JINDALEE LITHIUM LIMITED — Capital/Financing Update 2021

Mar 11, 2021

ASX RELEASE 12 March 2021 ASX: JRL

JINDALEE CONTINUES TO DEMONSTRATE

STRATEGIC SCALE OF MCDERMITT LITHIUM PROJECT

• Assay results received for the remaining drillholes from 2020 program with all drillholes containing mineralised intervals over 1000ppm Li

• Three of the four drillholes report significant lithium intercepts outside of current Inferred Mineral Resource[1]

• MDRC015 expands known extents of McDermitt deposit 1.6km north and west of previous resource drilling limits

Jindalee Resources Limited ( Jindalee , the Company ) is pleased to announce assay results from the last four drillholes completed late in 2020 at the Company’s 100% owned McDermitt Lithium Project (US). The latest results continue to confirm considerable extensions to mineralisation at McDermitt with three of the holes located to the north and west of the existing Inferred Mineral Resource[1] . Highlights from these drillholes include:

• MDRC013: 32.0m @ 1379 ppm Li from 70.2m

• MDRC014: 70.2m @ 1221 ppm Li from 12.2m

• 24.4m @ 1887 ppm Li from 131.2m incl. 6.1m @ 2953 ppm Li

• MDRC015: 25.9m @ 1615 ppm Li from 120.5m incl. 4.6m @ 2550 ppm Li

• MDRC016: 15.3m @ 1554 ppm Li from 56.4m incl. 4.6m @ 2623 ppm Li

• 56.4m @ 1151 ppm Li from 122.2m incl. 4.6m @ 2150 ppm Li

MDRC014 and MDRC016 both intersected broad mineralised zones with widths exceeding 55 metres true thickness. Whilst the intersections in MDRC015 were not as broad, they are significant as the hole is located 1.6km from the nearest drillhole (MDD012) included in the 2019 Inferred Mineral Resource estimate[1] (Figure 1). As these three drillholes are located outside of the existing Inferred Mineral Resource[1] they are be expected to materially benefit the upcoming Mineral Resource update.

All drillholes completed by Jindalee to date have reported significant zones of lithium mineralisation. The 2020 drill program infill drilling has confirmed the grade and continuity of the deposit while the success of large step-outs from the current Mineral Resource, particularly in drillholes MDRC015 and MDRC004[5] , are indicative of the potential scale of the McDermitt Lithium project.

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Jindalee will now engage an independent consultant to update the Mineral Resource Estimate. The increased drill density across the deposit is expected to be sufficient to extend the current Inferred Mineral Resource and Exploration Target Range[1] and convert existing Inferred Mineral Resources to Indicated status to feed into a possible Scoping Study for McDermitt in the June Quarter.

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Figure 1 – Schematic section showing recent significant intercepts through the McDermitt Project.

In addition, Jindalee is currently planning the next phase of drilling for 2021 with the aim to define the full extent of the lithium mineralisation at the McDermitt Project. This includes drilling of the remaining six holes proposed as part of the 2020 programme, which was suspended due to COVID-19 complications[2] . The drilling is planned to be a combination of Diamond Core and Reverse Circulation (RC) and will primarily focus on extensions to the west of the current deposit and continued infill drilling of the upcoming Mineral Resource (Figure 2). Applications for drill permitting will be submitted by Jindalee in April 2021.

A full summary of all drill hole data and significant intercepts received to date from the 2020 drill program is included Annexure A.

McDermitt Lithium Project – Background

In late 2019 Jindalee announced an Inferred Mineral Resource of 150Mt @ 2,000ppm Li (0.43% Li2O) at 1,750ppm Li cut-off[1] had been estimated at McDermitt (refer Table 1, below):

Cut Off (ppm Li)	Mass (Mt)	Grade (ppm Li)	Contained LCE (Mt)
1,750	150	2,000	1.6

Table 1 – Summary of the maiden Inferred Mineral Resource

The Mineral Resource was estimated using a cut-off grade of 1,750ppm Li, which is considered appropriate in the context of similar projects and based on an assessment of the likelihood of future economic extraction as required by the JORC (2012) Code.

