Charger Metals NL : confirms massive sulphide targets at Coates Project

ASX ANNOUNCEMENT

7 April 2022

Charger confirms massive sulphide targets at its Coates Nickel-

Copper-PGE Project near Julimar

• • Final FLTEM geophysical report confirms conductor targets which could include massive sulphides with related nickel, copper and PGE mineralisation.

• • Maiden drill programme to commence shortly, with five diamond core drill holes planned to test conductor targets for economic mineralisation.

• • Drilling to commence when final DMIRS1 approval received.

Charger Metals NL (ASX: CHR, "Charger" or the "Company") is pleased to provide an update to the drilling schedule for its 70-85% held2 Coates Ni-Cu-Co-Au-PGE Project ("Coates Project"), located 65km northeast of Perth, Western Australia. The Coates Project contains a mafic intrusive complex within the Jimperding Metamorphic Belt, which also hosts the world class, 17Moz PdEq Julimar - Gonneville nickel-copper-PGE Project3 owned by Chalice Mining Ltd (ASX: CHN) and located 28km NW of the Coates Project (Figure 1).

Figure 1. Coates Nickel Copper PGE Project Location approximately 28km southeast of the Julimar Project (Chalice Mining Ltd ASX: CHN).

• 1 Department of Mines, Industry Regulation and Safety

• 2 The Company acquired 70% of the Coates Project from Lithium Australia NL (ASX: LIT) and 85% of the Coates North Project from Mercator Metals Pty Ltd (Refer to Table 1).

3 See Chalice Mining Ltd's ASX announcement dated 9 Nov 2021 - "Tier-1 Scale Maiden Mineral Resource at Julimar"

Charger's Managing Director, David Crook commented:

"We are excited about the approaching drilling campaign at the Coates Project which will test a compelling nickel-copper-PGE target.

"When we combine the interpretation provided by our geophysical consultant, Southern Geoscience Consultants, of the recently completed Fixed-loop EM survey with our existing geochemical data, we have produced a drill target in the emerging PGE and nickel province that demands attention at a time of record nickel and palladium prices".

Fixed-loop EM survey confirms massive sulphides targets at the Coates Mafic Intrusive Complex

The Fixed-loop time domain electromagnetic survey ("FLTEM") was completed over the northern 30% of the T1 Target (Figure 3), originally detected in a SKYTEM survey undertaken in 2021.

Two conductors, C01 and C02,(Figure 2) identified in the FLTEM survey are considered priority targets for massive sulphide mineralisation that could be related to nickel, copper, or possibly VMS-related mineralisation, associated with the Coates Mafic Intrusive Complex.

Figure 2. Modelled conductor positions targeting massive sulphide mineralisation that could be related to nickel, copper, or possibly VMS-related mineralisation.

C01 and C02 are a relatively shallow exploration targets, modelled at 60 m vertical depth with a 30o dip to the southeast.

The Coates drilling programme starting in near term

Five diamond drill holes have been designed to test the upper levels of the C01 and C02 conductors with pad areas marked out taking into account FLTEM results, geology and geochemistry.

On 11 March 2022, the Company announced that it had executed an access agreement with the landowner and access to the drill pads is excellent.

Down hole EM surveying will likely follow drilling, to assess the potential for additional nearby conductive rock units.

The Company has submitted the necessary application documentation and expects that its Programme of Work permit to be approved by the DMIRS within the next coming weeks.

The Company is continuing its programme of social and environmental stakeholder engagement.

Further SkyTEM Ni-Cu-Au-PGE targets to be explored

On 14 October 2021, the Company announced the results of a SkyTEM helicopter electromagnetic survey which tested the Coates Project for conductors (which may include nickel and copper sulphide-bearing rocks). The survey included an area with previously defined nickel-copper and platinum group element geochemical anomalies.

Within Charger's tenements, a total of 98 anomalies were picked and ranked from data profiles. From these, 20 priority targets were delineated.

Of these targets, T1 stands out as extensive and is associated with the Coates mafic complex. The initial FLTEM survey has only targeted 30% of the T1 Target, which is approximately1.5kms in length.

Exploration Advances at the Coates Project to drill readiness

Since acquiring the project, the Company's systematic exploration review has included:

• • Analysis of 531 geochemical samples, generating a compelling multi-element (some or all of Ni, Cu, Co, Au and PGE4) target in regolith overlaying the Coates Mafic Intrusive.

• • SkyTEM helicopter-borne geophysical survey, used to detect, conductive rock units which may include nickel sulphides. The standout conductor target, T1 (Figure 3), is in part coincident to the Ni, Cu, Co, Au and PGE geochemical anomaly (Figure 4).

• • Fixed Loop EM survey. A ground-based geophysical survey technique used to determine the location of conductive rocks more precisely. Results are being processed.

4 Ni means nickel, Cu copper, Co cobalt, Au gold and PGE platinum group elements

Figure 3: The High Moment (HM) Channel 30 Z-Component image showing 22 priority targets, including

Target T1. Anomaly ranking: Red diamonds - high, orange - medium, green - low rank.5

Figure 4: Coates Ni-Cu-Co-PGE Project summarising the T1target information and proposed drill hole locations.

Authorised for release by the Board.
David Crook	Jonathan Whyte
Managing Director	Company Secretary
Mobile [phone]	Telephone +618
[e-mail]	[e-mail]
About Charger Metals NL

Charger Metals NL is a recently listed exploration company targeting battery-component and precious metals in politically stable jurisdictions

Bynoe Lithium and Gold Project, NT (Charger 70%).

The Bynoe Project occurs within the Litchfield Pegmatite Field, Northern Territory. The Project is surrounded by the extremely large tenement holdings of Core Lithium Limited's (ASX: CXO) Finnis Lithium Project. The Finnis Lithium Project is at a very advanced stage of development having had completed a definitive Feasibility Study in April 2019.

Charger's targeting suggests Bynoe contains a very large lithium system at its Bynoe Lithium Project. Geochemistry and aeromagnetic programmes completed by Charger, combined with publicly available drilling information provided to the market by Core Lithium Ltd (ASX: CXO), suggests multiple swarms of lithium-caesium-tantalum (LCT) pegmatites that extend from the adjacent Finniss Lithium Project into the Bynoe the Project. Geochemistry results highlight two large LCT pegmatite target zones, with significant strike lengths of 8km at Megabucks and 3.5km at 7-Up. Numerous drill-ready lithium targets have been identified within each pegmatite zone.

Planning and permitting for the maiden drill programme at Bynoe is advancing well.

Lake Johnston Lithium and Gold Project WA (Charger 70%-100%).

The Lake Johnston Project includes the Medcalf Spodumene discovery and much of the Mount Day lithium caesium tantalum (LCT) pegmatite field. The region has attracted considerable interest for LCT Pegmatite mineralisation due to its proximity to the large Earl Grey lithium deposit (owned by Wesfarmers Limited and SQM of Chile), located approximately 70 km west of this project. A major 7,116 sites soil geochemical sampling programme has been undertaken at the Mt Day Prospect in addition to completed sampling at the Medcalf Prospect. Samples are in the laboratory awaiting analysis. The strike extent of the sampling at Mt Day and Medcalf Prospects is 23 km and 9 km respectively.