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Jindalee Lithium
Investor Insight
With compelling economic metrics demonstrated through its new prefeasibility study, Jindalee Lithium’s McDermitt Project presents a strong case for investors to gain exposure to this critical mineral and participate in the global clean energy transition.
Overview
Jindalee Lithium (ASX:JLL,OTCQX:JNDAF) is an Australia-based pure-play US lithium company focused exclusively on its 100-percent-owned McDermitt Lithium Project, currently one of the largest lithium deposits in the US, boasting a resource of 21.5 million tons (Mt) of lithium carbonate equivalent (LCE).
Backed by a newly released (November 2024) prefeasibility study (PFS) demonstrating very compelling economics, the McDermitt Project is poised to play a crucial role in meeting North America’s growing lithium demand for the lucrative battery value chain.
As the US continues to transition to energy independence, demand for lithium is expected to exponentially increase. Jindalee’s McDermitt Project, located in southeast Oregon, is a game-changer for North American lithium supply, critical for meeting the demands of the fast-growing electric vehicle, energy storage and defense sectors.
McDermitt also stands to significantly benefit from the US government’s policies and incentives to boost domestic supply of critical resources. In fact, in a move that signifies the US government's support of the McDermitt Lithium Project, the US Department of Energy's Ames National Laboratory signed a Cooperative Research and Development Agreement with Jindalee's subsidiary HiTech Minerals to develop cutting-edge extraction methods for the McDermitt Project. The Ames National Laboratory spearheads the DOE's Critical Materials Innovation Hub.
Key milestones in the US lithium resource space also provide significant insights into the future prospects for Jindalee’s project. Lithium Americas (TSX:LAC), for instance, has received a total of US$945 million investment from General Motors, which will fund the development, construction and operation of the Thacker Pass project in Humboldt County, Nevada. In October 2024 LAC closed a $2.3 billion loan from the US Department of Energy and in April 2025 announced the Final Investment Decision for Thacker Pass following a $250 million investment from Orion Resource Partners.
Another lithium resource developer in Nevada, Australia-based Ioneer (ASX:INR) has closed a US$996 million loan guarantee from the US Department of Energy to finance the development of its flagship Rhyolite Ridge lithium-boron project.
The US government has taken further action to bolster domestic critical mineral production. On 20 March 2025, President Trump issued a significant executive order titled "Immediate Measures to Increase American Mineral Production", underscoring the urgency and strategic imperative of increasing domestic supply chains for critical minerals. This order builds on previous initiatives by fast-tracking the permitting processes, prioritizing access to mineral-rich federal lands, clarifying regulatory frameworks, and mobilizing substantial financial resources – including Defense Production Act (DPA) funds – towards domestic mineral projects.
As one of the largest lithium resources in the US and situated on federal lands, Jindalee’s McDermitt Lithium Project stands to potentially benefit from these accelerated permitting processes and enhanced government support mechanisms. The clear commitment demonstrated by the US administration highlights the critical strategic advantage of domestically located mineral assets such as McDermitt, reinforcing its importance in securing robust domestic supply chains, essential for energy security
These are just a few examples of current market dynamics that point to a rapidly accelerating lithium resource development in the US.
An experienced management team, with the right blend of experience and expertise in geology, corporate administration and international finance, leads Jindalee to fully capitalize on the potential of its assets.
Company Highlights
- Jindalee Lithium is focused on its wholly owned flagship McDermitt Lithium Project, one of the largest lithium deposits in the US.
- McDermitt’s new prefeasibility study shows strong project economics, including a US$3.23 post-tax NPV8 based on the first 40 years of a 63 year-year mine life.
- Jindalee is committed to strengthening the North American critical minerals supply chain by reducing US reliance on foreign lithium, thereby enhancing energy security.
- The company’s wholly owned US subsidiary HiTech Minerals Inc, has executed a strategic Cooperative Research and Development Agreement (CRADA) with Ames National Laboratory, which leads the US Department of Energy’s (DOE) Critical Materials Innovation (CMI) Hub.
- The company’s McDermitt deposit is sediment-hosted, an emerging style of lithium deposit with the potential to be a large scale, long-life, low-cost source of lithium.