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The entire Inferred Mineral Resource sits within 100m of surface and is flat lying, both positive factors for future project economics. Furthermore, analysis of the grade tonnage distribution of the McDermitt resource model highlights the potential for additional material available at lower grades, and metallurgical testwork to date has been very encouraging, indicating high lithium recoveries from conventional sulphuric acid leaching at low temperature and atmospheric pressure[3.6] .

Using the same cut-off grade as the Mineral Resource, an ETR of 180-330Mt @ 1,8002,200ppm Li* (exclusive of the Inferred Resource) was also estimated[1] (refer Table 2, below).

Cut Off (ppm Li)	Mineral	Resource	ETR Lower Limit (Mt)	ETR Upper Limit (Mt)	ETR Grade Range (ppm Li)
	(Mt)	(ppm Li)
1,000	996	1,420	1,200	3,000	1,200-1,600
1,500	328	1,800	370	800	1,600-2,000
1,750	155	2,000	180	330	1,800-2,200
2,000	64	2,200	75	120	2,000-2,400
2,500	5	2,590	2	3	2,400-2,800

Table 2 – Summary of the maiden Inferred Mineral Resource and revised ETR at various cut-off grades, with the preferred cut-off grade figures in bold. (NB: figures may not sum precisely due to rounding, and an increased number of significant figures does not imply increased precision).

*Note that the potential quantity and grade of the ETR is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource over the Exploration Target and it is uncertain if further exploration will result in the estimation of additional Mineral Resources.

2020 Drilling Program

Mid-December Jindalee announced that it had paused its drilling program at McDermitt, with 15 holes of a proposed 21 hole program completed[2] (Figure 2). All holes were vertical and were predominantly drilled using wet Reverse Circulation (RC). Samples were collected at 5 foot (1.52m) intervals and submitted to ALS (Reno, Nevada) for analysis for lithium and 47 other elements using ICP-MS.

In February 2021[5] and March 2021[7] Jindalee announced the assay results for the first 11 holes completed at McDermitt in 2020 with significant intercepts reported in every drill hole including:

• MDRC004: 9.2m @ 2243 ppm Li from 140.3m 15.3m @ 2459 ppm Li from 155.6m

• MDRC005: 18.3m @ 1992 ppm Li (incl. 9.2m @ 2440ppm Li) from 58.0m

• MDRC006: 30.5m @ 1939 ppm Li (incl. 4.6m @ 3550ppm Li) from 39.7m 29.0m @ 2164 ppm Li from 97.6m

• MDRC007: 29.0m @ 1948 ppm Li from 19.8m

• MDRC009: 22.9m @ 2108 ppm Li from 6.1m  MDRC010: 19.8m @ 2383 ppm Li (incl. 9.2m @ 3017ppm Li) from surface  MDRC011: 22.9m @ 2283 ppm Li from 3.1m  MDRC012: 58.0m @ 1611ppm Li (incl. 12.2m @ 2617ppm Li) from 1.5m

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Further information on the drilling program and the McDermitt Project are contained Annexure B.

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Figure 2 – Location of McDermitt Resource[1] , Exploration Target Areas[1] and Drilling.

Authorised for release by the Board of Jindalee Resources Limited.

For further information please contact:

LINDSAY DUDFIELD Executive Director T: + 61 8 9321 7550 E: enquiry@jindalee.net

KAREN WELLMAN Chief Executive Officer

T: + 61 8 9321 7550 E: enquiry@jindalee.net

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About Jindalee

Jindalee Resources Limited (ASX: JRL) is an exploration company with direct and indirect exposure to lithium, gold, base and strategic metals, iron ore, uranium and magnesite through projects generated by the Company’s technical team. Jindalee has a track record of rewarding shareholders, including priority entitlements to several successful IPO’s and payment of a special dividend.

Jindalee’s strategy is to acquire prospective ground, add value through low-cost exploration and, where appropriate, either introduce partners to assist in funding further progress, or fund this activity via a dedicated company in which Jindalee retains a significant interest.

At 31 December 2020 Jindalee held cash and marketable securities worth approximately $4.0M[4] , which combined with the Company’s tight capital structure (only 45.3M shares on issue), provides a strong base for advancing projects currently held by Jindalee and leveraging into new opportunities.

