US lithium firm plans Nasdaq listing via $571M SPAC merger, aiming to develop major assets and strengthen domestic supply chain.
A major lithium development company with significant resources in the United States is preparing to go public through a $571 million merger with a special purpose acquisition company (SPAC). This move reflects growing global demand for battery materials and increasing strategic focus on domestic mineral supply chains in the U.S.
HiTech Minerals, which operates under Australia-based Jindalee Lithium, announced plans to merge with Constellation Acquisition Corp. I. The combined entity will be rebranded as US Elemental. This transaction will enable the business to list on the Nasdaq, providing greater exposure to U.S. investors and capital markets.
As part of the agreement, Jindalee Lithium will retain full ownership of HiTech Minerals and roll that interest into the newly formed company. Following the merger, it is expected to hold at least 80% ownership in US Elemental, maintaining significant control over the combined entity.
The deal is strategically designed to align the company more closely with U.S. national priorities, particularly around securing domestic sources of critical minerals like lithium. Additionally, it aims to provide improved access to funding and partnerships necessary for advancing large-scale mining operations. Notably, the company had already signaled its intention to establish a U.S.-listed entity in September of the previous year.
The merger carries an implied valuation of $571 million and is projected to be finalized in the latter half of 2026. Completion remains contingent upon regulatory approvals, shareholder consent, and meeting certain financial conditions. Once finalized, shares of US Elemental are expected to trade under the ticker symbol “ULIT.”
The announcement positively impacted market sentiment. Jindalee’s shares rose modestly in Australia, while Constellation’s stock saw a significant surge in New York trading.
A key driver of this deal is the development of the McDermitt lithium project, located in Oregon near the Nevada border. This asset is regarded as one of the largest lithium deposits in the United States, containing approximately 21.5 million tonnes of lithium carbonate equivalent. The scale of this resource supports a projected operational lifespan of over six decades.
A pre-feasibility study conducted in 2024 estimates that the McDermitt project could achieve a net present value of $3.2 billion after tax, with an internal rate of return nearing 18%. Production is expected to reach around 47,500 tonnes annually during its first ten years of operation. However, the project will require an initial capital investment of approximately $3 billion.
Recognizing its strategic importance, the U.S. government included the McDermitt project in its FAST-41 initiative, which is designed to accelerate permitting processes for critical infrastructure and resource developments.
Beyond McDermitt, US Elemental will also manage other lithium assets, including the Clayton North project in Nevada. To support development efforts, the company is considering raising between $20 million and $30 million in additional funding, with partial backing from Antarctica Capital.
This move comes amid a resurgence in the lithium sector, driven by a sharp increase in prices—nearly 40% this year—due to supply disruptions and export restrictions from key producing countries like Zimbabwe.
