Announcement PDF AND ITS CONTROLLED ENTITIES ABN 52 064 121 133 ASX:JLL OTCQX:JNDAF Jindaleelithium.com Jindalee Lithium Limited Corporate directory 30 June 2025 Board and Management Wayne Zekulich - Non-Executive Chair Lindsay Dudfield - Executive Director Darren Wates - Non-Executive Director Paul Brown - Non-Executive Director Ian Rodger - Chief Executive Officer and Managing Director (appointed 1 July 2025) Company secretary Carly Terzanidis Registered office Ground Floor, 41 Colin Street West Perth WA 6005 Principal place of business Level 2, 9 Havelock Street, West Perth, WA 6005 Telephone: +61 (8) 9321 7550 Facsimile: +61 (8) 9321 7950 Email: enquiry@jindaleelithium.com Share register Automic Group Level 5, 191 St Georges Terrace Perth, WA 6000 Telephone: +61 (2) 9698 5414 Auditor BDO Audit Pty Ltd Level 9 Mia Yellagonga Tower 2, 5 Spring Street Perth, WA 6000 Legal Advisors Piper Alderman Level 26, 71 Eagle Street Brisbane, QLD 4000 Stock exchange listing Jindalee Lithium Limited shares are listed on the Australian Securities Exchange (ASX code: JLL) and OTC Markets Group Inc (OTCQX: JNDAF) Website http://www.jindaleelithium.com/ 1 Jindalee Lithium Limited Contents 30 June 2025 Chair's letter Directors' report Auditor's independence declaration Statement of profit or loss and other comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial statements Consolidated entity disclosure statement Directors' declaration Independent auditor's report to the members of Jindalee Lithium Limited Shareholders information Tenement listing 2 3 4 31 32 33 34 35 36 60 61 62 67 69 Jindalee Lithium Limited Chair’s letter 30 June 2025 Dear Shareholders, I am pleased to present this update on behalf of the Board of Jindalee Lithium Limited, reflecting a year of significant progress and strategic achievement. In 2025, our focus remained firmly on advancing the McDermitt Lithium Project in the United States. The release of the Pre-Feasibility Study confirmed McDermitt as one of the largest lithium resources in the country, with a projected 63-year production life and robust financial metrics, including a post-tax NPV (8%) of US$3.23 billion and a payback period from first production of under five years. 1 Technical validation of the flowsheet, including high lithium recoveries and battery-grade product purity, was achieved through extensive metallurgical testwork. We also strengthened our engagement with US Government agencies, securing a Cooperative Research and Development Agreement with the Department of Energy and progressing a grant application with the Department of Defense. Importantly, in April 2025 McDermitt was one of the first ten resource projects designated a FAST-41 Transparency Project by the US Government, underscoring its strategic significance. Permitting and community engagement advanced meaningfully, with new agreements signed with the Fort McDermitt Paiute Shoshone Tribe earlier in the year and the Environmental Assessment for our Exploration Plan of Operations released for public review in March 2025, with approval targeted by the end of calendar year 2025. These steps reflect our commitment to responsible development and long-term partnerships. To support these initiatives, Jindalee secured $10.2 million in funding during the year, comprising $6.1 million from a Capital Raise (comprising a placement, entitlement issue and convertible notes), $1.3 million from the exercise of options expiring 30 June 2025, and $2.75 million from the sale of non-core assets. We are grateful for the continued support of our shareholders and strategic partners. As we look ahead, Jindalee is well-positioned to accelerate development and deliver long-term value. We remain committed to building a sustainable, world-class lithium project that supports US energy security and the global transition to clean energy. Thank you for your continued support. Yours sincerely, Wayne Zekulich Chair Jindalee Lithium Limited 1 Jindalee Lithium ASX announcement 19/11/2024: ‘McDermitt PFS Demonstrates Multi-Decade Competitive Source of US Lithium Carbonate’ 3 Jindalee Lithium Limited Directors' report 30 June 2025 The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Jindalee Lithium Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2025. Directors The following persons were Directors of Jindalee Lithium Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Lindsay Dudfield Wayne Zekulich Darren Wates Paul Brown Ian Rodger (appointed 1 July 2025) Principal activities The principal activity of Jindalee Lithium Limited during the year was mineral exploration and development, including the consideration of opportunities to add to the Company’s mineral project portfolio. During the year there was no change in the nature of this activity, with Jindalee retaining interests in projects in the United States (US) and Western Australia and continuing to consider various opportunities to complement its existing project portfolio. Financial result The loss for the Group after providing for income tax amounted to $5,406,835 (30 June 2024: $4,687,923). The net assets of the Group have increased by $1,881,100 from $18,762,407 at 30 June 2024 to $20,643,507 at 30 June 2025. The Directors are managing the Group's financial position to continue its exploration and development endeavours. