Winsome Resources
Winsome Resources was an ASX-listed (WR1) hard-rock lithium developer focused on Quebec's James Bay region. Its flagship Adina project hosts 78Mt at 1.15% Li2O targeting +280,000 tpa spodumene concentrate. Acquired by Li-FT Power in May 2026.
- Company typePublic
- Founded2021
- HeadquartersPerth, Australia
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Winsome Resources does
Winsome Resources Limited was an Australian-listed (ASX:WR1) hard-rock lithium exploration and development company headquartered in Perth with operational offices in Val-d'Or, Quebec. Founded in 2021 as a spin-out of MetalsTech Ltd, the company focused on developing lithium assets in Canada's James Bay/Eeyou Istchee region, with a portfolio of five projects — Adina (flagship), Cancet, Sirmac-Clapier, Tilly, and Case Lake (Ontario). The core technology is Dense Media Separation (DMS) processing of coarse-grained spodumene crystals, a capital-efficient route to spodumene concentrate (~6% Li2O) production. The Adina project hosts 78Mt at 1.15% Li2O with a planned 21-year mine life targeting +280,000 tonnes of spodumene concentrate annually, supported by a secured option to repurpose Renard Diamond Mine infrastructure to keep start-up capex at approximately US$250-270 million.
The business model was pre-revenue and pre-production: the company did not yet sell commercial spodumene concentrate. Revenue, where reported, was incidental; the firm raised capital through its 2021 IPO (A$18M), a 2024 placement (A$25M), and a 2025 placement/SPP (A$7.84M) to fund exploration and feasibility work. Go-to-market centred on institutional investor engagement and offtake negotiation with future EV battery manufacturers, lithium refiners, and fibreglass producers. End-customer segments targeted were EV battery manufacturers (primary) and fibreglass manufacturers (secondary). In May 2026, Winsome was acquired by Li-FT Power Ltd via an Australian scheme of arrangement valued at approximately A$130.8 million on a fully diluted in-the-money basis at a 62% premium, consolidating the Adina-Galinée lithium district under single ownership.
Winsome Resources firmographics
Firmographics- Name
- Winsome Resources
- Legal name
- Winsome Resources Limited
- Website
- https://winsomeresources.com.au
- Company type
- Public
- Founded year
- 2021
- Operating status
- Acquired
- Headcount range
- 1–10 employees
- Short description
- Winsome Resources was an ASX-listed (WR1) hard-rock lithium developer focused on Quebec's James Bay region. Its flagship Adina project hosts 78Mt at 1.15% Li2O targeting +280,000 tpa spodumene concentrate. Acquired by Li-FT Power in May 2026.
- Ownership category
- akta.pro rank
Winsome Resources industry classification
Industry- Product category
- Lithium Mining
- NAICS
- Copper, Nickel, Lead, and Zinc Mining (212230)
- SIC
- Metal Mining (1000)
- akta.pro primary industry
- Lithium Mining & Brine Extraction (IMAKAFAA)
- akta.pro secondary industries
- Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA)
Keywords
Where Winsome Resources is headquartered
LocationHeadquarters
- HQ city
- Perth
- HQ country
- Australia
- HQ region
- Oceania
Offices2 records
Markets served
Winsome Resources business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others
Revenue model
- Spodumene Concentrate Sales: Once operational, the company will generate revenue from selling spodumene concentrate (6% Li2O) to lithium refiners and battery material manufacturers. The Adina project targets annual production of +280,000 tonnes of spodumene concentrate over a 21-year mine life.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Winsome Resources product offering
Product offeringCore offering
Winsome Resources develops hard-rock lithium mining projects in Quebec, Canada, with the flagship Adina Lithium Project targeting annual production of +280,000 tonnes of spodumene concentrate (6% Li2O) for sale to lithium refiners, EV battery material manufacturers, and fibreglass producers. The company holds a portfolio of five lithium projects (Adina, Cancet, Sirmac-Clapier, Tilly, Case Lake) and an option on the Renard Diamond Mine infrastructure to support low-capex development.
Product overview
Winsome Resources is a lithium-focused mining and exploration company that was acquired by Li-FT Power Ltd. in May 2026. The company's core business is developing hard-rock lithium assets in Quebec, Canada, with the flagship Adina Lithium Project being one of the largest undeveloped hard rock lithium resources in the world. The company operated a portfolio of five projects: Adina (flagship), Cancet, Sirmac-Clapier, Tilly, and Case Lake. Winsome's products include spodumene concentrate for the lithium battery supply chain, with planned production using dense media separation processing. The company also held an option on the Renard Diamond Mine infrastructure to support low-capex development.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- Expected to supply 20%+ of projected global LCE shortfall by 2030
- +2 more outcomes
Companies that use Winsome Resources
Customer profileSegments2 records
Ideal customer profiles2 records
Winsome Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Winsome Resources partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- Renard Diamond Mine (Stornoway Diamonds)coreWinsome secured an exclusive option to acquire the Renard Diamond Mine and associated infrastructure, located approximately 60km south of the Adina project. This enables repurposing of existing mine infrastructure to significantly reduce capital expenditure for the lithium project.
- Quebec Government (MELCCFP)coreOngoing regulatory engagement with Quebec's environmental authority (MELCCFP) for permitting of the Adina Lithium Mining Project. Submission of Preliminary Information Statement officially commenced the provincial regulatory permitting process.
