Jindalee Resources Limited (to be renamed 'Jindalee Lithium Limited1') (Jindalee, the Company) announced a capital raising comprising the issue of up to 3,930,000 new ordinary shares (Shares) at an issue price of $1.40 per Share to raise up to $5,500,000 (before costs) (Capital Raising)2.

Jindalee lodged a Prospectus dated 13 October 2023 for the Capital Raising3 with ASIC, which is also available from the Company's website at www.jindalee.net. Jindalee is pleased to advise that applications have been received for in excess of the maximum amount of $3.5 million (before costs) sought to be raised in the Public Offer. Accordingly, Jindalee has resolved to close the Public Offer early. Shares subscribed for under the Public Offer are expected to be issued to successful applicants on 20 October 2023. Over 150 new sophisticated, professional and retail investors will join the Company's share register following the Public Offer.

The Capital Raising also includes a Priority Offer of up to 1,430,000 Shares to eligible Jindalee share and option holders on the register as at 5:00pm on 12 October 2023 (Eligible Securityholders). The Priority Offer is scheduled to close 27 October 2023 (unless closed early or extended). The Company intends to issue Shares under the Priority Offer (including Shares already applied for as at today's date) on 31 October 2023. Eligible Securityholders interested in subscribing for Shares under the Priority Offer can access the Prospectus and Priority Offer Application Form via the Advanced Share Registry Investor portal: https://www.advancedshare.com.au/Dashboard/Simple-Login, logging in with their SRN/HIN and Post Code and accessing the Corporate Action form via the Document Print tab. Funds raised will be used to advance exploration and development of the Company's 100% owned McDermitt Lithium Project and provide general working capital. McDermitt is the largest lithium deposit in the US by contained lithium with 21.5Mt Lithium Carbonate Equivalent (LCE) in Mineral Resource4.

Contact:

Tel: + 61 8 9321 7550

Email: enquiry@jindalee.net

Forward-Looking Statements

This document may contain certain forward-looking statements. Forward-looking statements include but are not limited to statements concerning Jindalee Resources Limited's (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, the words such as 'anticipate', 'could', 'plan', 'estimate', 'expects', 'seeks', 'intends', 'may', 'potential', 'should', 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.

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