Jindalee Lithium Limited (JLL), an ASX-listed company focused on developing lithium resources, has announced significant progress at its 100%-owned McDermitt Lithium Project in the US. The McDermitt project, located on the Oregon-Nevada border, is considered one of the largest lithium deposits in the United States. The company received approval from the US Bureau of Land Management (BLM) for its Exploration Plan of Operations (EPO) during the period.
The EPO approval marks a major milestone for the McDermitt Project, allowing Jindalee to significantly increase on-site activities. Plans include infill drilling to gather additional geological and environmental data, as well as collecting fresh samples for geotechnical studies and further metallurgical test work. The results will contribute to the ongoing McDermitt Feasibility Study. Applications for state-level permits have been lodged, with outcomes expected in the first half of 2026, and drilling anticipated to commence shortly after, pending standard administrative procedures.
Jindalee also reported positive results from its 2025 drilling program, with all five core holes returning strong lithium and magnesium intercepts from shallow depths. Notable intercepts include 36.5m @ 1951 ppm Li & 5.23% Mg from 24.5m and 110.6m @ 1519 ppm Li & 4.80% Mg from 23.0m. The company is focused on optimising lithium recoveries and unlocking value from the magnesium endowment at McDermitt, potentially positioning it as a dual-product project. Battery-grade lithium carbonate prices strengthened significantly during the quarter, highlighting the growing demand for lithium-ion batteries, particularly in the electric vehicle and battery energy storage sectors.
Corporate activities included the extension of the exclusivity period for a proposed SPAC transaction to list McDermitt on a US exchange, valuing the project at US$500 million. The company completed a share purchase plan (SPP) which raised $1.5 million, following an $8 million placement completed in late October 2025. All remaining convertible notes were repurchased in November 2025, leaving Jindalee debt-free and well-positioned to continue advancing the McDermitt Lithium Project.
