Charger Metals Confirms Deep Lithium Extensions and High-Grade Gold at Lake Johnston

Deep Lithium Mineralisation Confirmed at Medcalf

Charger Metals NL (ASX:CHR) has delivered a significant boost to its Lake Johnston Lithium and Gold Project after completing 3,418 metres of drilling in the March quarter. The latest diamond and reverse circulation (RC) drilling has extended spodumene-bearing pegmatite mineralisation at the Medcalf deposit down to 700 metres, confirming wider lode thicknesses and continuity beyond the maiden resource boundary. The company now has 75 drill holes completed at Medcalf and Medcalf West, with assay results reinforcing the potential for a substantial resource upgrade.

Diamond hole CLMDD004 returned multiple lithium intersections including 6.4 metres grading 1.03% Li2O and 186ppm tantalum from 343.2 metres, while RC hole CLMRC066 confirmed 22 metres averaging 1.0% Li2O and 111ppm Ta. These results underscore the deposit's suitability for open pit mining, given the spodumene swarms outcrop at surface and dip at 45 degrees. The Medcalf Mineral Resource Estimate (MRE) currently stands at 8.2 million tonnes at 1.0% Li2O, open in most directions, with a revision expected after all assays are received. The resource remains open along strike to the southeast, suggesting further upside potential. This drilling success builds on the company’s recent 3,418m of diamond and RC drilling completed at Medcalf in March quarter.

Medcalf West Exploration Target Expands Lithium Footprint

Adjacent to Medcalf, the Medcalf West Prospect has been delineated as an Exploration Target ranging between 3 and 5 million tonnes at 1.0% to 1.4% Li2O. Drilling has confirmed high-grade lithium mineralisation hosted in steeply northwest-dipping pegmatites extending over 1,200 metres of strike and to depths of at least 215 metres. Recent intercepts include 10 metres at 1.21% Li2O from 128 metres and 4 metres at 1.11% Li2O from 92 metres, confirming both strike and depth extensions. While still conceptual in nature, this target offers a promising complement to the Medcalf resource and could materially increase the project's scale. The company is advancing mining lease application 63/691 to cover both deposits, which includes provisions for a spodumene concentration plant and associated infrastructure on Ngadju traditional lands. The ongoing drilling at Medcalf West supports the expectation of a resource upgrade following assay results, consistent with prior Medcalf West exploration target of 3–5Mt at 1.0–1.4% Li2O.

High-Grade Gold Intercepts at Xmas Discovery

Gold exploration at the Lake Johnston project also delivered encouraging results, particularly at the Xmas Gold Discovery within the Mt Gordon tenement. Recent 1-metre split assays from RC hole CLGRC022 revealed a standout intercept of 3 metres grading 18.0 g/t gold, including a blistering 1 metre at 41.5 g/t Au and 26.5 g/t silver. This discovery, which had seen no drilling for 13 years prior to Charger’s involvement, extends over 2,000 metres of strike that remains underexplored. Follow-up drilling is underway to test up-dip and down-dip extensions, with assays pending for diamond hole CLGDD001 and RC hole CLGRC029. The gold mineralisation appears hosted in a mafic intrusive system, with multi-element analysis supporting the high-grade tenor. The Richard Gold Prospect nearby also yielded significant intercepts including 7 metres at 1.24 g/t Au. These findings add a valuable dimension to Charger’s portfolio, complementing its lithium focus and aligning with the company’s strategy to leverage synergies across its Lake Johnston assets. This progress aligns with the company’s earlier high-grade Xmas Gold Discovery drilling tests vertical extensions efforts.

Corporate Position and Strategic Options

On the corporate front, Charger strengthened its cash position to $2.57 million at quarter-end, up from $1.39 million in December 2025. This follows a $1.35 million placement completed in February at $0.115 per share, alongside calls on partly paid shares. The company maintains a tight capital structure with just 90.6 million fully paid shares on issue, equating to an undiluted market capitalisation of approximately $8.3 million. Exploration expenditure during the quarter was $1.35 million, primarily focused on Western Australia. Meanwhile, the Bynoe Lithium Project in the Northern Territory saw no field work due to the wet season, but Charger is actively considering strategic partnering or sale options to unlock value from this asset. The company continues to evaluate new lithium and gold opportunities that could complement its existing portfolio.