November, 2023. The scheme booklet will contain information about the transaction, including the basis for the Allkem board's recommendation, as well as the independent expert's report. Allkem shareholders are encouraged to consider the scheme booklet in full, once it is available, and to have regard to the disclosures included in the scheme booklet when making any decision to vote for or against the scheme proposal.
• Subject to receipt of all necessary regulatory, shareholder and Australian court approvals, and the satisfaction or waiver of other closing conditions, Allkem and Livent are currently still targeting completion of the transaction around the end of calendar year 2023.

Upon closing of the all-stock merger of equals, Allkem shareholders will own approximately 56 per cent, and Livent shareholders will own approximately 44 per cent of the merged entity. The name for the merged entity will be Arcadium Lithium PLC.

Annual general meeting

Allkem's annual general meeting will be held at 10:30 a.m. Australian Western Standard Time on Nov. 8, 2023. The notice of meeting is available.

Executive management team

The executive team was bolstered with the appointment of Robert Edwardes as chief projects officer. Mr. Edwardes's most recent roles were as executive vice-president, development, at Woodside from 2012 to 2019, and managing director, United States and Latin America, at Worley from 2008 to 2012. James Connolly has been appointed as chief technical officer.

Financial position

At Sept. 30, 2023, group net cash was $671.7-million (U.S.), up $23.3-million (U.S.) from June 30, 2023. Net cash generated from operations and corporate, net of the effects of the devaluation of the Argentine peso balance, was $204.5-million (U.S.). Expenditure during the quarter included:

• Capital expenditure of $109.1-million (U.S.) and increase in working capital of $17.9-million (U.S.);
• Naraha project cash utilization of $19.4-million (U.S.) to finance ramp-up of operation;
• Payments of income tax of $28.9-million (U.S.);
• Merger costs of $5.9-million (U.S.).

At Sept. 30, 2023, Allkem had available cash of $817.7-million (U.S.). A total of $1.1-million (U.S.) and $76.7-million (U.S.) have been set aside as guarantees for the Naraha debt facility and the Olaroz expansion debt facility, respectively.

Competent person statement

Mount Cattlin

Any information in this announcement that relates to Mount Cattlin's mineral resources and ore reserve is extracted from the report entitled "Allkem confirms material growth profile underpinned by 40 Mt Resource" released on Sept. 25, 2023, which is available to view on the Allkem website and the Australian Securities Exchange website. The company confirms that it is not aware of any new information or data that materially affect the information included in the original market announcements and that all material and technical assumptions underpinning the mineral resource and ore reserve 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.

Information in this announcement relating to Mount Cattlin scientific or technical information, production targets, or forecast financial information derived from a production target is extracted from the report titled "Allkem confirms material growth profile underpinned by 40 Mt Resource" released on Sept. 25, 2023, available at the Allkem website and the ASX website, and the technical report entitled "Mount Cattlin Stage 4 Expansion Project," which has been reviewed and approved by Albert Thamm, FAusIMM (who is an employee of Galaxy Resources Pty. Ltd.), as it relates to geology, drilling, sampling, exploration, quality assurance/quality control and mineral resources, and Daniel Donald, FAusIMM (an employee of Entech Pty. Ltd.), as it relates to mining methods, ore reserves, site infrastructure, capital cost, operating cost estimates, mining cost, financial modelling and economic analysis in accordance with National Instrument 43-101 (Standards for Disclosure for Mineral Projects). The Mount Cattlin technical report is available for review under Allkem's profile on SEDAR+. The company confirms that all the material assumptions underpinning the scientific or technical information, production targets or the forecast financial information derived from a production target in the original market announcement continue to apply and have not materially changed.

James Bay

Any information in this announcement that relates to James Bay's mineral resources and ore reserves is extracted from the report entitled "James Bay Update Confirms Strong Project Economics" released on Sept. 25, 2023, which is available to view on the Allkem website and the ASX website. The company confirms that it is not aware of any new information or data that materially affect the information included in the original market announcements and that all material and technical assumptions underpinning the mineral resource and ore reserve 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.

Any information in this announcement relating to James Bay scientific or technical information, production targets or forecast financial information derived from a production target is extracted from the ASX announcement entitled "James Bay Update Confirms Strong Project Economics" released on Sept. 25, 2023, which is available to view on the Allkem website and the ASX website and from the technical report entitled "James Bay Project -- Feasibility Study Update," which has been reviewed and approved by Luke Evans, PEng (SLR Consulting (Canada) Ltd.), as it relates to property, geology, drilling, sampling, exploration, QA/QC and mineral resources; Joel Lacelle, PEng (G-Mining Services Inc.), as it relates to site infrastructure and capital cost estimate; Normand Lecuyer, PEng (SLR Consulting (Canada) Ltd.), as it relates to mining methods, mining cost, mining operating expenditures, financial modelling and economic analysis; Jeremy Ison, PEng (Wave International), as it relates to mineral processing and related infrastructures; Darrin Johnson, PEng (WSP Canada Ltd.), as it relates to waste rock and tailings management related infrastructures; Joao Paulo Lutti, Eng (WSP Canada Ltd.), as it relates to water management infrastructures; and Pierre Groleau, Eng (WSP Canada Inc.), as it relates to environmental and permitting in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects). The technical report is available for review under the company's profile on SEDAR+. The company confirms that all the material assumptions underpinning the scientific or technical information, production targets, or the forecast financial information derived from a production target in the original market announcement continue to apply and have not materially changed.

