Charger Metals (CHR) has announced a significant high-grade gold discovery at its Xmas Gold prospect, alongside a key mining lease application for its Medcalf lithium deposit, signalling substantial progress across its diverse commodity portfolio.
Xmas Gold Discovery High-Grade Gold
Charger Metals has reported a virgin high-grade gold discovery at its Xmas Gold prospect, located on the Mt Gordon tenement within the Lake Johnston Lithium and Gold Project. Reverse circulation (RC) hole CLGRC022 delivered a significant intercept of 12 m at 6.55 g/t Au from 132 m, which included a higher-grade zone of 4 m at 16.92 g/t Au from 136 m. Further mineralisation was encountered with 8 m at 1.57 g/t Au from 148 m in the same hole.
This gold mineralisation is hosted in mafic rocks within a substantial ~1.8 km by 1.7 km soil anomaly. This anomaly overlaps with five gravity/magnetic targets, with four additional undrilled targets already upgraded. The initial RC drilling campaign, which included 3,012 m across six priority targets, was funded by Rio Tinto Exploration (RTX). Assays for an additional 1,980m of RC drilling are pending, with a follow-up diamond or RC drill program planned for January 2026.
Lake Johnston Lithium Lease Application
Simultaneously, Charger Metals has lodged a Mining Lease Application (MLA 63/691) for its Medcalf Lithium Deposit and the adjacent Medcalf West target, both part of the Lake Johnston project. The Medcalf deposit boasts a maiden resource of 8.2 Mt at 1.0% Li2O, with the nearby Medcalf West identified as an exploration target of 3–5 Mt at 1.0–1.4% Li2O.
This strategic move marks a crucial step in advancing the lithium project. Charger plans a more than 40-hole drilling program, fully permitted, to commence in January 2026, aiming to test extensions of Medcalf and Medcalf West. The MLA area covers 3,644 hectares and benefits from its location in WA’s Yilgarn lithium province, with four concentrate plants within trucking distance and access to Esperance Port for logistics.
Dual Project Advancements
These dual announcements underscore Charger Metals' robust exploration and development strategy across its diversified commodity portfolio. The high-grade gold discovery at Xmas Gold introduces a significant new prospect, adding considerable upside to the company's existing gold assets within the Lake Johnston project. Concurrently, the lodgement of the MLA for Medcalf advances the lithium project towards potential development, strategically positioning the company to capitalise on recent strength in lithium prices.
Funding and Execution
Charger Metals operates on a 'going concern' basis, with anticipated funding access for 12 months dependent on diligent cash management and the ability to secure future capital. The company recently initiated a call on its partly paid shares, aiming to raise up to $854,175, with payment due by 24 December 2025. These funds are earmarked for Medcalf drilling, metallurgical work, and mining lease application costs.
Critically, early-stage exploration at the Lake Johnston project continues to be sole-funded by Rio Tinto Exploration (RTX), with RTX budgeting to fund at least 5,000m of drilling and $1.1 million for the 2025 calendar year. This farm-in arrangement significantly de-risks initial exploration phases for Charger Metals, which retains 100% ownership of Lake Johnston. However, the potential for dilution from future equity raisings remains a key consideration for investors.
Charger Metals' Dual Catalyst Progress
Charger Metals has delivered two highly positive announcements, revealing a high-grade gold discovery at Xmas Gold and advancing its Medcalf lithium deposit via a mining lease application. These developments demonstrate strong exploration momentum and project development progress, although ongoing funding requirements and potential dilution remain key factors for investors to monitor.