References:

• Additional details including JORC 2012 reporting tables, where applicable, can be found in the following releases lodged with ASX and referred to in this announcement:

• Jindalee Resources ASX announcement 19/11/2019: “Maiden Lithium Resource at McDermitt”.

• Jindalee Resources ASX announcement 14/12/2020: “McDermitt Lithium Project – Drilling Update”.

• Jindalee Resources ASX announcement 17/08/2020: “More Metallurgical Test Results from McDermitt”.

• Jindalee Resources ASX announcement 28/01/2021: “Quarterly Activities & Cashflow Report”.

• Jindalee Resources ASX Announcement 01/02/2021: “McDermitt Lithium Project – First Assay Results”.

• Jindalee Resources ASX Announcement 22/02/2021: “More positive metallurgical results from McDermitt”.

• Jindalee Resources ASX Announcement 05/03/2021: “Results Confirm Extension to McDermitt Resource”.

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 Mrs Karen Wellman. Mr Dudfield is consultant to the Company and a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mrs Wellman is an employee of the Company and a Member of the Australasian Institute of Mining and Metallurgy. Both Mr Dudfield and Mrs Wellman 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 Mrs Wellman 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 Exploration Target and the Mineral Resource Estimate 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 new information or data that materially affects the information included in the original announcement entitled “Maiden Lithium Resource at McDermitt” released to ASX on 19/11/2019, and, in the cast of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the competent person findings are presented has 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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Annexure A:

Drill hole summary table with significant intersections for surface RC drilling completed at McDermitt in 2020

Hole ID	Easting	Northing	RL	Dip/Azi	EoH	Metres From	Metres To	Width (m)	Li(ppm)	Comments
MDRC002	414891	4654160	1576	-90/0	91.4	0.0	9.2	9.2	1440
						15.3	32.0	16.8	1412
						36.6	44.2	7.6	1416
MDRC003	413058	4655552	1583	-90/0	137.2	1.5	18.3	16.8	1731	incl. 3.05m@2635ppm Li from 3.05m
						24.4	39.7	15.3	1054
						48.8	67.1	18.3	1415
MDRC004	411805	4656684	1647	-90/0	185.9	96.1	103.7	7.6	1130
						140.3	149.5	9.2	2243	incl. 3.05m@2995ppm Li from 140.3m
						155.6	170.8	15.3	2459
MDRC005	412117	4655128	1612	-90/0	161.5	18.3	27.5	9.2	1157
						58.0	76.3	18.3	1992	incl. 9.2m@2440ppm Li from 59.47m
						82.4	131.2	48.8	1342	incl. 6.1m@2568ppm Li from 106.8m
MDRC006	412927	4654456	1609	-90/0	173.7	39.7	70.2	30.5	1939	incl. 12.2m@2690ppm Li from 41.2m
						74.7	94.6	19.8	1151
						97.6	126.6	29.0	2164	incl. 4.6m@3550ppm Li from 126.6m
MDRC007	413420	4653407	1585	-90/0	164.6	1.5	9.2	7.6	1380
						19.8	48.8	29.0	1948	incl. 12.2m@2601ppm Li from 21.4m
						62.5	79.3	16.8	1147
						99.1	134.2	35.1	1309
MDRC008	413918	4652733	1570	-90/0	146.3	13.7	39.7	25.9	1794
						53.4	70.2	16.8	1274
						96.1	115.9	19.8	1186
						120.5	128.1	7.6	1379

