Announcement PDF 2026 Annual Report Contents Chair's Letter 3 Chief Executive Officer's Letter 4 Directors' Report 5 Auditor's independence Declaration 33 Statement of Profit or Loss and Other Comprehensive income 34 Statement of Financial Position 35 Statement of Changes in Equity 36 Statement of Cash Flows 37 Notes to the Financial Statements 38 Consolidated Entity Disclosure Statement 68 Directors' Declaration 69 Independent Auditor's Report to the Members of Jindalee Lithium Limited 70 Shareholder information 74 Corporate Directory 79 2 | Jindalee Lithium Annual Report 2026 Chair’s Letter 30 June 2026 Dear Shareholders, FY26 was a defining year for Jindalee, one in which the Board took a number of important decisions designed to position the Company for its next phase of growth and value creation. The Board's most significant decision during the year was approving the proposed transaction to establish US Elemental as a Nasdaq listed company holding Jindalee's United States assets. Following overwhelming shareholder support at the June 2026 General Meeting, we remain convinced that this structure represents the best pathway to unlock the value of the McDermitt Lithium Project and to position the Project within the capital markets, policy settings and investment environment most closely aligned with its long-term development. This decision was not simply about accessing capital. It reflects a broader conviction that McDermitt has evolved into an asset of strategic significance within the United States critical minerals landscape. As governments increasingly focus on domestic supply chain security, battery materials and energy independence, we believe McDermitt is uniquely positioned to benefit from these long-term structural trends. The Board's objective has been to ensure shareholders retain meaningful exposure to that opportunity while creating a platform capable of attracting the capital required to realise its full potential. The Board has also remained focused on maintaining disciplined stewardship of shareholder capital. During FY26, Jindalee successfully completed a number of equity raisings, repurchased all remaining convertible notes and finished the year with approximately $14.0 million in cash and listed securities. This strengthened financial position provides an important foundation as the Company progresses both the proposed US Elemental transaction and the next phase of work at McDermitt. Beyond capital management, the Board has continued to place significant emphasis on governance, stakeholder relationships and responsible project development. We are encouraged by the quality of the partnerships being developed across government, industry, local communities and tribal stakeholders. Building and maintaining this social licence is essential to the long-term success of a project of McDermitt's scale and strategic importance. The Board is also encouraged by the progress made by management throughout the year. Significant advancements in permitting, technical studies and project development have strengthened our confidence in the long-term potential of McDermitt and supported our belief that the Project is becoming increasingly differentiated within the United States critical minerals sector. On behalf of the Board, I thank our shareholders for their continued support, patience and confidence as we progress this important period in the Company's development. I also thank our employees, consultants, contractors and partners for their dedication and contribution throughout the year. Yours sincerely, Wayne Zekulich, Chair Jindalee Lithium Limited 3 | Jindalee Lithium Annual Report 2026 Chief Executive Officer's Letter 30 June 2026 Dear Shareholders, While FY26 was a transformational year for Jindalee from a corporate perspective, it was equally significant from an operational standpoint. Across our technical, permitting, regulatory and project development workstreams, the team delivered a series of milestones that substantially advanced McDermitt and positioned the Project for an accelerated phase of activity during FY27. The most visible achievement during the year was the execution of the Business Combination Agreement with Constellation Acquisition Corp. I and the subsequent work required to establish the proposed US Elemental Nasdaq listing. Successfully lodging the S-4 registration statement with the US Securities and Exchange Commission required completion of PCAOB- standard audits, preparation of an S-K 1300 technical report and coordination across a broad range of legal, accounting, technical and commercial workstreams. This represented a significant undertaking for a company of Jindalee's size and reflects the growing capability of our team. Importantly, progress at McDermitt continued at pace throughout the year. The approval of the Exploration Plan of Operations by the Bureau of Land Management