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Significant changes in the state of affairs There were no significant changes in the state of affairs of the Group during the financial year. Operations and financial review The Company's strategy is to identify, acquire and develop projects with the potential to transform the Company, and this continued to be the Group’s primary focus. REVIEW OF OPERATIONS Jindalee’s strategy is to identify, acquire and develop projects with the potential to transform the Group and this continued to be the primary focus. During the year efforts were concentrated on Jindalee’s 100% owned McDermitt Lithium Project (US) (“McDermitt” or “Project”). Mid-November 2024 Jindalee announced the results of the McDermitt Pre-Feasibility Study (“PFS”), confirming a 63 year life with strong financial metrics and a 5 year pay-back1. The PFS supported publication of a Maiden Probable Ore Reserve (JORC 2012) for McDermitt and also indicated excellent potential to further reduce capital and operating costs, as well as increase production at the Project. Permitting activities and community engagement to support more detailed work to be undertaken at McDermitt continued during the period, highlighted by the release of the Environmental Assessment (“EA”) for public comment in March 20252 as part of Company’s Exploration Plan of Operations (“EPO”). Jindalee also announced the signing of a cooperative research and development agreement with the US Department of Energy (“DoE”) to identify opportunities to improve outcomes at McDermitt3 and noted that an application for a grant to co-fund an accelerated Feasibility Study was being considered by the Department of Defense (“DoD”) 4. In April 2025 McDermitt was one of the first ten resource projects designated a FAST-41 Transparency Project by the US Government 5, reinforcing McDermitt’s strategic importance to America’s security. 4 Jindalee Lithium Limited Directors' report 30 June 2025 During the period the Company raised approximately $10.2M in additional funding to completion of the PFS and other activities. This included $6.1M via the capital raise announced in July 2024 (comprising entitlement offer, placement and convertible notes), $1.3 million from the exercise of Company options expiring 30 June 2025 and $2.75M from the sale of non-core assets6. McDermitt Lithium Project (US) Jindalee’s 100% owned McDermitt Lithium Project is located approximately 35km west of the town of McDermitt, straddling the Oregon and Nevada border. The Project occurs in the McDermitt Caldera, an extinct volcanic structure, with lithium mineralisation hosted in a sequence of flat lying lakebed sediments overlying a basaltic basement. Geological work undertaken during the year defined a consistent stratigraphic sequence comprising 12 distinct geological units. Four of these units (Units 4, 6, 8 and 10) contain elevated lithium grades above 1,000ppm. The current (2023) mineral resource estimate (“MRE”) for McDermitt contains a combined Indicated and Inferred MRE of 3.0 Billion tonnes at 1,340ppm lithium for a total of 21.5 Million tonnes Lithium Carbonate Equivalent (“LCE”) at 1,000ppm cut-off grade7 (see Table 1). At 21.5Mt LCE, McDermitt is one of the largest lithium deposits in the US by contained lithium in Mineral Resource, and a globally significant resource, with the deposit remaining open, particularly to the west. Indicated Resource Cut-off Grade (ppm Li) 1,000 Indicated and Inferred Resource Inferred Resource Tonnage (Mt) Li Grade (ppm) LCE (Mt) Tonnage (Mt) Li Grade (ppm) LCE (Mt) Tonnage (Mt) Li Grade (ppm) LCE (Mt) 1,470 1,420 11.1 1,540 1,270 10.4 3,000 1340 21.5 Table 1 – Summary of 2023 McDermitt MRE7 at the reporting cut-off of 1,000 ppm. Note: totals may vary due to rounding. Metallurgical Testwork – PFS In March 2023 Jindalee announced that global engineering, procurement, construction and maintenance company Fluor Corporation (“Fluor”) had reviewed metallurgical testwork undertaken at McDermitt and had determined that acid leaching with ore beneficiation (to upgrade the leach head grade) delivered the lowest operating costs and best financial outcome among the alternatives considered8. Fluor has extensive experience with sediment hosted lithium deposits in the US and recommended that a comprehensive metallurgical testwork program be undertaken to enable the preferred flowsheet for the processing of McDermitt ore to be