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Hole ID	Easting	Northing	RL	Dip/Azi	EoH	Metres From	Metres To	Width (m)	Li(ppm)	Comments
MDRC009	413552	4653960	1583	-90/0	158.5	6.1	29.0	22.9	2108
						38.1	82.4	44.2	1405	incl. 3.05m@2870ppm Li from 67.1m
						93.0	103.7	10.7	1984
						108.3	117.4	9.2	1233
MDRC010	413756	4653605	1576	-90/0	146.3	0.0	19.8	19.8	2383	incl. 9.2m@3017ppm Li from surface
						33.6	65.6	32.0	1397
						71.7	114.4	42.7	1402	incl. 4.6m@2247ppm Li from 97.6m
MDRC011	413961	4653342	1579	-90/0	137.2	3.1	25.9	22.9	2283	incl. 12.2m@2734ppm Li from 3.05m
						33.6	68.6	35.1	1373
						85.4	119.0	33.6	1425
MDRC012	414254	4652960	1573	-90/0	134.1	1.5	59.5	58.0	1611	incl. 12.2m@2617ppm Li from 3.05m
						88.5	115.9	27.4	1477
MDRC013	413224.0	4652757.0	1542	-90/0	121.9	32	45.8	13.8	1073
						70.2	102.2	32.0	1379
						58.0	64.1	6.1	1572
MDRC014	411864.0	4653865.0	1618	-90/0	182.9	12.2	82.4	70.2	1221
						91.5	106.8	15.3	1578
						131.2	155.6	24.4	1887	incl. 6.1m@2953ppm Li from 135.7m
MDRC015	410845.0	4654548.0	1652	-90/0	182.9	47.3	62.5	15.3	1233
						73.2	83.9	10.7	1189
						120.5	146.4	25.9	1615	incl. 4.6m@2550ppm Li from 123.5m
MDRC016	411516.0	4652079.0	1618	-90/0	182.9	27.5	45.8	18.3	1228
						56.4	71.7	15.3	1554	incl. 4.6m@2623ppm Li from 65.6m
						91.5	103.7	12.2	1647
						122.0	178.4	56.4	1151	incl. 4.6m@2150ppm Li from 151.0m

Notes:

• All coordinates are Zone NAD27 Z11

• Intervals are reported on 1000ppm Li cut-off with maximum internal dilution of 10 feet (3.05m)

• Intervals reported meet a minimum downhole width of 20 feet (6.1m)

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Annexure B: JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut channels, random chips, or	Reverse Circulation percussion (RC) drilling was used to collect
techniques	specific specialised industry standard measurement tools appropriate	samples at 5 foot (~1.52m) intervals.
	to the minerals under investigation, such as down hole gamma	Approximately 2-4kg was collected from each interval using a riffle
	sondes, or handheld XRF instruments, etc). These examples should	splitter (for dry samples) and a rotary splitter (for wet samples).
	not be taken as limiting the broad meaning of sampling.	All samples were placed into individually labelled, consecutively
	 Include reference to measures taken to ensure sample representivity	numbered sample bags.
	and the appropriate calibration of any measurement tools or systems	The RC samples obtained are considered representative of the
	used.	material drilled.
	 Aspects of the determination of mineralisation that are Material to the
	Public Report.
	 In cases where ‘industry standard’ work has been done this would be
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1
	m samples from which 3 kg was pulverised to produce a 30 g charge
	for fire assay’). In other cases more explanation may be required,
	such as where there is coarse gold that has inherent sampling
	problems. Unusual commodities or mineralisation types (eg
	submarine nodules) may warrant disclosure of detailed information.
Drilling	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air	RC drilling was completed using a conventional hammer, 2-slot
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	interchange and 4.75 inch bit.
	or standard tube, depth of diamond tails, face-sampling bit or other	Water injection was generally used after setting 10’ – 20’ of casing
	type, whether core is oriented and if so, by what method, etc).	(~6.1m) with holes drilled wet thereafter.
		Holes were drilled vertically using 10 foot (3.05m) rods
Drill sample	 Method of recording and assessing core and chip sample recoveries	Water inflows were encountered in most holes which may have
recovery	and results assessed.	caused loss of fine (clay) fraction from some intervals, thereby
	 Measures taken to maximise sample recovery and ensure	underestimating lithium grade (previous metallurgical testwork has
	representative nature of the samples.	indicated that ~80% of the lithium is in the -10-micron fraction).
	 Whether a relationship exists between sample recovery and grade	Two methods will be used to quantify the potential understatement of
	and whether sample bias may have occurred due to preferential	lithium grades in RC drilling. First the results from assaying of bulk
	loss/gain of fine/coarse material.	samples taken for metallurgywill be compared to the drill hole

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Criteria JORC Code explanation

Commentary

sample. Secondly the Company proposes to twin several of the RC holes with diamond core drilling in future drill programs.

• Logging  Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

• The total length and percentage of the relevant intersections logged.

• Sub-sampling  If core, whether cut or sawn and whether quarter, half or all core techniques taken. and sample  If non-core, whether riffled, tube sampled, rotary split, etc and preparation whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.

• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

  • Qualitative lithological descriptions (colour, weathering, grain size, lithology, mineralogy, veining textures and other significant features) were recorded by the field geologist.

  • Representative samples of bedrock were collected from each 5 foot interval of every RC hole and were retained in labelled sample chip trays, with chip trays photographed on completion of each hole.

  • RC samples were split in the field (riffle split if dry; rotary split if wet) and collected in pre-numbered calico bags.

  • Sample preparation at the laboratory involved crushing to 70% less than 2mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns.

  • Duplicate samples were inserted approximately every 15 samples to check the representivity of samples and precision in assaying.

• Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

• Whether sample sizes are appropriate to the grain size of the material being sampled.

• Quality of  The nature, quality and appropriateness of the assaying and  Samples were assayed by ALS Laboratories in Reno Nevada via 4 assay data laboratory procedures used and whether the technique is considered acid digest of 0.25g sample split with a 48 element ICP-MS finish. and partial or total.  4 Acid digests are considered to approach a total digest, as some laboratory  For geophysical tools, spectrometers, handheld XRF instruments, etc, refractory minerals are not attacked. tests the parameters used in determining the analysis including instrument  Certified lithium sediment standards were inserted approximately make and model, reading times, calibrations factors applied and their every 15 samples derivation, etc.  Blank samples were inserted approximately every 15 samples to

• Nature of quality control procedures adopted (eg standards, blanks, check for laboratory contamination. duplicates, external laboratory checks) and whether acceptable levels  Duplicates were taken approximately 1 in every 15 samples of accuracy (ie lack of bias) and precision have been established.  All standards, blanks and duplicate data are reviewed as assays are received. Any QAQC data that fails to meet acceptable confidence limits set by Jindalee are followed up with the laboratory as an action item.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
			Laboratory QAQC involves the use of internal lab standards, splits
			and replicates as part of in-house procedures. ALS Laboratories
			participates in external umpire assessments to maintain high levels of
			QAQC in relation to their peers.
Verification of		The verification of significant intersections by either independent or	Assay results were verified by more than one Jindalee geologist.
sampling and		alternative company personnel.	Data is received and stored electronically with a comparison between
assaying		The use of twinned holes.	the .pdf certificates and the .csv data files indicating no errors in
		Documentation of primary data, data entry procedures, data	transmission.
		verification, data storage (physical and electronic) protocols.
		Discuss any adjustment to assay data.
Location of		Accuracy and quality of surveys used to locate drill holes (collar and	Sample locations were surveyed using a handheld Garmin GPS with
data points		down-hole surveys), trenches, mine workings and other locations	an accuracy of +/- 3m horizontally, and +/- 5m vertically; hole
		used in Mineral Resource estimation.	positions were also checked against a Digital Elevation Model (DEM).
		Specification of the grid system used.	Locations are reported in metres NAD27 Zone11.
		Quality and adequacy of topographic control.	No downhole surveys were undertaken.
Data spacing		Data spacing for reporting of Exploration Results.	The RC drilling was designed to infill and extend an Inferred Mineral
and		Whether the data spacing and distribution is sufficient to establish the	Resource reported by the Company on 19 November 2019.
distribution		degree of geological and grade continuity appropriate for the Mineral	Although the spacing of drilling and associated sampling is
		Resource and Ore Reserve estimation procedure(s) and	considered adequate to build on the current Inferred Mineral
		classifications applied.	Resource no updated resource has been estimated to date.
		Whether sample compositing has been applied.
Orientation of		Whether the orientation of sampling achieves unbiased sampling of	Vertical drill holes were appropriate for assessing the flat lying units of
data in		possible structures and the extent to which this is known, considering	interest. Downhole lengths reported are therefore the same as true
relation to		the deposit type.	widths.
geological		If the relationship between the drilling orientation and the orientation
structure		of key mineralised structures is considered to have introduced a
		sampling bias, this should be assessed and reported if material.
Sample		The measures taken to ensure sample security.	Samples were collected by qualified geological consultants engaged
security			by Jindalee and stored on site in locked sample storage bins provided
			by ALS Laboratories, who then collected the bins and transported
			them to their facility in Reno, USA.
Audits or		The results of any audits or reviews of sampling techniques and data.	QAQC data is reviewed regularly with each returned assay batch and
reviews			reported on a per program basis.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location and ownership including	Samples reported are all from land managed by the US Bureau of
tenement and	agreements or material issues with third parties such as joint	Land Management, with the mineral rights held under placer claims
land tenure	ventures, partnerships, overriding royalties, native title interests,	owned 100% by HiTech Minerals Inc., a wholly owned US based
status	historical sites, wilderness or national park and environmental	subsidiary of Jindalee Resources Limited.
	settings.	No joint ventures or royalty interests are applicable.
	 The security of the tenure held at the time of reporting along with any
	known impediments to obtaining a licence to operate in the area.
Exploration	 Acknowledgment and appraisal of exploration by other parties.	At McDermitt, historic uranium exploration by Chevron first identified
done by other		the presence of lithium. Lithium Americas Corp (TSX: LAC) is
parties		exploring the southern end of the McDermitt caldera, approximately
		30km south of the Project area for lithium within geologically identical
		stratigraphy.
Geology	 Deposit type, geological setting and style of mineralisation.	Lithium is hosted in flat-lying lacustrine sediments deposited within
		the Tertiary aged McDermitt caldera.
Drill hole	 A summary of all information material to the understanding of the	Please see table and figures in main body of text.
Information	exploration results including a tabulation of the following information
	for all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	 If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from
	the understanding of the report, the Competent Person should clearly
	explain why this is the case.
Data	 In reporting Exploration Results, weighting averaging techniques,	Significant intercepts are presented as a simple average above a
aggregation	maximum and/or minimum grade truncations (eg cutting of high	1000ppm Li cut-off, with a maximum of 10 feet (3.05m) internal
methods	grades) and cut-off grades are usually Material and should be stated.	‘waste’ (where ‘waste’ is defined as intervals with less than 1000ppm
	 Where aggregate intercepts incorporate short lengths of high grade	Li).
	results and longer lengths of lowgrade results, theprocedure used

