Jindalee Lithium Restricted (Jindalee, or the Firm; ASX: JLL, OTCQX: JNDAF) is happy to report important progress on two fronts: the profitable completion of the 2025 drilling program on the McDermitt Lithium Challenge and continued development of plans to listing McDermitt on a US nationwide trade.
- 2025 drilling program extremely profitable with wonderful pattern restoration achieved
- Samples have been ready for assay with outcomes anticipated early Q1 2026
- Excessive-quality core samples retained for metallurgical testwork (lithium and magnesium)
- Exclusivity interval prolonged with Constellation by 45 days
Drilling Program Accomplished
The massive diameter core drilling program introduced early November 20251 on the Firm’s 100% owned McDermitt Lithium Challenge (McDermitt, Challenge), one of many largest lithium deposits in the USA (US) and of world significance2 (Determine 1), has been efficiently accomplished.
This system comprised 5 PQ3 (8.5cm diameter) core holes to acquire samples for metallurgical testwork to additional optimise lithium recoveries, in addition to unlock worth from the numerous magnesium endowment at McDermitt, through the worth optimisation program introduced late October 20253. The drilling additionally offered priceless geological and geotechnical information on the deposit. All drill websites have now been rehabilitated and core logged, lower and samples ready for assay with outcomes (together with lithium and magnesium) anticipated early Q1 2026.
Exclusivity Prolonged as US Itemizing Technique Advances
Additional to the Firm’s announcement on 9 September 20254 concerning the non-binding Letter of Intent (LOI) with Constellation Acquisition Corp. I (Constellation), Jindalee is happy to report continued progress on the proposed US itemizing of HiTech Minerals Inc. (HiTech), the Firm’s wholly owned US subsidiary and proprietor of the McDermitt Lithium Challenge. The proposed transaction entails a merger between HiTech and Constellation, making a US-listed automobile to advance McDermitt.
Work on the binding Enterprise Mixture Settlement (BCA) has made substantial progress, with each events persevering with to have interaction constructively and in good religion. To assist this work, Jindalee and Constellation have agreed to increase the preliminary 90-day exclusivity interval below the LOI by an additional 45 days. The extension displays the progress made so far and the shared intent to finalise a BCA that gives a transparent pathway to finishing the proposed transaction.
Jindalee’s Managing Director and CEO Ian Rodger commented: “We’re delighted to announce completion of the 2025 drilling program at McDermitt and thank the group for serving to make this system so successful. We now sit up for sharing assay outcomes as they turn into obtainable and to commencing metallurgical testwork designed to enhance lithium recoveries and examine the potential for priceless magnesium by-products to boost Challenge economics. In parallel, we proceed to make strong progress on the transaction to listing McDermitt on a US nationwide securities trade, with the brief extension to the exclusivity interval reflecting each events’ intent to finalise the Enterprise Mixture Settlement in good religion.”
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