Constellation Acquisition Corp I (CSTAF) and HiTech Minerals announced that Phase 1 drilling has commenced at the McDermitt Lithium Project in southeast Oregon, which HiTech currently owns. Initial high-priority infill drilling is underway in the deposit’s central area. Reverse-circulation drilling is designed to collect hydrogeological data; diamond drilling is expected to provide core for geotechnical studies and metallurgical testwork. The 2026 program is expected to include environmental data collection and monitoring wells, finish by the end of November 2026, with first results expected early in the first quarter of 2027.
Upon closing, HiTech is expected to become a wholly owned subsidiary of US Elemental; Jindalee is expected to retain 80% or more of US Elemental at closing, subject to customary adjustments. The transaction contemplates approximately $20 million to $30 million in PIPE financing, including a binding $4.0 million commitment from an affiliate of Constellation’s sponsor, Antarctica; approximately $1.5 million was funded upon signing and $2.5 million is committed at closing, subject to certain conditions. The parties continue to target completion in the fourth quarter of 2026, subject to conditions including Constellation shareholder approval, Nasdaq listing approval, an effective registration statement and satisfaction or waiver of a $14 million minimum-cash condition, net of certain transaction expenses.
Constellation Acquisition Corp I (CSTAF) drew $5,000 under its unsecured promissory note with Constellation Sponsor LP and deposited the funds into its trust account for public shareholders. The deposit extends the deadline to complete an initial business combination from September 29, 2026, to October 29, 2026; it is the eighth of 11 permitted one-month extensions. The note bears no interest and matures when the initial business combination closes. If no combination is completed, repayment is limited to amounts remaining outside the trust account, if any.
Constellation Acquisition Corp I (CSTAF) furnished a transcript of the September 23, 2026 Water Tower Research Insights Conference discussion concerning its proposed business combination with HiTech Minerals Inc. and US Elemental Inc.
Ian Rodger, HiTech Minerals’ Chief Executive Officer and incoming Chief Executive Officer of US Elemental, discussed the proposed combination and US Elemental’s anticipated Nasdaq listing.
Constellation Acquisition Corp I furnished a transcript of a conference discussion in which Ian Rodger, incoming chief executive of US Elemental, described the proposed business combination among Constellation, HiTech Minerals and US Elemental. Rodger said completion is slated for the fourth quarter of 2026 and US Elemental’s Nasdaq listing is expected in that quarter, subject to remaining conditions. He described a parallel financing effort with a pathway to an expected $20 million to $30 million outcome, and said an infill drilling program at McDermitt was scheduled to commence later in September to support a feasibility study.
Rodger cited McDermitt’s 21.5 million tonnes of contained lithium carbonate equivalent. In discussing the 2024 pre-feasibility study, the interviewer cited a net present value north of $3 billion and an internal rate of return of almost 18%; Rodger also described a 63-year project life based on about 15% of the resource. He said the feasibility study was expected around the end of 2027, with the project progressing toward an investment decision circa 2029. Beneficiation improvements and magnesium recovery remain under study, with a broader magnesium update expected toward year-end.
Constellation Acquisition Corp I (CSTAF) and affiliates filed a third amended Form S-4 registration statement for the proposed business combination among Constellation, HiTech Minerals and US Elemental Inc., which is expected to result in US Elemental becoming a Nasdaq-listed U.S. lithium development company under the ticker “ULIT”. The amended filing responds to a second round of SEC comments, and effectiveness of the Form S-4 in late September or October 2026 is currently targeted, subject to ongoing SEC review. The Transaction includes an expected PIPE financing of approximately $20–$30 million, anchored by a binding $4.0 million commitment from an affiliate of Constellation’s sponsor, and is subject to conditions including Constellation shareholder approval, Nasdaq listing approval and a minimum cash condition of $14 million net of certain expenses.
Constellation Acquisition Corp I (CSTAF) and HiTech Minerals, a subsidiary of Jindalee Lithium Limited, announced that Ian Rodger will join a virtual Water Tower Research Insights Conference fireside chat on September 23, 2026, discussing the McDermitt Lithium Project, U.S. critical minerals policy and lithium demand.
