Charger Metals Targets $854K Raise with $0.02 Share Call
Charger Metals NL has announced a $0.02 per share call on its partly paid shares to raise up to $854,175, supporting ongoing lithium exploration at its Lake Johnston project. The company also updates on its maiden lithium resource and upcoming drilling plans.
- Two cent call on partly paid shares due 24 December 2025
- Funds raised aimed at advancing lithium exploration and metallurgical work
- Maiden inferred resource of 8.2Mt at 1.0% Li2O at Medcalf deposit
- Further drilling planned for January 2026 at Medcalf and Medcalf West
- Directors intend to participate in the call, reinforcing confidence
Capital Raise via Partly Paid Shares Call
Charger Metals NL (ASX, CHR) has initiated a $0.02 per share call on its partly paid shares (CHRCA), aiming to raise up to $854,175. Shareholders must pay the call amount by 24 December 2025, with non-payment potentially leading to forfeiture or public auction of shares. This call will increase the partly paid shares to $0.04 per share, leaving $0.08 still outstanding.
Use of Funds Focused on Lithium Exploration
The capital raised will be directed towards advancing exploration activities at Charger’s flagship Lake Johnston Lithium and Gold Project in Western Australia. Key expenditures include drilling at the Medcalf and Medcalf West prospects, metallurgical scoping studies, mining lease applications, and general working capital. Since the last audited financial statements, the company has spent over $727,000 on exploration and administration.
Resource Update and Exploration Potential
In August 2025, Charger reported a maiden inferred mineral resource of 8.2 million tonnes at 1.0% lithium oxide (Li2O) at the Medcalf Lithium Deposit. Adjacent to this, the Medcalf West Prospect holds an exploration target of 3 to 5 million tonnes at 1.0% to 1.4% Li2O, though this remains conceptual pending further drilling. Both prospects remain open at depth, indicating potential for resource expansion.
Upcoming Drilling Campaigns
Following a 3,422-metre reverse circulation drilling program completed in November 2025, assay results are expected in January 2026. Charger is preparing for a further drilling campaign at Medcalf and Medcalf West, fully permitted for up to 41 holes, with a budget of approximately $500,000. This program aims to test extensions of the existing resource and the exploration target, potentially unlocking additional lithium resources.
Director Participation and Shareholder Communication
Notably, the company’s directors have signaled their intention to participate in the call, collectively covering nearly 5 million partly paid shares. Charger also encourages shareholders to opt for electronic communications to streamline information flow and reduce environmental impact.
Bottom Line?
As Charger Metals pushes forward with its lithium exploration and capital raise, investors will be watching closely for drilling results and shareholder uptake of the call.
Questions in the middle?
- What proportion of shareholders will participate in the $0.02 call versus face forfeiture?
- How will pending assay results from the November drilling influence resource estimates?
- Could Core Lithium’s stake and prior offer impact Charger’s strategic direction?
