$5.5M Capital Raising To Advance McDermitt Lithium Project

Jindalee Resources Limited (to be renamed "Jindalee Lithium Limited²”) (Jindalee, the Company) is pleased to announce that it is undertaking a capital raising comprising the issue of up to 3,930,000 new ordinary shares (Shares) at an issue price of $1.40 per Share to raise up to $5,500,000 (before costs) (Capital Raising).

• Jindalee announces a capital raising of up to $5.5 million comprised of a $2 million Priority Offer to Eligible Securityholders and a $3.5 million Public Offer.
• Funds raised to be used to advance exploration and development of the Company’s
• 100% owned McDermitt Lithium Project and provide general working capital.
• McDermitt is the largest lithium deposit in the US by contained lithium with 21.5Mt Lithium Carbonate Equivalent (LCE) in Mineral Resource¹.
• Securityholders are encouraged to promptly participate by subscribing for Shares under the Priority Offer.

The Capital Raising includes a Priority Offer of up to 1,430,000 Shares to Jindalee share and option holders on the register as at 5:00pm on 12 October 2023 (Eligible Securityholders) and a Public Offer of 2,500,000 Shares to investors who have been invited by the Company or the Lead Manager to subscribe for Shares under the Public Offer (Offers).

McDermitt is the largest lithium deposit in the US by contained lithium with 21.5Mt LCE in Mineral Resource. Funds raised under the Offers will be used to advance exploration and development of the McDermitt Lithium Project, including for:

• Drilling and exploration activities;
• Metallurgical testwork;
• Advancing the Pre-Feasibility Study;
• Heritage and environmental; and
• General working capital and offer costs.

The Offers will be made using the Company’s available placement capacity under Listing Rule 7.1. The Capital Raising is not underwritten.

Jindalee has lodged a prospectus dated 13 October 2023 for the Capital Raising³ with ASIC, which is also available from the Company’s website at www.jindalee.net.

Indicative Timetable*

* The dates and times noted above are indicative only and subject to change. Any material changes will be notified by the Company to ASX. The Company reserves the right to amend any or all of these dates and times, including amending the First Issue Application Date and Closing Date of the Offers, without prior notice subject to the Corporations Act 2001 (Cth), the ASX Listing Rules and other applicable laws.

** Applicants are encouraged to provide applications as soon as possible. While the indicative timetable includes a Second Issue Date, the Company reserves the right not to proceed with the Second Issue Date.

Director participation

The directors intend to subscribe for an aggregate of 175,000 Shares under the Capital Raising, subject to shareholder approval at the forthcoming Annual General Meeting of the Company (AGM).

Name change

The Company is also seeking approval at the AGM to change the name of the Company to ‘Jindalee Lithium Limited’.

Lead Manager

Canaccord Genuity (Australia) Limited is acting as Lead Manager for the Capital Raising and will receive the fees detailed in the Prospectus.

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