Jindalee Lithium (ASX:JLL) raises up to A$11M to advance McDermitt and support proposed NASDAQ listing

Jindalee Lithium has secured firm commitments for an A$8.4 million placement and launched a non-renounceable entitlement offer that could lift total proceeds to approximately A$11.0 million, with funds earmarked to advance the McDermitt Lithium Project in the United States and support the proposed NASDAQ listing of US Elemental Inc.

The capital raising includes participation from sophisticated, professional and institutional investors, while eligible shareholders will also be offered the opportunity to participate on the same terms through the entitlement offer.

Highlights

• Approximately A$8.4 million raised through an initial placement at A$0.46 per share
• Conditional placement to directors expected to raise a further approximately A$0.1 million, taking total placement proceeds to approximately A$8.5 million
• Non-renounceable entitlement offer to raise up to a further A$2.5 million
• Total commitments across the placement, entitlement offer shortfall commitments and board participation total approximately A$10.2 million
• Funds to be directed toward McDermitt development activities and the proposed NASDAQ listing of US Elemental Inc.

The placement involves the issue of approximately 18.3 million new shares at A$0.46 per share to sophisticated, professional and institutional investors.

Jindalee also intends to seek shareholder approval to issue 130,437 shares to directors, or their associated entities, on the same terms as the placement, with the combined raising expected to generate approximately A$8.5 million before expenses through the issue of approximately 18.5 million shares.

Participants in the placement will receive one attaching option for every one share issued for nil additional consideration, with the options carrying an exercise price of A$0.60 and expiring on 30 June 2029, while Jindalee said it intends to list the attaching options on the ASX, subject to meeting listing rule requirements.

Under the entitlement offer, eligible shareholders will be able to acquire one share for every 19 shares held as at 5:00pm Perth time on 13 May 2026 at the same A$0.46 issue price, with participating shareholders also receiving one attaching option for every share issued under the offer.

The company has also received commitments from investors to subscribe for A$1.20 million of any shortfall under the entitlement offer, while board members and executive management have committed to take up their full entitlement, representing approximately A$0.47 million.

Funds raised under the placement and entitlement offer will be applied toward advancing and de-risking the McDermitt Lithium Project, including exploration and infill drilling, metallurgical testwork, technical studies and permitting, as well as supporting execution of the proposed NASDAQ listing of US Elemental Inc and general working capital purposes.

Jindalee Managing Director and Chief Executive Officer Ian Rodger said the company had received strong support from a range of high-quality global institutions.

“The funds raised will enable Jindalee to maintain momentum across key McDermitt workstreams while providing additional runway to progress the proposed NASDAQ listing of US Elemental which remains on track to close in H2 2026.”

The placement is expected to settle on 14 May 2026, with quotation of shares issued under the placement expected to occur on the same date.

The entitlement offer is scheduled to open on 18 May 2026 following the dispatch of prospectus materials to eligible shareholders, before closing on 5 June 2026, with results expected to be announced on 15 June 2026 and shares issued under the entitlement offer expected to commence trading on 16 June 2026.

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