Quarterly Activities Report - September 2023

Jindalee Resources Limited (Jindalee, the Company) is pleased to provide its Quarterly Activities Report for the period ending 30 September 2023.

• Excellent head assays from McDermitt metallurgical testwork
• McDermitt Pre-Feasibility Study (PFS) progressing well (on time and on budget)
• Priority Offer to Jindalee shareholders closed 27 October 2023, raising $0.6M (before costs)
• The Company to be renamed Jindalee Lithium Ltd, subject to shareholder approval at the forthcoming AGM

McDermitt Lithium Project (Jindalee 100%)

In February 2023, Jindalee Resources Limited (Jindalee or the Company) announced an updated Mineral Resource Estimate (MRE) at Jindalee’s 100% owned McDermitt Lithium Project (US) following drilling completed in October 2022 (Figure 1)¹.

The 2023 MRE for McDermitt contains a combined Indicated and Inferred Mineral Resource Inventory of 3.0 Billion tonnes at 1,340ppm Li for a total of 21.5 Million tonnes LCE at 1,000 ppm cut-off grade. At 21.5 Mt LCE, McDermitt is the largest lithium deposit in the 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 Mineral Resource Estimate1 at the reporting cut-off of 1000ppm. Note: totals may vary due to rounding

Metallurgical Testwork

In March 2023 Jindalee announced that global engineering, procurement, construction and maintenance (EPCM) company Fluor Corporation (NYSE: FLR) (Fluor) had reviewed metallurgical testwork undertaken at McDermitt and had determined that acid leaching with ore beneficiation (to upgrade the leach head grade) delivered the lowest operating costs and best financial outcome among the alternatives considered².

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