How was the past year for Brunswick Exploration?

Brunswick has remained active despite a weak lithium market, focusing on significant drilling at its flagship Mirage asset in Québec. Strategically located between Patriot Battery Metals’ and Winsome Resources’ projects, Mirage is advancing toward a resource assessment, targeting a minimum of 50 million t with simple metallurgy and proximity to infrastructure. Metallurgical tests and extensive drilling have reinforced the project’s potential.

In an especially exciting development, leveraging our expertise gained from systematic grassroots lithium exploration across Canada, Brunswick identified Greenland as a new frontier, becoming the first company to explore and confirm a lithium discovery there. This highlights our pioneering approach and capacity to unlock new lithium provinces.

Could you tell us more about your work in Greenland?

Brunswick is benefitting from a major first-mover advantage in Greenland, consolidating virtually every opportunity identified. In summer 2025, we are planning a large-scale exploration program to expand existing discoveries and advance them to drill-ready stages. With multiple discoveries already confirmed, we remain optimistic about the significant upside potential present in Greenland. We hope to prove that where one lithium discovery exists, more are likely to be found, and demonstrate continued growth and exploration success throughout the year.

How does Brunswick identify worthwhile exploration prospects?

Given that lithium mining is still a relatively young industry, there is limited understanding of the required scale of an asset. We believe the size threshold for economic lithium projects sits at 50 million t, so that is our minimum aim for all our exploration properties. Encouragingly, Brunswick’s continued strong results – including intercepts up to 100 meters from surface drilled in 2024 – reinforce the Mirage project's potential to exceed that benchmark. With a maiden resource estimate targeted in the near future, all drilling to date has validated the team’s geological model and strategic focus on scale and quality.

How has Brunswick positioned itself for the current weak lithium market?

We take a counter-cyclical approach, prioritizing early-stage, grassroots exploration even in weak markets. While most companies focus on late-stage exploration or infill drilling, Brunswick sees downturns as opportunities – offering less competition, lower costs, and greater flexibility. This strategy allows the company to remain active, generate new targets, and stretch exploration dollars further. Consistently deploying capital into high-impact, cost-effective exploration is essential to creating long-term value and justifying shareholder investment.

Where do you see the lithium market heading in the coming years?

Unlike a typical downcycle driven by weak demand, this one is shaped by short-term oversupply. Despite current market weakness, we remain optimistic, emphasizing that lithium demand continues to grow steadily – even amid geopolitical uncertainty. With decarbonization goals still intact and end-use demand robust, we believe a rebound is inevitable. The next upcycle may arrive sooner than expected, and Brunswick is positioning to capitalize on it. Cycles are inevitable, but strong demand fundamentals offer long-term reassurance and validate continued investment in exploration today.

How important is Québec to North American battery supply chains?

While refining and manufacturing can be located anywhere, something you cannot move is the rock beneath our feet – and Québec has the highest-grade, most abundant hard rock lithium in North America. Despite current price weakness, the province’s superior resource base ensures it will lead the sector’s future development. Ultimately, Brunswick Explroation sees Québec as critical to North America’s lithium future, offering the quality and scale needed to anchor domestic production.

What catalysts would you highlight for the year to come?

We are not slowing down. In 2025, Brunswick will advance our flagship Mirage project in Québec with a resource estimate, expand exploration in Greenland following its first-ever lithium discovery there, and drill our other assets like Anatacau. Our team is actively leveraging its grassroots expertise to scout new, underexplored jurisdictions globally – just as it successfully did in Greenland – aiming to uncover the next frontier in lithium exploration.