Quarterly Activities Report

Battery metals explorer Charger Metals NL (ASX: CHR, ‘Charger’ or ‘the Company’) is pleased to provide the following Activities Report for the period of October to December 2022 inclusive (‘Quarter’).

HIGHLIGHTS

Lake Johnston Lithium Project, Western Australia

• Reverse circulation drilling of 17 holes of a 40-hole programme (2,669 metres), completed at the Medcalf Spodumene Prospect, revealing a spodumene-bearing pegmatite swarm.
  
• Multiple spodumene-pegmatites, up to 5 metres wide, intersected in 15 of 17 holes1.
• Drilling resumed in January 2023, continuing to test the 800m by 300m swarm of pegmatites which remain open along strike and at depth.
• Target generation activities within the Mt Day Pegmatite Prospect continue.
• Acquisition of a 100% interest in the Medcalf West exploration licence E63/1883, increasing Charger’s land position by 33km2.
• The reversion to a 100% interest in the Pagrus exploration license E63/1903 for all minerals following the termination of the Okapi gold and nickel-focussed farm-in joint venture. The Company has previously identified pegmatites within this tenement.

Bynoe Lithium Project, Northern Territory

• MMP2 and the AAPA3 Permits approved for the maiden drill programme at the Bynoe Project.
  
• Drill site access clearing well advanced prior to the onset of the wet season.

Coates Ni-Cu-Co-PGE Project, Western Australia

• Minor pyrrhotite and accessory chalcopyrite intersected in diamond drill holes confirmed by geochemical analysis. The geological context remains unresolved.

Corporate

• At the end of the December quarter, the Company held cash reserves of $7.08m.
  
• The Company has 62.1 million fully paid ordinary shares on issue and an undiluted market capitalisation of approximately $21.7 million
• The top 20 shareholders hold approximately 55.2% of the issued shares.

A programme of approximately 40 reverse circulation (‘RC’) drill holes commenced during the quarter to test the extent of spodumene-bearing lithium-caesium-tantalum (‘LCT’) pegmatites at the Medcalf spodumene discovery, Lake Johnston near Norseman in Western Australia.

The Medcalf pegmatites were discovered to have outcropping spodumene during reconnaissance fieldwork in 2018 and 20194, which included soil geochemistry, mapping and rock chip analysis centred on an area northeast of Lake Medcalf5, Western Australia. Previously, the GSWA6 1:250,000 Lake Johnston map indicated an undifferentiated pegmatite outcrop at this location.

The Medcalf spodumene discovery represents a swarm of anastomosing to tabular pegmatites hosted in sheared amphibolite. The pegmatites are members of the albite-spodumene type LCT pegmatite family and spodumene is clearly observed in many pegmatite outcrops. Spodumene is the preferred mineral for the commercial production of lithium, which is one component of modern lithium batteries.

RC drilling commenced during December 20227 and resumed in mid-January 2023. Spodumene- pegmatites have been intersected on each of the sections drilled to date. Individual units, up to 5m in width, have a strike direction of north-west - south-east and dip at approximately -40° towards the south-west (Figures 3 and 4). To date, thicker pegmatites are recorded on the north-western- most drill section indicating a possible north-westerly plunge to the mineralisation.

Current laboratory turn-around means that the first assays are due towards the end of February.

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