Greenwing Resources has bolstered its balance sheet with a $5.5 million equity raising, setting the stage to advance its lithium, polymetallic, and graphite assets across Argentina, Tasmania, and Madagascar. Key developments include a lithium brine scoping study led by Zelandez, a 40% increase in Que River’s net smelter return from updated metals prices, and ongoing strategic evaluations for graphite supply security.
- Completed $5.5 million equity raising with strong director support
- San Jorge lithium project scoping study underway with Zelandez
- Que River scoping study updated showing 40% NSR increase
- Pre-Feasibility Study commenced at Que River for mining restart
- Graphmada graphite complex on care and maintenance with expansion plans
Equity Raising Strengthens Greenwing’s 2026 Work Programs
Greenwing Resources Ltd (ASX:GW1) has secured $5.5 million through a placement to professional and sophisticated investors, including $0.2 million from directors, notably Managing Director Peter Wright. This capital injection provides the company with a fortified financial platform to progress its exploration and development across three key assets: the San Jorge Lithium Project in Argentina, the Que River Polymetallic Project in Tasmania, and the Graphmada Graphite Mining Complex in Madagascar. The equity raise also included free attaching options exercisable at $0.08 until June 2027, signaling confidence from existing shareholders and management to back Greenwing’s strategy. This milestone positions Greenwing to execute planned 2026 work programs with renewed momentum.
San Jorge Lithium Project: Expanding Depth and Grade with Zelandez Partnership
At San Jorge, Greenwing holds a rare 100% interest in a salar within the Lithium Triangle, covering approximately 38,000 hectares. The project boasts a Maiden Mineral Resource Estimate of 1.07 million tonnes of lithium carbonate equivalent (LCE) at an initial grade of 195 mg/L Li, derived from a six-hole drilling program. However, recent geophysical surveys including magnetotellurics and passive seismic methods suggest the lithium brine system extends well beyond the initial drilling footprint, with interpreted lateral extensions of up to 4–5 km and a potential depth reaching 1,000 metres, more than double the prior maximum drill depth of 402 metres. Notably, lithium grades appear to increase with depth, with samples reaching up to 248 mg/L Li, surpassing the current resource grade.
Greenwing has appointed Zelandez Limited, a globally recognised lithium brine field services company, to lead an initial scoping study focusing on development pathways, processing options, and drill targeting to test these deeper and lateral extensions. This collaboration marks a critical step in transitioning San Jorge from an early-stage discovery to a defined development opportunity. The company is also actively engaging with potential strategic partners and has established a data room to facilitate these discussions. The timing coincides with heightened geopolitical interest in Argentine lithium assets following recent US-Argentina critical minerals agreements, potentially easing investment and development hurdles. This progress builds on earlier announcements detailing the deeper, higher-grade lithium brine and the launch of the San Jorge scoping study.
Que River Project: Metals Price Surge Drives 40% NSR Increase and PFS Launch
In Tasmania, the Que River Polymetallic Project is advancing from concept to concrete development plans. Greenwing updated its strategy during the quarter, outlining a two-stage approach: first, a potential recommencement of open pit mining leveraging existing pits and third-party processing infrastructure; second, an assessment of the site’s suitability for data infrastructure, capitalising on its industrial history, water and power availability, and cool climate.
Crucially, an updated scoping study incorporating prevailing metals prices revealed a roughly 40% increase in net smelter return (NSR), lifting conceptual cash flows to an estimated A$90 million to A$100 million, up from A$40 million to A$60 million in the October 2025 study. This uplift primarily reflects stronger spot prices for silver, gold, and copper. The company has since commenced a Pre-Feasibility Study (PFS) led by Proactive Mining Solutions and Ardent Environmental to refine mining, processing, environmental, and economic parameters. The PFS targets extraction of approximately 660,000 tonnes of polymetallic ore from existing and new open pits within the current mining lease.
Greenwing continues to advance environmental approvals, rehabilitation planning, and mining lease renewal workstreams, maintaining active engagement with Tasmanian regulators and stakeholders. The dual focus on mining restart and data infrastructure potential offers a differentiated pathway for value creation. These developments closely follow the company’s advancement of the Que River PFS and the doubling of Que River cash flow projections.
Graphmada Graphite Complex: Care and Maintenance with Strategic Reassessment
Greenwing’s Madagascan portfolio remains anchored by the Graphmada Graphite Mining Complex, which holds an established Mineral Resource of 61.9 million tonnes at 4.5% fixed carbon. The project has prior production history, existing infrastructure, and a qualified product that has been marketed internationally. Despite being on care and maintenance, Greenwing is actively assessing restart and expansion opportunities, recognising the growing international emphasis on secure, ex-China graphite supply chains.
The company is also monetising surplus equipment and exploring strategic partnerships to optimise value from its Madagascan assets. Graphmada’s positioning aligns with broader market dynamics where graphite is critical for lithium-ion batteries and electrification technologies, underscoring the asset’s strategic importance.
Corporate and Financial Positioning
Greenwing reported net cash outflows of $277,000 in exploration and evaluation during the quarter, balanced by $2.7 million net cash inflows from financing activities, primarily the equity raising. The company ended the quarter with $2.5 million in cash and cash equivalents, providing approximately 3.5 quarters of funding at current expenditure rates. Additionally, Greenwing has an undrawn $8 million At-the-Market Facility with Alpha Investment Partners, which could extend operational runway if required.
Strategically, Greenwing is reviewing the optimal corporate structure for its asset base, including the potential separation of the Que River Project from its critical minerals portfolio to sharpen focus and enhance shareholder value. The company’s multi-asset approach, bolstered by fresh capital and advancing technical studies, positions it to navigate the complex critical minerals landscape across three continents.
Bottom Line?
Greenwing’s strengthened balance sheet and advancing technical programs across lithium, polymetallic, and graphite assets set a foundation for value creation, but realising potential hinges on forthcoming study results, strategic partnerships, and regulatory approvals.
Questions in the middle?
- Will deeper drilling at San Jorge convert exploration targets into a larger, higher-grade lithium resource?
- How will the evolving metals price environment impact the economic viability and timeline of Que River’s mining restart?
- Can Greenwing secure strategic partners or off-take agreements to underpin development and expansion at Graphmada?