- Cree First Nations CommunitiescoreOngoing collaboration with First Nations communities led by the Cree people. The company notes it looks to maximize benefits for local communities including Cree stakeholders in the Eeyou Istchee James Bay region.
- RK EquitycoreRK Equity appointed as strategic advisor to raise the company's profile in North America, Europe, and Australasia. The advisory firm is led by Howard Klein in New York and Rodney Hooper in South Africa, with a focus on the lithium-ion battery materials supply chain. The firm previously supported Piedmont Lithium's growth from US$10M to US$1B market cap.
- Major Fibreglass Manufacturer (North America)minorBinding agreement signed with a major fibreglass manufacturer with operations in North America for up to 9.9% of IPO shares. The fibreglass manufacturing process requires high-quality, low-impurity spodumene concentrate, creating a diverse market outside the battery industry.
- SGS Geological ServicescoreTier One geological and metallurgical operations company appointed to commence work at Canadian lithium projects, including data collation, field work planning, and resource estimation services.
- TechnominexminorExploration partner conducting stripping, sampling and mapping at the Cancet project in Quebec.
Scale indicators8 records
Recent moves7 records
Expansion highlights5 records
Winsome Resources competitors and assessment
Company assessmentDirect peers
- Patriot Battery Metals: Developer of the Corvette lithium project in Quebec's James Bay region, directly adjacent and geologically analogous to Winsome's Adina. Both target spodumene concentrate for the EV battery supply chain with similar timelines and customer base.
- Critical Elements Lithium Corporation: Quebec-focused hard-rock lithium developer with the Rose project in the James Bay/Eeyou Istchee region. Comparable to Winsome in stage, jurisdiction, and target product (spodumene concentrate for battery/refinery customers).
- Sayona Mining: Australia-listed lithium developer/producer operating the Authier and NAL (now NAL+Mall) hard-rock spodumene projects in Quebec. Directly comparable as a James Bay spodumene concentrate producer targeting the same offtake market.
- Nemaska Lithium: Quebec-based lithium hard-rock developer with the Whabouchi project, which neighbours Winsome's Sirmac-Clapier asset. Both target spodumene concentrate production for the North American/EU battery supply chain.
- Piedmont Lithium: Hard-rock spodumene lithium developer previously advised by RK Equity (Winsome's own strategic advisor). Both companies target DMS-style concentrate for conversion/refining customers and have overlapping offtake discussions with EV and battery players.
- Liontown Resources: Australia-listed hard-rock lithium developer (Kathleen Valley, WA) producing spodumene concentrate for the battery supply chain. Comparable in stage, product, and customer overlap with Winsome's planned Adina output.
- Sigma Lithium: Hard-rock spodumene concentrate producer in Brazil supplying low-carbon lithium to the EV battery chain. Comparable product (DMS-processed concentrate) and end markets to Winsome's planned Quebec output.
Emerging players
- Lithium Americas: Developer of the Thacker Pass (clay-based) and Cauchari-Olaroz lithium projects in the Americas. While deposit type differs, the company competes for the same EV/OEM offtake dollars and US Inflation Reduction Act-aligned supply premiums.
Broad incumbents
- Albemarle Corporation: World's largest lithium producer with hard-rock and brine operations globally, including a cesium oxide offtake with Winsome's Case Lake project. Represents the dominant incumbent competing for the same downstream offtake customers.
- Rio Tinto: Global mining major that has invested heavily in lithium (Jadar, Rincon) and continues to scout Quebec/James Bay assets. Represents the M&A and competitive threat facing Winsome and its James Bay peers as majors seek critical minerals exposure.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Winsome Resources social profiles
Digital presenceWinsome Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Winsome Resources leadership team
Management profileNumber of profiles
Profiles5 records
Winsome Resources funding detail
Funding detailFunding overview
Funding rounds3 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Winsome Resources M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Winsome Resources
What does Winsome Resources do?
Winsome Resources develops hard-rock lithium mining projects in Quebec, Canada, with the flagship Adina Lithium Project targeting annual production of +280,000 tonnes of spodumene concentrate (6% Li2O) for sale to lithium refiners, EV battery material manufacturers, and fibreglass producers. The company holds a portfolio of five lithium projects (Adina, Cancet, Sirmac-Clapier, Tilly, Case Lake) and an option on the Renard Diamond Mine infrastructure to support low-capex development.
Is Winsome Resources a public or private company?
Winsome Resources is a public company. It is classified as corporate owned and is currently acquired.
When was Winsome Resources founded?
Winsome Resources was founded in 2021. It employs 1 to 10 people.
Where is Winsome Resources based?
Winsome Resources is headquartered in Perth, Australia, in the Oceania region.
How does Winsome Resources make money?
One revenue line is on record: spodumene Concentrate Sales.
Who are Winsome Resources's main competitors?
Direct peers on record are Patriot Battery Metals, Critical Elements Lithium Corporation, Sayona Mining, Nemaska Lithium, Piedmont Lithium, Liontown Resources and Sigma Lithium. Lithium Americas is listed as an emerging player. Broad incumbents are Albemarle Corporation and Rio Tinto.
Does Winsome Resources have an API?
No public API is recorded for Winsome Resources.
What industry is Winsome Resources in?
Winsome Resources's product category is Lithium Mining. Its primary akta.pro industry code is IMAKAFAA, Lithium Mining & Brine Extraction, with a secondary code of IMAKAFAL, Exploration & Resource Development (Critical Minerals). Its NAICS code is 212230 and its SIC code is 1000.