Jindalee Resources Limited announced assay results from the first three drillholes completed late in 2021 at the Company's 100% owned McDermitt Lithium Project (US). These new results confirm mineral continuity to the north of the existing Indicated Mineral Resource, with MDRC019 located outside of the current Inferred Mineral Resource boundary. Highlights from these drillholes include: MDRC018: 13.7m @ 1168 ppm Li from 3.1m; 10.7m @ 2354 ppm Li from 21.4m (hole ends in mineralisation); MDRC019: 13.7m @ 1041 ppm Li from 9.2m; 13.7m @ 1084 ppm Li from 44.2m; 24.4m @ 2173 ppm Li from 71.7m incl.

3.1m @ 3425 ppm Li; 38.1m @ 1407 ppm Li from 105.2m incl. 3.1m @ 2765 ppm Li; MDRC020: 13.7m @ 2142 ppm Li from 22.9m incl. 7.6m @ 2660 ppm Li; 12.2m @ 1133 ppm Li from 45.8m.

In November 2021 Jindalee announced that drill permits had been received2, approving a total of 39 drillholes planned with the intent to increase confidence in the Mineral Resource and test for potential resource extensions. Drilling commenced late November 20213 with a total of 11 drillholes completed before stopping for the Christmas break. The 12th hole, MDRC018, was only drilled to 32m depth before it was abandoned due to poor drilling conditions.

The hole finished in a zone of significant lithium mineralisation of 10.7m @ 2,354ppm Li. It is anticipated that it will be redrilled with the next round of drilling. MDRC019 intersected several broadly mineralised zones of lithium with the best result of 24.4m of 2,173pm Li that included a 3.1m wide zone grading over 3,400ppm Li.

Importantly, MDRC019 is located just outside the current Inferred Mineral Resource boundary1 and as a result is expected to have a very positive impact on the resource estimate. Jindalee expect the remainder of assays from the Reverse Circulation drillholes will be received by the end of January 2022, with diamond hole results to follow later in the quarter. All drill hole results will be used to update the Mineral Resource estimate (MRE) early in June quarter.

Planning for the next phase of drilling in 2022 is well-advanced with all drill permits in hand. The remainder of the drilling is planned to be RC and will primarily focus on investigating the untested mineral potential across the western tenure. Drilling is expected to commence in July 2022 in line with permitting conditions.

Jindalee will continue to advance the project during the first half of the year with key non-drilling activities taking place. From February 2022 baseline environmental studies will commence in line with Jindalee's application for an Exploration Plan of Operations (EPO). These studies are being coordinated with the Bureau of Land Management (BLM) and the Oregon Department of Geology and Mineral Industries (DOGAMI).

In addition, a 200kg sample from the 2020 drill program has arrived in Perth with metallurgical test work to commence at Nagrom this week. McDermitt Lithium Project ­ Background: On 8 April 2021 Jindalee announced an updated Mineral Resource Estimate (MRE) of 1.43 Bt @ 1,320ppm Li (0.28% Li2O) for a total of 10.1Mt of Lithium Carbonate Equivalent (LCE) at 1,000ppm Li cut-off3 had been estimated at McDermitt: The Mineral Resource was estimated using a cut-off grade of 1,000ppm Li, which is considered appropriate in the context of similar projects and based on an assessment of the likelihood of future economic extraction as required by the JORC (2012) Code. The entire Mineral Resource sits within 100m of surface and is flat lying, both positive factors for future project economics.

The results of the MRE at a full range of cut-off grades demonstrate the scalability of the project. In September 2021 Jindalee announced the results of a positive preliminary Scoping Study4 based on the Indicated and Inferred Mineral Resource. The key outcomes of the Study highlighted the potential of the Project to support a viable standalone lithium mining and processing operation and reinforced the significance of McDermitt as a potential long-life source of future supply to the rapidly growing US battery manufacturing industry.

Due to regulatory constraints surrounding the reliance on Inferred Mineral Resources, detailed production and financial metrics were unable to be released to the market.