defined and form the basis for the PFS. Testwork on drill core from Units 4, 6, 8 and 10 commenced at consultant metallurgists Hazen Research Inc. in July 2023 under the supervision of Fluor. Mid-November 2023 Jindalee announced excellent results from beneficiation of the individual unit samples via attrition scrubbing9. The calculated recovery for a composite sample (representing a nominal life-of-mine average feed) recovered 92.0% of the lithium to leach feed and rejected 25.3% of the mass at a cut size of 250 microns (µm) (Table 2). The average grade to leach was 2,107 ppm Li, 18% higher than the average head grade of the metallurgical samples (1,790 ppm Li) and 57% higher than the average Mineral Resource grade (1,340 ppm Li; refer Table 1). Cut Size (µm) Pit Shell Li Recovery Mass Rejection Li to Leach 250 6 92.0% 25.3% 2,107 ppm Table 2 – Summary of Lithium Recoveries via Attrition Scrubbing at 250 micron cut size9. Initial acid leaching results from the metallurgical testwork were announced on 18 January 202410. Leaching was conducted on leach feed with a beneficiation cut size of 250 µm. This feed was leached without further grinding (250 µm leach feed) and with further grinding to achieve 100% passing 75 µm (75 µm leach feed) using 500 kg acid per tonne of leach feed and returned very high lithium extraction rates. The 250 µm leach feed was also leached with a higher strength acid (850 kg/t) recording extremely high extraction rates (>98%) for all units (Table 3). The leach testwork extended for up to four hours with most of the lithium (Li) extraction occurring in the first hour and with Units 4 and 6 demonstrating the highest extraction rates. 5 Jindalee Lithium Limited Directors' report 30 June 2025 Unit Cut Size (µm) 4 6 Leach Feed (100% passing µm) Li Extraction (500 kg/t) Li Extraction (850 kg/t) 250 96.8% 98.7% 75 99.1% N/A 250 91.9% 99.1% 75 92.1% N/A 250 91.5% 99.0% 75 90.7% N/A 250 89.2% 100.0% 75 88.0% N/A 250 92.9%* N/A 75 94.0% N/A 250 8 10 Composite Table 3 – Maximum Lithium Extraction at variable feed sizes and acid strengths - Units 4, 6, 8 and 10 (* calculated). The calculated Li extraction for a composite sample using 250 µm leach feed was 92.9% which compares favourably with the extraction rate (94.0%) achieved through testwork from the finer (75 µm) leach feed (Table 3) using 500 kg/t acid. Testwork on beneficiated samples (250 µm) undertaken by POSCO Holdings (NYSE: PKX), pursuant to the Memorandum of Understanding signed with POSCO in February 2023 11, returned similar extraction rates (96.5% from Unit 4 and 96.3% from Unit 6) within two hours at similar acid dosages 12. Leaching of a bulk composite commenced in January 2024 to provide lithium in solution for downstream testwork and in July 2024 the Company announced first production of a 99.8% pure lithium carbonate, comfortably meeting battery grade industry standards (>99.5%) and confirming that all steps of the McDermitt flowsheet adopted for the PFS had been validated13 (Figure 1). Figure 1 – McDermitt Lithium Project – Simplified Flowsheet. 6 Jindalee Lithium Limited Directors' report 30 June 2025 Pre-Feasibility Study (PFS) In November 2024 Jindalee announced the results of the PFS on the McDermitt Lithium Project 1. The PFS represents the culmination of over 18 months of detailed metallurgical testwork (refer above) and engineering and related studies managed by the Jindalee team, with key support from Fluor, Cube Consulting and specialist US and Australian consultants. Highlights of the PFS are summarised in Tables 4 and 5 and include: • Lithium Carbonate Production: Forecast production of 1.8 million tonnes battery grade Lithium Carbonate over first 40 years, supporting the growing US battery supply chain • Average Annual Lithium Carbonate Production: o 47.5ktpa in the first 10 years of commercial operation (C1 unit cost US$8,080/t of lithium carbonate) o 44.3ktpa in the first 40 years of commercial operation (C1 unit cost US$8,670/t of lithium carbonate) • Strong Financial Metrics (first 40 years): Ungeared, using flat US$24,000/t lithium carbonate price o Post-tax NPV8 of US$3,229M o Post-tax IRR of 17.9% o Payback period under 5 years • Generational Project with Life in Excess of 40 years: The PFS Processing Schedule supports a 63 year production life (including commissioning and ramp-up), however it is important to note that the production target and forecast financial information excludes any production post 40 years of commercial operation) • Processing Studies and Capital Estimate prepared by Fluor: US$3.02B capital estimate, including 21% contingency • EBITDA Margin: 66% over the first 10 years of operations, with C1 costs in the bottom half of industry and 17% pre-tax net operating cashflow margins (including sustaining capital) at November 2024 spot prices • Maiden Probable Ore Reserve (JORC 2012) of 251Mt @ 