Highlights

  • San Jorge lithium scoping and direct lithium extraction testing continued.
  • Potential partners were reviewing information, but no agreement was announced.
  • The Que River prefeasibility study was shifted to the first quarter of 2027.
  • Graphmada remained on care and maintenance.
  • Greenwing reported A$1.807m cash at 30 September 2026.

Greenwing Resources Limited (ASX:GW1) explores and develops lithium, graphite and polymetallic assets in Argentina, Madagascar and Tasmania. In its September 2026 update, the company described parallel technical studies at San Jorge and Que River while reporting a reduced cash balance and assessing funding options.

San Jorge Scoping and Lithium Testing

ASX:GW1 continued a scoping study at its San Jorge lithium brine project in Argentina with specialist support from Zelandez. The company selected direct lithium extraction pilot partners from more than 30 providers, spanning three principal technology classes. Bench-scale testing of San Jorge brine was in progress, with results intended to inform a process flowsheet.

The company also said several prospective strategic partners were undertaking data-room due diligence. None had been announced as a confirmed partner at the date of the update. The project area covers approximately 38,000 hectares, including the San Francisco Salar, estimated at roughly 2,800 hectares.

ASX:GW1 described a 45% interest in option permits and the right to acquire up to 100%. Because the report also contains a different ownership description elsewhere, the current stake should not be presented as unconditional full ownership. Historic resource estimates are omitted here because the reporting requirement is limited to information from 2026 onward.

Que River Study Shift

At its wholly held Que River mining lease in Tasmania, Greenwing moved the anticipated prefeasibility study completion to the first quarter of calendar 2027. ASX:GW1 continued discussions about processing material at existing facilities nearby. It described a possible staged approach involving an open-pit restart with external processing, followed by a partner-led assessment of data infrastructure opportunities.

These remain assessed options, rather than approved production or construction plans. The company also reported maintenance to hydrated lime dosing units at the site settlement dam.

Graphmada Remains Inactive

Greenwing’s Graphmada graphite operation in Madagascar remained on care and maintenance. ASX:GW1 was evaluating possible restart and expansion routes and disposing of surplus equipment. The quarterly report did not announce a restart decision or a new production timetable.

Cash, Facilities and Funding Choices

Cash declined from A$2.914m to A$1.807m in the September quarter. Operating outflows were A$616,000 and investing outflows were A$1.160m, including A$510,000 of capitalised exploration and evaluation spending. Financing inflows were A$670,000, supported by exercises of unlisted options.

The Appendix 5B indicated about 1.6 quarters of funding based on available cash. ASX:GW1 also referred to an undrawn A$8m at-the-market facility, while the cash-flow form did not include that facility in its relevant funding line. Its estimate of approximately six quarters including the facility therefore differs from the cash-only measure. The company identified equity raising, asset disposals, farm-outs and joint ventures as possible sources of future funding.

Key Insights

Greenwing has continued brine testing and study preparation, but neither a San Jorge strategic partnership nor a Que River processing arrangement has been finalised. For ASX:GW1, the revised 2027 study schedule and shorter cash-only funding runway place project progress and capital availability on separate tracks.