BRISBANE, Australia, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Allkem Limited (ASX|TSX: “Allkem,” the Company”) advises that further grade control drilling at Mt Cattlin has confirmed the location and grade of ore that will be mined over the remainder of H2 FY23. The Company anticipates that production for the June half will be approximately 80,000 – 90,000 tonnes with annual production of 114,000 – 124,000 tonnes.
As previously advised first half production was impacted by fine grained mineralisation and lower grade ore with associated lower recoveries which limited first half production to approximately 34,000 tonnes.
Grade control drilling commenced in November 2022 once the unfavourable ore characteristics were identified. This drilling has continued to progressively cover production areas that will be mined during the remainder of the financial year.
Results from the drilling have confirmed Company expectations that production will increase as mining progressively moves from the upper end of the orebody into more central zones. It is expected that the Mt Cattlin process plant will once again be operating at full capacity.
Ongoing sales of low-grade concentrate during H2 FY23 will continue to supplement revenue and earnings.
Mr Martín Pérez de Solay commented, “We are seeing Mt Cattlin returning to normal levels of production after the technical team effectively managed the unfavourable mineralogy and ore characteristics experienced throughout the December half.”
“Production over the last month has improved materially and with information from the grade control drilling we expect higher production rates to continue.”
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 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.
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