MONTREAL, July 29, 2025 /CNW/ - Further to its announcement on 17 June 2025, Winsome Resources (ASX: WR1) (Winsome or the Company) advises that it has formally terminated the call option agreement (the Agreement) entered into with Stornoway Diamonds (Canada) Inc. (Stornoway) and 11272430 Canada Inc. in respect of the Renard Project.
The Agreement provided Winsome with the right, but not the obligation, to acquire the Renard Project and associated infrastructure. As previously disclosed, the Company has been reassessing its strategic priorities in light of evolving lithium market conditions and broader macroeconomic considerations. Following a comprehensive evaluation, Winsome has determined not to proceed with the potential acquisition and has exercised its contractual right to terminate the Agreement in its current form.
The Company remains focused on the advancement of its flagship Adina Lithium Project and continues to monitor sector conditions and assess opportunities aligning with its long-term strategy and capital allocation priorities.
Given the Renard Project remains the most viable option in terms of operations, costs, and logistics, Winsome intends to continue to actively engage with Stornoway, the Quebec and Canadian governments, First Nations and other key stakeholders to explore opportunities to work together regarding the synergies between the Adina and Renard Projects. Winsome believes as long as the Renard site is not sold or rehabilitated, the Renard opportunity remains available to the Company and may be revisited in the future. Winsome will keep shareholders updated with respect to the Renard Project.
To learn more about Winsome Resources, follow the link to the ASX release of July 29th, 2025, https://wcsecure.weblink.com.au/pdf/WR1/02971875.pdf
This press release has been authorized for issue by the Managing Director of Winsome Resources Ltd, Chris Evans.
ABOUT WINSOME RESOURCES
Winsome Resources (ASX:WR1) is a lithium focused exploration and development company with several projects in the Eeyou Istchee James Bay region of Quebec, Canada.
Our flagship project is Adina - a 100%-owned lithium resource considered a tier-one asset in a low-risk mining jurisdiction and one of the most capital efficient projects in North America with competitive operating costs. The hard rock spodumene lithium deposit is near surface with a +20-year project life and a NI 43-101 compliant Mineral Resource Estimate comprising a tonnage of 60.5 million tonnes at a grade of 1.14% Li2O in the Indicated category and 15.9 million tonnes at a grade of 1.17% Li2O in the Inferred category.
In addition to its impressive portfolio of lithium projects in Quebec, Winsome Resources owns 100% of the offtake rights for lithium, caesium and tantalum from Power Metals Corp (TSXV:PWM) Case Lake Project in Eastern Ontario, as well as an equity stake in PWM (together with a right to be issued a further 17,650,000 common shares in PWM on completion of the sale of the Decelles and Mazerac projects).
Winsome is led by a highly qualified team with strong experience in lithium exploration and development as well as leading ASX listed companies.
More details: https://winsomeresources.ca/en/
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This document contains forward-looking statements concerning Winsome. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory, including environmental regulation and liability and potential title disputes.
Forward-looking statements in this document are based on the Company's beliefs, opinions and estimates of Winsome as of the dates the forward-looking statements are made, and no obligation is assumed to update forward-looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.
SOURCE Winsome Resources
INFORMATION AND MEDIA REQUESTS: Emmanuelle St-Onge, Ryan Affaires publiques et Communication, [email protected], T. (819) 852-2582
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