Jindalee Resources Limited provided a further update on drilling at its 100% owned McDermitt Lithium Project located in SE Oregon, USA. The 2022 drilling program 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-off. Late October 2022 Jindalee advised that 21 holes had been completed at McDermitt.

Results from the first four diamond holes were announced on 19 September 2022 and 25 October 2022, and results from the first five RC holes were announced on 11 November 2022. Jindalee advised that assay results from Reverse Circulation (RC) holes MDRC026, MDRC029, MDRC030 and MDRC032, and diamond holes MDD025 and MDD026 have been received, with all holes returning significant lithium intercepts (all True Width) (summarised below): MDD025: 6.3m @ 1261 ppm Li from 21.4m; 20.4m @ 1199 ppm Li from 48.1m; 14.1m @ 1393 ppm Li from 72.1m; 28.3m @ 1427 ppm Li from 90.6m (incl. 3.0m @ 2375 ppm Li from 92.2m); 23.3m @ 1726 ppm Li from 72.1m (incl.

3.9m @ 2718 ppm Li from 133.6m), (incl. 6.0m @ 2211 ppm Li from 140.2m); 9.3m @ 2379 ppm Li from 169.8m (incl. 6.3m @ 2698 ppm Li from 172.8m) and 21.3m @ 1434 ppm Li from 169.8m (incl.

3.1m @ 2364 ppm Li from 189.4m). MDD026: 14.5m @ 1328 ppm Li from 1.5m; 9.0m @ 1670 ppm Li from 21.5m (incl. 3.0m @ 2590 ppm Li from 21.5m); 12.8m @ 1584 ppm Li from 33.5m; 20.2m @ 1889 ppm Li from 49.3m (incl.

6.2m @ 2665 ppm Li from 49.3m); (incl. 3.0m @ 2435 ppm Li from 57.9m); 51.8m @ 1787 ppm Li from 83.4m (incl. 3.1m @ 2370 ppm Li from 93.9m); (incl.

9.8m @ 3118 ppm Li from 104.7m). MDRC026: 29.0m @ 1568 ppm Li from 19.8m (incl. 3.0m @ 2100 ppm Li from 30.5m).

MDRC029: 7.6m @ 1914 ppm Li from 18.3m (incl. 4.6m @ 2323 ppm Li from 18.3m); 15.2m @ 1600 ppm Li from 50.3m; 9.1m @ 1310 ppm Li from 121.9m; 15.2m @ 1460 ppm Li from 141.7m (incl. 3.0m @ 2060 ppm Li from 153.9m); 10.7m @ 1619 ppm Li from 161.5m; 6.1m @ 1816 ppm Li from 176.8m (incl.

3.0m @ 2305 ppm Li from 179.8m). MDRC030: 13.7m @ 1694 ppm Li from 30.5m; 10.7m @ 1488 ppm Li from 100.6m (incl. 3.0m @ 2365 ppm Li from 105.2m); 25.9m @ 1460 ppm Li from 118.9m (incl.

3.0m @ 2270 ppm Li from 129.5m). MDRC032: 15.2m @ 1559 ppm Li from 42.7m; 13.7m @ 1515 ppm Li from 67.1m (incl. 3.0m @ 2420 ppm Li from 76.2m); 9.2m @ 1852 ppm Li from 102.1m.

The current program is designed 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, with 5 of the 6 holes reported in this announcement located within the current Inferred Mineral Resource but outside the current Indicated Mineral Resource. Furthermore, the substantial thicknesses of mineralised sediments intersected in all 6 holes (eg, MDD025 intersected 182.2m @ 1197 ppm Li from 21.4m) suggest excellent potential for adding substantial tonnages on the western side of the McDermitt deposit. Assays have now been received from 6 diamond holes (MDD020 to MDD023, MDD025 and MDD026) and 9 RC holes (MDRC024 to MDRC027 and MDRC029 to MDRC033).

Results from the remaining 6 holes should be received by mid-December, with an updated MRE for McDermitt expected to be announced early 2023.