MOU Executed with POSCO Holdings

Jindalee Resources Limited (Jindalee, the Company) is pleased to advise that it has signed a Non- Binding Memorandum of Understanding (MOU) with major Korean conglomerate POSCO Holdings Inc. (NYSE: PKX) (POSCO).

• POSCO and Jindalee to undertake joint research regarding Jindalee’s McDermitt Lithium Project (USA)
• POSCO to fund metallurgical testwork on McDermitt ore
• Results from testwork expected by mid 2023

Under the terms of the MOU POSCO and Jindalee agree to undertake joint research designed to optimise the flowsheet for processing ore from Jindalee’s 100% owned McDermitt Lithium Project (USA)¹. Jindalee will provide a large composite sample from McDermitt for testing at POSCO’s research facility in Korea. This MOU follows initial analysis of a smaller sample of McDermitt ore undertaken by POSCO in 2022.

POSCO advises that testing of the McDermitt ore will investigate three separate metallurgical processes. The testwork is expected to take approximately six months at a cost of approximately A$2M, which will be funded entirely by POSCO. POSCO and Jindalee will jointly evaluate the commercialisation of the Project following completion of the testwork.

Jindalee’s Chairman Justin Mannolini commented: “I am delighted that Jindalee has been able to sign a MOU with POSCO Holdings, a leading Korean company and lithium producer as well as supplier of cathode active materials to major US auto maker General Motors. This arrangement will allow Jindalee to further examine the potential of the McDermitt Lithium Project in Oregon, a very large and strategically important domestic source of lithium for the US battery industry. We look forward to receiving the results from POSCO’s testwork as part of our efforts to accelerate development of McDermitt through 2023.”

Authorised for release by the Board of Jindalee Resources Limited.

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