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Constellation Acquisition Corp I and Jindalee Lithium Limited Announce Non-Binding Term Sheet for Business Combination
CSTAF
M&A
New Projects/Investments
- Constellation Acquisition Corp I and Jindalee Lithium Limited have entered into a non-binding term sheet for a business combination with HiTech Minerals, Inc., a subsidiary of Jindalee, to form a new U.S. listed company named US Elemental.
- US Elemental will focus on developing the McDermitt Lithium Project, which is described as a Tier 1 U.S. Lithium Resource with a 21.5 Mt LCE contained resource and a 63-year project life.
- A 2024 Pre-Feasibility Study for the McDermitt Project indicated a post-tax Net Present Value (NPV) of $3.23 billion and an Internal Rate of Return (IRR) of 17.9%, with projected production of 47,500 tonnes per annum (tpa) of Lithium Carbonate Equivalent (LCE) for the first 10 years.
- The transaction contemplates a $500 million target valuation and a $20-30 million capital raise, with Jindalee expected to retain at least 80% ownership of US Elemental post-transaction.
Dec 18, 2025, 2:03 PM
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