Allkem Limited (ASX/TSX: AKE, “Allkem” or the “Company”) announces
2023 Allkem AGM and Chairman's address.
2023 Allkem AGM
Slide 1 - Front Cover
Chairman’s Address - Peter
Coleman
2023 has been a busy year for Allkem and the
lithium industry more broadly. Against the backdrop of a downbeat
macro-economy, electrification of transport amongst other clean
energy sources is leading the way for a global, decarbonised
economy. EV sales remain on course to increase ~35% year on year to
~14-million-unit sales in calendar year 2023.1 With the help of
government targets and policies, China, Europe and the US are
reaching milestones in EV sales and penetration rates.
EV adoption rates will have the biggest impact
on lithium-ion battery demand and have been forecast to increase by
a compounding annual growth rate of over 18% in the next decade2.
Compared to 2022, lithium demand is expected to increase 3.5x by
2030 and 10-fold by 2050.3 With such strong growth in demand, there
is a looming supply gap for critical minerals required to underpin
electrification, particularly lithium given the long lead times
from exploration to first production. Lithium chemical production
is challenging, it requires technical expertise and the product can
take on average around 12 months to qualify with customers. We’ve
already started to see delays in industry expansions and new
projects coming online. According to the International Energy
Agency, lithium production in 2022 plus anticipated new supply
would only meet 65% of the requirements of a Net Zero Economy in
2030. 4
This thematic is playing out as relationships
are reinforced securing supply and in consolidation of market
participants to enhance scale and market presence. We are seeing
opportunistic investors of all forms attribute significant value to
upstream resources in a variety of transactions, which in our view
reflects fair value rather than equity prices.
Allkem considers that consolidation in the
lithium sector is needed to develop resilience to weaker pricing,
increased costs due to interest on debt and general cost growth
post Covid, plus cost increases and scheduled delays in projects
under construction or close to a final investment decision. In
2023, the Board and management refreshed our long term strategy and
supported diversifying our upstream resource base further, while
investing further down the Lithium value chain to capture
additional benefits and reduce revenue volatility.
The proposed merger with Livent will combine two
global lithium companies and bring together their highly
complementary range of assets, growth projects and operating skills
across extraction and processing under a vertically integrated
business model, with the scale and expertise to meet the rapidly
growing demand for lithium chemical products. The merged entity
will have a significant portfolio of lithium assets diversified
across key geographies, products and customers. Cost synergies and
capital expenditure savings, in addition to other anticipated
commercial synergies, are expected to be realised from the
opportunity to co-develop and de-risk future expansion projects and
operations. The Transaction is logical and highly compelling, with
strong strategic rationale and significant synergies that are
expected to drive value for Allkem Shareholders.
Anticipated industry growth is significant and
we agree with the robust long-term outlook. However, volatility is
a common symptom of high growth markets in their infancy, and today
the lithium market is still maturing. It is maturing away from
price discovery which currently can be driven by sentiment rather
than market fundamentals. Additionally, the supply chain is
uniquely long and disjointed and as capacity is being developed, it
is common to find a mismatch between downstream demand and upstream
supply. Currently we’re in a period of market softness which has
impacted equity pricing, including Allkem’s and our peers.
Therefore, we don’t believe current equity pricing in the lithium
industry more broadly currently reflects fair value or the lithium
sector growth profile.
The structural fundamentals of the industry
remain robust and are built out of localised supply chains and
capacity is underway. Each country will play an important role in
global decarbonisation through its policies and incentives which
can influence EV adoption rates, manufacturing and/or lithium
production and processing.
Canada will play an important role in the build
out of the lithium-ion supply chain in the North American region.
It is the home to clean hydro power, world class deposits,
infrastructure and poised to become a critical minerals and battery
metals hub which will also be eligible for the US Inflation
Reduction Act.
Argentina will also continue to play an
important role for both the Allkem business and the broader
industry. On the political front, the two running candidates in the
current election are both very supportive of the lithium industry
and have voiced for support of further growth in the industry.
