Greenwing's (ASX:GW1) San Jorge maiden resource tests only the upper portion of an interpreted brine system

JMM

Recent South American site visit highlights untested depth and lateral extent ahead of strategic partner process and deeper drilling.

Project location

San Jorge sits within Argentina's Lithium Triangle in Catamarca Province, which also hosts projects including Galan Lithium's Hombre Muerto West. The project lies near Zijin Mining Group's Tres Quebradas (3Q) operation. Greenwing Resources Ltd reports that it controls the entire San Francisco salar, approximately 2,800 hectares, within a consolidated landholding of approximately 38,000 hectares. Based on surrounding tenures, it is uncommon for a single company to own a whole salar, because salar tenure in the region is typically fragmented.

Resource and drilling to date

Greenwing completed its initial drilling campaign in 2024. That campaign established a maiden Mineral Resource of 1.07Mt lithium carbonate equivalent (LCE) at 195mg/L lithium, comprising 670kt Indicated and 400kt Inferred. The Company has reported that drilling reached a maximum depth of approximately 402 metres. Brine was intersected in every hole, and the system remains open to the west, the north and at depth. Individual deeper samples returned lithium concentrations of up to 248mg/L. These are individual sample results, not a resource grade. Further drilling is required before any conclusions can be drawn about grade at depth.

Why depth matters

The Company's published geophysical modelling interprets brine extending to approximately 1,000 metres depth, well beyond the depth drilled to date. We regard the cross-sections from this work as particularly significant. They indicate that existing drilling has tested only the upper portion of an interpreted system that remains open both laterally and vertically. The interpretation still needs to be confirmed by drilling. In our view, however, it makes the next drilling campaign considerably more important than a conventional resource-extension program.

Catalysts

Greenwing is progressing discussions with potential strategic partners for San Jorge and intends to complete that process by the end of 2026. It disclosed this most recently in its cleansing statement of 3 September 2026. The aim is to fund the next phase of work with project-level capital, which would limit the need for Greenwing to issue further equity. The Company has appointed lithium brine specialist Zelandez to undertake a Scoping Study and to help target deeper and lateral extensions. Greenwing intends to recommence exploration, including deeper drilling, after the partner process concludes.

In-country management

Argentina Country Manager Marcelo Sanchez is a chemical engineer with more than 25 years in Argentina's mining sector. He was involved in developing the Olaroz Lithium Project from exploration through to production. That in-country development experience is directly relevant to San Jorge.

Market backdrop

Greenwing's investor presentation cites industry forecasts for stationary battery storage to grow from approximately 335GWh in 2024 to 3,000GWh by 2030 and 5,500GWh by 2035. Lithium markets remain cyclical. Even so, demand is broadening beyond electric vehicles, so San Jorge's next stage of work comes as longer-term supply is again drawing industry attention.

"What stood out on site was how much of San Jorge remains untested. Greenwing has defined a material maiden resource from a relatively limited first campaign, and the Company's geophysics points to a brine system extending well below the depth drilled so far. The strategic partner process and the deeper drilling that follows are the next major milestones for Greenwing," says Tim Armstrong from Prenzler Group, who is Greenwing Resources corporate advisor.

Jane Morgan Management, Media and Investor Relations | [email protected]