Recharge puts Sunset Well gold project to the drill test

Sunset Well drilling moves from plan to execution

Recharge Metals Limited (ASX:REC) has reached the point where its Sunset Well story gets tested by the drill bit. The company awarded a contract to Impact Drilling during the September quarter and, after quarter-end, began RC drilling on a planned 30,000-metre campaign near Leonora in Western Australia.

“Sunset Well location in the prolific Eastern Goldfields Terrane, within 100km of seven operating gold mills2.”

“Plan map of the Greater Prospero Trend showing the areas targeted for 20,000m RC/diamond drilling and 10,000m aircore drilling.”

Caption and image © Recharge Metals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 29 Oct 2026.

The Phase 1 program combines 20,000 metres of RC and diamond drilling at the Prospero Gold Deposit with 10,000 metres of aircore drilling across the wider Greater Prospero Trend. It is the first drilling in the area for roughly 30 years and is aimed at extensions to interpreted high-grade lodes, deeper mineralisation and shallow anomalies identified by historic RAB drilling. The heritage survey completed with the Darlot People covered the main Prospero and Flanders drilling areas, allowing the work to proceed across those zones.

“Longitudinal section through the Prospero Gold Deposit showing planned RC and diamond drill holes and targeted high-grade shoots.”

Prospero currently carries a mineral resource estimate of 2.87 million tonnes at 1.0 grams per tonne gold for 94,500 ounces, with the company stating that the deposit remains open. Recharge’s case for scale rests partly on the wider trend, where historic drilling produced gold intercepts but often stopped before reaching fresh rock. The expanded ground position, including the completed Ironstone Well acquisition, has increased the company’s Sunset Well landholding to about 220 square kilometres.

Brandy Hill South re-assays reshape the copper target

At Brandy Hill South, Recharge is pursuing a different proposition. A review of historic core has led the company to reinterpret the project from a volcanogenic massive sulphide target towards a potentially large intrusion-related copper-tungsten-molybdenum system. That interpretation remains conceptual, but the quarter produced evidence that the original tungsten assays may not have captured the full mineral content.

“Location of Recharge’s exciting regional exploration targets as at 30 September 2026.”

“Cross section through Brandy Hill South showing the mineralised zone is approximately 250m wide.”

Caption and image © Recharge Metals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 29 Oct 2026.

Recharge re-assayed 86 pulps from two drill holes using lithium-borate fusion and said the earlier four-acid ICP-MS method had underestimated tungsten by as much as 49% in the tested samples. Results included 11 metres at 0.33% copper and 0.15% WO3 from 124 metres in BHRCD030, and 41.5 metres at 0.73% copper and 0.08% WO3 from 375.5 metres in BHRCD027. The selected results build on the Brandy Hill tungsten re-assays, which had earlier highlighted the potential for a broader Cu-W-Mo system.

“Longitudinal section through Brandy Hill South showing 500m long x 400m deep x 250m wide zone of past drilling and 21m at 0.75% Cu intercept located in same rocks along trend…”

The mineralisation remains open across a zone described as 500 metres long, 400 metres deep and 250 metres wide, with a separate 21-metre, 0.75% copper aircore intercept one kilometre to the north. Recharge has since completed a high-resolution drone magnetic survey and plans more re-assays, aircore drilling and initial metallurgical testing in the first quarter of 2027. Those steps matter because the geological reinterpretation alone does not establish the size, continuity or economic viability of a deposit.

Placement funds two exploration fronts

Recharge ended the quarter with $4.53 million in cash, down from $5.61 million at 30 June, after net operating and investing cash outflows of $1.06 million. The company subsequently completed a $4.1 million placement to existing shareholders, selected sophisticated investors and long-only institutional investors, taking pro forma cash to $8.6 million before placement costs.

The quarter’s reported exploration and evaluation spend was $489,000, while total relevant cash outgoings used in the Appendix 5B funding calculation were $943,000. On that historical quarterly run rate, the report indicated 4.8 quarters of available funding at quarter-end, before allowing for the later placement or the spending profile of the new drilling campaign. Shareholder dilution from the placement cannot be assessed from this report because its issue price and number of shares are not disclosed here.

Drilling results become the next valuation test

The immediate catalyst is now operational rather than promotional: results from the Sunset Well RC, diamond and aircore programs. At Brandy Hill South, the next evidence will come from the magnetic survey interpretation, broader re-assaying and metallurgical work. The company has also applied for a mining licence over the Prospero resource, but no production or development activity was reported during the quarter.