• Progressing Que River polymetallic asset with scoping study and strategic options
• Advancing San Jorge Lithium Project in Argentina with further exploration and development plans
• Graphmada Graphite Mine in Madagascar on care and maintenance, evaluating restart and expansion options

Greenwing Resources Ltd (ASX:GW1) has provided an update on its activities and progress for the quarter ended 31 December 2025. The company has a portfolio primarily focused on lithium and graphite assets, as well as the emerging Que River Polymetallic Asset in Tasmania. During the quarter, the company published an initial scoping study for Que River, which outlined a low-cost pathway to early cash flow through redevelopment of existing open pits and utilization of nearby, established regional processing infrastructure. The company intends to separate the Que River asset from its Critical Minerals business to maximize value. At the San Jorge Lithium Project in Argentina, the company completed a site visit and continued planning for a proposed second drilling program, alongside ongoing technical and commercial engagement with potential strategic partners. The company also announced an amendment to the San Jorge Option Agreement, deferring the timing for payment of the next two installments. In Madagascar, the company's Graphmada Graphite Mining Complex remains in excellent condition, and the company initiated a Stage 2 Scoping Study to assess restart and expansion pathways, leveraging the existing mining lease and installed infrastructure. The company also noted the continued development of measures by various jurisdictions aimed at diversifying global graphite supply chains, and has commenced discussions with government agencies and potential strategic partners regarding pathways for investment and collaboration at Graphmada.