Jindalee Resources Limited announced the updated Mineral Resource Estimate (MRE) at the Company's 100% owned McDermitt Lithium Project (US) following the completion of drilling undertaken from August to October 2022. A total of 10 diamond and 11 Reverse Circulation (RC) holes were drilled with the aim of increasing confidence in the mineral resource to allow for conversion of Inferred Mineral Resource to Indicated, as well as extending the deposit to the west. Significant widths of lithium mineralisation were intercepted, with highlights from the 2022 program including: MDD025: 182.2m @ 1197ppm Li from 21.4m; MDD028: 131.6m @ 1219ppm Li from 21.9m; MDRC024: 68.6m @ 1669ppm Li from 0m (surface); MDRC025:50.3m @ 1512ppm Li from 0m (surface).

The 2023 combined Indicated and Inferred Mineral Resource update represents an overall increase (from 20224) in tonnage of 65%, with a 2% decrease in grade for a 62% increase in contained lithium. Importantly, the Indicated Mineral Resource increased (by tonnage) by 138% with an overall 131% increase in contained metal at this higher confidence classification. The material uplift in confidence of the Mineral Resource from the 21 holes drilled in 2022.

is a result of the confirmation of the grade continuity that is characteristic of this style of lithium mineralisation. Jindalee commissioned H&S Consultants Pty Ltd. (HSC) to update the MRE following the completion of the 2022 drill program. The MRE is based on all available information as of 31 December 2022.

Mineralisation and Geology: Lithium mineralisation occurs within a sequence of flat-lying, paleo-lake sediments that overlie a volcanic (basalt) basement within the Tertiary aged McDermitt Caldera. The maximum drill hole intersection of mineralised sediments is 216 m and averages 124 m in holes where the basalt basement was intersected. The mineralisation appears to have a strong stratigraphic control.