in December 2025 marked a major milestone and unlocked the next phase of drilling activities at the Project. We have since focused on preparations for a substantial infill drilling campaign scheduled to commence in September 2026, with the objective of improving resource confidence and generating the data required to support future feasibility study workstreams. We also continued to advance our understanding of the Project through metallurgical and technical studies. During the year, drilling completed to obtain fresh samples for metallurgical testwork returned strong lithium and magnesium results, reinforcing our confidence in the quality, scale and consistency of the McDermitt resource. These programs are providing valuable information that will support future development decisions and further optimise project design. One of the most exciting developments during FY26 was the emergence of a potentially significant magnesium opportunity. Historically viewed as a waste stream within the process flowsheet, magnesium is now being evaluated as a potential by-product capable of enhancing Project economics. Testwork completed during the year successfully produced fertiliser-grade magnesium sulphate from McDermitt leachate and ongoing work is assessing opportunities to produce higher-value magnesium products. While there remains considerable work ahead, we believe this has the potential to become an important additional value driver for the Project. The broader environment also became increasingly supportive during FY26. United States government focus on domestic critical mineral supply chains continued to strengthen through a range of policy initiatives, funding programs and strategic procurement activities. At the same time, lithium markets recovered meaningfully from the lows experienced during 2025. While commodity cycles will continue to fluctuate, these developments reinforce our belief in the long-term strategic importance of domestic lithium supply. As we move into FY27, our priorities are clear. We remain focused on completing the proposed US Elemental transaction, commencing the expanded drilling campaign, advancing feasibility study activities and continuing to evaluate opportunities to enhance the value of McDermitt through both lithium and magnesium development pathways. While substantial work remains ahead, I believe Jindalee enters the new financial year in a strong position, with good momentum, a strengthened balance sheet and a clear pathway forward. I would like to thank our Board, employees, consultants, shareholders and partners for their ongoing support and commitment throughout what has been an exceptionally productive year. We look forward to updating shareholders on our continued progress in FY27. Yours sincerely, Ian Rodger Managing Director & Chief Executive Officer Jindalee Lithium Limited 4 | Jindalee Lithium Annual Report 2026 Directors’ Report 30 June 2026 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', 'parent entity' or 'Jindalee') and the entities it controlled at the end of, or during, the year ended 30 June 2026 ('30 June 2026' or 'FY26'). 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: Wayne Zekulich Ian Rodger (appointed Managing Director 1 July 2025) Lindsay Dudfield Darren Wates Paul Brown Principal Activities The principal activity of the Group during the year was mineral exploration and development, together with the evaluation of opportunities to complement its existing mineral project portfolio. There was no significant change in the nature of the Group's principal activities during the year that is not otherwise disclosed in this report. The Group retained interests in mineral projects in the United States and Western Australia and continued to evaluate new project opportunities. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Review of Operations Financial performance and position The Group recorded a loss after income tax of $7.2 million for FY26, compared with $5.4 million in FY25. As an exploration and development group, Jindalee did not generate operating revenue during the year. The increased loss principally reflected the higher level of corporate, professional and transaction activity associated with the proposed Nasdaq listing of the Group’s US assets via US Elemental Inc. ('US Elemental'), together with the expanded team and activity required to advance the McDermitt Lithium Project. The impact of this additional activity was partly offset by lower finance costs, lower share- based payment expense and the absence of the fair value loss on financial liabilities recognised in FY25. Net cash used in operating activities increased to $6.2 million, from $2.9 million in FY25, reflecting the expanded level of corporate and transaction activity during the year. In addition, the Group continued to invest in the McDermitt Lithium Project, with $5.4 