Greenwing Advances Lithium and Graphite Projects with Key Study Progress and Lease Renewal

San Jorge Lithium Project Deepens Development Potential

Greenwing Resources (ASX:GW1) has reshaped the development outlook for its San Jorge Lithium Project in Argentina by confirming that its brine system extends to depths exceeding 1,000 metres; more than double the previous interpretation. This expanded subsurface understanding, announced earlier in April, underpins a coordinated technical push to define a clear pathway for the project’s advancement.

Throughout the June quarter, the company progressed a multifaceted scoping study with lithium brine specialist Zelandez, running parallel workstreams focused on basin-scale hydrology, Direct Lithium Extraction (DLE) technology evaluation, and integrated process options. The hydrology program aims to establish a comprehensive water balance and assess industrial water availability, critical for sustainable brine extraction.

Notably, Greenwing transitioned its DLE program from desktop analysis to physical testwork by commencing bulk brine sampling from multiple depths across the resource. This hands-on approach is designed to rigorously assess lithium recovery rates, impurity rejection, reagent consumption, and energy requirements specific to San Jorge’s brine chemistry. The company’s ‘flowsheet first, technology second’ methodology prioritises selecting extraction technologies that best fit the project’s unique conditions rather than committing prematurely to a single provider.

Greenwing is also advancing discussions with potential strategic partners, leveraging the project’s 100%-owned status and enhanced resource definition to strengthen engagement prospects. The company plans to integrate ongoing testwork results into a preliminary economic framework and complete the scoping study in the near term.

Que River Project Secures Long-Term Tenure and Advances Restart Plans

In Tasmania, Greenwing secured a vital milestone with the renewal of Mining Lease ML 68M/1984 through to March 2035, providing long-term tenure certainty for the 100%-owned Que River polymetallic project. This renewal followed regulatory approval of an updated Decommissioning and Rehabilitation Plan and extensive stakeholder engagement involving Mineral Resources Tasmania, EPA Tasmania, TasNetworks, and government officials.

The company is pushing forward with a two-stage strategy at Que River: an initial recommencement of open pit mining utilising established third-party processing infrastructure, followed by a longer-term, partner-led development of data infrastructure leveraging the site’s power, water, and remote location advantages. The Pre-Feasibility Study continues to refine mine design, production scheduling, and economic assumptions, while early discussions with potential mining and processing partners have begun.

These developments build on Greenwing’s prior work to position Que River as a project with both near-term cash flow potential and innovative diversification through data infrastructure opportunities, although approvals and final investment decisions remain pending.

Graphmada Graphite Asset Maintains Strategic Relevance Amid Care and Maintenance

The Graphmada Graphite Mining Complex in Madagascar remains on care and maintenance as Greenwing assesses pathways for restart, expansion, and strategic partnerships. The asset benefits from a substantial Mineral Resource Estimate, existing mining leases, and prior production history, positioning it as a key player in the global graphite supply chain.

With growing concerns over supply security outside China and expanding demand from stationary storage and data infrastructure, Graphmada’s strategic importance continues to rise. The company is actively monetising surplus equipment and optimizing its Madagascan asset base, while engaging with potential strategic and government-aligned partners to explore value realisation options.

Corporate Funding and Market Positioning

Greenwing completed the balance of a A$5.5 million equity raising approved in April 2026, providing crucial funding for its 2026 work programs across San Jorge, Que River, and Graphmada. The capital injection supports surveys, drilling planning, mine restart preparation, and general working capital needs, including extinguishing a former director’s loan.

The company’s cash flow report shows net cash outflows of A$438,000 in exploration and evaluation activities during the quarter, with a closing cash balance of A$2.9 million. Greenwing also maintains an undrawn $8 million At-the-Market facility with Alpha Investment Partners, extending its financial runway.

Greenwing’s management remains focused on disciplined capital allocation, prioritising workstreams that define development pathways and strategic outcomes. The company also continues active market engagement, including participation at the Fastmarkets Global Lithium, Battery & Critical Materials Conference, where expanding demand drivers beyond electric vehicles; such as energy storage and AI infrastructure; were highlighted as supportive of Greenwing’s lithium and graphite assets.

Outlook and Upcoming Catalysts

Looking ahead, Greenwing aims to complete the San Jorge Scoping Study, advance DLE and hydrology programs, and conclude its strategic partner process. At Que River, the focus is on finalising the Pre-Feasibility Study, progressing regulatory approvals for mining restart, and advancing partner-led data infrastructure assessments. Meanwhile, Graphmada’s strategic and equipment monetisation initiatives will continue alongside care and maintenance.

Greenwing’s portfolio progress unfolds amid a more constructive critical minerals market, driven by structural shifts in lithium and graphite demand. However, the realisation of value hinges on the successful integration of technical results, regulatory approvals, and strategic partnerships across its diverse asset base.