I see Winsome has gone into a trading halt for a cap raise....

I see Winsome has gone into a trading halt for a cap raise. Cygnus raised through the flow-through scheme in October for just under $7m and then in December for $8m whereas Winsome also raised about $7m through the flow-through scheme in the December quarter. So in that context Winsome's move today is not unexpected. The size and nature of Winsome's current raise has not been indicated yet but something of the same size as Cygnus's second raise, of about $8m, would not be on a par with what Cygnus did.

Were Winsome to raise substantially more than that then it would suggest that they are ready and wanting to go turbo with their move towards development. Winsome's market cap is about three and half times that of Cygnus and they do own 100% of their tenements and have some booming assay results. On the other hand Cygnus is probably better located, being nestled among at least four major lithium projects and probably half the distance than Winsome from service centres to the south. I see Winsome and Cygnus to be peers and good to compare with each other.

The other point is that Winsome and Cygnus are competing for the same capital pool and were Winsome to attempt to raise significantly more than around the $8m figure then it might see some investors selling down their CY5 holdings to raise funds for the WR1 cap raise.