"...[with] continued drilling." An important proviso, I suggest....

"...[with] continued drilling." An important proviso, I suggest. I would be surprised if Winsome was able to report a MRE of 100mt in 2023. While it is true that Patriot is going for a big bang announcement for Corvette my impression is that it is more usual for miners to hit critical mass first and then look to grow their resources for latter stages. Both Allkem with its James Bay project and Critical Elements with its Rose project moved into first stage development with resources of 40mt and 30mt respectively and now that their first stage processes are well advanced are beginning major drilling campaigns to grow their resources to benefit subsequent expansions.

The graphite developer, Renascor (ASX:RNU) made the decision to amalgamate stages one and two of the development of their Siviour project in South Australia and this decision seems to have resulted in significant delays: they were intending to FID the project by the end of last year but the current line is that their heavily qualified hope is to begin construction by the end of this year. Far less pressure on Renascor then the Quebec lithium explorers as the SA permitting was much quicker than what is the case in Quebec and also graphite prices have yet to take off like lithium prices have done.

Chris Evans recently indicated that he expects to announce a maiden MRE by the end of 2023 and for a preliminary economic assessment to be released within 12 months from now. His recent hirings and the decision to expand the accommodation camp suggests to me that Winsome is looking to move to stage one development as soon as they think they have a MRE at Adina that is a critical mass.

While obviously I would be stoked for Adina and or Cancet to end up being a 100mt resource my view is we do not need them to be that big for Winsome to turn into a big bopper in Quebec. Critical Elements updated their feasibility study for their Rose project mid last year and the net present value they came up for was the equivalent of about A$2.65b (remembering that Rose's MRE is about 32mt spodumene at 0.99% lithium).