Jindalee Resources Ltd (ASX:JRL) non-executive chairman Justin Mannolini and executive director Trish Farr have demonstrated their confidence in the company’s lithium strategy with the early exercise of unlisted options.
Mannolini exercised 500,000 unlisted options and now holds 650,000 shares in a direct interest and 109,692 in an indirect interest.
Farr exercised 350,000 options and now holds 755,922 shares in an indirect interest.
These 40 cent unlisted options were due to expire on June 30, 2022.
Shares at new record
Shares have continued their recent increase and today were as much as 21.5% higher to $3.45, a new record, while the market cap is approximately $145.7 million.
The share increases are due to strong recent newsflow, including an upgraded resource estimate of 10.1 million tonnes at McDermitt Project on the Oregon-Nevada border,m along with strengthening lithium market fundamentals.
McDermitt hosts a combined indicated and inferred mineral resource inventory of 1.43 billion tonnes at 1,320 ppm lithium for a total of 10.1 million tonnes lithium carbonate equivalent (LCE) at a cut-off grade of 1,000 ppm.
This makes it the largest lithium deposit in the United States by contained lithium in mineral resource, eclipsing Lithium Americas Corp’s (TSE:LAC) (NYSE:LAC) Thacker Pass deposit.