Winsome Resources (WR1) Q4 2024 TU earnings summary

Executive summary

• Adina Mineral Resource in Quebec increased by 33% to 77.9Mt at 1.15% Li₂O, confirming its status as one of the largest undeveloped lithium deposits globally.

• Active exploration and drilling at Adina and Cancet, with new high-grade zones discovered and ongoing resource delineation.

• Project development scoping studies for both greenfield and brownfield scenarios are underway, targeting completion in Q3 2024.

• Secured an exclusive option to acquire the Renard mineral processing operation, with due diligence progressing and no red flags identified.

• $25m raised through a mix of flow-through shares and institutional placement to advance project development.

Financial highlights

• Cash and cash equivalents at quarter end were A$45.4m, up from A$44.6m in the previous quarter.

• Net cash used in operating activities for the quarter was A$7.4m; net cash used in investing activities was A$15.1m.

• Net cash from financing activities was A$23.9m, primarily from equity raises.

• Estimated quarters of funding available is 2.1, with expected reduction in outflows due to fewer drill rigs operating.

Outlook and guidance

• Scoping studies for both greenfield and brownfield development scenarios at Adina are on track for completion in Q3 2024.

• Further drilling and exploration at Adina and Cancet planned, with additional MRE updates anticipated by Q1 2025.

• Environmental and social baseline studies underway to support permitting and project approvals.