• NIO Inc. did not exercise call option to acquire 20-40% stake in Andes Litio SA by expiry date
• Andes Litio SA owns San Jorge Lithium Brine Project in Argentina with 1.07Mt Lithium Carbonate Equivalent resource
• Ongoing capital raising to fund further exploration and development of the project

Greenwing Resources Ltd (ASX:GW1) has announced that the call option previously granted to Blue Northstar Limited (a wholly-owned subsidiary of NIO Inc.) to acquire between 20% and 40% of the issued capital of Andes Litio SA at an exercise price of between US$40 million and US$80 million has lapsed, as NIO did not exercise the option by the expiry date of 27 May 2025. Andes Litio SA holds the rights to the San Jorge Lithium Brine Project located in Argentina, which comprises 15 granted exploration licenses covering an entire salar and an additional 36,000 hectares. The initial drilling program completed in 2024 produced a maiden Mineral Resource Estimate of 1.07Mt of Lithium Carbonate Equivalent (LCE), with 670,000t Indicated and 400,000t Inferred. Exploration has also confirmed that the resource remains open to the west, north and at depth. Greenwing is currently undertaking a capital raising to provide funds to, amongst other things, allow the Company to undertake a comprehensive review of all exploration data compiled to date and optimise the planned second drilling program targeting the more prospective mineralisation of the salar. The Company is considering its options in relation to the future funding requirements for this project.