Jindalee Signs Agreement to List McDermitt Lithium Project on NASDAQ

Jindalee Lithium (ASX: JLL) has executed a binding Business Combination Agreement with Constellation Acquisition Corp I to establish US Elemental Inc. as a NASDAQ listed company holding its US assets, including the McDermitt Lithium Project in Oregon. The transaction represents a key step in accessing US capital markets to support development of one of the largest lithium resources in the United States.

Strategic Pathway to US Listing
The agreement will see Jindalee’s US subsidiary, HiTech Minerals, become part of US Elemental, which is expected to list on NASDAQ upon completion. Jindalee is expected to retain a majority interest in the new entity, maintaining exposure to the McDermitt Project while unlocking a dedicated US-listed vehicle.

The proposed transaction implies a pro forma enterprise value of approximately US$571 million, reflecting the scale and strategic importance of the Company’s US lithium assets.

Jindalee Lithium Managing Director and CEO Ian Rodger commented:

“Execution of the Business Combination Agreement represents a key milestone in advancing our strategy to access US capital markets to support development of the McDermitt Project. The proposed Transaction and US listing of US Elemental is expected to improve our ability to fund the next phase of work, including infill drilling, advanced metallurgical optimisation and feasibility level studies.”

Funding to Support Project Advancement
The transaction includes plans for a capital raise to support the next phase of development, alongside a binding funding commitment from an affiliate of Constellation’s sponsor, Antarctica Capital. Initial funding will be available immediately, with additional capital expected at completion.

This funding pathway is designed to support ongoing work programs, including drilling, metallurgical optimisation, and feasibility studies.

Positioned to Benefit from US Lithium Demand
The McDermitt Project is one of the largest lithium resources in the US and is strategically positioned to benefit from growing demand for battery materials and increasing government support for domestic supply chains.

The establishment of a US-listed platform is expected to enhance Jindalee’s ability to attract capital and progress development in line with market demand.

Advancing Toward Development
Completion of the transaction remains subject to customary approvals and conditions, including shareholder approvals and minimum funding requirements. Upon completion, US Elemental is expected to provide a dedicated platform to advance its McDermitt Project and broader US strategy.

Positioned for Growth
The transaction strengthens Jindalee’s funding and development pathway while retaining majority ownership of its flagship asset. The NASDAQ listing is expected to increase visibility and provide access to a deeper pool of capital, supporting the long-term development of the McDermitt Lithium Project.