Jindalee Lithium Limited (Jindalee, or the Company; ASX: JLL, OTCQX: JNDAF) is pleased to report significant progress on two fronts: the successful completion of the 2025 drilling program at the McDermitt Lithium Project and continued advancement of plans to list McDermitt on a US national exchange.
2025 drilling program highly successful with excellent sample recovery achieved
Samples have been prepared for assay with results expected early Q1 2026
High-quality core samples retained for metallurgical testwork (lithium and magnesium)
Exclusivity period extended with Constellation by 45 days
Drilling Program Completed
The large diameter core drilling program announced early November 20251 at the Company’s 100% owned McDermitt Lithium Project (McDermitt, Project), one of the largest lithium deposits in the United States (US) and of global significance2 (Figure 1), has been successfully completed.
The program comprised 5 PQ3 (8.5cm diameter) core holes to obtain samples for metallurgical testwork to further optimise lithium recoveries, as well as unlock value from the significant magnesium endowment at McDermitt, via the value optimisation program announced late October 20253. The drilling also provided valuable geological and geotechnical data on the deposit. All drill sites have now been rehabilitated and core logged, cut and samples prepared for assay with results (including lithium and magnesium) expected early Q1 2026.
Exclusivity Extended as US Listing Strategy Advances
Further to the Company’s announcement on 9 September 20254 regarding the non-binding Letter of Intent (LOI) with Constellation Acquisition Corp. I (Constellation), Jindalee is pleased to report continued progress on the proposed US listing of HiTech Minerals Inc. (HiTech), the Company’s wholly owned US subsidiary and owner of the McDermitt Lithium Project. The proposed transaction involves a merger between HiTech and Constellation, creating a US-listed vehicle to advance McDermitt.
Work on the binding Business Combination Agreement (BCA) has made substantial progress, with both parties continuing to engage constructively and in good faith. To support this work, Jindalee and Constellation have agreed to extend the initial 90-day exclusivity period under the LOI by a further 45 days. The extension reflects the progress made to date and the shared intent to finalise a BCA that provides a clear pathway to completing the proposed transaction.
Jindalee’s Managing Director and CEO Ian Rodger commented: “We are delighted to announce completion of the 2025 drilling program at McDermitt and thank the team for helping make the program such a success. We now look forward to sharing assay results as they become available and to commencing metallurgical testwork designed to improve lithium recoveries and investigate the potential for valuable magnesium by-products to enhance Project economics. In parallel, we continue to make solid progress on the transaction to list McDermitt on a US national securities exchange, with the short extension to the exclusivity period reflecting both parties’ intent to finalise the Business Combination Agreement in good faith.”
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