A quarter way through another year so I am just riding the...

A quarter way through another year so I am just riding the fences on the companies I follow.

Regarding Winsome, the first three months of 2024 were set up by the maiden mineral resource estimate (MRE) announcement for Adina just before Christmas. This established Winsome and Adina in the top tier of lithium prospects globally. So it is not surprising that the March quarter has fairly much been steady as she goes regarding progress. No major setbacks that I can recall except for us all wallowing in the shite part of the market curve.

The likely major headline for the next quarter, by the end of June, will be the update to Adina's MRE. My guess is that much of the focus of that work will be on coming up with reserve figures for use in the project studies scheduled for completion by the end of 2024. Another step along the road.

Clearly the team is putting as much of the spotlight on Adina and so are keeping Cancet, Tilly and Case Lake in the shadows. And fair enough.

Just on Case Lake and Power Metals Corp: Interesting in Winsome's recent presentation there was a boilerplate line about "Inorganic Growth - Positioned to take advantage ofvalue accretive opportunities" on slide 12 but no explicit reference anywhere in the presentation to Power Metals which Winsome already owns 19.59% of. As a couple of posters have flagged on these threads PMC's stock price has had a rocket in recent days, being up 48% just in the last week. Not sure why, as they have a few projects other than Case Lake. In any case with PMC's market cap currently being the equivalent of A$67.65m Winsome has another A$13.5m in reasonably liquid assets. You could argue by recognising their interest in PMC Winsome has an enterprise value of about A$118m = today's market cap of $168m - cash of $47m ($53m at 31 Dec 23 minus estimated $7m burn for the quarter) - PMC stocks (19.59% of PMC's current market cap of C$59.64m). That number suggests not much will go right for Winsome. I beg to differ.

Seeing how Power Metals' stock price has performed relative to Winsome's share price over the last 12 months any thoughts of Winsome moving on Power Metals as a whole surely have ended. Might still be an option of a reorganisation where the deal includes Winsome getting the Case Lake project in exchange for the 19.59% of the Power Metals register it currently owns. Another inorganic play could involve other players in the Trieste Formation.

And on that. Some of the regulars on the Winsome threads seem to think that it is Winsome against the world and that Adina can only be successful if all other projects in Quebec crash and burn, so the accepted line from some of the regulars here is that Corvette is totally under water and Azimut's deposit, even though it is part of the same deposit as the main Adina deposit, is so deep it will always be uncommercial. I have a different view in that if there are clusters of lithium projects being progressed in the region around Adina then regulators, financiers and investors will be able to mitigate their risk assessments for Adina. The reality is, and Chris Evans himself has repeatedly noted this, that all of those projects around Adina are remote: they are about 400km from the nearest rail head, including at least 110 km of yet-to-be-made road, and for half the year the weather is extreme. You don't mitigate those risks by pretending they don't exist, as some here do, but you address them head-on which I am sure Chris Evans and the hobbit are doing. Winsome and perhaps Patriot are in the vanguard of these projects and so are best positioned but seriously the more the merrier when it comes to risk mitigation.