1,751ppm lithium, containing 2.34Mt1 of LCE, accounts for 79% of forecast production in the PFS Processing Schedule but represents only ~10% of current MRE7 on a contained LCE basis, highlighting future optionality. The PFS envisions a conventional open-pit mining method, with a low strip ratio and no blasting required due to the soft and friable nature of the ore and waste material. The pit designs and mining schedule were developed by Cube Consulting, treating only Units 4 and 6 as ore, although Units 8 and 10 are economically viable and may be incorporated into the production schedule in future study phases. The PFS supported publication of a Maiden Probable Ore Reserve (JORC 2012), also developed by Cube Consulting, of 251Mt of Ore grading an average of 1,751ppm lithium for 2.34Mt of contained LCE (Table 4) representing only ~10% of the lithium contained in the MRE. 79% of the PFS mining schedule comprises Probable Ore Reserves, 3% Indicated Resources with the balance (18%) being Inferred Resources, weighted towards the back end of the schedule. Probable Reserve Cut-off Grade (ppm Li) Tonnage (Mt) Li Grade (ROM-ppm) LCE (Mt) 1,000 251 1,751 2.34 Table 4 – Summary of 2024 McDermitt Ore Reserve (JORC 2012). Note: totals may vary due to rounding. 7 Jindalee Lithium Limited Directors' report 30 June 2025 Economic Evaluation Period Physicals and Production Summary First 10 Full Years (Project life incl. construction, commissioning/ ramp-up and first 40 full yrs of production) Ore processing rate 4.8 to 5.3 Mt per annum Ore tonnes processed 48.5Mt 203.0Mt Average lithium feed grade 2,146ppm 1,967ppm Average lithium recovery 85.8% 84.4% Average lithium carbonate production 47,500t per annum 43,800t per annum 475,000t 1,796,169t Total lithium carbonate productioni Pre-Production Capital Cost Pre-production capital US$2,377M Contingency US$495M Owner’s costs US$149M Totalii US$3,021M Payback periodiii 5 years Economic Evaluation Period Financial Resultsiv First 10 full years (Project life incl. construction, commissioning/ ramp-up and first 40 full yrs of production) Revenue US$11,400M US$43,108M Sustaining capital US$102M US$508M Net free cashflow: Pre-tax US$7,108M US$23,080M Net free cashflow: Post-tax US$6,629M US$18,061M US$8,080/t LCE US$8,673/t LCE 66% 64% C1 Costsv EBITDA Marginvi Discounted Cashflowiv, vii: Pre-tax US$3,895M Discounted Cashflowiv, vii: Post-tax US$3,229M IRRiv: Pre-tax 18.1% IRRiv: Post-tax 17.9% Table 5 – Key PFS Physical and Financial Metrics. 8 Jindalee Lithium Limited Directors' report 30 June 2025 Notes: (i) Annual figures rounded to nearest 100t, total rounded to nearest 500t. (ii) Totals may not sum due to rounding. (iii) From commencement of production. (iv) At US$24,000/t lithium carbonate price. (v) C1 cost includes operating costs for mining, processing, administration and product sales, after accounting for movements in inventory related to ore stockpiles. (vi) Calculated as EBITDA / Revenue. (vii) 8% real discount rate. Refer to Jindalee’s ASX announcement dated 19 November 2024 1 for further details. As noted above, the processing flowsheet consists of ore beneficiation (attrition scrubbing), sulphuric acid leaching, purification and lithium carbonate precipitation (Figure 1). This flowsheet positions the Project as a fully integrated domestic US battery grade lithium carbonate producer. The process plant is designed to have lithium carbonate production capacity of 47.5ktpa. The Project is forecast to produce at this rate for its first 10 full years of production, before declining slowly as the feed grade declines (assuming no further high-grade ore is defined), producing circa 1.8Mt of Lithium Carbonate over an initial 40 year production life post ramp up and commissioning, which forms the basis of the PFS Economic Evaluation. The full 63 year PFS Processing Schedule has forecast total production of 2.5Mt of Lithium Carbonate. Onsite non-process infrastructure was defined by Fluor, with grid power supply, tailings and waste storage, and water supply scope definition completed by experienced specialist engineering firms. Fluor consolidated the non-process infrastructure capital cost estimate on a common basis. The Project benefits from access to the power grid and US highway systems via the town of McDermitt, while the nearest railhead at Winnemucca, 120km south of the town of McDermitt, provides access to the extensive North American rail system. The pre-production capital cost for the Project is estimated at US$3.02B, classified as a Class 4 estimate under the Association for the Advancement of Cost Engineering (“AACE”) estimate classification system, with an accuracy of +35%/-25%. The estimate base date is Q1 CY2024. The capital cost estimate considers all execution-phase costs (post final investment decision), such as engineering procurement, construction and commissioning, to