Charger Metals NL has completed a significant drilling program at its Lake Johnston lithium and gold project, announcing a maiden inferred lithium resource at Medcalf and outlining promising exploration targets. The company’s strategic partnership with Rio Tinto is set to accelerate development in this tier-1 jurisdiction.
- Maiden inferred lithium resource of 8.2Mt at 1.0% Li2O at Medcalf
- Medcalf West exploration target of 3–5Mt at 1.0–1.4% Li2O remains conceptual
- Completion of lithium and gold drilling programs at Lake Johnston with assays pending
- Rio Tinto farm-in agreement to earn up to 75% by funding exploration expenditure
- Bynoe Lithium Project in Northern Territory shows strong spodumene potential
Exploration Milestones at Lake Johnston
Charger Metals NL has recently completed a comprehensive drilling program at its flagship Lake Johnston Lithium and Gold Project in Western Australia. The highlight is the maiden inferred lithium resource at the Medcalf deposit, estimated at 8.2 million tonnes grading 1.0% lithium oxide (Li2O). This resource confirms the presence of high-grade spodumene-bearing pegmatites, a critical mineral for lithium-ion battery production.
Alongside Medcalf, the company has identified a conceptual exploration target at Medcalf West, ranging between 3 and 5 million tonnes at grades of 1.0% to 1.4% Li2O. While promising, this target remains conceptual due to insufficient drilling, leaving open the question of whether it will mature into a defined mineral resource.
Strategic Partnership with Rio Tinto
Rio Tinto Exploration Pty Ltd, a subsidiary of the global mining giant, has entered a farm-in agreement with Charger Metals. Under this deal, Rio Tinto can earn up to a 75% interest in the Lake Johnston project by funding up to $40 million in exploration expenditure or completing a definitive feasibility study. This partnership not only provides Charger with significant financial backing but also access to Rio Tinto’s technical expertise and infrastructure.
For 2025, Rio Tinto has committed to a $1.1 million exploration budget, underscoring the project's priority status. This collaboration is particularly timely given the recent surge in lithium prices, which have rebounded strongly after a two-year bear market, driven by growing demand for electric vehicles and energy storage solutions.
Expanding Exploration Horizons
Beyond Medcalf, Charger is actively advancing exploration at several high-potential targets within the Lake Johnston greenstone belt, including the Mt Gordon and Mt Day prospects. Historic drilling at Mt Gordon has revealed encouraging gold intersections, such as 5 meters at 7.15 grams per tonne gold, which had not been followed up until now. The recent drilling program completed in November 2025 focused on both gold and lithium, with assay results pending.
Meanwhile, the Bynoe Lithium Project in the Northern Territory, 100% owned by Charger, continues to show excellent exploration potential. Located near Core Lithium’s Finniss project, Bynoe hosts confirmed spodumene-bearing pegmatites with over 20 identified prospects yet to be drill-tested. This project benefits from proximity to established infrastructure and a large beneficiation plant, enhancing its development prospects.
Market Context and Company Positioning
Charger Metals is well positioned in tier-1 lithium and gold jurisdictions, with projects close to existing mines, infrastructure, and ports. The company’s tight capital structure and skilled management team, experienced in battery metals exploration and mine development, provide a solid foundation for advancing these assets.
With lithium carbonate and spodumene prices up 27% and 36% respectively this year, and gold prices at record highs, Charger’s projects are gaining increased attention. The absence of offtake commitments on its WA spodumene resources offers strategic flexibility, potentially attracting a broad range of partners or buyers as the projects mature.
Bottom Line?
As Charger Metals advances drilling and leverages Rio Tinto’s backing, upcoming assay results will be pivotal in defining the scale and value of its lithium and gold assets.
Questions in the middle?
- Will the Medcalf West exploration target convert into a formal mineral resource with further drilling?
- How quickly will Rio Tinto progress its farm-in expenditure milestones and what impact will this have on project development timelines?
- What do the pending assay results from recent drilling at Mt Gordon and Lake Johnston reveal about the gold and lithium potential?