Winsome Resources (ASX: WR1) has announced an extension of its Exclusive Option to Acquire the Renard Project until 31 December 2024. The extension, costing $2 million in cash, provides further opportunity to assess various strategies to reduce associated costs.

Renard Project Update

Winsome is diligently advancing due diligence activities for the potential acquisition. Initial work indicates that repurposing the existing processing plant could be more cost-effective than constructing a new greenfield facility.

Dual Scoping Study Scenarios

To inform its decision, Winsome Resources is conducting two concurrent Scoping Study scenarios: a ‘greenfield’ scenario for new infrastructure at Adina and a ‘brownfield’ scenario to repurpose the Renard Operation for lithium processing.

Progress and Future Plans

The studies are on track for Q3 2024 completion. Additionally, the extension means that care and maintenance costs remain with Stornoway. Winsome Resources is optimistic about integrating the Renard Project into its North American lithium supply chain.

Company Vision

Chris Evans, Managing Director, emphasized the company’s commitment to developing the Adina Lithium Project efficiently. Carl Caumartin, General Manager-Canada, noted that the extension provides strategic flexibility as studies advance.

About Winsome Resources

Winsome Resources is a Perth-based lithium explorer with four project areas in Quebec, Canada. Their portfolio includes Adina, Cancet, Sirmac-Clappier, and Tilly, with recent acquisitions in these regions. They also hold significant interests in Power Metals Corp’s Case Lake Project in Ontario.

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