million of additions to exploration and evaluation assets during FY26. After foreign currency translation, the carrying value of exploration and evaluation assets increased from $19.4 million to $23.9 million at 30 June 2026. The Group completed approximately $20.4 million of equity raisings before costs of issue during FY26, principally to fund planned activities at the McDermitt Lithium Project, the proposed US Elemental transaction and ongoing corporate requirements. As a result, cash and cash equivalents increased from $4.0 million at 30 June 2025 to $13.6 million at 30 June 2026. Total assets increased from $24.5 million to $39.6 million, primarily reflecting the higher cash balance and continued investment in the McDermitt Lithium Project, while net assets increased from $20.6 million to $34.1 million. During FY26, the remaining convertible notes were converted into ordinary shares or repurchased for cash, and no convertible note liability remained at 30 June 2026, compared with $2.5 million at 30 June 2025. At 30 June 2026, the Group recognised a $2.2 million liability in respect of Series A Redeemable Preference Shares issued in connection with the proposed US Elemental transaction, as detailed in Note 13. Trade and other payables increased from $1.4 million to $3.3 million, reflecting the higher level of project, corporate and transaction activity. The Group remains in the exploration and development phase and is dependent on access to external funding to progress the McDermitt Lithium Project, complete the proposed US Elemental Inc. (‘US Elemental’) transaction and meet its ongoing corporate and project commitments. Although the equity raisings completed during FY26 materially strengthened the Group’s liquidity position, its cash flow forecast indicates that additional funding will be required to execute its planned activities. The Directors are confident that the Company will be able to complete further fundraising to meet the Group’s funding requirements. Further information is set out in the going concern disclosure in note 2 in the attached financial statements and in the 'Material business risks' section of this report below. 5 | Jindalee Lithium Annual Report 2026 6 | Jindalee Lithium Annual Report 2026 FY26 Highlights FY26 was a pivotal year for Jindalee, with substantial progress made towards the US listing of the McDermitt Lithium Project, alongside continued advancement of the Project and a strengthening of the Company’s financial position. Executed a binding Business Combination Agreement with Constellation Acquisition Corp. I to establish US Elemental Inc. as the future owner of the McDermitt Lithium Project, with a pathway to a proposed Nasdaq listing. Made significant progress towards completion of the proposed transaction, including lodgement of the Form S-4 registration statement, submission of the Nasdaq listing application and advancement of key financing and transaction workstreams. Received overwhelming shareholder approval for the US Elemental transaction, satisfying a key condition precedent to completion. Strengthened the Company’s financial position through approximately A$20.4 million of equity raisings before costs and the repurchase of all remaining convertible notes. Secured US Bureau of Land Management approval of the McDermitt Exploration Plan of Operations, enabling a substantially expanded drilling program. Advanced drilling, metallurgical testwork and technical studies to support the continued evaluation and development of McDermitt. Demonstrated the potential to produce fertiliser grade magnesium sulphate from McDermitt leachate, supporting further evaluation of a potential magnesium by-product opportunity. Continued engagement with tribal, community, labour, conservation and government stakeholders to support the responsible advancement of the Project. Further strengthened McDermitt’s position as a strategically important US critical minerals project against a backdrop of increasing government support for domestic supply chains. US Elemental Inc. – Proposed Nasdaq Listing 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 sponsored by an affiliate of Antarctica Capital Partners, LLC ('Antarctica' or 'Antarctica Capital'). The transaction will establish newly formed US Elemental Inc. as a Nasdaq-listed company (proposed ticker 'ULIT') holding Jindalee's US assets, with HiTech becoming a wholly owned subsidiary of US Elemental and US Elemental owning the McDermitt Lithium Project. Proposed change to Corporate Structure The transaction is intended to position Jindalee's US assets within a US-domiciled, US-listed platform to improve access to US capital markets and critical minerals policy support, while Jindalee retains majority exposure to the McDermitt Project. The BCA implies a pro-forma enterprise value for US Elemental of approximately US$576 million, including an