Ann: Restructure of the Renard Options, page-78

I wouldnt expect WR1 to make a play for the galinee project (Azimut/SOQUEM).

it would make sense for Rio to buy both of us. Reason i say this is because Rio already has a JV with Azimut in regards to a couple other tenements in James Bay.

It would make it interesting with SOQUEM owning 50% of Galinee. SOQUEM is essentially a finance company that invests in mineral exploration companies in Quebec. They typically hold shareholdings in exploration companies but only up until the PFS stage, not development. I'd imagine they would want to keep their half, or a majority of what they hold in the Galinee project and would relish the thought of a major like Rio who would be capable of investing the capex required.

Our orebody is substantial enough that we don't need Azimuts tenement. We have a 20+ year mine life. The ball is in our court as all the high grade surface material is on our side of the fence while they are intersecting the pegmatite at depth.

Creating one big mine would delay the project massively. Adina already has months of environmental studies completed. Sterilization drilling and infill drilling, met tests. Whereas Azimut has only stabbed a couple holes in the ground. And of course we have Renard, so we have an upper hand in negotiations. Furthermore, for Winsome it would not be a good use of funds to do it all over again to combine both projects when it is a difficult time in the market. Funds better used advancing Adina.

PMT are hinting at a strategic partner in their ann. I think it's quite hard to come by at the moment. The consolidation of projects was prolific during record high prices for Lithium but now not so much.

At the same time we are not even seeing binding or non binding MOUs for offtake agreements to secure supply as end users of hydroxide/carbonate aren't in a hurry to increase production at current prices and demand is supposedly still lagging.

So let's see if anything comes of PMTs sly wording on what's to come.

Only a matter of time until the tide turns for WR1 though and we will be sitting pretty. Let's just hope it's before the next cap raise.