Following completion of their proposed business combination, the McDermitt Lithium Project and the Clayton North Project are expected to be held by US Elemental Inc., a newly formed U.S. lithium development company anticipated to list on Nasdaq under the ticker “ULIT.” The release also highlights that Antarctica Capital, Constellation’s sponsor affiliate, reported $10 billion of assets under management as of December 31, 2025, and provides extensive forward‑looking statement and proxy/registration statement disclosures related to the transaction.
Constellation Acquisition Corp I (CSTAF) provides an update on its planned business combination with HiTech Minerals Inc., a wholly owned subsidiary of Jindalee Lithium, to form US Elemental Inc., which is expected to list on Nasdaq under the ticker “ULIT” and own the McDermitt Lithium Project in Oregon. The transaction includes a contemplated US$20–30 million PIPE, with a binding cornerstone US$4 million commitment from an affiliate of Antarctica Capital, of which US$1 million was funded at signing and US$2 million is committed at completion. A minimum cash condition of US$14 million, net of certain expenses, is one of several closing conditions alongside Constellation shareholder approval, Nasdaq listing approval, and effectiveness of a Form S‑4 registration statement. An amended Form S‑4 has been filed and, based on adviser guidance and further SEC review, effectiveness is estimated for late September or October 2026, with the combined company still targeted to complete the transaction and list in Q4 2026.
Separately, a Phase 1 drilling program at McDermitt—covering up to 100 of 168 permitted drill sites—is scheduled to commence in late September 2026 following easing of fire restrictions, with results expected in early Q1 2027.
Constellation Acquisition Corp I (CSTAF) reports progress on its proposed business combination with HiTech Minerals and the McDermitt Lithium Project in Oregon. Site mobilization is underway, with Phase 1 infill and environmental drilling expected to start in late September 2026 under an approved Exploration Plan of Operations covering up to 168 drill sites, of which Phase 1 includes up to 100. The 2026 drilling program is expected to finish by the end of November, with initial results in early Q1 2027.
The deal would create US Elemental Inc., expected to list on Nasdaq under the ticker ULIT and hold McDermitt and other U.S. lithium assets. The Transaction includes a targeted $20–$30 million PIPE, anchored by a binding $4.0 million commitment from an affiliate of Antarctica Capital, with $1.5 million already funded and $2.5 million due at closing. An amended Form S-4 was filed in August 2026, with further amendments pending, and effectiveness is currently estimated for late September or October, enabling Constellation shareholders to vote. Closing and the Nasdaq listing are targeted for Q4 2026, subject to conditions including Form S-4 effectiveness, Constellation shareholder approval, Nasdaq approval, regulatory clearances, and satisfaction or waiver of a $14 million minimum cash condition net of certain expenses.
Constellation Acquisition Corp I (CSTAF) is pursuing a business combination with HiTech Minerals, Inc., a subsidiary of Jindalee Lithium, to form US Elemental, focused on the McDermitt Lithium Project in the U.S. Constellation’s Form S-4 values HiTech at $500 million and contemplates a $20–30 million capital raise, targeting $15 million of net cash; Jindalee is expected to roll 100% of its equity and retain over 80% of US Elemental.
The McDermitt Project’s 2024 pre-feasibility study outlines a post‑tax NPV (8%) of $3.23 billion, post‑tax IRR of 17.9%, forecast 66% EBITDA margin over the first 10 years, initial production of 47,500 tpa lithium carbonate, a 63‑year project life, and estimated construction capex of about $3.02 billion with a 5‑year payback. The project has JORC‑compliant resources of 21.5 Mt LCE and ore reserves of 2.34 Mt LCE, FAST‑41 permitting designation, and a DOE research collaboration, and early testwork indicates potential magnesium oxide by‑product. The materials also highlight explicit risks that several billion dollars of additional funding will be required and may be highly dilutive if obtained.
Constellation Acquisition Corp I (CSTAF) disclosed that on August 28, 2026 it drew $5,000 under an unsecured promissory note with Constellation Sponsor LP to fund an extension of its deadline to complete an initial business combination. The funds were deposited into the trust account for public shareholders.
This draw allows the company to extend the business combination deadline from August 29, 2026 to September 29, 2026, representing the seventh of up to eleven one-month extensions permitted under its amended and restated memorandum and articles of association. The note bears no interest and matures upon closing of the initial business combination, and if no business combination occurs it will be repaid only from amounts remaining outside the trust account, if any.