Announcement PDF Jindalee Lithium Limited www.jindaleelithium.com ABN 52 064 121 133 E: enquiry@jindaleelithium.com Level 2, 9 Havelock Street, West Perth, WA, 6005 P: +61 89321 7550 PO Box 1033, West Perth, WA 6872 F: +61 89321 7950 JLL Engage with this announcement at the Jindalee Investor Hub. Jindalee Lithium Limited (Jindalee, or the Company; ASX: JLL, OTCQX: JNDAF) is pleased to provide an update on a major drilling program at the Company’s McDermitt Lithium Project (McDermitt, or the McDermitt Project), and the proposed Nasdaq listing of the Project via US Elemental Inc. (US Elemental). McDermitt Project The McDermitt Project, located in southeast Oregon, is one of the largest lithium deposits in the United States (US) and is of global significance1. In August 2026 Jindalee advised that all major approvals had been received for Phase 1 drilling planned under the Exploration Plan of Operations (EPO), which was approved by the US Bureau of Land Management (BLM) in December 20252. The EPO provides for a staged drilling program of up to 168 drill sites at McDermitt, of which Phase 1 will comprise up to 100 drill sites, with commencement of Phase 1 drilling subject to easing of fire restrictions (2026 has been Oregon’s worst fire season on record3). The BLM has recently eased fire restrictions and mobilisation activities are now underway. High-priority infill drilling targeting the central part of the deposit within the mine design outlined in the McDermitt Pre- Feasibility Study1 is scheduled to commence late September 2026. Drilling is designed to upgrade resource confidence (currently Indicated and Inferred categories - Table 1), provide fresh samples for geotechnical studies and metallurgical testwork, and collect environmental information, including hydrogeological data. The 2026 drill program is expected to be completed by the end of November, with first results from the Phase 1 drilling program expected early Q1 2027. US Elemental Transaction In April 2026, Jindalee announced that its wholly owned US subsidiary, HiTech Minerals Inc. (HiTech), had entered into a binding Business Combination Agreement (BCA) with Constellation Acquisition Corp I (Constellation) (OTCPK: CSTAF), a US special purpose acquisition company (SPAC) sponsored by an affiliate of Antarctica Capital Partners, LLC (Antarctica) (the Transaction)4. The Transaction will establish newly formed US Elemental as a Nasdaq-listed company traded under the ticker “ULIT” holding Jindalee’s US assets, JNDAF 15 September 2026 McDermitt Drilling Program set to commence; US Elemental on track to list Q4 2026 • Site mobilisation activities underway at McDermitt following BLM easing of fire restrictions • Phase 1 infill and environmental drilling expected to commence late September 2026 • US Elemental on track to list Q4 2026 with term sheets for PIPE funding received McDermitt Drilling and US Elemental Update – September 2026 with HiTech becoming a wholly owned subsidiary of US Elemental and US Elemental owning the McDermitt Project. The Transaction contemplates a capital raise of approximately US$20–30M in a Private Investment in Public Equity (PIPE), including a binding cornerstone US$4M commitment from an affiliate of Antarctica, of which approximately US$1.5M was funded on signing of the BCA and a further US$2.5M is committed to be funded at completion. Proceeds are expected to fund transaction costs, US Elemental working capital and McDermitt activities, including the EPO drilling program and feasibility study work streams. Completion of the Transaction is subject to the satisfaction (or, where applicable, waiver) of a defined set of customary regulatory and closing conditions. These comprise approval by Constellation shareholders, approval by Jindalee shareholders (completed), Nasdaq listing approval, receipt of applicable regulatory approvals, effectiveness of the relevant US registration statement, satisfactionof the minimum cash condition of US$14M, net of certain transaction expenses (which may be waived by Jindalee), and the absence of material adverse change events. Within this framework, effectiveness of the US registration statement on Form S-4 (Form S-4) is expected to represent the critical path to completion, as it must be declared effective before the Constellation shareholder vote can be convened and the Transaction can proceed to closing. The Form S-4 serves as the combined registration statement and proxy statement/prospectus and contains comprehensive disclosure about US Elemental, the Transaction terms, financial statements, risk factors and McDermitt. In August 2026, Jindalee advised that an amended US