- Ideally positioned to benefit from US administration’s push to increased domestic mineral production via permitting reformed increased funding.
- An experienced management team leads Jindalee towards capitalizing on the potential of its assets.
Key Project
McDermitt Lithium Project Economics
The economic metrics revealed in the PFS paint a compelling picture of the McDermitt Lithium Project's potential:
Production Capacity: The Project is set to produce 1.8 Mt of battery-grade lithium carbonate over its first 40 years, with an annual output forecast of 47,500 tons per annum (tpa) in the initial 10 years, tapering to 44,300 tpa over the first 40 years.
Financial Metrics: The Project boasts a net present value (NPV) of US$3.23 billion at an 8 percent discount rate, with an internal rate of return (IRR) of 17.9 percent. These figures underscore the Project’s strong economic viability.
Payback Period: Investors can expect a payback period of less than five years, a relatively short timeframe for a project of this magnitude.
Break-even Price: The break-even NPV price is approximately US$14,600/t of lithium carbonate, providing a buffer against market fluctuations.
The PFS estimates a total project cost of US$3.02 billion, which includes a prudent 21 percent contingency margin. This substantial investment is balanced by impressive profitability projections, including an EBITDA margin of 66 percent generating post-tax free cash flow of US$6.6 billion during the first decade of operations. With a pre-tax net operating cashflow margin of 17 percent at current spot prices, McDermitt shows strong cash generation potential.
These financial indicators suggest that McDermitt is not only economically viable but potentially highly profitable, positioning it as an attractive prospect for investors and strategic partners alike.
Project Overview
The McDermitt Project is located in Malheur County on the Oregon-Nevada border and is approximately 35 kilometres west of the town of McDermitt. The 100-percent-owned asset covers 54.6 square kilometres of claims at the northern end of the McDermitt volcanic caldera.
The Project is characterized by its unique sedimentary lithium deposits, primarily composed of lithium-bearing clays, a geological formation that sets McDermitt apart from many other lithium projects worldwide. This sedimentary nature of the deposit offers several advantages:
- Consistent grade distribution throughout the ore body
- Potential for large-scale, low-cost mining operations
- Amenability to environmentally friendly extraction methods
The lithium-rich clays at McDermitt are part of a broader geological context that includes volcanic tuffs and sedimentary rocks. This geological setting is indicative of a complex depositional history, which has resulted in the concentration of lithium in economically viable quantities.
The 2023 mineral resources estimate (MRE) for the McDermitt Project contains a combined indicated and inferred mineral resource inventory of 3 billion tons at 1,340 parts per million (ppm) lithium for a total of 21.5 Mt LCE at 1,000 ppm cut-off grade.
Project Highlights:
- Rare Sediment-hosted Lithium Deposits: The McDermitt asset supports low-cost mining operations due to its flat-lying sediments. This type of lithium deposit is amenable to low-cost mining operations, while still producing excellent metallurgical results.
- A 62 percent resource increase in early 2023: Compilation of the 2022 drilling results saw the estimated indicated and inferred resources at McDermitt increase to 3 billion tons at 1,340 ppm lithium, a 62 percent increase in contained lithium.
- Fluor recommended processing route: In March 2023, US engineering group Fluor reviewed all testwork undertaken at McDermitt and recommended beneficiation and acid leaching as the optimal processing route.
- Battery-grade lithium carbonate successfully produced in July 2024: The production is an important milestone validating all steps of the processing flowsheet for the project from ore beneficiation and leaching to purification and production of battery-grade lithium carbonate.
- Completion of the PFS outlines large scale, long life and low cost source of American made battery grade lithium chemicals (November 2024)
Management Team
Ian Rodger - Chief Executive Officer
Ian Rodger is a qualified mining business executive with almost 15 years of experience in various roles including as a mining engineer for Rio Tinto across two large greenfield mine developments, before successfully transitioning into mining corporate finance where he held Executive and Director positions at RFC Ambrian overseeing origination and management of numerous mandates across a range of corporate advisory roles. Rodger was the project director for Oz Minerals (ASX:OZL) where he made significant contributions to successfully define the value potential of the West Musgrave nickel/copper province through the delivery of a portfolio of growth studies. Most notably, he led technical, market and partnership development workstreams, successfully confirming value potential for producing an intermediate Nickel product for the battery value chain.
