# JLL: Annual Report to Shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/jll-annual-report-to-shareholders--7eaba683-52c7-40d2-bc2c-5e8df535e608 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145637 Publisher: asx Original announcement: 2026-09-29T09:28:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T13:25:06.309Z Atlas analysis updated: 2026-09-29T13:25:06.309Z - Company: Jindalee Lithium Limited - Ticker: JLL - Exchange: ASX - Region: United States - Primary commodity: Lithium - Secondary commodities: Magnesium - Document categories: Agreement transaction, Capital raise, Metallurgy, Resource update, Other, Drill results - Extracted: 2026-09-29 13:25:07 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Jindalee Lithium Limited's annual report for FY26 details significant progress on its proposed US Elemental Nasdaq listing for the McDermitt Lithium Project, including shareholder approval and SEC filings. The company successfully completed multiple equity raises, strengthening its cash position to $13.6 million. Metallurgical testwork also advanced, demonstrating the potential to produce fertiliser-grade magnesium sulphate and high-purity magnesium oxide from a previously considered waste stream. Reasoning: The annual report highlights significant progress on the proposed Nasdaq listing for its US assets, successful capital raises strengthening its financial position, and promising metallurgical testwork for a magnesium byproduct. However, the mineral resource and ore reserve estimates remain unchanged, and the company acknowledges a going concern risk requiring future funding. - Positive factor: US Elemental Nasdaq listing progress - Positive factor: Successful capital raises - Positive factor: Magnesium byproduct opportunity - Positive factor: Permitting approval for drilling - Negative factor: Resource estimate unchanged \(stale data\) - Negative factor: Going concern risk Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 25 ## Classification and evidence **Stale Estimate** Polarity: negative Story-specific tag Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Mineral Resource Estimate has an effective date of 27 February 2023 and the Ore Reserve an effective date of 19 November 2024, both of which are more than one year old, and the document explicitly states there was no change to either during the period. Evidence · text > No comparison table has been provided for the McDermitt MRE as there was no change to the Mineral Resource during the period. There were no changes to the McDermitt Lithium Project \(US\) Mineral Resource and Ore Reserve from 30 September 2025 to 29 September 2026 **JORC Compliant** Polarity: positive Story-specific tag Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resources and Ore Reserves are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(2012 Edition\) \('JORC Code 2012'\). Evidence · text > The Group’s Mineral Resources and Ore Reserves are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(2012 Edition\) \('JORC Code 2012'\) **QP/CP Signed** Polarity: positive Story-specific tag Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The mineral resource statement and information relating to Exploration Results, Mineral Resources and Ore Reserves are based on information compiled by Mr Lindsay Dudfield, Mr Arnold van der Heyden, and Mr Quinton de Klerk, who are all qualified as Competent Persons under JORC Code 2012. Evidence · text > This annual mineral resource statement in its entirety, and the information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves, is based on, and fairly represents information and supporting documents compiled by Mr Lindsay Dudfield, a director and shareholder of, and consultant to, the Company and a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. ... The information in this report that relates to the Mineral Resource Estimate for the McDermitt deposit is based on information compiled by Mr Arnold van der Heyden... The information in this report that relates to the Ore Reserves for the McDermitt Lithium Project is based on and fairly represents information and supporting documentation compiled by Mr Quinton de Klerk. **Cut-off Disclosed** Polarity: positive Story-specific tag Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Mineral Resource Estimate and Ore Reserve are reported with a clear cut-off grade of 1,000 ppm Li. Evidence · text > Summary of 2023 McDermitt MRE at the reporting cut-off of 1,000 ppm. **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: Testwork successfully produced fertiliser-grade magnesium sulphate and high-purity magnesium oxide from a magnesium stream previously treated as waste, indicating an improvement in potential recovery and value. Evidence · text > Historically viewed as a waste stream within the process flowsheet, magnesium is now being evaluated as a potential by-product capable of enhancing Project economics. Testwork completed during the year successfully produced fertiliser-grade magnesium sulphate from