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Criteria	JORC Code explanation	Commentary
	for such aggregation should be stated and some typical examples of
	such aggregations should be shown in detail.
	 The assumptions used for any reporting of metal equivalent values
	should be clearly stated.
Relationship	 These relationships are particularly important in the reporting of	Vertical drill holes were appropriate for assessing the flat lying units of
between	Exploration Results.	interest. Downhole lengths reported are therefore the same as true
mineralisation	 If the geometry of the mineralisation with respect to the drill hole	widths.
widths and	angle is known, its nature should be reported.
intercept	 If it is not known and only the down hole lengths are reported, there
lengths	should be a clear statement to this effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	 Appropriate maps and sections (with scales) and tabulations of	See main body of announcement.
	intercepts should be included for any significant discovery being
	reported These should include, but not be limited to a plan view of
	drill hole collar locations and appropriate sectional views.
Balanced	 Where comprehensive reporting of all Exploration Results is not	All drilling results above a cut-off of 1000ppm lithium containing a
reporting	practicable, representative reporting of both low and high grades	maximum of 10 feet (3.05m) internal ‘waste’ (where ‘waste’ is defined
	and/or widths should be practiced to avoid misleading reporting of	as intervals with less than 1000ppm Li) are regarded as significant
	Exploration Results.	and have been reported.
Other	 Other exploration data, if meaningful and material, should be reported	Metallurgical testwork (previously announced3,6) has indicated high
substantive	including (but not limited to): geological observations; geophysical	lithium recoveries from leaching with sulphuric acid at moderate
exploration	survey results; geochemical survey results; bulk samples – size and	temperature and atmospheric pressure and that the mineralised
data	method of treatment; metallurgical test results; bulk density,	material can be beneficiated using attrition scrubbing
	groundwater, geotechnical and rock characteristics; potential	Also see main body of announcement.
	deleterious or contaminating substances.
Further work	 The nature and scale of planned further work (eg tests for lateral	A resource estimation will be undertaken within the next financial
	extensions or depth extensions or large-scale step-out drilling).	quarter.
	 Diagrams clearly highlighting the areas of possible extensions,	Also see main body of announcement.
	including the main geological interpretations and future drilling areas,
	provided this information is not commercially sensitive.

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