Rodger holds a Bachelor of Mining Engineering from the University of Queensland, a Masters of Mineral Economics from Curtin University and is also a graduate of the Australian Institute of Company Directors and member of the Australasian Institute of Mining and Metallurgy.
Lindsay Dudfield - Executive Director
Lindsay Dudfield is a geologist with over 40 years of experience in multi-commodity exploration, primarily within Australia. He held senior positions with the mineral divisions of Amoco and Exxon. In 1987, he became a founding director of Dalrymple Resources NL and spent the following eight years helping acquire and explore Dalrymple’s properties, leading to several greenfield discoveries. In late 1994, Lindsay joined the board of Horizon Mining NL (Jindalee Lithium’s predecessor) and has been responsible for managing Jindalee Lithium since inception. Lindsay is a member of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists, the Geological Society of Australia and the Society of Economic Geologists. He is also a non-executive director of Jindalee spin-out companies Energy Metals (ASX:EME), Dynamic Metals (ASX:DYM) and Alchemy Resources (ASX:ALY).
Wayne Zekulich - Non-executive Chair
Wayne Zekulich was appointed to the board as Chair on 1 February 2024. He holds a Bachelor of Business and is a fellow of the Institute of Chartered Accountants. Zekulich is a consultant and non-executive director who has substantial experience in advising, structuring and financing transactions in the infrastructure and resources sectors. He was previously the head of Rothschild in Perth, chief financial officer of Gindalbie Metals Limited, chief development officer of Oakajee Port and Rail and a consultant to a global investment bank. Currently, he is chair of Pantoro (ASX:PNR) and non-executive director of the Western Australian Treasury Corporation. In the not-for-profit sector, he is the past chair of the Lester Prize and is a mentor in the Kilfinan program.
Darren Wates - Non-executive Director
Darren Wates is a corporate lawyer with over 23 years of experience in equity capital markets, mergers and acquisitions, resources, project acquisitions/divestments and corporate governance gained through private practice and in-house roles in Western Australia. Wates is the founder and principal of Corpex Legal, a Perth-based legal practice providing corporate, commercial and resources related legal services, primarily to small and mid-cap ASX listed companies. In this role, he has provided consulting general counsel services to ASX listed company Neometals (ASX:NMT), having previously been employed as legal counsel of Neometals. Wates holds Bachelor's degrees in Law and Commerce and a Graduate Diploma in Applied Finance and Investment.
Paul Brown - Non-executive Director
Paul Brown has over 23 years of experience in the mining industry, most recently with Mineral Resources (ASX:MIN) where he was chief executive – lithium, and chief executive – commodities. Brown has held senior operating roles with Leighton, HWE and Fortescue (ASX:FMG) and has a strong track record in technical leadership, project/studies management, and mine planning and management. Brown is currently CEO of Core Lithium (ASX:CXO). He holds a Master in Mine Engineering.
Brett Marsh - VP Geology and Development (US)
Brett Marsh is an AIPG certified professional geologist and a registered member of the Society for Mining, Metallurgy and Exploration (SME) with over 25 years of diverse mining and geological experience. He has worked for and held senior leadership roles for Kastan Mining, Luna Gold, Kiska Metals, Newmont, Freeport-McMoRan, Phelps Dodge, ASARCO and consulted to deliver numerous NI 43-101 technical reports. Marsh has demonstrated the ability to deliver results in culturally diverse and geographically difficult environments, such as Brazil, Peru, Chile, Democratic Republic of Congo, Ghana, Tanzania, Indonesia, Australia, and has also worked in remote areas of Alaska. He has managed all phases of the mining lifecycle including greenfield and brownfield exploration, project development (including preliminary economic assessments, pre-feasibility and feasibility), project construction, mine operations, and environmental. He successfully led multi-cultural teams to develop business processes and implementation plans for many mine development and operational projects.Game-changing, economically significant lithium resource for North American battery supply chain
Green Technology Metals: Delivering the Next Lithium Hub in North America
Green Technology Metals (ASX:GT1) is progressing Ontario’s first integrated lithium business, anchored by its Seymour, Root, and Junior projects, with plans to supply a proposed lithium hydroxide facility in Thunder Bay.