McDermitt leachate and ongoing work is assessing opportunities to produce higher-value magnesium products. **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The document describes 'testwork completed' and 'proof-of-concept testwork' without mentioning pilot or locked-cycle scale, implying preliminary bench-scale work. Evidence · text > Testwork completed during the year successfully produced fertiliser-grade magnesium sulphate from McDermitt leachate and ongoing work is assessing opportunities to produce higher-value magnesium products. ... proof-of-concept testwork demonstrating the production of high-purity magnesium oxide \(MgO\) from McDermitt-derived magnesium sulphate. **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: Magnesium is being evaluated as a potential by-product capable of enhancing Project economics, having historically been viewed as a waste stream. Evidence · text > One of the most exciting developments during FY26 was the emergence of a potentially significant magnesium opportunity. Historically viewed as a waste stream within the process flowsheet, magnesium is now being evaluated as a potential by-product capable of enhancing Project economics. **QA/QC Disclosed** Polarity: positive Story-specific tag Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The company states that its drilling, sampling, and analysis procedures are regularly reviewed and audited by independent experts, and assays are undertaken by independent, internationally accredited laboratories with a QA/QC program. Evidence · text > The Company’s procedures for drilling, sampling techniques and analysis are regularly reviewed and audited by independent experts. Assays are undertaken by independent, internationally accredited laboratories with a QA/QC program delivering acceptable levels of accuracy and precision. **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The drill intercepts are reported with downhole lengths \(e.g., '110.6m @ 1,519ppm Li'\) but no true width or drill orientation information is provided. Evidence · text > 110.6m @ 1,519ppm Li & 4.80% Mg from 23.0m \(hole R95\) and 66.0m @ 1,599ppm Li & 4.12% Mg from 0.4m \(hole R94\) **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The drill results from the 2025 drilling program were reported on 21 January 2026, making them historical data in this annual report dated 29 September 2026. Evidence · text > On 3 December 2025 Jindalee completed a large-diameter core drilling program... On 21 January 2026 the Company reported strong lithium and magnesium intercepts **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 10. Some facts used in scoring do not have a stored record. ## Drill Results (4) ### R95 [Link to this fact](https://atlas-staging.minestarters.com/news/jll-annual-report-to-shareholders--7eaba683-52c7-40d2-bc2c-5e8df535e608#fact-drill-facts-21) McDermitt · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: R95 - Project: McDermitt - Commodity: lithium - Region: usa - Reported Region: usa - Ticker: JLL #### Geometry - Grade: 1519 - Grade Unit: ppm - Intercept: 110.6 m - From: 23 m - To: 133.6 m - Intercept Depth: 23 m #### Classification - Sample Type: drill - Group ID: R95:23-133.6 #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-01-21T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A strong lithium intercept over a significant length was reported from the 2025 drilling program, confirming resource quality, though it is historical data and only apparent width is given. - Positive factor: Strong grade - Positive factor: Good intercept length - Positive factor: QA/QC disclosed - Negative factor: Apparent width only - Negative factor: Stale data re-release Evidence · text > 110.6m @ 1,519ppm Li & 4.80% Mg from 23.0m \(hole R95\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### R95 [Link to this fact](https://atlas-staging.minestarters.com/news/jll-annual-report-to-shareholders--7eaba683-52c7-40d2-bc2c-5e8df535e608#fact-drill-facts-22) McDermitt · magnesium Historical result Needs review: historical\_restatement #### Identity - Hole ID: R95 - Project: McDermitt - Commodity: magnesium - Region: usa - Reported Region: usa - Ticker: JLL #### Geometry - Grade: 4.8 - Grade Unit: % - Intercept: 110.6 m - From: 23 m - To: 133.6 m - Intercept Depth: 23 m #### Classification - Sample Type: drill - Group ID: R95:23-133.6 #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-01-21T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A strong magnesium intercept over a significant length was reported from the 2025 drilling program, reinforcing byproduct potential, though it is historical data and only apparent width is given. - Positive factor: Strong grade - Positive factor: Good intercept length - Positive factor: QA/QC disclosed - Positive factor: Byproduct potential - Negative factor: Apparent width only - Negative factor: Stale data re-release Evidence · text > 110.6m @ 1,519ppm Li & 4.80% Mg from 23.0m \(hole R95\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### R94 [Link to this fact](https://atlas-staging.minestarters.com/news/jll-annual-report-to-shareholders--7eaba683-52c7-40d2-bc2c-5e8df535e608#fact-drill-facts-23) McDermitt · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: R94 - Project: McDermitt - Commodity: lithium - Region: usa - Reported Region: usa - Ticker: JLL #### Geometry - Grade: 1599 - Grade Unit: ppm - Intercept: 66 m - From: 0.4 m - To: 66.4 m - Intercept Depth: 0.4 m #### Classification - Sample Type: drill - Group ID: R94:0.4-66.4 #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-01-21T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A strong lithium intercept over a good length from shallow depth was reported from the 2025 drilling program, confirming resource quality, though it is historical data and only apparent width is given. - Positive factor: Strong grade - Positive factor: Good intercept length - Positive factor: QA/QC disclosed - Positive factor: Shallow intercept - Negative factor: Apparent width only - Negative factor: Stale data re-release Evidence · text > 66.0m @ 1,599ppm Li & 4.12% Mg from 0.4m \(hole R94\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### R94 [Link to this fact](https://atlas-staging.minestarters.com/news/jll-annual-report-to-shareholders--7eaba683-52c7-40d2-bc2c-5e8df535e608#fact-drill-facts-24) McDermitt · magnesium Historical result Needs review: historical\_restatement #### Identity - Hole ID: R94 - Project: McDermitt - Commodity: magnesium - Region: usa - Reported Region: usa - Ticker: JLL #### Geometry - Grade: 4.12 - Grade Unit: % - Intercept: 66 m - From: 0.4 m - To: 66.4 m - Intercept Depth: 0.4 m #### Classification - Sample Type: drill - Group ID: R94:0.4-66.4 #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-01-21T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A strong magnesium intercept over a good length from shallow depth was reported from the 2025 drilling program, reinforcing byproduct potential, though it is historical data and only apparent width is given. - Positive factor: Strong grade - Positive factor: Good intercept length - Positive factor: QA/QC disclosed - Positive factor: Shallow intercept - Positive factor: Byproduct potential - Negative factor: Apparent width only - Negative factor: Stale data re-release Evidence · text > 66.0m @ 1,599ppm Li & 4.12% Mg from 0.4m \(hole R94\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## Resource Estimates (4) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/jll-annual-report-to-shareholders--7eaba683-52c7-40d2-bc2c-5e8df535e608#fact-resource-facts-0) McDermitt Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: McDermitt Lithium Project - Commodity: lithium - Region: usa - Reported Region: United States - Ticker: JLL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden, Lindsay Dudfield - Resource group id: resource:3e463adc5425dbbaef36 #### Resource Data - Category: indicated - Tonnes: 1470000000 - Grade: 1420 - Grade Unit: ppm - Contained Metal: 11.1 - Contained Unit: mt lce - Cutoff Grade: 1000 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2023-02-27 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-27T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The indicated resource for lithium at McDermitt is reported as unchanged from the prior period, making it stale data, but it is JORC compliant with a disclosed cut-off grade and QP sign-off. - Positive factor: JORC compliant - Positive factor: QP signed - Positive factor: Cut-off disclosed - Negative factor: Stale estimate - Negative factor: No change from prior period Evidence · table > 1,470 Context: Indicated Resource #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/jll-annual-report-to-shareholders--7eaba683-52c7-40d2-bc2c-5e8df535e608#fact-resource-facts-1) McDermitt Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: McDermitt Lithium Project - Commodity: lithium - Region: usa - Reported Region: United States - Ticker: JLL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden, Lindsay Dudfield - Resource group id: resource:e7282d6e6b457cc11ab0 #### Resource Data - Category: inferred - Tonnes: 1540000000 - Grade: 1270 - Grade Unit: ppm - Contained Metal: 10.4 - Contained Unit: mt lce - Cutoff Grade: 1000 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2023-02-27 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-27T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The inferred resource for lithium at McDermitt is reported as unchanged from the prior period, making it stale data and a lower confidence category, but it is JORC compliant with a disclosed cut-off grade and QP sign-off. - Positive factor: JORC compliant - Positive factor: QP signed - Positive factor: Cut-off disclosed - Negative factor: Stale estimate - Negative factor: No change from prior period - Negative factor: Inferred resource Evidence · table > 1,540 Context: Inferred Resource #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/jll-annual-report-to-shareholders--7eaba683-52c7-40d2-bc2c-5e8df535e608#fact-resource-facts-2) McDermitt Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: McDermitt Lithium Project - Commodity: lithium - Region: usa - Reported Region: United States - Ticker: JLL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden, Lindsay Dudfield - Resource group id: resource:d7efd7053623d31652ad #### Resource Data - Category: inferred - Tonnes: 3000000000 - Grade: 1340 - Grade Unit: ppm - Contained Metal: 21.5 - Contained Unit: mt lce - Cutoff Grade: 1000 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2023-02-27 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-27T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total resource for lithium at McDermitt is reported as unchanged from the prior period, making it stale data, but it is JORC compliant with a disclosed cut-off grade and QP sign-off. A significant portion is in the inferred category. - Positive factor: JORC compliant - Positive factor: QP signed - Positive factor: Cut-off disclosed - Negative factor: Stale estimate - Negative factor: No change from prior period - Negative factor: Significant inferred component Evidence · table > 3,000 Context: Indicated and Inferred Resource #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/jll-annual-report-to-shareholders--7eaba683-52c7-40d2-bc2c-5e8df535e608#fact-resource-facts-3) McDermitt Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: McDermitt Lithium Project - Commodity: lithium - Region: usa - Reported Region: United States - Ticker: JLL #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Quinton de Klerk, Lindsay Dudfield - Resource group id: resource:563f01282704af19fc84 #### Resource Data - Category: probable - Tonnes: 251000000 - Grade: 1751 - Grade Unit: ppm - Contained Metal: 2.34 - Contained Unit: mt lce - Cutoff Grade: 1000 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2024-11-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-11-19T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The probable ore reserve for lithium at McDermitt is reported as unchanged from the prior period, making it stale data, but it is JORC compliant with a disclosed cut-off grade and QP sign-off. - Positive factor: JORC compliant - Positive factor: QP signed - Positive factor: Cut-off disclosed - Negative factor: Stale estimate - Negative factor: No change from prior period Evidence · table > 251 Context: Probable Reserve #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (2) ### unspecified [Link to this fact](https://atlas-staging.minestarters.com/news/jll-annual-report-to-shareholders--7eaba683-52c7-40d2-bc2c-5e8df535e608#fact-metallurgical-facts-4) McDermitt Lithium Project · magnesium #### Identity - Project: McDermitt Lithium Project - Commodity: magnesium - Region: usa - Reported Region: United States - Ticker: JLL #### Test Work - Program Status: preliminary - Test Type: unspecified - Processing Route: unspecified - Sample: McDermitt leachate #### Recovery - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Successful production of fertiliser-grade magnesium sulphate from McDermitt leachate represents a significant advancement from previous scoping work, indicating potential for a valuable byproduct, though the testwork is still at a preliminary bench scale. - Positive factor: Recovery improving - Positive factor: Byproduct commodity - Positive factor: Successful production - Negative factor: Bench scale only - Negative factor: Unspecified test type Evidence · text > On 21 April 2026, Jindalee announced the successful production of fertiliser-grade magnesium sulphate \(MgSO4, Epsom salt\) from this leachate. #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### unspecified [Link to this fact](https://atlas-staging.minestarters.com/news/jll-annual-report-to-shareholders--7eaba683-52c7-40d2-bc2c-5e8df535e608#fact-metallurgical-facts-5) McDermitt Lithium Project · magnesium #### Identity - Project: McDermitt Lithium Project - Commodity: magnesium - Region: usa - Reported Region: United States - Ticker: JLL #### Test Work - Program Status: preliminary - Test Type: unspecified - Processing Route: unspecified - Sample: McDermitt-derived magnesium sulphate #### Recovery - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Proof-of-concept testwork demonstrating the production of high-purity magnesium oxide from McDermitt-derived magnesium sulphate is a novel and positive development, indicating potential for a higher-value byproduct, though still at a preliminary bench scale. - Positive factor: Recovery improving - Positive factor: Byproduct commodity - Positive factor: Successful production - Positive factor: Higher value product - Negative factor: Bench scale only - Negative factor: Unspecified test type Evidence · text > Subsequent to year end, on 17 August 2026, the Company announced proof-of-concept testwork demonstrating the production of high-purity magnesium oxide \(MgO\) from McDermitt-derived magnesium sulphate. #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.