COMEX approval granted for James Bay

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Published Dec 27, 2023 • 6 minute read

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.

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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.”

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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.

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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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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.

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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.

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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.