Charger Metals Lifts Medcalf Lithium Resource by 34%, Eyes Further Growth

Significant Resource Upgrade at Medcalf

Charger Metals NL (ASX:CHR) has delivered a notable boost to its flagship Medcalf Lithium Project within the Lake Johnston Lithium Project in Western Australia. The company announced a 34% increase in its Inferred Mineral Resource Estimate (MRE) to 10.6 million tonnes grading 1.0% lithium oxide (Li2O) and 107ppm tantalum pentoxide (Ta2O5). This upsizing from the maiden August 2025 resource highlights the growing scale of the deposit, which remains open both at depth and along strike, suggesting further expansion potential.

Alongside lithium, Charger reported a new tantalum MRE of 2.2 million tonnes at 132ppm Ta2O5, underscoring the high-grade tantalum credits that could add economic value. Medcalf is one of only six Australian lithium deposits exceeding 10 million tonnes not held by billion-dollar market cap companies, positioning Charger in a rarefied group within the domestic lithium sector.

Exploration Target Next Door at Medcalf West

Adding to the resource growth story, the company outlined an adjacent Medcalf West Exploration Target estimated between 3 and 5 million tonnes grading 1.0% to 1.4% Li2O and 100 to 150ppm Ta2O5. While still conceptual and requiring further drilling to convert into a formal resource, this target lies just 400 metres west of Medcalf and remains open for expansion.

Charger’s Managing Director Bryan Dixon emphasised the shallow nature of the deposit, with 59% of the resource within 200 metres of surface and 81% within 300 metres, enhancing its economic appeal for open pit mining. He also noted that the recent sale of the Bynoe Lithium Project to Core Lithium (ASX:CXO) provides the company with capital to accelerate drilling and development studies at Lake Johnston.

Strategic Focus on Lake Johnston Development

The sale of Bynoe, located near Core Lithium’s Finniss project in the Northern Territory, was finalized for $3.75 million cash plus milestones and royalties, allowing Charger to concentrate resources on Lake Johnston. The proximity of Medcalf to four spodumene concentration plants within trucking distance and the Esperance Port approximately 200 kilometres away adds logistical advantages.

Metallurgical test work is underway, aiming to optimise ore sorting, beneficiation, and recovery processes. Mining studies anticipate a combination of open pit and underground long hole open stoping methods, supported by detailed geological modelling and a robust drilling database of over 10,900 metres.

Geological Confidence and Next Steps

The Medcalf deposit’s geological setting consists of lithium-caesium-tantalum (LCT) pegmatites intruding amphibolite and granite basement rocks. The resource estimate, prepared by Ashmore Advisory Pty Ltd in accordance with the 2012 JORC Code, is classified as Inferred based on drill spacing and data quality. The deposit extends over 525 metres strike length and 500 metres vertical depth, with mineralisation wireframes constrained by pegmatite geology.

Looking forward, Charger plans further infill and extensional drilling to refine and grow the resource. Metallurgical studies will continue to assess processing characteristics, while permitting and mining studies advance. The company’s position as one of few lithium projects without binding offtake agreements may provide flexible funding options as it moves towards development.

With lithium demand projections remaining robust globally, Charger’s expanded resource base and strategic focus on Lake Johnston place it well to capture value in the evolving battery metals landscape.