Name of the Project
McDermitt lithium project.

Location
Malheur County, on the Oregon-Nevada border, in the US.

Project Owner/s
Jindalee Resources.

Project Description
McDermitt is the biggest lithium deposit in the US by contained lithium. Indicated and inferred mineral resources as at February 2023 were estimated three-million tonnes grading 1 340 parts per million lithium.

A preliminary scoping study completed in September 2021 has confirmed the potential of McDermitt to support a viable standalone lithium mining and processing operation, and reinforce the significance of the project as a possible long-life source of future supply to the rapidly growing US battery manufacturing industry.

The study envisages an openpit mining operation that processes ore using sulphation roasting to produce battery-grade lithium carbonate.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Not stated.

Planned Start/End Date
Not stated.

Latest Developments
Jindalee Lithium wants to raise up to A$6.7-million to advance work at the project.

The capital raise will comprise a placement of about A$600 000 to institutional investors, directors and management at A$0.30 a share with attaching options; a nonrenounceable rights issue to existing shareholders on a one-for-six basis at the same price; and a funding facility for the balance.

The company has entered into a funding facility with US-based fund manager C/M Capital Partners – as manager of Mercer Street Global Opportunity Fund II – for up to A$12-million. Mercer Street will fund an initial convertible note tranche of A$3-million.
Mercer Street may fund optional further tranches of up to $9-million by mutual agreement.

The funds raised will be used to complete the McDermitt prefeasibility study, continue US activities, including baseline studies, permitting and stakeholder engagement, as well as for corporate costs.

Key Contracts, Suppliers and Consultants
GR Engineering Services (process engineering, capital and operating cost estimation); Cube Consulting (mining consultant); and MineGeoTech (geotechnical assessment).

Contact Details for Project Information
Jindalee Resources, tel + 61 8 9321 7550 or email enquiry@jindalee.net.