Additionally, the governments of the provinces in which we operate
control the royalty structure and concessions and they have already
restated their support. In summary, we don’t foresee a change in
policy in Argentina and we are confident it will continue to be a
key part of our portfolio that we will fund from existing sources,
including the IFC project finance facility.
Thank you, I will now handover to Martin to
commence his presentation.
CEO presentation - Martin Perez de
Solay
Thank you Peter. Welcome everybody and thank you
for joining us at Allkem’s 2023 AGM.
Slide 2- Disclaimer
The disclaimers in this presentation should be
considered and can be found in this presentation available on our
website and the ASX platform.
Slide 3 – Agenda
Today I will recap some of our FY23 highlights and
walk you through our operations and growth plans including the
proposed merger with Livent.
Slide 4 – Corporate Snapshot
Looking back at the last financial year. FY23
Revenue and EBITDAIX hit new records of US1.2 billion and US$910
million. Not only did we benefit from high lithium prices, our
results were underpinned by strong operational performance. We
delivered record production volumes of high-quality lithium
carbonate product at Olaroz and successfully turned Mt Cattlin
around to achieve record run rates towards the end of the year
after experiencing some initial challenges. As a result, we
achieved record revenues at both operations while simultaneously
advancing our development portfolio.
Slide 5 – Leading
sustainability practices
Moving on to sustainability. We are very proud to
have released our FY23 Sustainability Report this morning. Our 7th
Sustainability Report and 2nd Report as Allkem, demonstrates our
commitment to transparency and leading sustainability
practices.
Through our philosophy of shared value with the
local stakeholders in which we work with, US$54M flowed to local
communities through employment and local supply contracts.
The growth in demand for lithium is being met
with an unprecedented demand for skilled workers in the lithium
industry.
We continued to grow our lithium business to
over 1300 employees during FY23 with a strong focus on building
capacity of our local workforce in the remote regions where we
operate. Importantly, we are seeing a long term increase in
educational levels. We are very proud that 75% of our local
community employees at Olaroz have now completed secondary
education. The result from our shared long-term commitment to
education boosted also by creating a culture of shared knowledge
and experience between our active operations and across our
development pipeline.
As the number of people working at our sites has
increased significantly over the past two years, our commitment to
safety is evident in our reduced injury frequency rate.
Importantly, our people know that they are
contributing to part of the Net Zero solution, bringing quality
lithium products into the market, in a sustainable way, that
enables global decarbonisation.
Natural Capital/Net Zero
This year our teams have identified and
evaluated a series of high impact greenhouse gas mitigation
opportunities that we have incorporated in Allkem’s first Net Zero
Action Plan.
We acknowledge that there is a lot of work still
to do however, by initially focusing on opportunities using proven
technology within our direct control, we have made significant
progress addressing our scope 1 and 2 baseline emissions. We will
continue to revise our projected emissions estimates throughout
project planning and approvals phases, and as new technology
becomes available.
Projects identified in our initial plan have a
combined mitigation potential greater than 60% of our group
baseline emissions. We have also identified further offset
opportunities linked to solar electricity generation capacity at
Olaroz that could exceed the remaining baseline.
The mitigation projects at the most advanced stage
include fully commissioning the combined heat and power plant at
Olaroz (which will provide an estimated reduction of 7-10% of group
baseline emissions) and the Sal de Vida Power Purchase Agreement
(which has the potential to reduce baseline emissions by a further
17%). These two projects are also estimated to provide ongoing
annual savings of around US$14.5 million by reducing fossil fuel
use.
Slide 6 – Operations
& Growth
Moving on to our operations and growth
portfolio.
Slide 7 – Focused on
growth pipeline and execution
We have a very strong operational base to
leverage from and we continue to make solid advancements in project
execution across the portfolio in line with our growth
strategy.
We recently updated our projects in line with
current conditions and confirmed material growth underpinned by our
Group Resource of 40 million tonnes LCE.
Our capital development costs, operating costs
and project schedules have been updated to reflect industry wide
inflationary conditions and in country specific conditions. Results
confirm robust economics and the tier 1 nature of our assets and
growth portfolio.
