US Elemental Inc

US Elemental Inc. is a U.S.-focused lithium development company formed through the combination of HiTech Minerals Inc. — a wholly owned subsidiary of Australia's Jindalee Lithium (ASX: JLL) — and Constellation Acquisition Corp. I (SPAC). The company is preparing to list on the Nasdaq Stock Market under the ticker symbol ULIT in the second half of 2026. At the core of US Elemental is the McDermitt Lithium Project in Oregon, one of the largest known undeveloped lithium deposits in the United States, with an estimated resource of 21.5 million tonnes of lithium carbonate equivalent (LCE). Backed by a 2024 prefeasibility study and supported by U.S. federal policy through DOE partnership and FAST-41 permitting status, US Elemental is strategically positioned to supply the growing domestic demand for battery-grade lithium essential to electric vehicles, grid-scale energy storage, and data infrastructure.

What are the key investor takeaways?

World-class resource: The McDermitt Lithium Project holds ~21.5 million tonnes LCE with a projected 63-year project life, ranking among the largest known U.S. lithium assets.

Compelling economics: A 2024 prefeasibility study outlines a post-tax NPV of $3.23 billion (at 8% discount rate), a post-tax IRR of 17.9%, planned annual production of ~47,500 tonnes of lithium carbonate, and a 66% EBITDA margin.

Attractive entry valuation: Pro forma enterprise value of ~$571 million represents an ~82% discount to the project's stated NPV.

U.S. policy tailwinds: FAST-41 federal permitting status and a DOE partnership accelerate the pathway to production and reduce regulatory risk.

Strong strategic backing: Jindalee Lithium (ASX: JLL) is rolling 100% of its equity into US Elemental and expected to retain ~80%+ ownership, signaling strong alignment with shareholders.

Near-term capital markets milestones: Expected NASDAQ listing under ticker ULIT in H2 2026 following the SPAC merger close, with a $20–30 million capital raise to advance feasibility, permitting, and project development.

Macro demand alignment: Target first production in the early 2030s coincides with forecasted tightening of global lithium supply and surging battery storage demand from EVs and data centers.