Winsome Resources (WR1) H2 2024 earnings summary

Executive summary

• Advanced Adina Lithium Project with a 33% increase in Mineral Resource Estimate (MRE) to 77.9Mt at 1.15% Li₂O, now among North America's top five lithium resources.

• Secured exclusive option to acquire Renard Operations, potentially reducing Adina's upfront capex and project risk.

• Completed over 80,000m of drilling in FY2024, expanding resource and discovering new high-grade zones.

• Maintained strong balance sheet through capital raising, government funding, and flow-through share provisions.

• Engaged closely with First Nations and advanced environmental, infrastructure, and logistics studies.

Financial highlights

• Total income for FY2024 was $26.0M, up from $5.2M in FY2023, mainly from sale of tax claims and interest income.

• Comprehensive loss for the year was $13.46M (2023: $11.90M loss).

• Cash and cash equivalents at 30 June 2024 were $45.4M (2023: $42.3M).

• Net assets increased to $100.8M (2023: $69.0M).

• No dividends declared or paid for FY2024.

Outlook and guidance

• Anticipates further MRE growth at Adina as additional pegmatite zones are drilled.

• Scoping studies for both greenfield and brownfield (Renard) scenarios to be completed in Q3 2024.

• Targeting a 20-year mine life for Adina under both development scenarios.

• Option to acquire Renard extended to 31 December 2024, with potential further extension to February 2025.

• Expects continued strong lithium demand driven by EV and battery markets, with global lithium CAGR projected at 13%.