Jindalee Lithium Limited subsidiary HiTech Minerals Inc. and Constellation Acquisition Corp I have commenced site mobilization for Phase 1 infill and environmental drilling at the McDermitt Lithium Project in southeast Oregon following the easing of seasonal fire restrictions by the U.S. Bureau of Land Management.

High-priority drilling is scheduled to begin in late September 2026 under an Exploration Plan of Operations originally submitted in August 2022 and approved in December 2025. The staged program covers up to 100 drill sites targeting the central portion of the deposit within the mine design outlined in the November 2024 Pre-Feasibility Study, which confirmed a 63-year mine life producing 1.8 million tonnes of lithium carbonate.

The work is designed to upgrade resource confidence, provide fresh material for geotechnical studies and metallurgical testwork, and collect hydrogeological data. Drilling is expected to finish by the end of November, with initial assay results anticipated in early Q1 2027.

Upon completion of the proposed business combination, the project will be held by US Elemental Inc., a newly formed U.S. lithium development company expected to list on Nasdaq under the ticker symbol “ULIT”. HiTech Minerals, which owns 100% of McDermitt, will become a wholly owned subsidiary of US Elemental.

The transaction contemplates a capital raise of $20 million to $30 million through a private investment in public equity, backed by a binding $4.0 million cornerstone commitment from an affiliate of Antarctica Capital Partners, LLC. US Elemental has received term sheets from several U.S. funds to meet the funding target.

An amended Form S-4 registration statement was filed with the U.S. Securities and Exchange Commission in August 2026. Following further comments received in September, the filing is estimated to be declared effective in late September or October, enabling Constellation shareholders to vote on the transaction.

The transaction remains on track to close and list on Nasdaq in Q4 2026, subject to conditions including Form S-4 effectiveness, shareholder and regulatory approvals, Nasdaq listing approval, and a $14 million minimum cash condition. Jindalee shareholder approval was completed in June 2026, and the sponsor has agreed to vote in favor of the arrangement.

“We are very pleased to advise that site mobilization activities have commenced at McDermitt, ahead of a significant drilling program commencing later this month. Furthermore, it's great to be able to report material progress on US Elemental's Nasdaq listing, with the SEC review process nearing completion and the funding process advancing through term sheets with the potential to meet the proposed $20 million to $30 million capital raising target under consideration. This is an important period for US Elemental and its future shareholders, and we look forward to providing further updates.”

— Ian Rodger, incoming Chief Executive Officer of US Elemental and Chief Executive Officer of Jindalee Lithium

The project has also received the Fast-41 transparency designation from the U.S. government to support the permitting process.

Read the full announcement: US Elemental Provides McDermitt Drilling and Transaction Update