Charger Metals September 2023 Quarterly Activities Report

Lithium explorer Charger Metals NL (ASX: CHR, ‘Charger’ or ‘the Company’) is pleased to provide the following Activities Report for the period of July to September 2023, inclusive (the ‘Quarter’).

HIGHLIGHTS

Bynoe Lithium Project, Northern Territory

• Assay results confirmed lithium (Li) and tantalum (Ta) mineralisation in pegmatites at three of the seven prospects drilled in the maiden drill programme at the Bynoe Lithium Project in NT
• Ambient Noise Tomography (ANT) and ground gravity surveys were completed over a large area in the northeast of the Bynoe Project
  • Data from geophysical surveys are being processed and modelled with the aim of detecting any potentially large “blind” pegmatite systems that do not outcrop
• Additional infill surface geochemical sampling and mapping programmes were also completed in the northeast, and assays are pending

Lake Johnston Lithium Project, Western Australia

• Priority targets identified at Medcalf to test for extensions to the high-grade lithium mineralisation returned from drilling spodumene-bearing pegmatites in the maiden RC drill programme completed in Q2 2023
• Preparation and permitting commenced for upcoming exploration programmes including RC and diamond drilling at the Medcalf Spodumene Prospect and Mt Day Lithium Prospect

Corporate

• During the quarter the Company commenced a process to consider partnering with a strategic investor(s) to fund either its Bynoe or Lake Johnston Projects
• At the end of the September quarter, the Company held cash reserves of $2.06M
• The Company has 62.1 million fully paid ordinary shares on issue and an undiluted market capitalisation of approximately $9.9 million as at 30 October 2023
• The top 20 shareholders hold approximately 47.1% of the issued shares

BYNOE LITHIUM PROJECT, NORTHERN TERRITORY (CHARGER - 70% INTEREST)

The Bynoe Lithium Project is located approximately 35 km southwest of Darwin, Northern Territory, with excellent access and nearby infrastructure. Charger’s Project is enclosed by Core Lithium Limited’s (ASX:CXO; “Core”) Finniss Lithium Project (Figure 1), which has a mineral resource of 30.6Mt at 1.31% Li2O.1 Core has commenced mining and beneficiation activities at its Finniss Project and announced the shipping of spodumene concentrate in the June 2023 quarter.

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