Adina Mineral Resource Increases 33% to 78Mt at 1.15% Li2O with 79% Indicated

Lithium explorer / developer Winsome Resources (ASX:WR1 ; “Winsome” or “the Company”) is pleased to announce a Mineral Resource Estimate (MRE) upgrade at its 100 per cent owned Adina Lithium Project (Adina) in the Eeyou Istchee James Bay region of Quebec, Canada.

HIGHLIGHTS

• Mineral Resource increased 33% to 77.9Mt at 1.15% Li₂O at Winsome’s flagship Adina Lithium Project (Adina) in the Eeyou Istchee James Bay region of Quebec, Canada.
• Mineral Resource corresponds to 2.21Mt Lithium Carbonate Equivalent (LCE) and confirms Adina’s positioning as one of the largest undeveloped lithium deposits in the world.
• 61.4Mt at 1.14% Li₂O in the higher confidence Indicated category derived from systematic drilling is a strong foundation for long life project feasibility studies.
• The Adina Mineral Resource outcrops at surface and includes 48.7Mt at 1.20% Li₂O in the top 150m from surface (vertical depth) allowing it to be mined by open pit methods.
• Near surface Main Zone resource now stands at 37Mt at 1.23% Li₂O (Indicated and Inferred.).
• Ongoing exploration drilling focussed on testing extensions to mineralisation is expected to support continued resource growth with the potential inclusion of mineralisation intersected in drilling west and southwest of Adina Main.
• This new Mineral Resource update and current metallurgical test work will underpin both Greenfield and Brownfield project studies on track for completion 2H 2024.
• Simultaneous technical studies, permitting support studies, and environmental and social impact assessment processes for Adina underway in parallel with Project development studies ongoing, including comprehensive environmental baseline work and infrastructure planning.
• Dense Media Separation (DMS) test work results provides encouragement for a strong business case for Adina¹.
• Due diligence work continues on the option to acquire nearby Renard Operation and associated infrastructure with project studies including Renard as an operating scenario.
• Appointment of Ms. Kim-Quyen Nguyen as VP Projects to lead project studies and Mr. Walter Mädel, an internal hard rock lithium processing expert, to support the project team in assessing the potential repurposing of the Renard process plant.

The MRE upgrade significantly increases the global tonnage by 33% to 77.9 million tonnes (Mt) at an improved grade of 1.15% Li₂O, with an increase of 37% in Lithium Carbonate Equivalent (LCE) to over 2.21 million tonnes LCE. Importantly the MRE now includes 61.4Mt at 1.14% Li₂O in the higher confidence Indicated category as a result of the systematic drilling which has been carried out at Adina (refer Table 1 below for full details including the quantities of Indicated and Inferred material).

WINSOME’S MANAGING DIRECTOR CHRIS EVANS SAID:

“The update to the MRE affirms the significance of our global resource and solidifies our position and strategic location at the heart of the green energy industry and EV supply chain in North America.

“To increase the resource by almost 20Mt while also enhancing our grade and resource category is an exceptional outcome from our latest phase of systematic drilling. In particular the grade which has been defined close to surface in the Main Zone is a key advantage as we progress the Adina Lithium Project.

“It’s important to emphasise the scale, tenor and metallurgical properties of Adina are equivalent to the tier one lithium assets globally.

“This is an exciting time for Winsome, the simultaneous implementation of our exploration, development and corporate strategies are achieving well planned and executed progress.

Also, it is a great pleasure to welcome Kim Nguyen to the Winsome team as VP Projects. Kim’s recent experience managing mine development projects within the James Bay region will prove to be a of huge benefit to Winsome and help us complete our due diligence and project studies in the coming months and years. I am also very pleased to be working with Walter Mädel again given his extensive relevant experience with lithium processing and DMS plants globally.

We look forward to updating our shareholders on the progress of our due diligence to acquire the Renard Operation, as well as our ongoing exploration and study activities.”

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