Constellation Acquisition Corp I

HiTech Minerals Inc., a wholly owned subsidiary of Jindalee Lithium Limited, and Constellation Acquisition Corp I announced that site mobilization is underway at the McDermitt Lithium Project in southeast Oregon, with high-priority Phase 1 infill and environmental drilling expected to begin in late September 2026. The drilling falls under the Exploration Plan of Operations approved by the U.S. Bureau of Land Management in December 2025, which provides for a staged program of up to 168 drill sites, of which Phase 1 comprises up to 100 drill sites. The Phase 1 work targets the central portion of the deposit within the mine design outlined in the November 2024 McDermitt Pre-Feasibility Study, and the 2026 program is expected to be completed by the end of November, with initial Phase 1 results expected in early Q1 2027. On the transaction side, the proposed business combination between HiTech Minerals and Constellation contemplates a capital raise of approximately $20 million to $30 million through a private investment in public equity, including a binding $4.0 million cornerstone commitment from an affiliate of Antarctica Capital Partners, of which approximately $1.5 million was funded at signing and a further $2.5 million is committed at completion. US Elemental has received term sheets from several credible U.S. funds and said current indications suggest the $20 million to $30 million target can be met, while an amended Form S-4 is expected to be filed in the coming weeks and declared effective in late September or October, keeping the transaction on track to close and US Elemental to list on Nasdaq under the ticker symbol ULIT in Q4 2026, subject to conditions including the $14 million minimum cash condition.