Greenwing Resources has reached an initial agreement with US-based Atana Elements Inc for its San Jorge Lithium Project in Argentina
Potential to deliver circa US$141m / A200m: $0.38 per share
US$15 million development programme with two stage work program to fund resource expansion, drilling and technical studies through to a Preliminary Feasibility Study (PFS), earning up to 37.5% of San Jorge.
US$200 million implied project valuation, Atana holds a proposed option to acquire Greenwing's remaining 62.5% interest in San Jorge for US$125 million
Greenwing says the deal provides a funded pathway at San Jorge without diluting existing shareholders.
Strategic US partnership: Atana brings technical expertise, sophisticated investor backing and are a valuable conduit into the key US market, a jurisdiction becoming critically aware of the need to secure critical minerals.
Significant remaining value: Greenwing retains 100% of Que River and Graphmada, together with a negotiated right to reacquire up to 10% of San Jorge in specified circumstances.
Greenwing Resources Ltd (ASX: GW1) | 4th November 2026
Greenwing Resources has reached an initial agreement with United States-based Atana Elements Inc, following a competitive process run over most of the year to secure a strategic investor for its San Jorge Lithium Project in Argentina.
Under the term sheet, Atana will fund a two-stage, US$15million work program covering resource expansion, drilling and technical studies through to a Pre-Feasibility Study, earning up to 37.5% of San Jorge. Atana also holds a proposed option to acquire Greenwing's remaining 62.5% interest for US$125 million implying a project evaluation of approximately US$200 million Atana will also subscribe for US$800,000 of Greenwing shares in two stages at a 15% premium to the trailing 25-day VWAP.
Greenwing said the terms have the potential to ultimately deliver the company US$140 million, or circa 38 cents per share, compared with a market capitalisation of circa A$60 million. The company believes its asset value has been obscured by the perception it needs continual equity funding, and that the transaction has the potential to address those concerns.
Atana brings technical expertise, sophisticated investor backing and strong connections to the US critical minerals sector. The US and Argentina have signed a series of bilateral agreements aimed at aligning lithium demand with the Argentine lithium sector.
Greenwing retains 100% of Que River and Graphmada, plus a negotiated right to reacquire up to 10% of San Jorge in specified circumstances. An updated investor presentation has been released ahead of tomorrow's JMM Webinar. To register for the webinar please access it here: https://janemorganmanagement-
About us:
About Greenwing Resources
Greenwing Resources Ltd (ASX: GW1) is an Australian critical minerals exploration and development company with projects including San Jorge Lithium Brine in Argentina, Graphmada graphite in Madagascar and Que River polymetallic in Tasmania.
Contact details:
GW1 MD Peter Wright, P: 0404 945 189
Investor and Media Relations Wilamina Russo, P:0450 646 609 [email protected]
