Ann: Globally significant MRE of 59MT at Adina Lithium Project, page-285

I'm as happy as a dog with three ... tails.

On one level, I think 59mt at 1.1% is more than enough to announce Adina's arrival as a serious player in the James Bay region. Remember that when Allkem pulled the trigger on its James Bay project with initial annual production of 321ktpa it had a MRE of about 40mt at 1.4% (reserved up at 37mt at 1.3%) and Critical Elements moved ahead with its Rose project (which is between Whabouchi and Allkem's James Bay) based on 26mt at 0.9% reserves (MRE was about 33mt at about 1.0%). A MRE, particularly a maiden MRE, of close to 60mt, puts Adina front and centre in the nascent lithium industry in north America.

On a second level, I fully support Winsome releasing its maiden resource now rather than late January early February or sometime later in the March quarter. It is something tangible for investors to grab hold of, especially if Chris Evans is right and the lithium prices remain in the doldrums for another quarter or so. What's more we know we have the results of another 25km of drilling due in the March quarter and a MRE update for Adina in the June half of next year (then 50km more drilling and a further MRE update in the latter part of next year).

Thirdly, I like that CE spelt out in his webinar today that Adina coming into production is tied to the opening of the road south from Adina and onto the rail-head at Chibougamau. He repeated his earlier comments I heard that the Grand Alliance is currently looking at constructing that road in 8 to 12 years time but Winsome is doing what it can to bring forward that timing to synchronise with Adina moving into production.

And as the fourth musketeer, I noted that CE said that the current tough market conditions are crippling for cash poor operators but ideal for a cashed-up operator like Winsome which has $60m in the kitty. Maybe he was referring to the tenement holders with blocks between Adina and Tilly but I suspect Winsome also has some unfinished business with Power Metals and its Case Lake project which is just across the border from Quebec, in Ontario.

Congrats to Chris Evans and the hobbit .... sage choices all round in my opinion.