Li-FT Power’s $87M Winsome deal: Adina–Galinée project economics for mine planners
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Li-FT Power is acquiring Australia’s Winsome Resources for about A$130.8 million ($86.8 million) in shares and taking 75% of the adjacent Galinée property from Azimut Exploration and SOQUEM, consolidating a large hard-rock lithium position in Quebec’s James Bay. The deal brings in Winsome’s 100%-owned Adina project, with 1.4 Mt at 1.14% Li₂O (indicated) and 16.5 Mt at 1.19% Li₂O (inferred), scoped in 2024 as a 20+ year operation producing 280,000 t/y of spodumene concentrate, capex $259 million and NPV₈ of $743 million. Li-FT plans a C$30 million placement for Adina–Galinée work, C$10 million for Yellowknife, and an ASX listing, while some analysts argue Winsome is being undervalued.
Technical Brief
- Binding scheme implementation deed offers 0.107 Li-FT share per Winsome share as consideration.
- Exchange ratio implies A$0.501 per Winsome share, a 62% premium to prior close.
- Winsome’s implied equity value is A$130.8 million fully diluted, versus pre-deal market cap A$97.5 million.
- Li-FT’s share price dropped ~8.5% to C$4.60 on announcement, leaving market cap at C$217.8 million.
- Galinée acquisition terms: 2 million Li-FT shares plus US$1.5 million deferred to Azimut for 50%.
- SOQUEM receives 1 million Li-FT shares for its 25% Galinée stake and retains 25% project interest.
Our Take
With Adina’s scoping-study NPV of $743 million against a $259 million start-up capex, the $87 million Winsome transaction effectively prices the Quebec hard-rock lithium pipeline at a fraction of the project’s modelled value, signalling that capital markets are still heavily discounting early-stage lithium in Eeyou Istchee James Bay.
The move gives Li-FT a second flagship in Quebec alongside Yellowknife in the Northwest Territories, and in our database few junior lithium developers are simultaneously advancing two hard-rock districts in Canada, which could stretch management and capital but also diversify permitting and execution risk.
SOQUEM’s decision to retain a 25% interest in Galinée while Azimut exits entirely creates a mixed public–state ownership structure that operators in Quebec will recognise from other projects, often translating into smoother provincial-level engagement but more structured oversight on development timelines and local content.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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