Quarterly Activities/Appendix 5B Cash Flow Report

Winsome Resources (ASX:WR1; “Winsome” or “the Company”) is pleased to provide this report onactivities for the quarter ending 31 March 2023.

QUARTER HIGHLIGHTS

DRILLING & EXPLORATION

• Drilling at Adina extends potential strike length of the mineralised pegmatite target to 3.1km
• Mineralisation at Adina remains open to both the east and west of the Main Zone
• Further assay results confirm Adina as a robust high-grade lithium project
• Assays from Main Zone at Adina included several +50m intersections at high grades of Li₂O
• Resource development drilling ramps up at Adina with additional drilling rigs being mobilised

CORPORATE

• A$52M raised to accelerate resource development and exploration activities across Canadian portfolio
• Strengthened balance sheet provides additional capital to pursue other corporate opportunities
• Winsome increased its interest in Power Metals Corp to approximately 10%

HEALTH & SAFETY & ENVIRONMENT

• Continue to record zero lost time and safety incidents throughout exploration and drill campaigns
• ESG Framework established

ADINA MAIDEN RESOURCE AND EXTENSIONAL DRILLING

During the quarter, Winsome reported its step-out drilling program at Adina extended the strike length of the mineralised pegmatite body to a potential 1,600m.

The extension of the mineralised pegmatite body was validated through the drilling of hole AD-22-043, which intersected 17.1m of spodumene bearing pegmatite about 1km east of previously reported drilling at Adina.

Drilling at Adina continued to intersect broad widths of spodumene bearing pegmatite, including;

• 52.2m in AD-22-059 (from 118.2m)
• 50.8m in AD-22-037 (from 162.3m)
• 49.9m in AD-22-042 (from 30.7m)¹

These results followed strong lithium mineralisation from initial assay results reported earlier in the quarter from drill hole AD-22-005²;

• 1.34% Li₂O over 107.6m from 2.3m to 109.9m, including:
  
  • 1.52% Li₂O over 20.7m from 2.3m to 23.0m
  • 2.21% Li₂O over 30.0m from 41.0m to 71.0m
  • 1.05% Li₂O over 26.5m from 71.0m to 97.5m
  • 0.96% Li₂O over 6.9m from 103.0m to 109.9m

An additional significant mineralised pegmatite interval was also intersected in AD-22-005, reporting 1.08% Li₂O over 30.0m from 147.0m to 177.0m.

Further assay results throughout the quarter continued to confirm Adina as a robust high-grade lithium project.

Assays from the central portion of the Main Zone at Adina included several +50 metre intersections above grades of 1% Li₂O.

Subsequent³ to quarter end, assay results from Adina East confirmed high-grade lithium mineralisation some 1.9km east of the Main Zone, bringing the total strike length of the lithium mineralised trend to over 3 km.

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