GT1 is leveraging Canadian policy support for critical minerals, with Ontario’s Building More Mines Act and federal programs. The company has secured conditional approval for C$5.5M from the Critical Minerals Innovation Fund (CMIF) for Seymour infrastructure, a C$100M financing LOI from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including C$5M tied to Root. These mechanisms help de-risk financing and advance development.
GT1’s three-phase strategy starts with Seymour production using a DMS concentrator, followed by construction of the Thunder Bay lithium hydroxide facility with EcoPro Innovation, and finally, development of Root as a larger, long-life mining hub feeding Thunder Bay.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
This Green Technology Metals profile is part of a paid investor education campaign.*
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Green Technology Metals
Investor Insight
Green Technology Metals aims to build Ontario’s first integrated lithium business, developing two mining hubs and a downstream conversion facility to supply North America’s fast-growing EV and battery industry. The company’s approach is straightforward: bring Seymour into production, secure the downstream footprint at Thunder Bay with EcoPro, and then layer in Root as a long-life second feed. The plan is underpinned by offtake agreements, government funding and a management team with direct experience building lithium mines.
Overview
Green Technology Metals (ASX:GT1) is building Ontario, Canada’s first integrated lithium business, anchored by three upstream assets and a planned downstream conversion facility. The portfolio consists of the flagship Seymour project, the large-scale Root lithium project, and the Junior exploration project, which together provide a clear pipeline of feed into a proposed lithium hydroxide facility in Thunder Bay, Ontario.
The company is actively leveraging Canadian policy support for critical minerals development and supporting a growing number of EV and battery manufacturers in Ontario. The province’s Building More Mines Act, alongside several federal programs, is creating a supportive funding environment for new projects. GT1 has already received conditional approval for C$5.5 million from the Critical Minerals Innovation Fund (CMIF) to support road and infrastructure upgrades at Seymour. In addition, the company has received a letter of intent for a C$100-million project financing support from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including a C$5-million submission tied to the Root project. These mechanisms substantially de-risk the financing path and provide tangible momentum toward development.
The strategy is being executed in three phases. First, Seymour will be brought into production with a concentrator based on a dense media separation flowsheet, taking advantage of coarse spodumene mineralogy and proven metallurgical performance. Second, GT1 will construct the Thunder Bay lithium conversion facility in partnership with EcoPro Innovation, replicating proven hydrometallurgical technology to produce battery-grade lithium hydroxide. Finally, Root will be developed as the company’s second, larger mining hub, designed to provide long-life scale and additional feed into the Thunder Bay facility.
Pilot processing of 600 kg of Seymour concentrate produced exceptional overall recoveries averaging >94 percent.
Strategic partnerships reinforce this integrated model. LG Energy Solution has secured a binding offtake for a portion of Seymour’s concentrate production and has invested directly into GT1, providing early validation of the project’s place in the EV supply chain. EcoPro Innovation, as the company’s technical partner on the Thunder Bay facility, has already piloted Seymour concentrate into high-purity lithium hydroxide.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
Key Projects
Seymour Lithium Project
The Seymour lithium project, near Armstrong, Ontario, contains a total resource of 10.3 million tonnes (Mt) @ 1.03 percent lithium oxide, including 6.1 Mt indicated @ 1.25 percent lithium oxide. Mineralization is hosted in the North and South Aubry pegmatites, which remain open along strike and at depth. An optimized preliminary economic assessment (PEA) demonstrated strong project economics based on a DMS-only concentrator producing 130 ktpa. Key numbers include a C1 cash cost of US$680/t, an after-tax NPV of US$251 million, an IRR of 33 percent, and a three-and-a-half-year payback.
The project benefits from existing road and rail access, low strip ratios, and simple metallurgy with coarse spodumene that responds well to dense medium separation (DMS). Mining leases were granted in August 2025, the environmental assessment submission has been lodged, and the closure plan is nearing completion.