implied equity valuation of US$500 million for Jindalee's US assets, with Jindalee expected to retain a majority interest of 80% or more in US Elemental at completion, subject to customary adjustments including financing outcomes and Constellation shareholder redemptions. The transaction also contemplates a capital raise of approximately US$20-30 million via a Private Investment in Public Equity (‘PIPE’), including a binding cornerstone US$4 million commitment from an affiliate of Antarctica Capital. Proceeds are expected to fund transaction costs, US Elemental working capital and McDermitt activities, including a large infill drilling program and feasibility study workstreams. Current Proforma JINDALEE LITHIUM LTD Listed on ASX MCDERMITT PROJECT MCDERMITT PROJECT HITECH MINERALS INC. (HiTech) HITECH MINERALS INC. (HiTech) 100% US $20-$30M Capital Raise 100% 100% 100% >80% US ELEMENTAL Listed on Nasdaq SPAC SPONSOR / NEW INVESTORS/ SPAC PUBLIC SHAREHOLDERS JINDALEE LITHIUM LTD Listed on ASX 7 | Jindalee Lithium Annual Report 2026 Pathway to Completion Completion remains subject to customary regulatory and closing conditions, including approval by Constellation shareholders, Nasdaq listing approval, effectiveness of the Form S-4 registration statement, satisfaction of the US$14 million minimum cash condition (net of certain transaction expenses and waivable by Jindalee), and the absence of material adverse change events. Jindalee shareholder approval was obtained on 30 June 2026, satisfying a key condition precedent. Effectiveness of the Form S-4 remains the critical path to completion, as it must be declared effective by the US Securities and Exchange Commission ('SEC') before the Constellation shareholder vote can be convened. Key milestones achieved during and after FY26 include: 2 June 2026: US Elemental lodged its initial Form S-4 registration statement with the SEC. Its preparation required completion of Public Company Accounting Oversight Board ('PCAOB') standard audits of HiTech and an S-K 1300 technical report for McDermitt. 26 June 2026: Amendment No. 1 to the Form S-4 was filed. 30 June 2026: Jindalee shareholders approved the US Elemental transaction, satisfying a key condition precedent to completion. 24 July 2026: Initial SEC comments were received on the Form S-4. 24 July 2026: US Elemental submitted its Nasdaq listing application. 12 August 2026: Amendment No. 2 to the Form S-4 was filed in response to the initial SEC comments. 2 September 2026: A second round of SEC comments was received on Amendment No. 2. 21 September 2026: Amendment No. 3 to the Form S-4 was filed in response to the second round of SEC comments. The transaction remains on track to close in the second half of 2026. Further details, including key BCA terms and funding arrangements, are set out in Jindalee's ASX release dated 9 April 2026, “Jindalee Signs BCA to List McDermitt on NASDAQ”. McDermitt Lithium Project (US) – Technical & Permitting Update Jindalee's 100%-owned McDermitt Lithium Project is located approximately 35km west of the town of McDermitt, straddling the Oregon and Nevada border in the United States. In mid-November 2024 Jindalee announced the results of a Pre-Feasibility Study (‘PFS’) confirming a 63-year project life producing 1.8Mt of lithium carbonate at C1 costs of US$8,670/t for the first 40 years, with a 5-year payback. No new economic study superseding the PFS was released during FY26; the PFS remains the Company's primary development case, subject to ongoing optimisation and selection studies, including the magnesium by- product opportunity outlined below. Magnesium By-Product Opportunity China currently controls approximately 90% of global magnesium supply, and magnesium has been officially designated a high-risk critical mineral by the US Government, alongside lithium. In October 2025 Jindalee commenced a value-optimisation program to assess options for recovering and monetising magnesium streams previously assumed to be discarded in the PFS, aiming to position McDermitt as a potential dual-product project. Approximately 100 kg of leachate was shipped to Kemetco Research Inc. in January 2026 for magnesium-focused testwork. On 21 April 2026, Jindalee announced the successful production of fertiliser-grade magnesium sulphate (MgSO4 , Epsom salt) from this leachate. Testwork evaluating downstream processing routes and flowsheet configurations to produce higher-value magnesium compounds progressed significantly during the second half of FY26. Subsequent to year end, on 17 August 2026, the Company announced proof-of- concept testwork demonstrating the production of high-purity magnesium oxide (MgO) from McDermitt- derived magnesium sulphate. MgO is an important feedstock for primary magnesium metal production, and the results support the continued evaluation of higher-value magnesium products as part of the McDermitt value-optimisation program. 