Quarterly Activities Report

• Grant applications lodged with two US Government agencies (Defense and Energy) with strong support from state politicians, agencies and potential industry partners
• Exceptional metallurgical testwork results to feed into McDermitt PFS, with value enhancement opportunities identified
• Board and management enhanced with the commencement of Ian Rodger as CEO and Wayne Zekulich as Non-Executive Chair

US LITHIUM

McDermitt Lithium Project (Jindalee 100%)

In February 2023, Jindalee Lithium Limited (Jindalee or the Company) announced an updated Mineral Resource Estimate (MRE) at Jindalee’s 100% owned McDermitt Lithium Project (USA) (Figure 1)¹.

The 2023 MRE for McDermitt contains a combined Indicated and Inferred Mineral Resource Inventory of 3.0 Billion tonnes at 1,340 ppm lithium (Li) for a total of 21.5 Million tonnes lithium carbonate equivalent (LCE) at 1,000 ppm cut-off grade. At 21.5 Mt LCE, McDermitt is the largest lithium deposit in the United States (US) by contained lithium in Mineral Resource, and a globally significant resource (Table 1), with the deposit remaining open to the west and south (Figure 1).

Table 1 – Summary of 2023 McDermitt MRE1 at the reporting cut-off of 1,000 ppm. Note: totals may vary due to rounding.

Exploration Target

On 21 November 2023 Jindalee announced an independently estimated Exploration Target Range (ETR) at McDermitt of 300 – 700 Million tonnes at 1,100 – 1,400 ppm Li (at 1,000ppm Li cut-off) (Table 2, Figure 1)².

The Exploration Target surrounds and abuts the 2023 MRE and is extrapolated from 62 holes drilled at McDermitt from 2018 to 2022. Material for the MRE extends to a maximum distance of 1,200m from the nearest hole, with the ETR extending to a maximum of 1,500m from the nearest hole (Figure 1).

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