A new U.S.-focused lithium mining company is set to go public through a $571 million special purpose acquisition company (SPAC) deal, underscoring growing investor interest in critical minerals tied to the global energy transition.
The proposed transaction involves Constellation Acquisition Corp I merging with lithium assets owned by Australia-based Jindalee Lithium to create a new entity, US Elemental Inc.. The combined company is expected to list on the Nasdaq, with the deal implying a pro forma enterprise value of approximately $571 million.
The new company will hold key lithium projects, including the McDermitt project in Oregon and Clayton North in Nevada—both considered strategically important for boosting domestic lithium supply in the United States.
The listing is targeted for completion in the second half of 2026, subject to shareholder approvals and financing conditions. The deal also includes a minimum cash requirement of around $14 million to support operations and development activities post-merger.
Industry experts note that the move comes amid renewed momentum in SPAC markets and increasing policy support in the U.S. for domestic sourcing of critical minerals. Lithium, a key component in electric vehicle batteries and energy storage systems, has seen strong demand growth, prompting companies to accelerate project development and capital raising efforts.
Jindalee is expected to retain a majority stake in the newly formed entity, aligning its long-term interests with the project’s success. The company plans to transfer its U.S. lithium assets into the new vehicle, enabling greater access to American capital markets and institutional investors.
The deal highlights a broader trend of mining firms leveraging alternative listing routes such as SPAC mergers to fast-track public market access, particularly in sectors linked to clean energy and electrification.