Slide 8 – Mt
Cattlin
Looking back at the last financial year Mt Cattlin
achieved record annual revenue and a robust gross cash margin. We
continue this positive momentum into the new financial year with
quarterly record production and record revenue. This is in line
with our FY24 production forecast 210kt-230kt.
Looking beyond current operations, we have
confirmed a 4-5 year mine extension to 2027-2028 via open pit
methods. We have recently obtained approval to proceed with the
stage 4 cutback and mining has commenced.
We have also recently acquired 80% of Madoonia
tenements near Bald Hill covering 440km2 in JV with Lithium WA
Investments.
Slide 9 – Olaroz 1 &
2
At Olaroz we achieved record annual production and
record annual revenue from lithium carbonate sales in FY23. Shortly
after the financial year we produced our first wet lithium
carbonate cake at Stage 2 and are currently commissioning this
expansion to increase the production capacity by 25ktpa.
We are focussed on completing commissioning over a
15 month ramp up period and have guided forecast production of
22-26kts of lithium carbonate production from combined stages 1 and
2 in FY24.
Slide 10 – Naraha
At Naraha, we achieved first production of
lithium hydroxide in late October 2022 and sold over 1,300 tonnes
in FY23. Plant performance demonstrates capability to run at 100%
capacity and battery grade qualification commenced with customers
in July.
Slide 11 – Sal de Vida
At Sal de Vida, we have completed construction
of the first two strings of ponds. The brine distribution system is
complete, and the booster station has also been commissioned. The
third string of ponds is well advanced and the carbonation plant
construction is underway
After a rigorous review of our costs and
schedule we gained a better understanding of our execution plan,
the ongoing import challenges and delays experienced in country and
regional productivity factors.
Substantial mechanical completion,
pre-commissioning and commissioning activities are expected by H1
2025 with first production expected in H2 2025 and ramp up expected
to take one year.
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 - 3 years thereafter.
Slide 12 – James Bay
At James Bay we completed a resource extension
drilling program, identified a new high-grade zone and increased
our resource by 173% to 110.2 Mt @ 1.3% Li2O.
We have installed the hydropower line to site
and obtained federal approval for the ESIA.
Consultations related to provincial approval and
the IBA are in the final stages.
Engineering and procurement have advanced to
over 84% completion which is very advanced for a project that
hasn’t commenced construction.
We have also commenced a 40,000m drilling
program which will target further definition of the ore body and
possible extensions to mineralisation, plus newly identified
targets.
Slide 13 – Cauchari
We also released our first project update to
Cauchari since 2019, supporting a base case of 25ktpa production
capacity coming online in H2CY27. The study demonstrates the value
of the project on a standalone basis. We do see substantial
opportunities to integrate this asset into our Olaroz complex and
these opportunities would likely reduce capital and operating
costs. We are investigating this as part of our Olaroz Stage 3
expansion studies.
Slide 14 – Capturing global growth in
lithium
Now moving on to growth beyond our current
portfolio…
Slide 15 – Allkem is uniquely positioned
to capture…
Supply chains are building out in newer regions
such as North America and Europe as the EV industry is becoming
global.
Not only is global demand growing it is becoming
more technically demanding and continues to innovate its
chemistries. Customers are increasingly requiring larger scale and
optionality in product offerings as they electrify their
fleets.
Producers who are able to offer this will be
best positioned to capture global growth and this has been part of
our company strategy i.e. to deliver enhanced scale, product
diversity and vertically integrate our resources further into
downstream chemicals.
Slide 16 – Allkem and Livent to create a
leading…
We continue to focus on our long-term strategy
to deliver scale and product flexibility to customers and remain
fully committed to the delivery and execution of our growth
pipeline. The proposed merger with Livent helps us accelerate our
strategy and de-risk our growth profile while driving higher
vertical integration into the EV value chain.
Livent is a pure-play, fully integrated lithium
company with a proven track record of producing lithium compounds.
