Jindalee Resources Limited (to be renamed 'Jindalee Lithium Limited2 ') (Jindalee, the Company) is pleased to announce that it is undertaking 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).

The Capital Raising includes a Priority Offer of up to 1,430,000 Shares to Jindalee share and option holders on the register as at 5:00pm on 12 October 2023 (Eligible Securityholders) and a Public Offer of 2,500,000 Shares to investors who have been invited by the Company or the Lead Manager to subscribe for Shares under the Public Offer (Offers). McDermitt is the largest lithium deposit in the US by contained lithium with 21.5Mt LCE in Mineral Resource. Funds raised under the Offers will be used to advance exploration and development of the McDermitt Lithium Project, including for:

Drilling and exploration activities; Metallurgical testwork; Advancing the Pre-Feasibility Study; Heritage and environmental and General working capital and offer costs.

Lead Manager

Canaccord Genuity (Australia) Limited is acting as Lead Manager for the Capital Raising and will receive the fees detailed in the Prospectus

Contact:

Tel: + 61 8 9321 7550

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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