registration statement on Form S-4 (Amended S-4) had been filed with the US Securities and Exchange Commission (SEC) in connection with the Transaction5. In early September 2026, further comments were received from the SEC on the Amended S-4, with a further amended Form S-4 to be filed in the coming weeks. Based on advice from the Company's US advisers, and subject to any further SEC review, the Form S-4 is estimated to be declared effective in late September or October 2026, allowing Constellation shareholders to consider the Transaction. In this regard, the Constellation sponsor, an affiliate of Antarctica Capital, entered into a Sponsor Support Agreement on execution of the BCA4 committing to vote all of its Constellation shares in favour of the Transaction. Furthermore, Jindalee is pleased to advise that US Elemental has received term sheets for PIPE funding from several credible US funds, with current indications that the US$20–30M funding target will be met, subject to further negotiations and finalisation of binding funding agreements with short-listed parties. Based on the progress outlined above, together with parallel workstreams advancing the balance of closing conditions, the Transaction remains on track to complete and US Elemental to list on Nasdaq in Q4 2026, subject to satisfaction or waiver of the remaining conditions. Jindalee’s Managing Director and CEO Ian Rodger commented: “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.” Authorised for release by the Jindalee Board of Directors. For further information please contact: IAN RODGER LINDSAY DUDFIELD Managing Director & Chief Executive Officer Executive Director T: + 61 8 9321 7550 T: + 61 8 9321 7550 E: enquiry@jindaleelithium.com E: enquiry@jindaleelithium.com McDermitt Drilling and US Elemental Update – September 2026 References 1. Jindalee Lithium ASX announcement 19/11/2024: “McDermitt Lithium Project Pre-Feasibility Study”. 2. Jindalee Lithium ASX announcement, 14/08/2026: “Major Drilling Program Expected at McDermitt in Sep 2026”. 3. Source: Oregon wildfire costs reach $236 million as state seeks additional funding 4. Jindalee Lithium ASX announcement, 10/04/2026: “Jindalee Signs BCA to List McDermitt on NASDAQ”. 5. Jindalee Lithium ASX announcement, 13/08/2026: “Amended Form S-4 Filed as SPAC Transaction Progresses”. About Jindalee Jindalee Lithium Limited (Jindalee) is an Australian company focused on developing the McDermitt Project, one of the largest lithium resources in the US1. With 100% ownership and unencumbered offtake rights, Jindalee is strategically positioned to support America’s energy security and domestic supply of critical minerals. In 2024 the Company completed a Pre-Feasibility Study (PFS) confirming McDermitt’s scale, long life and low-cost production potential, with strong engagement from US government agencies, including the Department of Energy. As a deeply undervalued lithium (and potentially magnesium) developer, Jindalee presents a compelling investment opportunity. Table 1 – 2023 McDermitt MRE1. Note: totals may vary due to rounding Cut-off Grade (ppm Li) Indicated Resource Inferred Resource Indicated and Inferred Resource Tonnage (Mt) Li Grade (ppm) LCE (Mt) Tonnage (Mt) Li Grade (ppm) LCE (Mt) Tonnage (Mt) Li Grade (ppm) LCE (Mt) 1,000 1,470 1,420 11.1 1,540 1,270 10.4 3,000 1,340 21.5 Competent Persons Statement The Company confirms that it is not aware of any further new information or data that materially affects the information included in the original market announcements by Jindalee Lithium Limited referenced in this report and in the case of estimates of Mineral Resources, production targets and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. To the extent disclosed above, the Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. Forward-Looking Statements This document may contain certain forward-looking statements. Forward-looking statements include but are not limited to statements concerning Jindalee’s current expectations, estimates and projections about the industry in which Jindalee operates, and beliefs and assumptions regarding Jindalee’s future performance. When used in this document, words such as “anticipate”, “could”, “plan”, “estimate”, “expects”, “seeks”, “intends”, “may”, “potential”, “should”, “indication”, and similar expressions are forward-looking statements. Although Jindalee believes that its expectations reflected in these forward- looking statements are reasonable, such statements are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Jindalee and no assurance can be given that actual results will be consistent with these forward-looking statements.