Quarterly Activities/Appendix 5B Cash Flow Report

QUARTER HIGHLIGHTS

DRILLING & EXPLORATION

• New lithium-bearing pegmatite dyke swarm identified at Adina Footwall Zone with intercepts grading as high as 2.44% Li2O over more than 10m
• Main Zone at Adina continues to deliver high-grade lithium mineralisation including 2.25% Li2O over 18.7m
• Additional rigs being planned at Adina to fast-track resource definition drilling as Winsome works toward a maiden Mineral Resource Estimate
• Multiple Quebec lithium exploration acquisitions including Tilly Project and option to acquire Jackpot Property will increase Adina project area by 50% and Winsome's James Bay region landholding to more than 870km2
• Ongoing exploration at Cancet underway with gravity surveying and geochemical soil analysis planned following a 44-hole drill program in Q1 2023

CORPORATE

• Strategic appointment to newly created Chief Development Officer role to help drive overall Company growth
• Senior sustainability and exploration appointments made to increase in-country capability

HEALTH AND SAFETY

• Exploration activity temporarily suspended due to wildfires through Quebec, with activities expected to recommence early August 2023 post damage assessment
• Continue to record zero safety incidents throughout exploration and drill campaigns

Throughout the Adina and Cancet exploration and drilling, the Company is pleased to have recorded no safety incidents. This continues the Company's record of maintaining the highest levels of safety monitoring and performance in order to protect our employees, contractors and the communities within which we work.

The wellbeing of our employees, contractors, and all stakeholders remains paramount for the Company, particularly for our on-site staff as wildfires in Quebec impacted the region during the quarter. Winsome immediately suspended field exploration activities when the risk of forest fires escalated, to ensure the safety of personnel. The Company continues to comply with respective government and emergency services directives in relation to field operations and expects to return to normal site activities by early August 2023.

Winsome has assisted the local communities affected by the fires where it has been able to do so and looks forward to providing ongoing assistance as evacuated communities are able to return to their homes and the community recovery campaign commences in the coming weeks.

DRILLING & EXPLORATION ACTIVITIES

NEW DISCOVERY AT ADINA FOOTWALL ZONE

Winsome received further results from the Footwall Zone, confirming the discovery of a new lithium- bearing pegmatite dyke swarm at Adina. This discovery was first announced in May,1 which significantly increases the potential endowment at Adina and could enhance the potential to develop a viable lithium operation. Initial results found strong lithium mineralisation, including 2.44% Li2O over 10.1m from 219.9m in AD-23-051 and 1.57% Li2O over 15.4m from 221.5m in AD-23-073.

As reported earlier in the quarter2, results from an additional six drillholes confirmed spodumene hosted lithium mineralisation in the Footwall Zone pegmatite. These latest assay results showed strong lithium mineralisation in multiple drill holes which include:

• 1.72% Li2O over 17.3m from 215.3m in AD-23-022
• 1.38% Li2O over 11.3m from 244.2m and
• 1.15% Li2O over 23.5m from 270.6m in AD-23-040
• 1.32% Li2O over 26.0m from 215.5m and
• 1.71% Li2O over 11.4m from 281.7m in AD-23-047

The results from all 12 intersections allowed the Winsome team to generate conceptual models of the pegmatite dykes in the Footwall Zone to aid future drilling. Results are awaited from recent drilling to test the interpreted up-dip, or near surface, continuation of the Footwall Zone.

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