8 | Jindalee Lithium Annual Report 2026 2025 Drilling Program On 3 December 2025 Jindalee completed a large- diameter core drilling program comprising five PQ3 (8.5cm diameter) core holes to obtain fresh samples for metallurgical testwork, three of which twinned earlier reverse circulation holes drilled in 2021 and 2022. On 21 January 2026 the Company reported strong lithium and magnesium intercepts from shallow depths across all five holes, including 110.6m @ 1,519ppm Li & 4.80% Mg from 23.0m (hole R95) and 66.0m @ 1,599ppm Li & 4.12% Mg from 0.4m (hole R94), with results showing good correlation to historic assays. Figure 1 – Plan view of the McDermitt Project with drillhole collars and 2023 Mineral Resource Permitting – Exploration Plan of Operations (EPO) The EPO for McDermitt, originally submitted to the US Bureau of Land Management ('BLM') in August 2022, was approved by the BLM on 8 December 2025 following completion of the environmental review process required under the National Environmental Policy Act ('NEPA') and extensive public consultation. Approval of the EPO is a major milestone, allowing Jindalee to significantly increase on-site activity, including a large infill drilling program. All major state-level permits required for Phase 1 drilling under the EPO have been received. Following the easing of seasonal fire restrictions, site preparation and mobilisation activities commenced in September 2026, with drilling rigs scheduled to mobilise at the end of September. The staged Phase 1 program comprises up to 100 reverse circulation and core drill sites and is designed to upgrade resource confidence and collect geotechnical, metallurgical and environmental data, including hydrogeological information, to support the proposed McDermitt Feasibility Study. Community and Stakeholder Engagement In March 2026 HiTech signed a Letter of Understanding with the Oregon Building Trades Unions ('OBTU'), a statewide umbrella body of 31 affiliate unions, working towards a binding Project Labour Agreement for future construction. On 22 June 2026, HiTech signed a MoU with RESOLVE, Inc., an independent non-profit, to explore creation of a voluntary Stewardship Area in the Oregon-Nevada caldera region, with any funding linked to Project development milestones and additional to (not a substitute for) HiTech's statutory environmental and permitting obligations. The Company continued to build its US team during FY26, including the appointments of Natasha York as Tribal Liaison Officer and John Spring as Geology Manager (March 2026 quarter). 9 | Jindalee Lithium Annual Report 2026 US Government Policy and Industry Backdrop FY26 saw a marked acceleration in US Government support for domestic critical minerals supply chains, building on the bipartisan US House Select Committee on China report released in November 2025, which recommended measures including expedited permitting, minimum price mechanisms and a Strategic Resources Reserve. 14 January 2026 – President Trump signed a proclamation directing the US Government to negotiate agreements with trading partners to secure reliable supplies of processed critical minerals. 2 February 2026 – Export-Import Bank of the United States (‘EXIM’) announced 'Project Vault', a US Strategic Critical Minerals Reserve backed by a US$10 billion EXIM loan and approximately US$2 billion in private-sector investment. 13 March 2026 – the US Department of Energy ('DOE') announced a Notice of Funding Opportunity of up to US$500 million to expand domestic critical minerals and battery materials processing and recycling. 2 June 2026 - DOE announced a Notice of Funding Opportunity of up to US$134 million to strengthen domestic rare-earth-element supply chains, including by supporting recovery and refining from unconventional feedstocks such as mine tailings, e-waste and other waste materials. 20 July 2026 – the President signed a further executive order, 'Securing America's Defense Supply Chains and Ensuring Domestic Acquisition of Critical Materials', tightening domestic/allied sourcing requirements for defence-related critical materials. As one of the largest lithium resources in the US and located on federal lands, McDermitt is well positioned within this policy backdrop. The Project's existing Cooperative Research and Development Agreement (‘CRADA’) with the DOE (signed September 2024) and its designation as one of the first ten resource projects under the FAST-41 initiative (April 2025) provide an enhanced platform for continued engagement with US agencies on permitting and potential co-funding of the McDermitt feasibility study. Lithium Market Conditions1 Battery‑grade lithium carbonate prices staged a strong recovery over the period. After bottoming near US$8,300/t in June 2025, prices rallied to a two‑year high of approximately US$29,000/t in May 2026 