Jindalee Wins Key US Permit as McDermitt Lithium Drilling Delivers Strong Results

An announcement from Jindalee Resources Limited ( (AU:JLL) ) is now available.

Jindalee Lithium has secured US federal approval of its Exploration Plan of Operations for the McDermitt Lithium Project from the Bureau of Land Management, a key permitting milestone that will allow the company to significantly expand on-site work, including extensive infill drilling, geotechnical studies and metallurgical testwork feeding into a full feasibility study. The company’s recent core drilling program at McDermitt returned broad, shallow lithium and magnesium intercepts that correlate well with historic reverse circulation drilling, supporting the robustness of the resource and informing the optimal drilling strategy for future campaigns; meanwhile, Jindalee has strengthened its corporate position by extending an exclusivity period for a potential SPAC transaction to list McDermitt on a US exchange at a US$500 million valuation, completing equity raisings totalling $9.5 million, and repurchasing all remaining convertible notes to become debt-free.

The most recent analyst rating on (AU:JLL) stock is a Hold with a A$0.80 price target. To see the full list of analyst forecasts on Jindalee Resources Limited stock, see the AU:JLL Stock Forecast page.

More about Jindalee Resources Limited

Jindalee Lithium Limited is an Australian-listed lithium exploration and development company focused on its 100%-owned McDermitt Lithium Project on the Oregon–Nevada border in the United States. The project is one of the largest known lithium deposits in the US, positioning Jindalee to supply lithium carbonate for the global battery and electric vehicle markets, with potential by-products such as magnesium offering additional revenue streams.

Average Trading Volume: 253,081

Technical Sentiment Signal: Buy

Current Market Cap: A$80.4M

For a thorough assessment of JLL stock, go to TipRanks’ Stock Analysis page.