Winsome Resources (WR1) H2 2025 earnings summary

Executive summary

• Advanced Adina Lithium Project in Quebec, confirming it as a capital-efficient, large-scale lithium asset with a 78Mt resource at 1.15% Li₂O and a 21-year mine life, supported by a positive Scoping Study and regulatory progress.

• Discovered high-grade lithium-cesium mineralisation at Sirmac-Clapier, expanding exposure to critical minerals and enhancing project pipeline.

• Terminated the Renard acquisition option to preserve capital amid volatile lithium markets, but retained future optionality on the asset.

• Strengthened First Nations engagement and advanced environmental and social impact assessments, with key regulatory milestones achieved.

Financial highlights

• Total comprehensive loss for FY25 was $21.1 million, compared to a $13.5 million loss in FY24, driven by increased exploration, administrative, and share-based payment expenses.

• Revenue from other income (including flow-through share tax credits and asset sales) was $9.3 million, down from $26 million in FY24.

• Cash and cash equivalents at year-end were $18.3 million, down from $45.4 million in FY24, reflecting significant investment in exploration and project development.

• Net assets stood at $86.0 million, down from $100.8 million in FY24.

• No dividends declared or paid for the year.

Outlook and guidance

• Focus remains on advancing Adina through feasibility, permitting, and de-risking, with ongoing baseline studies and trade-off analyses to optimize project economics.

• Management expects to benefit from a recovery in lithium prices and continued demand growth for critical minerals as the energy transition accelerates.

• Capital discipline and cost management are prioritized, with directors and executives agreeing to a 25% reduction in salaries and fees since May 2025.