Quarterly Activities Report - September 2024

• Jindalee raises $6.1M via Placement, Convertible Notes and Entitlement Issue
• Funding enables completion of optimised McDermitt PFS and advances permitting and engagement with US Government agencies, local community and strategic partners
• US Department of Energy to fund Cooperative Research and Development Agreement focussed on reducing costs at McDermitt and minimising environmental impact
• McDermitt PFS progressing well and on schedule for delivery Q4 2024

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 (McDermitt or the Project) (Table 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, with the deposit remaining open to the west and south.

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

Metallurgical Test Work

The McDermitt flowsheet contemplates beneficiation of mined ore (to upgrade the leach head grade and remove acid consuming gangue minerals) followed by acid leaching and subsequent purification steps to produce battery grade lithium carbonate. The test work has been undertaken at Hazen Research Inc, laboratories in Colorado, US and managed by global engineering, procurement, construction and maintenance company Fluor Corporation (Fluor).

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