Excellent results from the 2025 core drilling program at McDermitt

Jindalee Lithium Limited (Jindalee, or the Company; ASX: JLL, OTCQX: JNDAF) is pleased to report test results from the McDermitt Lithium Project drilling program completed in late 2025.

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• All holes returned strong lithium and magnesium intercepts from shallow depths, including:
  • R92: 36.5 m @ 1951 ppm Li and 5.23% Mg from 24.5 m
  • R93: 15.5 m @ 1456 ppm Li and 5.45% Mg from 3.6 m
  • R94: 66.0 m @ 1599 ppm Li and 4.12% Mg from 0.4 m
  • R95: 110.6 m @ 1519 ppm Li and 4.80% Mg from 23.0 m
  • R96: 20.1 m @ 1514 ppm Li and 5.29% Mg from 0.4 m
• Three holes that formed previous RC holes confirmed good correlation with RC results
• High quality core samples retained for metallurgical testing (lithium and magnesium)

Background

On December 3, 2025, Jindalee announced the completion of a large-diameter core drilling program at the McDermitt Lithium Project1, a 100% company-owned1 (McDermitt, Project), one of the largest lithium deposits in the United States (US) and of global importance2 (Figure 1).

The program included five PQ3 core holes (8.5 cm diameter) designed to obtain samples for metallurgical testing to further optimize lithium recovery, and to unlock value from the significant magnesium resource at McDermitt, through the Value Optimization Program announced in late October 20253. The drilling also provided valuable geological and geotechnical data on the deposit, with three of the holes connecting to double reverse circulation (RC) holes drilled in 2021 and 20224.

Discussion

All five holes returned strong lithium and magnesium intercepts from shallow depths, as summarized above and in Appendix A. Three holes (R94, R95 and R96) were matched to two RC holes previously drilled by Jindalee (MDRC-24, MDRC-21 and MDRC-22 respectively), with tests of the recent core holes showing good correlation with the RC results (see Table 1). Jindalee will now conduct detailed geostatistical analyzes to further evaluate the relationship between RC and core drilling results to help determine optimal drilling methods for future programs.

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