Quarterly Activities Report - March 2022

Battery metals explorer Charger Metals NL (ASX: CHR, ‘Charger’ or ‘the Company’) is pleased to provide the following update on its activities for its third quarter since listing.

HIGHLIGHTS

Bynoe Lithium Project, Northern Territory

• Permit applications for the maiden drill program at Bynoe lodged for assessment earlier this year. Drilling will commence once these are approved.
• Charger’s geochemistry and field mapping highlight two large LCT1 pegmatite zones, which extend for 8 km at Megabucks and 3.5 km at 7-Up. These form the basis for Charger’s forthcoming drilling program.
• When geochemistry and aeromagnetic data is viewed in conjunction with publicly available drilling results from Core Lithium Ltd (ASX: CXO) and other earlier explorers, the trend direction of lithium-mineralised LCT pegmatites may extend from CXO’s adjacent Finniss Lithium Project into the Company’s Bynoe Project.

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

• A POW2 application for the maiden drill program at Coates lodged for assessment earlier this year, and drilling will commence when approved by DMIRS3.
• Final geophysical report for a FLTEM4 survey has refined conductor targets which could include massive sulphides related to nickel, copper or possibly VMS-related mineralisation.
• Key Landowner agreement executed, providing access to priority drill targets.
• Five diamond core drill holes initially planned to test conductor targets for economic mineralisation, with contingency for additional holes as needed.

Lake Johnston Lithium Project, Western Australia

• Widespread soil geochemical sampling program, which totalled over 7,000 samples, completed at the Mt Day and Medcalf Prospects.
• Samples submitted for pXRF5 analysis by a commercial contractor using a proprietary lithium index algorithm, ahead of conventional chemical analysis. This will expedite field mapping and drill hole targeting.
• The linear extent of the sampling at Mt Day and Medcalf Prospects is 23 km and 9 km respectively.

Corporate

At the end of the March quarter, the Company held cash reserves of $3.90m. The Company has 50.96 million fully paid ordinary shares on issue and an undiluted market capitalisation of approximately $36 million.

The top 20 shareholders hold approximately 61.3% of the issued shares.

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