Dear Shareholders and Stakeholders,

With the 2022/23 financial year drawn to a close, we can reflect on a hugely successful 12-month period for Winsome shareholders.

At the start of the financial year, our share price was trading at A$0.21 per share and our successful exploration strategy saw it surge to a record high of A$2.52 per share during the year.

This strong performance has been delivered by the excellent work by our team on the ground in Canada, with impressive exploration results at both our flagship Adina and Cancet projects in Quebec.

Building on this success, Winsome strengthened its team in recent months and expanded our drilling programs and general scale of our operations in Canada.

We also strengthened our portfolio with the strategic acquisition of the Tilly Project, just 20kms from our Adina Project, and we can increase the Adina footprint by 50% with an option over the adjacent Jackpot property agreed last month.

Winsome also acquired a key stake in Power Metals Corp (TSX:V PWM), who owns the highly prospective Case Lake Project in Ontario, which hosts high-grade lithium, caesium and tantalum deposits. Key to this transaction was the acquisition by Winsome of the offtake rights for all lithium, ceasium and tantalum from the Case Lake property, making this a powerful strategic asset for the Company once a Maiden Resource is declared. This is expected towards the end of 2023.

The positive progress of the last 12 months leaves Winsome poised for further growth in the 2023/24 financial year as we prepare to deliver our maiden Mineral Resource Estimate at Adina towards the end of the 2023 calendar year, which will be closely followed by a Preliminary Economic Assessment (PEA).

This is the first step in our next phase of growth as we chart a course from a lithium explorer to becoming a developer and producer.

I am also excited by the prospect of additional upside at Adina, with recent drilling from the newly identified Footwall Zone confirming the discovery of a new lithium bearing pegmatite, along with further strong intersections of lithium mineralisation from the Main Zone.

These results define high grades and good thicknesses of mineralisation and also opens up the potential for multiple parallel zones below the main bodies.

We are also aiming to drill the many targets identified in our recent gravity surveys at Adina later this calendar year, which may offer more upside if mineralisation is discovered in these zones.

I would also like to take a moment to acknowledge the hard work and dedication of local and international firefighters that have been battling wildfires across Canada, including near our assets in Quebec.

At the request of the Province of Quebec, Winsome ceased field exploration activities during June and, thankfully, all of our staff have remained safe during this period and we are preparing to return to site shortly.

Unfortunately, Canada has experienced its most destructive wildfire season on record and hundreds of blazes are still burning, including in Quebec. Our thoughts are with all those who have been impacted by the devastating fires and those who continue to risk their lives to bring them under control.

I look forward to keeping you all updated throughout this new financial year.

Chris Evans
Managing Director