Winsome Resources announced it has entered into a binding agreement with Stornoway Diamonds (Canada) Inc. (Stornoway) and 11272420 Canada Inc. (together the Vendors) pursuant to which Winsome has secured (subject to Quebec Court approval) an exclusive call option (Option) to acquire, at its election, the assets comprising the Renard mine and associated infrastructure (Renard) or all of the issued capital in Stornoway. Winsome sees the proposed acquisition as an opportunity to minimize its impact in the development of Winsome's 100%-owned Adina lithium project (Adina), and for the eventual conversion of Renard's existing infrastructure into a lithium processing operation. Other potential opportunities and advantages will also be studied within the next months.

The Option entitles Winsome to acquire the assets or all of the issued capital In Stornoway before 30 September 2024 unless extended (Option Period). Winsome will use the Option period to assess the potential technical, economic, environmental, and social feasibility of repurposing Renard as well as identify the optimal transaction structure and negotiate definitive documents to give effect to the proposed acquisition.