US Elemental to List on NASDAQ, Unlocking a Giant U.S. Lithium Deposit

NEW YORK, NY – April 09, 2026 – A major new player is set to enter the race for American energy independence as US Elemental Inc., a newly formed lithium development company, announced its plans to list on the NASDAQ stock exchange. The public debut will be achieved through a business combination with Constellation Acquisition Corp. I, a special purpose acquisition company (SPAC), in a deal that values the new entity at an enterprise value of approximately $571 million.

At the heart of the transaction is the McDermitt Lithium Project in Oregon, a colossal mineral resource that US Elemental will control. With an estimated 21.5 million tonnes of lithium carbonate equivalent (LCE), McDermitt ranks among the largest known lithium deposits in the United States. The move signals a strategic push to develop a domestic supply chain for critical minerals, essential for the nation's burgeoning electric vehicle (EV), battery manufacturing, and energy storage industries.

The new company, which will trade under the ticker symbol “ULIT,” is being spun out of Australian-listed Jindalee Lithium Limited. Jindalee will roll over its entire equity in its U.S. assets and is expected to retain a majority stake of 80% or more in US Elemental, underscoring its confidence in the project's future.

Fueling America's Green Transition

The timing of US Elemental’s market entry is no coincidence. The deal lands squarely in the middle of a concerted U.S. government push to onshore critical mineral supply chains, a policy driven by both economic and national security concerns. Initiatives like the Inflation Reduction Act (IRA) have created powerful incentives, including consumer tax credits for EVs with domestically sourced battery components, directly benefiting future producers like US Elemental.

By establishing a U.S.-listed and U.S.-focused company, the stakeholders aim to tap into a deeper pool of institutional capital and align more closely with federal support mechanisms. These can include grants and low-interest loans from the Department of Energy (DOE), which has been tasked with de-risking and accelerating projects vital to the green energy transition.

“Establishing US Elemental as a U.S.-listed company represents an important milestone in unlocking the value of our U.S. lithium assets,” commented Ian Rodger, the incoming Chief Executive Officer of US Elemental. “We believe a U.S. listing provides stronger alignment with investors, policy initiatives and industrial partners focused on building a secure domestic critical minerals supply chain.”

The Promise and Peril of the McDermitt Project

The McDermitt Project is the crown jewel of the deal, representing a potential cornerstone of America’s future lithium supply. A pre-feasibility study (PFS) paints a compelling economic picture, projecting a post-tax net present value of $3.2 billion and an internal rate of return of 17.9%. The study outlines a plan for a 63-year mine life, with initial production targeted at approximately 47,500 tonnes of lithium carbonate per year.

However, the path from a promising study to a productive mine is long and capital-intensive. The project's initial capital expenditure is estimated at a hefty $1.4 billion. Furthermore, large-scale mining operations, particularly in states with stringent environmental regulations like Oregon, face significant permitting hurdles and public scrutiny. US Elemental will need to navigate a complex web of state and federal approvals, including extensive environmental impact assessments and community engagement, before the first ton of ore can be processed.

Beyond McDermitt, US Elemental will also hold the Clayton North Project in Nevada, an earlier-stage exploration asset located near the only currently producing lithium mine in the United States. This gives the company additional long-term growth potential within a proven lithium district.

A SPAC Deal in a Skeptical Market

The decision to go public via a SPAC merger with Constellation Acquisition Corp. I, sponsored by investment firm Antarctica Capital, provides a faster route to market than a traditional IPO. However, it comes at a time when the SPAC market has cooled considerably from its 2021 peak. Many companies that merged with SPACs have seen their valuations fall and have struggled with high shareholder redemptions, leaving them with less cash than anticipated.

The transaction aims to raise $20-30 million, including a $4 million PIPE (private investment in public equity) from Antarctica affiliates, and expects to have approximately $15 million in cash on its balance sheet at closing. The success of this capital raise and the post-merger stock performance will be a critical test of investor appetite for long-term, capital-intensive resource projects.

Chandra Patel, Chairman and CEO of Constellation, expressed confidence in the venture. “Demand for battery materials continues to grow and there is increasing emphasis on developing domestic sources of supply,” he stated. “The McDermitt Project, combined with the team’s experience and the scale of the resource, creates a strong platform for long-term growth.”

While US Elemental will have a massive resource, it enters a competitive field. Other major projects, such as Lithium Americas’ Thacker Pass in Nevada, are further along in the development and permitting pipeline and have already secured major strategic partners and government funding. US Elemental's key challenge will be to execute its development plan efficiently, secure the necessary financing, and navigate the regulatory landscape to close the gap on its rivals and turn the immense potential of the McDermitt deposit into a reality for the American battery supply chain.