Charger Metals NL has retained 100% ownership of its Lake Johnston Lithium and Gold Project after Rio Tinto Exploration withdrew from their farm-in agreement. The company also reported a maiden lithium resource at Medcalf and uncovered significant high-grade gold intercepts at the Xmas Gold Discovery.
- Charger retains full 100% ownership of Lake Johnston Project after Rio Tinto exits farm-in
- Maiden Medcalf Lithium Resource Estimate of 8.2 million tonnes at 1.0% Li2O announced
- Mining lease application lodged for Medcalf deposit to support future development
- High-grade gold intercepts discovered at Xmas Gold Discovery with ongoing drilling
- Raised $1.35 million via placement; cash position at $1.39 million at quarter end
Charger Retains Full Control of Lake Johnston
Charger Metals NL has confirmed it holds 100% ownership of the Lake Johnston Lithium and Gold Project in Western Australia following the withdrawal of Rio Tinto Exploration Pty Limited from their farm-in agreement. Over two years, Rio Tinto funded $4.2 million in exploration, subscribed for $1.2 million in equity, and made $1 million in cash payments to Charger. However, Rio Tinto chose not to proceed with further commitments, allowing Charger to retain full autonomy over the project’s future.
Maiden Lithium Resource and Mining Lease Application
In a significant milestone, Charger announced a maiden Mineral Resource Estimate (MRE) for the Medcalf Spodumene Deposit of 8.2 million tonnes at 1.0% lithium oxide (Li2O), which remains open in multiple directions. This resource is complemented by an exploration target at Medcalf West, estimated between 3 to 5 million tonnes at 1.0% to 1.4% Li2O, though this remains conceptual pending further drilling.
To advance development, Charger lodged a Mining Lease Application (MLA 63/691) covering the Medcalf deposit and surrounding areas. The proposed mining approach combines initial open pit operations with underground mining to minimise environmental impact. The lease area also accommodates infrastructure such as a potential spodumene concentration plant and associated facilities, with several existing plants within trucking distance and access to export via Esperance Port.
Exciting Gold Discoveries at Mt Gordon
Beyond lithium, Charger reported promising gold exploration results at the Mt Gordon area within the Lake Johnston Project. The Xmas Gold Discovery yielded high-grade intercepts including 12 metres at 6.55 grams per tonne (g/t) gold from 132 metres depth, with a standout 4 metres at 16.9 g/t. These results come from a previously under-explored 2-kilometre trend with no historical drilling, prompting a new ~3,000 metre diamond and reverse circulation drilling program to delineate the mineralisation further.
Financial Position and Strategic Outlook
Charger ended the quarter with $1.39 million in cash, down from $2.26 million the previous quarter, but bolstered by a $1.35 million placement in January 2026. The company holds a tightly held capital structure with approximately 89.9 million shares on issue and a market capitalisation near $10.3 million. Exploration expenditure for the quarter was $762,000, focused primarily on Western Australian projects.
Meanwhile, Charger continues to evaluate new lithium and gold opportunities that could complement its existing portfolio, though no binding agreements have been made yet. The company is also progressing environmental surveys and feasibility studies to support the Medcalf deposit’s development.
Looking Ahead
With a maiden lithium resource established and high-grade gold discoveries underway, Charger Metals is positioning itself as a notable player in the Yilgarn lithium and gold landscape. The termination of the Rio Tinto farm-in agreement, while unexpected, leaves Charger with full control and flexibility to chart its own course amid rising spodumene prices and growing demand for battery metals.
Bottom Line?
Charger’s next drilling results and mining lease progress will be pivotal in defining its path from explorer to producer.
Questions in the middle?
- Will Charger be able to expand the Medcalf lithium resource to rival other Yilgarn deposits?
- How will the company finance the development of mining and processing infrastructure at Lake Johnston?
- What further gold potential lies along the under-explored Xmas Gold Discovery trend?