Jindalee Resources Limited (Jindalee, the Company) is pleased to advise that it has signed a NonBinding Memorandum of Understanding (MOU) with major Korean conglomerate POSCO Holdings Inc. (NYSE: PKX) (POSCO).

Under the terms of the MOU POSCO and Jindalee agree to undertake joint research designed to optimise the flowsheet for processing ore from Jindalee's 100% owned McDermitt Lithium Project (USA)1 . Jindalee will provide a large composite sample from McDermitt for testing at POSCO's research facility in Korea.

This MOU follows initial analysis of a smaller sample of McDermitt ore undertaken by POSCO in 2022. POSCO advises that testing of the McDermitt ore will investigate three separate metallurgical processes. The testwork is expected to take approximately six months at a cost of approximately A$2M, which will be funded entirely by POSCO.

POSCO and Jindalee will jointly evaluate the commercialisation of the Project following completion of the testwork. Jindalee's Chairman Justin Mannolini commented: 'I am delighted that Jindalee has been able to sign a MOU with POSCO Holdings, a leading Korean company and lithium producer as well as supplier of cathode active materials to major US auto maker General Motors. This arrangement will allow Jindalee to further examine the potential of the McDermitt Lithium Project in Oregon, a very large and strategically important domestic source of lithium for the US battery industry. We look forward to receiving the results from POSCO's testwork as part of our efforts to accelerate development of McDermitt through 2023.

Contact:

Tel: + 61 8 9321 7550

Email: enquiry@jindalee.net

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. The separation of Jindalee's Australian assets via the spin-off of Dynamic Metals (ASX: DYM) in January 2023, leaves Jindalee as a pure-play US lithium company focussed on the development of the giant McDermitt Lithium Project (13.3Mt LCE)

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. Such factors may include, among others, risks related to regulatory approvals of or in connection with the proposed transaction, actual results of current or planned exploration activities, change in market conditions which affect the completion of the transaction, obtaining appropriate approvals to undertake exploration activities in the portfolio of projects, changes in exploration programs and budgets based upon the results of exploration, future prices of minerals resources; grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining government approvals or financing or in the completion of development or construction activities; movements in the share price of investments and the timing and proceeds realised on future disposals of investments, the impact of the COVID 19 pandemic as well as those factors detailed from time to time in the Company's interim and annual financial statements and reports, all over which are available for review on ASX at asx.com.au and OTC Markets at otcmarkets.com.

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