Winsome–Li-FT Merger Explained: Adina, Financing, Next Steps | Chris Evans & Francis MacDonald

Dec 22, 2025

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In this episode of Rock Stock Channel, we (Howard and Rodney) sit down with Chris Evans (CEO, Winsome Resources) and Francis MacDonald (CEO, Li-FT Power) to walk through the recently announced scheme of arrangement to merge Winsome and Li-FT.

Chapters

(00:00) Introduction
(05:41) Why Merge
(07:17) Winsome Constraints
(09:31) Agnico/Avenir Support
(10:57) $40M Financing
(13:58) Pro Forma Cash
(17:12) Rework Economics
(20:20) Renard Optionality
(24:34) Leadership Shift
(26:50) Permitting Edge
(28:42) Near-Term Milestones
(30:41) Yellowknife Asset
(34:24) Alberta Downstream
(39:07) Cycle And Valuation
(43:05) Closing Remarks

Rather than rehashing the press release, we focus on what shareholders and lithium investors are debating most: the strategic logic for full consolidation, what changes when Adina and the adjoining ground are brought together, and why capital certainty, permitting execution, and governance matter at this point in the lithium cycle—especially for high-quality Quebec spodumene development projects.

Key topics we cover:

- Why a merger (vs. JV): Francis explains the technical rationale for consolidating the land package and removing boundary constraints to potentially unlock greater pit scale and development flexibility.
- What Winsome gains: Chris outlines the core constraints Winsome faced as a standalone developer—funding the next study phase, permitting de-risking, TSX connectivity, and optionality around the Renard infrastructure—and how the combination addresses them.
- Avenir / Agnico Eagle backdrop: We discuss how Li-FT’s strategic relationship with Avenir (a subsidiary of Agnico Eagle) could influence permitting, stakeholder engagement, and project development credibility in Quebec.
- Financing structure: Francis breaks down the $40M bought deal (subscription receipts plus sidecar financing), including the mix of hard dollars and flow-through, and how that capital is intended to fund drilling and studies across the portfolio.
- Balance sheet and optionality: We review expected cash and equity positions at close (including the referenced equity holdings) and how a stronger balance sheet can change development sequencing and negotiation posture.
- Work plan and milestones: We outline what we’ll be watching over the coming months—trade-off studies, resource integration planning, drilling cadence, and how management intends to integrate teams “with continuity and without duplication.”
- What Li-FT shareholders bring to the table: Francis summarizes Li-FT’s Yellowknife Lithium Project (infrastructure advantages and planned drilling) and discusses the early look at a potential downstream refining concept in Alberta.