An offtake agreement with LG Energy Solution secures sales for 25 percent of initial concentrate production. Seymour also includes a maiden rubidium resource (8.3 Mt @ 0.27 percent rubidium oxide, with a 3.4 Mt high-grade core at 0.40 percent), which can be recovered from mica streams already separated in the flow sheet, creating potential for a by-product circuit.
Thunder Bay Lithium Conversion Facility
GT1 and EcoPro Innovation are developing a lithium hydroxide monohydrate facility in Thunder Bay. The selected site is fully serviced with rail access, 44 kV power, municipal water and gas, and port facilities. The plant will replicate EcoPro’s operating hydromet trains, with two parallel ~13 ktpa back-end lines designed to scale with Seymour and Root concentrate supply.
Pilot-scale processing of 600 kg of Seymour concentrate at EcoPro’s Pohang facility achieved battery-grade lithium hydroxide, meeting downstream specifications with >94 percent overall recovery. This demonstration significantly de-risks the conversion step and supports ongoing financing discussions with Invest Ontario, SIF and EDC. The project is being advanced through PFS-level engineering, with permitting and JV structuring underway.
Root Lithium Project
Located in Northwestern Ontario, Root is GT1’s scale project, hosting 14.6 Mt @ 1.21 percent lithium oxide (10.0 Mt Indicated @ 1.32 percent). The April 2025 optimized PEA outlined a combined open-pit and underground mining scenario producing ~213 ktpa. The project carries a C1 cost of ~US$677/t, an after-tax NPV of US$668 million, an IRR of 53.5 percent, and a three-year payback.
Root enjoys outstanding infrastructure advantages: road and rail access, proximity to port, and most critically, grid hydro power delivered by the Watay transmission line, reducing both operating costs and upfront capex for power infrastructure. Drilling has confirmed stacked pegmatite bodies that remain open along strike and down dip, leaving scope for significant resource expansion. A bulk sample has been completed, with further testwork and pilot runs at EcoPro planned. Permitting is in its early stages, with a PFS targeted for 2026 and potential construction by late 2027.
Junior Lithium Project
The Junior project is located near Seymour and contains three drill-ready targets. Its proximity to the planned Seymour concentrator makes it a strategic satellite project, with the potential to extend Seymour’s mine life and provide incremental feed. Drilling is expected to test these targets in upcoming campaigns, potentially increasing the overall feed available for the Seymour hub.
Management Team
John Young – Non-executive Chairman
John Young co-founded Pilbara Minerals and played a key role in transforming it into a multi-billion-dollar lithium producer. His background as a geologist spans more than three decades, with significant contributions across discovery, development and financing of lithium and gold projects. At GT1, Young provides strategic oversight and proven operational expertise to scale a lithium developer into a fully integrated producer.
Cameron Henry – Managing Director
Cameron Henry was appointed managing director in June 2024, stepping up from his earlier role as executive director. A founder and substantial shareholder of GT1, Henry has over 20 years’ experience in minerals processing and project delivery. Prior to GT1, he built Primero Group into a respected global leader in lithium infrastructure EPC, successfully executing major projects in Australia and globally. His role is to drive Seymour into production and to lead the execution of the Thunder Bay downstream strategy.
Patrick Murphy – Non-executive Director
Patrick Murphy brings nearly two decades of experience in resource sector investment and deal-making. He has held senior positions at Macquarie and AMCI Group, with expertise in capital deployment, project financing and strategic partnerships. His presence on GT1’s board ensures strong connectivity to the financial community and a disciplined approach to structuring project funding.
Robin Longley – Non-executive Director
With more than 30 years of experience in exploration and project evaluation, Robin Longley is a seasoned geologist who has led successful exploration and development programs across lithium, gold and other critical minerals in Australia, Canada and Africa. His practical technical knowledge and management experience strengthen GT1’s ability to evaluate and expand its Ontario portfolio.
Han Seung Cho – Non-executive Director
Representing EcoPro Innovation, Han Seung Cho serves as a direct link between GT1 and its strategic partner on the Thunder Bay conversion facility. As general manager of EcoPro’s strategic business team, he brings decades of experience in lithium procurement, downstream offtake structuring, and project development for LHM plants. His position ensures that GT1’s downstream ambitions remain closely aligned with end-user requirements in the battery sector.
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