Quarterly Activities Report - March 2023

Jindalee Resources Limited (ASX:JRL) (Jindalee, the Company) has released its Quarterly Cash Flow Report.

• McDermitt resource increases to 3.0 Bt @ 1340 ppm Li (21.5 Mt LCE) at 1000ppm cut‐off grade
• McDermitt is now the largest lithium deposit in North America by contained lithium, and a strategically important domestic source of lithium for the US battery industry
• Fluor review recommends Beneficiation and Acid Leaching as preferred processing route for McDermitt; further testwork underway
• MOU signed with POSCO; POSCO to undertake $2M of metallurgical testwork
• Spin out of Jindalee’s Australian assets via Dynamic Metals Limited (ASX: DYM) completed mid‐January 2023; Jindalee is now a pure play US lithium company
• Jindalee held $6.6M in cash and securities at 31 March 2023

US LITHIUM

McDermitt (Jindalee 100%)

Resource Update

On 27 February 2023 Jindalee Resources Limited (Jindalee or the Company) announced an updated Mineral Resource Estimate (MRE) at the McDermitt Lithium Project (US) following a 21 hole drilling program completed in October 2022 (Figure 1)^1,2,3.

The program was designed to increase confidence in the mineral resource to allow for conversion of Inferred Mineral Resource to Indicated, as well as extending the deposit to the west. Significant widths of lithium mineralisation were intersected, with highlights from the program³ including:

• MDD025: 182.2m @ 1197ppm Li from 21.4m
• MDD028: 131.6m @ 1219ppm Li from 21.9m
• MDRC024: 68.6m @ 1669ppm Li from surface
• MDRC025: 50.3m @ 1512ppm Li from surface

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