With extensive global capabilities, production track record in its
portfolio of projects, applications and technical expertise, long
standing customer relationships and a favourable sustainability
profile, the Livent Board believes that Livent is well positioned
to capitalise on the accelerating trends of vehicle electrification
and renewable energy adoption.
The combination of Allkem and Livent is expected
to create a highly complementary and vertically integrated business
model to enhance operational flexibility and reliability, which is
expected to result in lower costs and greater value capture across
the lithium value chain.
The Combined Group will have an attractive
geographic footprint and greater capacity to de-risk and accelerate
growth with a deeper pool of technical, capital and projects
expertise. We expect the delivery of unique and significant
synergies and overall an enhanced value proposition for
shareholders, customers, employees and local communities, with a
firm commitment to sustainability and responsible growth.
A stronger financial profile better positions the Combined Group
to deliver growth and we expect greater liquidity for investors and
a more diversified shareholder base.
Allkem and Livent have agreed that the name of
the combined company will be Arcadium Lithium. The merged entity
will have a primary listing on the NYSE (with Arcadium Shares
expected to trade on the NYSE) and a Foreign Exempt Listing on ASX
(with Arcadium CDIs expected to trade on ASX). On completion of the
combination, former Allkem Shareholders will own approximately 56%
of Arcadium Securities and former Livent Stockholders will own
approximately 44% of the merged entity’s Securities.
Slide 17 - Transaction
Update
- Arcadium Lithium
has filed with the U.S. SEC a preliminary registration statement on
Form S-4
- Allkem’s Scheme
Booklet is expected to be sent to shareholders this month. It will
include the Independent Experts report opining on whether the
scheme is in the best interest of Allkem shareholders. It will also
contain information about the Transaction, including the basis for
the Allkem Board’s recommendation.
- All competition and
foreign investment approvals that are required to be obtained prior
to completion have been obtained or are expected to be received
prior to the proposed closing of the merger
- Allkem shareholder
meeting to vote on the merger is expected to occur in December
2023
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
CY2023.
Slide 18 – Q&A
We will now commence the Q&A session.
If you are in the audience, please raise your hand
and wait for your microphone before asking your question.
If you are joining us online, please submit your
question on the same platform.
[Q&A session from the floor].
Are there any questions online?
[Online Q&A session].
Are there any more questions online?
As there are no further questions, I will hand back
to Peter.
Thank you for joining us.
This release was authorised by Mr Martin Perez de
Solay, CEO and Managing Director of Allkem Limited.
Allkem LimitedABN 31 112 589 910Level 35, 71 Eagle
StBrisbane, QLD 4000 |
Investor Relations & Media EnquiriesAndrew
BarberM: +61 418 783 701 E: Andrew.Barber@allkem.coPhoebe
LeeP: +61 7 3064 3600
E: Phoebe.Lee@allkem.co |
Connectinfo@allkem.co+61 7 3064
3600www.allkem.co |
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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
Mt Cattlin
Any information in this announcement that
relates to Mt Cattlin Mineral Resources is extracted from the ASX
announcement entitled “Allkem confirms material growth profile
underpinned by 40 Mt Resource” dated 25 September 2023, and is
based on information compiled by Albert Thamm, who is a Competent
Person for the purposes of the JORC Code (Mt Cattlin Mineral
Resources Announcement).56 The Mt Cattlin Mineral Resources
Announcement is available to view on www.Allkem.co and on
www.asx.com.au. Allkem confirms that it is not aware of any new
information or data that materially affects the information
included in the original market announcement and that all material
assumptions and technical parameters underpinning the Mineral
Resources estimates in that announcement continue to apply and have
not materially changed. Allkem 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 that
relates to Mt Cattlin Ore Reserves is extracted from the ASX
announcement entitled “Allkem confirms material growth profile
underpinned by 40 Mt Resource” dated 25 September 2023, and is
based on information compiled by Daniel Donald, who is a Competent
Person for the purposes of the JORC Code (Mt Cattlin Ore Reserve
Announcement). The Mt Cattlin Ore Reserve Announcement is available
to view on https://www.Allkem.co and on https://www.asx.com. Allkem
confirms that it is not aware of any new information or data that
materially affects the information included in the original market
announcement and that all material assumptions and technical
parameters underpinning the Ore Reserves estimates in the original
market announcement continue to apply and have not materially
changed. Allkem 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.
