Permitting Delays or Progress? What’s Next for Recharge Metals’ Carter Project?

Exploration Momentum in Canada

Recharge Metals Limited (ASX – REC) has reported significant progress in its uranium exploration portfolio during the September 2025 quarter. A key highlight was the completion of a high-resolution magnetic and radiometric survey spanning approximately 396 line-kilometres at the Newnham Lake Uranium Project, located on the northeastern margin of the Athabasca Basin in Saskatchewan, Canada. This survey aims to refine geological models and identify priority targets for future drilling campaigns.

The Athabasca Basin is globally renowned for its high-grade uranium deposits, and Recharge’s strategy is to focus on basement-hosted mineralisation, an area historically underexplored compared to the unconformity zones. Historical drilling from the 1970s and 1980s revealed promising uranium mineralisation near the unconformity, but the company believes the basement rocks hold untapped potential, supported by recent advances in geological understanding.

Permitting Progress in Montana

Meanwhile, in the United States, Recharge continues to advance access and permitting activities at the Carter Uranium Project situated on the northern rim of the Powder River Basin, Montana. This region is a proven hub for in-situ recovery (ISR) uranium production, with six permitted processing plants within 300 kilometres, including operations by ASX-listed Peninsula Energy.

The Carter Project benefits from extensive historical exploration data, including thousands of drill holes by major players like Kerr McGee and Chevron in the late 20th century. The mineralisation is characterised by multiple stacked roll fronts within the Lakota Formation, typical of high-grade uranium systems amenable to ISR methods. Recharge’s engagement with regulatory authorities and local stakeholders is ongoing, aiming to facilitate ground-based exploration activities focused on known historical uranium resources.

Financial Discipline and Growth Strategy

Recharge Metals reported a cash balance of $1.28 million at the end of the quarter, down from $1.67 million in June, reflecting continued investment in exploration and evaluation activities. The company maintains a disciplined approach to capital management, carefully balancing expenditure with the pursuit of value-accretive growth opportunities.

In addition to advancing its current projects, Recharge’s board and management are actively reviewing new exploration and acquisition prospects aligned with their strategic focus on energy and battery metals in Tier 1 jurisdictions. This dual approach aims to build a diversified portfolio that can capitalize on the growing global demand for uranium, driven by energy security concerns and supportive government policies.

Looking Ahead

The interpretation of the Newnham Lake survey data is underway, with results expected to guide upcoming exploration programs. At Carter, permitting progress will be critical to unlocking ground access and commencing field activities. Investors will be watching closely for updates on these fronts, as well as any announcements regarding new acquisitions or capital initiatives that could shape Recharge Metals’ trajectory in the uranium sector.