US Lithium Miner HiTech Minerals Set for Nasdaq Debut Following $571 Million SPAC Merger

In a significant development for the North American critical minerals landscape, HiTech Minerals, a key subsidiary of Australia’s Jindalee Lithium (ASX: JLL), has announced its intention to list on the Nasdaq exchange. This strategic move will follow a $571 million merger with Constellation Acquisition Corp. I (US-OTC: CSTAF), a special purpose acquisition company (SPAC) backed by Antarctica Capital. The newly formed entity, to be named US Elemental, is set to become a prominent player in the US domestic lithium supply chain, leveraging substantial American lithium resources at a critical juncture for the global energy transition.

The announcement, made on Thursday, April 9, 2026, represents a calculated decision by Jindalee Lithium to position its US assets closer to North American capital markets, thereby strengthening alignment with national priorities concerning critical minerals supply and supporting the accelerated development of its ambitious projects. This public listing has been a strategic objective for Jindalee, having initially announced plans for a US-listed entity in September of the prior year, underscoring a long-term vision to capitalize on the burgeoning demand for battery metals within the United States.

Strategic Partnership Paves Way for Nasdaq Listing

Under the definitive terms of the merger agreement, Jindalee Lithium will roll over its 100% interest in HiTech Minerals into the new US Elemental entity. This transaction is expected to result in Jindalee holding a controlling stake, estimated at approximately 80% or more, of the newly capitalized company. The implied value of the deal stands at $571 million, a figure that reflects the perceived strategic importance and inherent value of HiTech's US lithium portfolio.

The use of a SPAC, such as Constellation Acquisition Corp. I, offers an expedited pathway for private companies to enter public markets compared to a traditional initial public offering (IPO). For US Elemental, this mechanism is designed to provide rapid access to the substantial capital and strategic partnerships necessary to advance its large-scale lithium projects. The transaction is slated to conclude in the second half of 2026, contingent upon obtaining necessary regulatory and shareholder approvals, as well as fulfilling specific cash balance requirements. Upon the successful closing of the merger, US Elemental will commence trading on the Nasdaq under the ticker symbol “ULIT.”

The market's initial reaction to the news was positive for both entities. Jindalee’s stock experienced a 2% uplift in Australia, closing with a market capitalization of A$50.2 million. Concurrently, Constellation’s shares saw a significant gain, trading up by two-thirds to $0.25 in New York, capitalizing it at $101.3 million. This immediate market response highlights investor optimism regarding the potential of US Elemental to capitalize on the growing domestic demand for lithium.

Unlocking North American Lithium Potential: The McDermitt Project

At the forefront of US Elemental’s asset portfolio is the McDermitt deposit, strategically located in Oregon and in close proximity to the Nevada border. This asset is widely recognized as one of the largest lithium development projects in the United States, representing a cornerstone for future domestic battery material supply. Ian Rodger, Chief Executive Officer of Jindalee, emphasized that the creation of US Elemental is crucial to “unlock the potential” of these highly prospective lithium assets.

The scale of the McDermitt project is impressive. It boasts a substantial total resource of 21.5 million tonnes in lithium carbonate equivalent (LCE). This considerable resource base is projected to support a multi-decade project life, with estimates currently extending to 63 years, providing long-term supply security for critical US industries.

A 2024 Pre-Feasibility Study (PFS) further illuminated the robust economic potential of the proposed mine. Key findings from the PFS include:

  • An estimated post-tax Net Present Value (NPV) of $3.2 billion (at an 8% discount rate).
  • An Internal Rate of Return (IRR) of 17.9%.
  • Planned annual production of approximately 47,500 tonnes of lithium carbonate equivalent during the initial decade of operations.
  • An initial capital cost (CAPEX) estimated at approximately $3 billion.

