Jindalee Resources Limited (Jindalee, the Company) is pleased to provide an update on drilling at its 100% owned McDermitt Lithium Project located in SE Oregon, USA.

The 2022 drilling program (total 28 holes) is designed to infill and extend the Mineral Resource Estimate (MRE) announced on 6 July 2022 of 1.82 Bt @ 1,370 ppm lithium for 13.3 Mt LCE (Lithium Carbonate Equivalent) at 1,000ppm Li cut-off1 .

On 23 August 2022 Jindalee advised that 10 diamond holes had been completed at McDermitt and that core from the first holes has been logged, cut and samples submitted for analysis2 .

More assay results from the completed drilling are expected to be received early October. Jindalee is also pleased to advise that Reverse Circulation (RC) drilling of the remaining 18 permitted holes at McDermitt has commenced and is proceeding well, with drilling expected to be completed in October

Approval for a total of 39 RC and diamond drill holes was received from the Oregon Department of Geology and Mineral Industries (DOGAMI) in October 2021. In total, 12 holes designed to increase confidence in the 2021 MRE3 and convert Inferred Mineral Resource to Indicated were drilled in December 2021, with 11 completed and one (MDRC018) abandoned prior to reaching target depth. The drilling resulted in a 28% increase in contained lithium (from 10.1 Mt LCE to 13.3 Mt LCE). Importantly, contained lithium in the Indicated Mineral Resource increased by 170%, from 1.8 Mt LCE to 4.8 Mt LCE1,3

The current program comprises 28 holes (10 diamond and 18 RC), with holes planned to further increase confidence in the Inferred Mineral Resource and convert to Indicated status, as well as determine the extent of lithium mineralisation across the Project (Figure 1). A summary of drill hole data and significant intercepts received to date from the 2022 drill program is included Annexure A. The Company expects a steady flow of assay results from early October to December, with results to be announced as soon as they become available.

Authorised for release by the Board of Jindalee Resources Limited. For further information please contact: LINDSAY DUDFIELD KAREN WELLMAN Executive Director Chief Executive Officer T: + 61 8 9321 7550 T: + 61 8 9321 7550 E: enquiry@jindalee.net E: enquiry@jindalee.net

Competent Persons Statement

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Lindsay Dudfield and Mr Brett Marsh. Mr Dudfield is a consultant to the Company and a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Marsh is a consultant to the Company and an American Institute of Professional Geologists (AIPG) Certified Professional Geologist and a Registered Member of the Society for Mining, Metallurgy & Exploration (SME). Both Mr Dudfield and Mr Marsh have sufficient experience relevant to the styles of mineralisation and types of deposits under consideration, and to the activity being undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves.' Mr Dudfield and Mr Marsh consent to the inclusion in this report of the matters based on this information in the form and context in which it appears. The information in this report that relates to the Mineral Resource Estimates for the McDermitt deposit is based on information compiled by Mr. Arnold van der Heyden, who is a Member and Chartered Professional (Geology) of the Australasian Institute of Mining and Metallurgy and a Director of H&S Consultants Pty Ltd. Mr. van der Heyden has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). The Company confirms that it is not aware of any further new information or data that materially affects the information included in the original market announcement by Jindalee Resources Ltd (JRL) entitled '170% increase to Indicated Resource at McDermitt' released on 6 July 2022 and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. To the extent disclosed above, the Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

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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