The scientific and technical information
relating to Mt Cattlin contained in this announcement is derived
from, and in some instances is an extract from, the technical
report entitled “Mt Cattlin Stage 4 Expansion Project” (Mt Cattlin
Technical Report) which has been reviewed and approved by Albert
Thamm, F.Aus.IMM (who is an employee of Galaxy Resources Pty. Ltd)
as it relates to geology, drilling, sampling, exploration, QA/QC
and mineral resources and Daniel Donald F.Aus. IMM (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 Mt Cattlin Technical Report is available for review
under Allkem’s profile on SEDAR+ at www.sedarplus.ca. Allkem
confirms that all the material assumptions underpinning the
scientific or technical information 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 Mineral Resources is extracted from the ASX
announcement entitled “James Bay Lithium Project Update Confirms
Strong Project Economics” dated 25 September 2023, and is based on
information compiled by Luke Evans, who is a Competent Person for
the purposes of the JORC Code (James Bay Mineral Resources
Announcement). The James Bay Mineral Resources Announcement is
available to view on https:// www.Allkem.co and on
https://www.asx.com. Allkem confirms that it is not aware of any
new information or data that materially affects the information
included in that announcement and that all material assumptions and
technical parameters underpinning the Mineral Resources in that
announcement continue to apply and have not materially changed.
Allkem confirms that the form and context in which the Competent
Persons’ findings are presented have not been materially modified
from the original market announcement.
Any information in this announcement that
relates to James Bay Ore Reserves is extracted from the ASX
announcement entitled “James Bay Lithium Project Update
Confirms Strong Project Economics” dated 25 September 2023, and is
based on information compiled by Normand Lecuyer, who is a
Competent Person for the purposes of the JORC Code (James Bay
Ore Reserves Announcement). The James Bay Ore Reserves Announcement
is available to view on https://www.Allkem.co and on
https://www. asx.com. Allkem confirms that it is not
aware of any new information or data that materially affects
the information included in that announcement and that all material
assumptions and technical parameters underpinning the Ore
Reserves in that announcement continue to apply and have not
materially changed. Allkem confirms that the form
and context in which the Competent Persons’ findings are presented
have not been materially modified from the original market
announcement.
The scientific and technical information
relating to James Bay contained in this announcement is derived
from, and in some instances is an extract from, the technical
report entitled “Technical report on the James Bay Lithium
Project, Québec, Canada” (James Bay Technical Report) which
has been reviewed and approved by Luke Evans, P.Eng.
(SLR Consulting (Canada) Ltd.) as it relates to property,
geology, drilling, sampling, exploration, QA/QC and mineral
resources: Joel Lacelle, P. Eng. (G-Mining Services Inc.); as
it relates to site infrastructure and capital cost estimate:
Normand Lecuyer, P. Eng. (SLR Consulting (Canada) Ltd.); as it
relates to mining methods, mining cost, mining opex,
financial modelling and economic analysis: Jeremy Ison, P.Eng.
(Wave International); as it relates to mineral processing
and related infrastructures: Darrin Johnson, P. Eng. (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: Pierre Groleau Eng. (WSP Canada Inc.); as it
relates to environmental and permitting in accordance with
National Instrument 43-101 – Standards for Disclosure for
Mineral Projects. The James Bay Technical Report is available for
review under Allkem’s profile on SEDAR+ https://
www.sedarplus.ca. Allkem confirms that all the material
assumptions underpinning the scientific or technical
information in the original market announcement continue to apply
and have not materially changed.