These figures underscore the significant investment required to bring such a large-scale project to fruition, as well as the compelling financial returns anticipated over its extensive operational lifespan. Given the strategic importance of projects like McDermitt, the US government officially designated it for inclusion in its FAST-41 initiative last year. This program, designed to expedite the permitting process for key resource developments across the nation, highlights the government’s commitment to accelerating the establishment of secure domestic supply chains for critical minerals, including lithium.

The Rationale: Accessing Capital and Strategic Alignment

The decision to pursue a Nasdaq listing through a SPAC merger is multifaceted, driven primarily by the need for access to robust capital markets and strategic alignment with national priorities. As Ian Rodger articulated, “The transaction is expected to position the company to access the capital and strategic partnerships needed to advance development.” Developing a project of McDermitt’s magnitude, with an initial CAPEX of $3 billion, necessitates significant and sustained investment, which a US public listing can more readily provide.

Chandra Patel, Chairman and CEO of Constellation and Managing Partner of Antarctica Capital, echoed this sentiment, stating, “Demand for battery materials continues to grow and there is increasing emphasis on developing domestic sources of supply. The McDermitt project, combined with the team’s experience and the scale of the resource, creates a strong platform for long-term growth.” This perspective from Constellation’s leadership underscores the alignment of the deal with broader market trends and the critical need for secure, localized supply chains.

Beyond McDermitt, US Elemental will also encompass Jindalee’s other US lithium assets, including the Clayton North project in Nevada. To further bolster the advancement of these critical projects, the newly formed company is contemplating an additional capital raise of $20-$30 million. This includes a commitment of $4 million from Antarctica Capital, signaling a continued vote of confidence from a sophisticated financial partner in the future prospects of US Elemental and its assets.

Broader Market Dynamics and Critical Minerals Imperative

The timing of this SPAC deal coincides with a notable resurgence in the global lithium mining sector. The price of the battery metal, a crucial component for electric vehicle (EV) batteries and renewable energy storage, has witnessed a remarkable increase of nearly 40% in the current year. This upward trend has been influenced by a combination of factors, including disruptions at existing mining operations and an export ban imposed by Zimbabwe, tightening global supply in the face of persistently strong demand.

The broader context for this transaction is the rapidly accelerating global energy transition, which places immense pressure on the supply chains for critical minerals. Countries around the world, particularly the United States, are keenly focused on reducing their reliance on foreign sources for these essential materials. The US government's emphasis on developing domestic supply, evidenced by initiatives like FAST-41, reflects a strategic imperative to secure the raw materials necessary for its clean energy economy and national security.

For mining investors and industry professionals, the emergence of US Elemental represents a new avenue for participation in the growth of the US critical minerals sector. The company's access to significant US capital markets through Nasdaq is expected to facilitate not only project development but also potential future growth opportunities within the North American lithium landscape.

Future Outlook and Implications for the US Lithium Sector

With the merger expected to close in the second half of 2026, followed by the Nasdaq listing, US Elemental is poised to accelerate its development timelines for McDermitt and other US assets. The infusion of capital, coupled with the strategic partnerships facilitated by the SPAC structure, is critical for de-risking and advancing these capital-intensive projects. The long-term impact on the US lithium sector could be substantial, transforming domestic supply capabilities and contributing significantly to the nation's energy independence goals.

This transaction further highlights a growing trend of Australian mining companies with US-based assets seeking direct listings on US exchanges. This strategy allows them to tap into a deeper pool of capital and a more focused investor base that understands the specific regulatory and market dynamics of US resource development. For industries reliant on lithium, such as automotive manufacturing and renewable energy, the successful development of projects like McDermitt offers a crucial step towards securing a stable, domestically sourced supply of battery-grade lithium, reducing volatility and geopolitical risks associated with international supply chains.

Ultimately, the formation and listing of US Elemental represent a pivotal moment for critical mineral development in the United States. By bringing a vast lithium resource like McDermitt closer to production through robust financing and strategic alignment, US Elemental aims to play a vital role in building a resilient and self-sufficient US battery supply chain, serving as a testament to the ongoing commitment towards securing the raw materials essential for the nation's future economy and security.