Ann: Winsome Resources Updated Presentation, page-228

GT1, market cap is approaching $217m, their enterprise value is ~$197m.
WR1, market cap is $65m, enterprise value is ~$48m.

GT1, three projects, currently owns 51%, after paying tranche 2 consideration, will own 80%;
three projects exploration targets,
- Seymour: 22-26Mt @0.8-1.5% Li2O
- Root: 20-24Mt @0.8-1.5% Li2O
- WISA: 8-10Mt @0.8-1.5% Li2O
Mid point: Total (55Mt @ 1.15% Li2O x 80%) =1.25Mt LCE for three projects at 80% ownership.

WR1, also has three projects in same Quebec,
- Cancet: Exploration target: 15-25Mt @ 1-2% Li2O
- Sirmac-Clapier: Outcropping high bearing pegmatites
- Adina: drill 8.02m @ 1.27% Li2O from 52.34m to 60.36m
Only Cancet has an exploration target, mid point: 20Mt @1.5% Li2O and 100% owned.
Total exploration target resource: 0.74Mt LCE

Providing all exploration targets were proved, GT1 would have total 1.25Mt LCE; where WR1 would have 0.74Mt LCE.
If matched by exploration target, WR1 would be valued at around 59% of GT1's valuation, which is about 93c per share, imo.
One big project should be given a premium compared with three combined, imo, also WR1's two other projects are ignored.

All imo.