bring the Project into operation. Construction and commissioning are assumed to be undertaken over a three-year period, with pre-strip mining commencing in the third year. The operating cost estimate for the Project has been classified as Class IV (AACE) and is based on Q1 CY2024 pricing. The cash operating cost for the first 10 years of full production is estimated at US$8,760 per tonne of lithium carbonate, with a C1 cost of US$8,080 per tonne over the same period. The largest portion of operating costs is attributed to the process plant, derived from a Fluor-developed cost model. The PFS results demonstrate a robust financial case for the Project under base case assumptions. Key financial and operational metrics are summarised in Table 5 and reinforce the long life, high margin nature of the Project. The Project maintains average EBITDA margins above 64% over the 40-year Economic Evaluation Period, with C1 costs in the bottom half of industry cost curve, 17% pre-tax net operating cashflow margins (including sustaining capital) at November 2024 lithium carbonate spot prices and payback within the first five years of production (Figure 2). $2,000 $0 -5,000 Sales Revenue Capital Costs Tax Credits -$2,000 1 6 11 16 Operating Costs Income Tax Net Post Tax Cash Flow 21 26 31 36 -25,000 41 Project Year Figure 2 – Annual and Cumulative Cashflow during Economic Evaluation Period. 9 US$M US$M 15,000 Jindalee Lithium Limited Directors' report 30 June 2025 Key sensitivities for Project post-tax NPV and cash flow were tested. As is typical for most resource projects, value was most sensitive to revenue (as a proxy for lithium price, lithium recovery and/or lithium head grade). The Project showed the lowest sensitivity to construction capital costs, given the long life and large revenues generated. Additionally, a number of future opportunities have been identified during the PFS, which have the potential to materially improve Project economics through process optimisation and potential production of co- products. These include opportunities for cost reduction and enhanced sustainability outcomes through the strategic agreement with the US Department of Energy announced in September 20243. Permitting and Community Engagement In May 2023 Jindalee announced that the Exploration Plan of Operations (“EPO”) for McDermitt, originally submitted to the US Bureau of Land Management (“BLM”) in August 2022 (with additional information provided early 2023), had been deemed complete14. The public comment period on the EPO closed mid-September 2023 and the environmental review process required by the National Environmental Policy Act (“NEPA”) commenced in January 2024. A draft of the EA was updated during the period to include further mitigation measures following discussions with the BLM and additional State and Federal agencies. The EA was made available for public review in March 2025 and the public comment period closed late April 202525. The BLM is currently reviewing comments and potential mitigation requirements with relevant agencies, with approval (Decision Record) expected in Q4 2025. Once approved, the EPO will allow Jindalee to significantly increase on-site activity, including infill drilling and providing additional geological and environmental data, together with fresh samples for geotechnical, studies and further metallurgical testwork. In October 2024 the Company advised that it had entered into agreements with the nearby Fort McDermitt Paiute Shoshone Tribe (“FMPST”), located approximately 30km east of the Project12. These agreements form a crucial part of the community engagement and permitting process. The first agreement, a Communications Protocol, is designed to facilitate cooperation between the FMPST and the Company and foster sharing of information and collaborative efforts between the parties. The Communications Protocol also establishes a communication cadence between the parties to ensure open dialogue on issues of common concern and interest. The second agreement is a Cultural Study, Ethnobotanical Survey and Funding Agreement, which will allow FMPST, in partnership with its consultants, to conduct studies in the Project area. These studies aim to identify culturally significant areas, plants and resources, ensuring that potential impacts on the FMPST’s cultural heritage are considered as part of Jindalee’s proposed activities under its EPO. Under this agreement Jindalee will provide limited funds to FMPST to cover costs incurred as part of the studies. Jindalee looks forward to working closely with the FMPST, and other Tribal groups, going forward. The Company continues to build its US capability ahead of an expected increase in activity, including appointment of experienced Environmental, Social, and Governance (“ESG”) Manager Sandra Carson who commenced in November 2024. Sandra’s focus is on advancing the federal and state permitting programs at McDermitt, developing robust community engagement programs for McDermitt and surrounding communities (including interested Tribal groups), and developing industry-leading ESG policies. 