Motley Fool Winsome Resources is a lithium explorer working in the James Bay region of Quebec in Canada.
The latest news from the company came last Friday when it announced an acquisition.
As my Fool colleague Monica reports, Winsome is buying a stake in Canadian company Power Metals Corp (TSX-V: PWM), which owns the “highly prospective” Case Lake Project in Ontario, Canada.
The CA$2 million (A$2.211 million) deal entails Winsome purchasing Power Metals shares that are currently owned by Hong Kong-based company, Sinomine Rare Metals Resources Co Ltd.
Sinomine Rare Metals is a subsidiary of the Chinese company Sinomine Resource Group Co Ltd (SHE: 002738). Recent changes to Canadian law mean Sinomine has to sell.
Winsome also gets all of Sinomine’s offtake rights.
Winsome says the project contains high-grade deposits of lithium, tantalum, and cesium. All three are on the latest critical minerals lists of the United States and Canada.