Olaroz

Any information in this announcement that relates to Olaroz's mineral resource estimate is extracted from the report entitled "Olaroz Mineral Resource and Stage 1&2 Operations Update" released on Sept. 25, 2023, which is available to view on the Allkem website and the ASX website. The company confirms that it is not aware of any new information or data that materially affect the information included in the original market announcements and that all material and technical assumptions 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.

Any information in this announcement relating to Olaroz scientific or technical information, production targets, or forecast financial information derived from a production target is extracted from the ASX announcement entitled "Olaroz Mineral Resource and Stage 1&2 Operations Update" released on Sept. 25, 2023, which is available to view on the Allkem website and the ASX website. The company confirms that all the material assumptions underpinning the scientific or technical information, production targets, or the forecast financial information derived from a production target in the original market announcement continue to apply and have not materially changed. The scientific and technical information contained in this announcement has been reviewed and approved by: Murray Brooker (Hydrominex Geoscience Pty. Ltd.) as it relates to geology, modelling and mineral resource estimates; and Michael Gunn, BSc, chemical engineering (Gunn Metallurgy), as it relates to processing, facilities, infrastructure, project economics, and capital and operating cost estimates. The scientific and technical information contained in this release will be supported by a technical report to be prepared in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects). The technical report will be filed within 45 days of the original release and will be available for review under the company's profile on SEDAR+.

Sal de Vida

Any information in this announcement that relates to Sal de Vida's mineral resource estimate and ore reserve is extracted from the report entitled "Sal de Vida Delivers Improved Economics, Resource, Reserves" released on Sept. 25, 2023, which is available to view on the Alkem website and the ASX website. The company confirms that it is not aware of any new information or data that materially affect the information included in the original market announcements and that all material and technical assumptions underpinning the mineral resource and ore reserve 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.

Any information in this announcement relating to Sal de Vida scientific or technical information, production targets, or forecast financial information derived from a production target is extracted from the ASX announcement entitled "Sal de Vida Delivers Improved Economics, Resource, Reserves" released on Sept. 25, 2023, which is available to view on the Allkem website and the ASX website. The company confirms that all the material assumptions underpinning the scientific or technical information, production targets, or the forecast financial information derived from a production target in the original market announcement continue to apply and have not materially changed. The scientific and technical information contained in this announcement has been reviewed and approved by: Michael Rosko, MSc, geology (Montgomery and Associates), and Brandon Schneider, MSc, geological sciences (Montgomery and Associates), as it relates to geology, modelling, and resource and reserve estimates; and Michael Gunn, BSc, chemical engineering (Gunn Metals), as it relates to processing, facilities, infrastructure, project economics, and capital and operating cost estimates. The scientific and technical information contained in this release will be supported by a technical report to be prepared in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects). The technical report will be filed within 45 days of this release and will be available for review under the company's profile on SEDAR+.

Cauchari

Any information in this announcement that relates to Cauchari's mineral resource estimate and ore reserve is extracted from the report entitled "Cauchari Mineral Resource, Ore Reserve and Project Update" released on Sept. 25, 2023, which is available to view on the Allkem website and the ASX website. The company confirms that it is not aware of any new information or data that materially affect the information included in the original market announcements and that all material and technical assumptions underpinning the mineral resource and ore reserve 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.

Any information in this announcement relating to Cauchari scientific or technical information, production targets, or forecast financial information derived from a production target is extracted from the ASX announcement entitled "Cauchari Mineral Resource, Ore Reserve and Project Update" released on Sept. 25, 2023, which is available to view on the Allkem website and the ASX website. The company confirms that all the material assumptions underpinning the scientific or technical information, production targets, or the forecast financial information derived from a production target in the original market announcement continue to apply and have not materially changed. The scientific and technical information contained in this announcement has been reviewed and approved by Frederik Reidel, CPG (Atacama Water SpA), as it relates to geology, modelling, and mineral resource and ore reserve estimates; Marek Dworzanowski, FSAIMM, FIMMM, chartered engineer with the Engineering Council of the United Kingdom registration (metallurgical engineer, independent consultant), as it relates to processing, facilities, infrastructure, project economics, and capital and operating cost estimates. The scientific and technical information contained in this release will be supported by a technical report to be prepared in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects). The technical report will be filed within 45 days of the original release and will be available for review under the company's profile on SEDAR+.

We seek Safe Harbor.