10 Jindalee Lithium Limited Directors' report 30 June 2025 US Government Support Jindalee continues to engage with US Government agencies (both State and Federal) regarding opportunities to advance the Project, including technical cooperation between agencies and the potential for US Government funding for the Project. In September 2024 Jindalee announced that it had been approved by the DoE’s Office of Energy Efficiency and Renewable Energy for a Cooperative Research and Development Agreement (“CRADA”) 3. The CRADA aims to develop cutting edge extraction methods for McDermitt designed to lower costs and minimise environmental impact, including lowering water usage and acid consumption and reducing the footprint of the Project, as well as exploring the potential for co-products. Research is being led by Ames National Laboratory with other key members including the Oregon Department of Geology and Mineral Industries (“DOGAMI”), Oregon State University, University of Nevada Reno, Lawrence Berkeley National Laboratory and the National Energy Technology Laboratory. Work undertaken under the CRADA is being funded by the DoE with Jindalee providing in-kind support, including access to data, samples, and technical expertise. In October 2024, Jindalee hosted a contingent of researchers from the consortium at the McDermitt Project location to further project understanding and develop mineralogical characterisation and genesis models. This foundational work will be leveraged in developing and refining future novel lithium extraction methodologies from the McDermitt ore, which could potentially further optimise the McDermitt flowsheet. Also in September 2024, Jindalee confirmed that an application for non-dilutive grant funding lodged with the DoD remained on foot4. If successful, the DoD grant application is expected to provide co-funding for an accelerated Feasibility Study and associated drilling and test work at McDermitt. In April 2025 Jindalee announced that McDermitt had been designated a Transparency Project under the US Federal Government’s Fixing America’s Surface Transportation Act (“FAST-41”) initiative5, following the issuance of President Trump’s 20 March 2025 Executive Order “Immediate Measures to Increase American Mineral Production”15. McDermitt was one of only ten resource projects nationally to initially receive this designation, highlighting its strategic importance. Since President Trump was inaugurated as President of the United States on 21 January 2025, his administration has expressed strong support for increasing US production of critical minerals and reducing reliance on China, which currently dominates global supply chains for these essential materials, including lithium. Several policy initiatives are anticipated to advance this objective, including: • Increased tariffs on Chinese imports: Tariffs as high as 60% have been proposed to incentivise domestic production16. • Streamlined regulation in the critical mineral sector: Efforts include fast-tracking permitting for new projects, supported by two executive orders issued on President Trump’s first day in office17,18,19. • Enhanced financing and tax incentives: Ongoing support for domestic critical minerals projects, bolstered by an additional executive order issued on President Trump’s first day in office19. Subsequent to the end of the year, on 4 July 2025 President Trump signed PL 119-21 (“One Big Beautiful Bill Act”)20 which directed approximately US$11.8B towards critical minerals and defence industrial base needs, including: • US$2B for activities to improve America’s stockpile of critical minerals. • US$5B for investments in critical minerals supply chains under Industrial Base Fund (“IBF”) authorities. • US$3.3B for grants and purchase agreements for general use under IBF. • US$1B in additional Defense Production Act funding. • US$0.5B to DoD’s Office of Strategic Capital (“OSC”) for critical minerals appropriation. PL 119-21 also provides OSC with $100B in loan authority for critical minerals and related projects. 11 Jindalee Lithium Limited Directors' report 30 June 2025 In a watershed moment in US critical minerals policy, on 15 July 2025 the DoD and MP Materials (NYSE: MP) announced a multibillion-dollar public-private partnership21 to fund a domestic magnet manufacturing facility (“10X Facility”) and increase processing of heavy rare earths from MP Materials’ Mountain Pass project located in California, US. The partnership includes the DoD committing to a 10-year offtake agreement for 100% of MP Materials’ magnet production and a 10-year floor price for neodymium-praseodymium (“NdPr”) oxide set at US$110