Mineral Resource At McDermitt Increases To 21.5 Mt LCE, Now The Largest Lithium Deposit In The US

Jindalee Resources Limited (Jindalee, the Company) is pleased to announce the updated Mineral Resource Estimate (MRE) at the Company’s 100% owned McDermitt Lithium Project (US) following the completion of drilling undertaken from August to October 2022^1,2,3.

• Mineral Resource Estimate updated following 2022 infill and extensional drill program^1,2,3
  
• Combined Indicated and Inferred Mineral Resource Inventory of 3.0 Billion tonnes at 1,340ppm Li for total of 21.5 Million tonnes Lithium Carbonate Equivalent (LCE) at 1,000 ppm cut-off grade
• At 21.5 Mt LCE McDermitt is now the largest Lithium deposit in the US by contained lithium in Mineral Resource
• McDermitt resource is of global significance and 100% owned and controlled by Jindalee

• MDD025: 182.2m @ 1197ppm Li from 21.4m
  
• MDD028: 131.6m @ 1219ppm Li from 21.9m
• MDRC024: 68.6m @ 1669ppm Li from 0m (surface)
• MDRC025: 50.3m @ 1512ppm Li from 0m (surface)

The 2023 combined Indicated and Inferred Mineral Resource update represents an overall increase (from 2022⁴) in tonnage of 65%, with a 2% decrease in grade for a 62% increase in contained lithium. Importantly, the Indicated Mineral Resource increased (by tonnage) by 138% with an overall 131% increase in contained metal at this higher confidence classification (Table 1).

Table 1 – Comparison of 20224 and 2023 McDermitt Mineral Resource Estimates at the reporting cut-off of 1,000ppm. Note: totals may vary due to rounding

Table 2 – Summary of 2023 McDermitt Mineral Resource Estimate at the reporting cut-off of 1,000ppm. Note: totals may vary due to rounding

The material uplift in confidence of the Mineral Resource from the 21 holes drilled in 2022⁴ (Table 1) is a result of the confirmation of the grade continuity that is characteristic of this style of lithium mineralisation.

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