Allkem Limited advised the release of the Feasibility Study and Maiden Ore Reserve for its wholly owned James Bay Lithium Project ("James Bay" or the "Project") located in Québec, Canada. Feasibility Study confirms a sustainable, high value hard rock lithium operation utilising renewable hydropower. Material ~2.5x increase in Net Present Value ("NPV") from the Preliminary Economic Assessment ("PEA") released in March 2021. Construction planned to commence in Third Quarter CY2022 with commissioning in the first quarter of CY24, subject to receipt of necessary environmental and other approvals. Strategically located in proximity to high-growth electric vehicle markets in North America and Europe. Mineral Resource of 40.3Mt at 1.4% Li2O and Maiden Ore Reserve of 37.2Mt at 1.3% Li2O provides a long life, low cost spodumene operation. Average annual production of 321ktpa of spodumene concentrate with a 19 year mine life. Shallow, near-surface mineralisation ideal for open cut mining with a low life-of-mine ("LOM") strip ratio of 3.5: 1 2mtpa process plant designed to produce up to 6% Li2O spodumene concentrate. Very similar process design and flowsheet to that already successfully employed at Mt Cattlin. Low-cost, sustainable source of hydropower to provide approximately 45% of site power needs. Strong relationships with the Cree Nation of Eastmain, Cree Nation Government and all stakeholders.