HiTech Minerals Merges with SPAC for $571M to List as US Elemental on Nasdaq
HiTech Minerals, part of Jindalee Lithium, will merge with Constellation Acquisition Corp. I in a $571 million deal to form US Elemental, listing on Nasdaq. This merger aims to enhance access to capital and support critical mineral development amid growing domestic demand.
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HiTech Minerals plans to go public as US Elemental after merging with Constellation Acquisition Corp. I for $571 million, targeting a Nasdaq listing. Jindalee Lithium will maintain a majority stake of approximately 80% in the new entity, which includes the McDermitt lithium project in Oregon, holding 21.5 million tonnes of lithium carbonate equivalent.
The transaction aims to close in the latter half of 2026, pending regulatory approvals. The McDermitt project, designated under the FAST-41 initiative, is projected to yield a net present value of $3.2 billion and an internal rate of return of 17.9%, with planned production of 47,500 tonnes annually. The capital raise of $20-$30 million will support project advancement.
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