Recharge Metals’ Carter Acquisition Signals Uranium Ambitions Amid Market Uncertainty

Strategic Acquisition in a Proven Uranium Region

Recharge Metals Limited (ASX: REC) has taken a decisive step to bolster its uranium portfolio with the acquisition of the Carter Uranium Project in Montana, USA. This 100% acquisition encompasses two advanced, high-grade uranium properties, Acadia and Mindy, both boasting significant historic resources. Situated within the prolific Powder River Basin, the project lies just 60 kilometres north of the Lance ISR operation, one of the largest uranium resources in the United States.

The Carter Project covers 26 square kilometres of mining claims, with Recharge securing the majority of the surface expression of the key deposits: 87% at Acadia and 78% at Mindy. These deposits were extensively explored in the late 1970s and early 1980s by major players such as Kerr McGee and Chevron, resulting in a rich database of drilling and exploration data now under review by Recharge.

High-Grade Resources and Exploration Upside

The Acadia Deposit hosts an estimated 3.7 million pounds of uranium oxide (U3O8) at a grade of 1,250 ppm, with mineralisation averaging 2.4 metres thick. The Mindy Deposit adds another 1.4 million pounds at an even higher grade of 1,560 ppm. Noteworthy drill intersections include 1.83 metres at 5,400 ppm eU3O8 and 2.74 metres at 2,900 ppm eU3O8, underscoring the project's high-grade potential.

Recharge Metals has identified multiple additional roll fronts within the project area, suggesting considerable scope for resource expansion. The company is actively compiling historical data and has commenced permitting for drilling, targeting the North American summer for exploration activities. Surrounding ground with a history of uranium exploration also offers promising expansion opportunities.

Strengthening the Board with Uranium Expertise

Complementing the acquisition, Recharge appointed Ben Vallerine as a Non-Executive Director. Vallerine brings over two decades of uranium exploration and operational experience in the US, having previously managed portfolios exceeding 90 million pounds of U3O8. His expertise is expected to accelerate the development and exploration strategy for the Carter Project and other energy metal assets within Recharge's growing portfolio.

Financial Position and Outlook

Recharge raised $2.5 million to fund exploration activities related to the Carter acquisition and ended the quarter with approximately $2.24 million in cash. Exploration and evaluation expenditure for the quarter was $613,000, reflecting active investment in advancing the project. The company’s capital structure remains robust, with over 256 million shares on issue and a market capitalisation of $4.35 million at the time of reporting.

While the company has yet to commence production, the strategic acquisition and board enhancement position Recharge Metals well to capitalise on the resurging uranium market, particularly given the project's proximity to established ISR operations and the growing demand for nuclear fuel.