Recharge Metals Completes Sunset Well Acquisition, Raises $5.97M, Strengthens Board for Gold Exploration

Acquisition and Funding Completion

Recharge Metals Limited (ASX:REC) has announced the successful completion of its acquisition of the Sunset Well Gold Project, located in the highly prospective Leonora district of Western Australia. The project includes a near-surface inferred gold resource of 94,500 ounces, anchored by the Prospero Deposit. Alongside the acquisition, Recharge completed a capital raising totalling approximately A$5.97 million through a $3.97 million placement to sophisticated and professional investors and a $2.0 million rights issue to existing shareholders.

The placement involved the issue of 397.2 million fully paid ordinary shares, while the rights issue offered four new shares for every five shares held at an issue price of $0.01 per share. The rights issue was heavily supported, with applications exceeding the offer size and the shortfall shares subsequently placed. These funds position Recharge to support exploration activities at Sunset Well and its existing projects.

Project Overview and Exploration Potential

The Sunset Well Project covers a substantial tenement package of 181 square kilometres approximately 10 kilometres east of Leonora, within 100 kilometres of seven operating gold processing plants. The project area includes ten granted prospecting licences and multiple licence applications, with access via established regional roads.

Gold mineralisation is associated with two major structural corridors: the 10-kilometre-long Prospero Shear Zone and the sub-parallel Flanders Shear Zone. The Prospero Deposit hosts the existing JORC 2012 Inferred Mineral Resource of 2.87 million tonnes at 1.0 g/t gold for 94,500 ounces. Historical drilling, primarily from the 1990s, focused on shallow mineralisation with limited drilling below 100 metres vertical depth, leaving the resource open at depth and along strike.

Historical drill results include several high-grade intercepts such as 36 metres at 2.73 g/t gold from 32 metres depth, including 16 metres at 5.39 g/t gold. The broader Prospero trend and Flanders Shear Zone present multiple untested gold anomalies and shallow historical workings, indicating potential for further discoveries. Minimal modern exploration has been conducted since the 1990s, highlighting the project's brownfields and greenfields upside.

Board and Management Enhancements

Recharge has strengthened its leadership team with the appointments of Samuel Ekins as Executive Director, Ben Jones as Non-Executive Director, and Brett Keillor as Strategic Technical Advisor. These additions are intended to enhance the company's technical and corporate capabilities to support accelerated exploration and growth at Sunset Well.

Managing Director Felicity Repacholi noted that the acquisition provides immediate exposure to a strong gold environment through a project with an established resource base and significant exploration leverage. She emphasised the company's readiness to commence on-ground work and provide consistent technical updates as exploration advances.

Next Steps and Strategic Outlook

Recharge plans to rapidly progress exploration at Sunset Well, starting with field reconnaissance and validation of historical drilling data. Initial reverse circulation (RC) and modern aircore drilling programs are planned to test priority extensions at the Prospero Deposit and along the Greater Prospero Trend. The company also intends to apply multi-element geochemistry and geophysical datasets to refine targeting along the Prospero and Flanders shear zones.

Pending tenement grants and statutory approvals are being pursued alongside ongoing regional assessment and business development to consolidate Recharge’s position within the Leonora district. The combination of an existing resource base, district-scale exploration potential, and proximity to established infrastructure situates the company to systematically grow its gold exploration portfolio in a Tier 1 jurisdiction.