Jindalee Lithium Targets Nasdaq Listing with McDermitt Project Valued at US$571M
Jindalee Lithium has agreed to spin out its US subsidiary HiTech Minerals via a Nasdaq listing of US Elemental Inc., valuing its McDermitt Lithium Project at an implied US$500 million equity and US$571 million pro-forma enterprise value. Jindalee will retain over an 80% stake in the new entity pending H2 2026 approvals.
1. Business Combination Agreement
Jindalee Lithium signed a binding business combination agreement to transfer its US arm HiTech Minerals into a new Nasdaq-listed vehicle, US Elemental Inc., focusing on its McDermitt Lithium Project in Oregon. Completion remains subject to shareholder, regulatory and Nasdaq approvals targeted in H2 2026.
2. Valuation and Ownership Structure
The transaction implies a pro forma enterprise value of about US$571 million and assigns an equity value of US$500 million to Jindalee’s US assets, with Jindalee retaining an expected majority stake of over 80% in US Elemental upon closing.
3. Nasdaq Listing Objectives
By listing on Nasdaq, the company aims to secure a US market valuation aligned with American investors and critical minerals policies, positioning McDermitt as a strategic domestic lithium resource with growth potential.
4. Funding for McDermitt Development
The US Elemental structure is designed to improve access to larger capital pools needed for infill drilling, metallurgical optimisation and feasibility studies at McDermitt, supporting long-term expansion and development milestones.