Jindalee Lithium Limited (ASX:JLL) McDermitt drilling and US listing update

Jindalee Lithium Limited has advanced two material workstreams at its 100% owned McDermitt Lithium Project, announcing the completion of its 2025 drilling program together with continued progress on the proposed listing of the project on a US national securities exchange.

The update provides important clarity for investors following a period of intensive technical and corporate activity as the company continues to shape the next phase of development for what is described as one of the largest lithium deposits in the United States.

Highlights

• 2025 drilling program completed with excellent sample recovery.

• Samples prepared for assay with lithium and magnesium results expected early Q1 2026.

• High quality core retained for metallurgical testwork for lithium and magnesium.

• Exclusivity period with Constellation Acquisition Corp. I extended by 45 days.

The large diameter PQ3 drilling program, initiated in early November 2025, was designed to obtain representative metallurgical samples as part of the ongoing optimisation of lithium recovery pathways at McDermitt.

Five PQ3 core holes, each drilled to a diameter of 8.5cm, were completed to support metallurgical testwork aimed at improving lithium recoveries and assessing opportunities to extract value from the project’s magnesium endowment.

All drill sites have now been rehabilitated and the resulting core has been logged, cut and sampled, with assay results expected early Q1 2026.

The program has also generated additional geological and geotechnical data that will feed directly into the continued assessment of the project’s characteristics.

The high quality core retained for further study forms a critical input to the value optimisation program announced in October 2025, which is focused on evaluating the potential for magnesium by products alongside lithium production.

This metallurgical work also follows the Pre Feasibility Study completed in late 2024, which confirmed the scale, long life outlook and production potential of McDermitt.

Jindalee Lithium also reported ongoing progress towards the proposed US listing of HiTech Minerals Inc., its wholly owned US subsidiary and owner of the McDermitt Lithium Project.

The transaction involves a merger with Constellation Acquisition Corp. I to create a US listed vehicle responsible for advancing McDermitt.

Work on the binding Business Combination Agreement has moved forward constructively, and the initial 90 day exclusivity period has been extended by a further 45 days to reflect the continued engagement between both parties and to provide additional time to finalise the structure of the proposed transaction.

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.”

With drilling now completed and samples progressing to assay and metallurgical analysis, the coming quarter will deliver data that will underpin continued technical refinement.

In parallel, the extension of the exclusivity period supports continued work towards the Business Combination Agreement that would enable McDermitt to list on a US national securities exchange.

Together, the technical advancements and the corporate pathway indicate Jindalee’s intention to position McDermitt for its next stage of development through a combination of detailed geological work and strategic structuring.

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