Sal de Vida
Any information in this announcement that
relates to Sal de Vida Mineral Resources and Ore Reserves is
extracted from the ASX announcement entitled “Sal de Vida Update
Delivers Improved Economics, Resource and Reserve” dated 25
September 2023, and is based on information compiled by Michael
Rosko and Brandon Schneider, both of whom are Competent Persons for
the purposes of the JORC Code (Sal de Vida Announcement). The Sal
de Vida Announcement is available to view on https://www.Allkem.co
and on https://www.asx.com. Allkem confirms that it is not aware of
any new information or data that materially affects the information
included in that announcement and that all material assumptions and
technical parameters underpinning the Mineral Resources and Ore
Reserves estimates in that announcement continue to apply and have
not materially changed. Allkem confirms that the form and context
in which the Competent Persons’ findings are presented have not
been materially modified from the original market
announcement.
Sal de Vida Continued
The scientific and technical information
relating to Sal de Vida contained in this announcement is derived
from, and in some instances is an extract from, the technical
report entitled “Technical Report, Sal de Vida Lithium Brine
Project” (Sal de Vida Technical Report) which 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;
Michael Gunn, BSc. Chemical Engineering (Gunn Metals), as it
relates to processing, facilities, infrastructure, project
economics, and capital and operating cost estimates in accordance
with National Instrument 43-101 – Standards for Disclosure for
Mineral Projects. The Sal de Vida Technical Report is
available for review under Allkem’s profile on
SEDAR+ at https://www.sedarplus.ca. Allkem confirms that
all the material assumptions underpinning the scientific or
technical information in the original market announcement continue
to apply and have not materially changed.
Cauchari
Any information in this announcement that
relates to Cauchari Mineral Resources and Ore Reserves is
extracted from the ASX announcement entitled
“Cauchari Mineral Resource and Ore Reserve Update and Project
Update” dated 25 September 2023, and is based on information
compiled by Frederik Reidel, who is a Competent Person for the
purposes of the JORC Code (Cauchari Announcement).
The Cauchari Announcement is available to view
on https://www.Allkem.co and on https://www.asx.com
(Cauchari Announcement). Allkem confirms that it is
not aware of any new information or data that materially
affects the information included in that announcement and that all
material assumptions and technical parameters underpinning the
Mineral Resource and Ore Reserve estimates in the
original market announcement continue to apply and have not
materially changed. Allkem 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.
The scientific and technical information
relating to Cauchari contained in this announcement is
derived from, and in some instances is an extract from, the
technical report entitled “Technical
Report, Cauchari Lithium Brine
Project” (Cauchari Technical Report) which 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; and
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, capital and operating cost estimates in accordance
with National Instrument 43-101 – Standards for Disclosure for
Mineral Projects. The Cauchari Technical Report is available for
review under Allkem’s profile on SEDAR+ at
https://www.sedarplus.ca. Allkem confirms that all the material
assumptions underpinning the scientific or technical information in
the original market announcement continue to apply and have not
materially changed.
Olaroz
Any information in this announcement that
relates to Olaroz Mineral Resources is extracted from the ASX
announcement entitled “Olaroz Mineral Resource Update, and Stage 1
& 2 Operations Update” dated 25 September 2023, and is based on
information compiled by Mr. Murray Brooker and Mr Michael Gunn,
both of whom are Competent Persons for the purposes of the JORC
Code (Olaroz Announcement). The Olaroz Announcement is available to
view on https://www.Allkem.co and on https://www.asx.com. Allkem
confirms that it is not aware of any new information or data that
materially affects the information included in the original market
announcement and that all material assumptions and technical
parameters underpinning the Mineral Resource estimates in that
announcement continue to apply and have not materially changed.
Allkem confirms that the form and context in which the Competent
Persons’ findings are presented have not been materially modified
from the original market announcement.
The scientific and technical information
relating to Olaroz contained in this announcement is derived from,
and in some instances is an extract from, the technical report
entitled “Technical Report, Olaroz Lithium Facility” (Olaroz
Technical Report) which 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 in accordance with National
Instrument 43-101 – Standards for Disclosure for Mineral Projects.
The Olaroz Technical Report is available for review under Allkem’s
profile on SEDAR+ at https://www.sedarplus.ca. Allkem confirms that
all the material assumptions underpinning the scientific or
technical information in the original market announcement continue
to apply and have not materially changed.
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.
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.
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