JINDALEE RESOURCES LIMITED (ASX: JRL) (Jindalee, the Company) is an Australian exploration company with Tier 1 lithium deposits in its portfolio in the United States. The Company’s core goals are to discover world-class mineral deposits and generate shareholder wealth. The United States is one of the largest marketplaces for lithium demand, and Jindalee is a leading company committed to help meet future demand. The Company is focussing efforts into developing its McDermitt lithium deposit. Jindalee Resources was listed on the Australian Securities Exchange (ASX) on 11th July 2002 and raised AUD 2.70 million. Now, it is a pure-play United States lithium company. Jindalee’s Projects: In June 2018, the Company acquired McDermitt and Clayton North, two lithium sediment projects in the United States. Both projects are 100% owned by HiTech Minerals Inc., a wholly owned, US-based subsidiary of Jindalee. Several factors attracted the Company’s interest in these projects including: Potenti...
Jindalee Resources Limited releases half-yearly financial report for the period ended on December 31st, 2022: Important facts and figures
JINDALEE RESOURCES LIMITED (ASX: JRL), (Jindalee, the Company), a mineral exploration company based in Western Australia, releases its HALF-YEARLY FINANCIAL REPORT for the period ended on December 31st, 2022. The Company is aligned with its goals and working on its potential projects. Also, after the reporting period, Jindalee spun off the Australian lithium, nickel, and gold assets to focus on its core assets in the United States.
Operations During the Period
Jindalee Resources focused on the McDermitt Lithium Project in the United States during the half-year period. Drilling was executed to expand the existing resource base along with metallurgical test work, cultural surveys, and environmental baseline studies to reduce the risks associated with the project.
The Company acquired an 80% stake in the Deep Well Nickel-Copper-PGE Project (Western Australia) and divested several non-core projects there. As part of its proposed exploration for early 2023, Jindalee Resources completed heritage surveys at the Widgiemooltha Project. They have also conducted heritage and flora surveys at the Lake Percy Project. Jindalee made net losses of AUD 1.7 MILLION during the half-year period that ended on December 31st 2022. In contrast, during the same period in the previous year, they made a profit of AUD 0.7 MILLION. The total loss for the period consists of the significant inorganic component is share-based payment expenses of nearly AUD 1.4 MILLION. It is incurred on account of the options granted to employees under the employee share plan and options issued to directors.
The Financial Position of the Company
Jindalee has a strong cash position to support its exploration activities. As per the half-yearly financial report, the Company has AUD 2.9 MILLION in cash and cash equivalents, and total assets amounted to AUD 18.4 MILLION as of December 31st, 2022. The Company’s net assets were approximately AUD 17.9 MILLION as of December 31st, 2022. On June 30th, 2022, the net assets recorded were approximately AUD 18.3 MILLION.
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