before easing to around US$23,000/t by year end – still approximately 180% above the 2025 low. The rally was driven by tightening inventories, production curtailments and accelerating demand from electric vehicles ('EV') and battery energy storage systems ('BESS'), while the mid‑year pullback reflected expectations around supply restarts. Despite the softer near‑term tone, leading banks remain constructive on the sector’s structural outlook. Critically, the composition of lithium demand is shifting rather than softening. Although EV growth has moderated in some markets – notably the US following the expiry of the federal consumer tax credit – global EV sales still grew around 7% year‑on‑year in the first half of CY2026, with strong BESS demand acting to offset the slower EV pace. J.P. Morgan expects BESS to rise to around 30% of global lithium demand in 2026, up from a negligible share three years ago, establishing a durable new demand driver that did not exist in the prior cycle. This demand backdrop has tightened the supply outlook. After two years of surplus, the global lithium market is widely expected to move into deficit in 2026, with Morgan Stanley forecasting a shortfall of around 80,000 tonnes lithium carbonate equivalent ('LCE') and UBS a more conservative deficit of approximately 22,000 tonnes. J.P. Morgan continues to expect the market to remain in deficit through 2030. At the same time, the US remains strategically exposed to highly concentrated supply chains. Recent lithium flow analysis by iLi Markets outlines that in 2025 almost 90% of lithium extracted globally was ultimately consumed in, or passed through, China when production and imports are combined, even though China mined only around 20% of global lithium output, underscoring the concentration of processing and chemical capacity in a single jurisdiction. This reinforces ongoing efforts by the US and allied governments to diversify lithium chemical production and develop secure domestic supply, providing a supportive backdrop for large, US based sediment hosted projects such as McDermitt. (1) JLL ASX announcement 31/07/2026: “Quarterly Activities Report - June 2026” Other Projects 10 | Jindalee Lithium Annual Report 2026 Clayton North Project (Jindalee 100%, US) Jindalee's 100%-owned Clayton North Project is located in southwest Nevada, approximately 23km north of Albemarle's (NYSE: ALB) Silver Peak brine operation, historically the only domestic source of lithium in the US. 'Proof of concept' drilling in 2021 returned anomalous lithium results, including 6.1m @ 1,093ppm Li from 24.4m and 11.2m @ 1,006ppm Li from 33.6m. Follow-up drilling remains under consideration. Sherlock Project (Jindalee 20%, Australia) The Sherlock Project (Exploration Licence E47/4345), located approximately 75km east of Karratha in Western Australia, is a joint venture with Sabre Resources (ASX: SBR) (‘Sabre’), with Jindalee's 20% interest free-carried to completion of a Bankable Feasibility Study. The licence surrounds Sabre's Sherlock Bay nickel-copper-cobalt resource. No work was reported by Sabre during FY26. New Project Generation Since listing on ASX in 2002, Jindalee has a track record of acquiring, advancing and realising undervalued assets for shareholders, including the spin-out of its uranium projects via Energy Metals (ASX: EME) in 2005, the spin-out of its Australian assets via Dynamic Metals (ASX: DYM) in 2024, and the proposed Nasdaq listing of its US lithium assets via US Elemental in 2H 2026. During FY26 the Company commenced reviewing new growth opportunities with the potential to deliver outsized shareholder returns in the medium term, complementing its existing asset base. Capital Raisings and Other Funding During FY26, the Company completed a series of capital raisings and other funding transactions to support activities at the McDermitt Lithium Project and the proposed Nasdaq listing of the Group's United States assets through US Elemental: September 2025: Convertible note conversion. The Company issued 2,898,550 ordinary shares following the conversion of part of the outstanding convertible notes. October 2025: Placement. The Company issued 14,327,262 ordinary shares at $0.55 per share, raising approximately $7.9 million before costs. Each new share was accompanied by a free-attaching option exercisable at $0.825 and expiring on 30 November 2028. November 2025: Convertible note redemption. The Company redeemed and cancelled the remaining convertible notes for cash consideration of approximately $1.36 million, leaving no convertible notes on issue at 30 June 2026. November 2025: Share Purchase Plan. The Company issued 2,720,065 ordinary shares at $0.55 per share under the Share Purchase Plan, raising approximately $1.5 million after scale-back. December 2025: Option exercises. The Company received approximately $0.75 million from the exercise of