June 2023 Quarterly Activities Report

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

HIGHLIGHTS

Bynoe Lithium Project, Northern Territory

• Maiden reverse circulation (RC) drill programme and diamond drill programme commenced;
• Initial ~2,000m RC drill programme completed as first-pass test of high priority targets including the Megabucks, Old Bucks and Enterprise prospects
• Assays confirm significant lithium mineralisation in spodumene-bearing pegmatites at the Enterprise Prospect, with results including:
  • 7m @ 0.96% Li2O from 107m, including
  • 5m @1.13% Li2O from 108m (CBYRC023); and
  • 16m @ 0.65% Li2O from 185m, including
  • 1m @1.91% Li2O from 198m (CBYRC024)
• First hole of 1,500m diamond drill programme intersected 19.25m of spodumene- bearing pegmatite at the Enterprise Prospect – assays pending ¹
• 5,000m RC drill programme commenced early July (post reporting period) with two drill rigs operating concurrently with the diamond rig

Lake Johnston Lithium Project, Western Australia

• Assay results received for the maiden RC drill programme completed at the Medcalf Spodumene Prospect, which totalled 41 holes for 7,199 metres and:
  • Delineated a swarm of stacked spodumene-bearing pegmatites up to 13m thick (down-hole) within a 100m wide corridor along 700m of strike and 250m down-dip
  • Confirmed numerous high-grade lithium results returned from spodumene- bearing pegmatites 2
• Priority targets have been identified for follow-up drilling to test for extensions to the high-grade lithium mineralisation
• An Aboriginal Cultural Heritage survey was completed at the Medcalf Prospect during April to prepare for the upcoming extensional drill programme
• Soil sampling programme was completed in May over E63/1883; assays are pending

Corporate

• At the end of the June quarter, the Company held cash reserves of $4.26M
• The Company has 62.1 million fully paid ordinary shares on issue and an undiluted market capitalisation of approximately $18 million as at 28 July 2023
• The top 20 shareholders hold approximately 51.0% of the issued shares.

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 (“Core”)(ASX: CXO) Finniss Lithium Project (Figure 1), which has a mineral resource of 30.6Mt at 1.31% Li2O.3 Core has commenced mining and beneficiation activities at its Finniss Project and announced the sale of direct shipping spodumene ore in January 2023.

Maiden RC and Diamond Drilling Programmes Underway

In May 2023 Charger commenced the maiden RC drill programme at the Bynoe Project, designed to test priority target areas that the Company believes have high prospectivity for significant pegmatite-hosted lithium mineralisation. These areas included the Old Bucks Prospect, which comprises a strong lithium anomaly at surface that extends over 800m in strike and up to 500m wide, with pegmatites visible in historic artisanal tin workings, the Megabucks Prospect, which also exhibits a lithium-in-soils anomaly up to 800m long, with a significant pegmatite up to 70m thick defined by historical deep trenching across the strike, and the Enterprise Prospect, which is characterised by a large lithium anomaly at surface, and is located along strike from Core’s Blackbeard Prospect.

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