Jindalee Lithium Mobilises at McDermitt as Nasdaq Listing Targets Q4 2026
Key Takeaways
- Site mobilisation at the McDermitt Lithium Project is now underway, with Phase 1 infill drilling across up to 100 drill sites expected to commence late September 2026 and complete by end of November 2026.
- First assay results from the Phase 1 program are targeted for early Q1 2027, providing a hard catalyst date for investors to track against the 21.5Mt LCE resource base.
- The 2023 McDermitt MRE stands at 3,000Mt at 1,340ppm Li — Phase 1 drilling is specifically designed to upgrade Inferred material to Indicated confidence within the PFS mine design footprint.
- The proposed Nasdaq listing of US Elemental under ticker "ULIT" remains on track for Q4 2026, with the SEC Form S-4 review nearing completion and PIPE term sheets received from several credible US institutional funds toward a US$20–30M raise.
- Jindalee holds 100% ownership of McDermitt with unencumbered offtake rights, and a binding US$4M cornerstone PIPE commitment from an Antarctica Capital affiliate is already in place.
Two major catalysts converge for Jindalee shareholders
Jindalee Lithium (ASX: JLL, OTCQX: JNDAF) has issued a dual-catalyst update, confirming site mobilisation is now underway at its McDermitt Lithium Project in Oregon and that the proposed Nasdaq listing of US Elemental remains on track for Q4 2026. Both workstreams are advancing simultaneously, creating one of the most active operational periods in the company’s recent history.
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McDermitt drilling mobilises after Oregon’s worst fire season on record
The Bureau of Land Management (BLM) has recently eased fire restrictions at McDermitt, clearing the way for mobilisation activities to begin. Drilling commencement had been contingent on this easing, given that 2026 has been Oregon’s worst fire season on record.
The McDermitt drilling permits cleared through the BLM approval process in December 2025, with the Exploration Plan of Operations authorising up to 168 drill sites across a staged program that Phase 1 now draws from.
The drilling program milestones are:
- Site mobilisation underway (September 2026)
- Phase 1 infill drilling expected to commence late September 2026
- Program expected to be completed by end of November 2026
- First results from Phase 1 expected early Q1 2027
The Exploration Plan of Operations (EPO), approved by the BLM in December 2025, provides for a staged drilling program of up to 168 drill sites in total. Phase 1 will comprise up to 100 drill sites, focused on high-priority infill work. The 2026 drill program is designed to:
- Upgrade resource confidence (currently Indicated and Inferred categories)
- Provide fresh samples for geotechnical studies and metallurgical testwork
- Collect environmental information, including hydrogeological data
What the drilling targets
Phase 1 infill drilling is focused on the central part of the deposit within the mine design outlined in the McDermitt Pre-Feasibility Study (PFS), completed in November 2024. The primary objective is upgrading the confidence of the resource, which currently sits in the Indicated and Inferred categories, a standard development milestone that increases the reliability of the resource estimate underpinning any future mine plan.
McDermitt grades confirmed in prior drilling have established the deposit’s lithium ppm profile across the central zone, providing the geological baseline that Phase 1 infill work is designed to upgrade from Inferred to Indicated confidence.
The 2023 McDermitt Mineral Resource Estimate (MRE) that the program is working to upgrade is presented below.
| Category | Tonnage (Mt) | Li Grade (ppm) | LCE (Mt) |
|---|---|---|---|
| Indicated Resource | 1,470 | 1,420 | 11.1 |
| Inferred Resource | 1,540 | 1,270 | 10.4 |
| Indicated + Inferred Total | 3,000 | 1,340 | 21.5 |
Source: 2023 McDermitt MRE. Cut-off grade 1,000 ppm Li. Totals may vary due to rounding.
What is a SPAC and why it matters for McDermitt’s Nasdaq debut
A Special Purpose Acquisition Company (SPAC) is a listed shell company with no operating business. It raises capital through an initial public offering with the sole purpose of merging with or acquiring a private company, effectively giving that private company a faster route to a public listing than a traditional IPO.
The mechanism that brings SPAC and target together is called a Business Combination Agreement (BCA). Once signed, the combined entity proceeds through regulatory and shareholder approval steps before the target company begins trading on the relevant exchange under a new ticker. In this case, Jindalee’s US assets will sit inside the newly formed US Elemental, which is expected to trade on Nasdaq under the ticker “ULIT”.
PIPE stands for Private Investment in Public Equity. It refers to a capital raise where institutional investors commit funds directly into the transaction, typically at a negotiated price, as part of the listing process. Receiving term sheets from institutional investors at this stage signals that credible external parties are willing to back the deal with capital, which is a meaningful marker of progress in the deal timeline. Term sheets represent expressions of intent; binding funding agreements represent the finalisation step that follows.
US Elemental Nasdaq listing on track for Q4 2026
The proposed Nasdaq listing of US Elemental is progressing through a defined set of closing conditions, with several workstreams advancing in parallel. Jindalee shareholders have already approved the transaction, satisfying one of the key conditions.
Closing conditions checklist:
- Jindalee shareholder approval ✓ (completed)
- Constellation shareholder vote (pending — requires Form S-4 effectiveness first)
- Nasdaq listing approval (pending)
- SEC registration statement (Form S-4) effectiveness (critical path — expected late September or October 2026)
- Regulatory approvals (pending)
- Minimum cash condition of US$14M net of certain transaction expenses (pending; may be waived by Jindalee)
- PIPE funding agreements (term sheets received from several credible US funds; finalisation underway)
The Transaction contemplates a PIPE capital raise of approximately US$20–30M, including a binding cornerstone commitment of US$4M from an affiliate of Antarctica Capital. Of that cornerstone amount, approximately US$1.5M was funded on signing of the BCA, with a further US$2.5M committed to be funded at completion. Jindalee has advised that current indications suggest the US$20–30M funding target will be met, subject to further negotiations and finalisation of binding funding agreements with short-listed parties.
The Constellation sponsor, an affiliate of Antarctica Capital, has entered into a Sponsor Support Agreement committing to vote all of its Constellation shares in favour of the Transaction, signalling alignment at the SPAC level.
Ian Rodger, Managing Director and CEO
“We are very pleased to advise that site mobilisation activities have commenced at McDermitt, ahead of a significant drilling program commencing later this month. Furthermore, it’s great to be able to report material progress on US Elemental’s Nasdaq listing with the SEC review process nearing completion and funding process advancing through term sheets with the potential to meet the proposed US$20–30M capital raising target under consideration. This is an exciting time for Jindalee shareholders, and we look forward to providing further updates.”
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The investment case: scale, timing, and US critical minerals tailwinds
McDermitt is described by the company as one of the largest lithium deposits in the US and of global significance. Jindalee holds 100% ownership with unencumbered offtake rights. The November 2024 PFS confirmed the project’s scale, long mine life, and low-cost production potential, with the company noting strong engagement from US government agencies, including the Department of Energy.
Two near-term catalysts are now visible on the horizon. The US Elemental Nasdaq listing, if conditions are satisfied or waived, is targeted for Q4 2026. Drill results from the Phase 1 program are expected in early Q1 2027. A potential Nasdaq listing would create a dedicated US-listed lithium vehicle at a time of heightened focus on domestic critical minerals supply. Both milestones remain subject to the satisfaction or waiver of applicable conditions, and outcomes are not guaranteed.
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