Winsome Resources

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.

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

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

• Hard rock lithium mining
• Spodumene concentrate production
• Lithium exploration
• Mineral resource development
• Critical minerals supply

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. 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

Core 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

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Seven partnerships are on record, tiered core and minor.

• Renard Diamond Mine (Stornoway Diamonds)coreStrategic or Co-development Partner · 17 February 2025Winsome 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)coreOthers · 24 January 2025Ongoing 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 CommunitiescoreOthers · 9 October 2023Ongoing 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 EquitycoreGTM or Marketing Partner · 21 October 2021RK 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)minorStrategic or Co-development Partner · 5 October 2021Binding 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 ServicescoreImplementation/ SI/ Consulting PartnerTier One geological and metallurgical operations company appointed to commence work at Canadian lithium projects, including data collation, field work planning, and resource estimation services.
• TechnominexminorImplementation/ SI/ Consulting PartnerExploration partner conducting stripping, sampling and mapping at the Cancet project in Quebec.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct 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

• Xx.com/WinsomeRes
• YouTubeyoutube.com/channel/UCQf5ZYBcDNUR5whebVrjGCA/about
• LinkedInlinkedin.com/company/winsome-resources-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Winsome Resources