# CHR: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146008 Publisher: asx Original announcement: 2026-09-30T00:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T01:06:06.148Z Atlas analysis updated: 2026-09-30T01:06:06.148Z - Company: Charger Metals NL - Ticker: CHR - Exchange: ASX - Region: Western Australia - Primary commodity: Lithium - Secondary commodities: Tantalum, Rubidium - Document categories: Resource update, Agreement transaction, Other - Extracted: 2026-09-30 01:06:06 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Charger Metals NL announced a significant update to its Medcalf Lithium Deposit Mineral Resource Estimate at the Lake Johnston Lithium Project in Western Australia, increasing the total Inferred resource to 12.8 Mt at 0.87% Li2O and 112 ppm Ta2O5, representing a substantial increase in contained lithium from the previous estimate. The company also reported positive initial metallurgical test work results and confirmed plans for further drilling and a scoping study. Additionally, Charger completed the sale of its Bynoe Lithium Project for up to $14.75 million, providing funding for ongoing work at Lake Johnston. Reasoning: The updated Medcalf MRE shows a substantial 34% increase in contained lithium, supported by positive metallurgical test work and plans for further development, significantly de-risking the project despite the resource remaining entirely in the Inferred category. The sale of the Bynoe project also provides strong funding. - Positive factor: Significant increase in contained Li2O \(34%\) from prior estimate, indicating substantial growth. - Positive factor: New Tantalum MRE lodes confirmed, adding value. - Positive factor: Resource remains open at depth and along strike, suggesting further upside potential. - Positive factor: Committed drilling programme for infill and extensional drilling aims to double metres drilled, indicating active development. - Positive factor: Initial metallurgical test work confirmed excellent results for crushing, screening, and ore-sorting, with high Li2O recovery and reduced iron content. - Positive factor: Initial mining study confirmed critical mass for a mine, supporting economic viability. - Positive factor: Fast-tracking permitting and commencement of a scoping study over the Medcalf deposit. - Positive factor: Sale of Bynoe Lithium Project provides significant funding for further drilling and studies at Lake Johnston. - Negative factor: All reported resources are in the Inferred category, which is the lowest confidence level and cannot support economic studies alone. Facts used in scoring: 16 ## Classification and evidence **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The total contained Li2O increased from 83 kt in August 2025 to 111 kt in June 2026, representing a 33.7% increase. Evidence · text > Medcalf Mineral Resource Significant Increase In June 2026, the Company announced a revised Inferred Mineral Resource Estimate for the Medcalf Lithium Deposit of 10.6Mt at 1.0% Li2O and 107ppm Ta2O5 \(106kt contained Li2O\), a significant increase in contained Li2O from the maiden MRE announced in August 2025. **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The total MRE tonnage increased from 8.3 Mt in August 2025 to 12.8 Mt in June 2026, representing a 54.2% increase. Evidence · table > 12.8 Context: Total MRE **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: All reported resource categories in the June 2026 MRE are classified as Inferred. Evidence · table > Inferred Context: Medcalf Lithium Pegmatites **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate is explicitly stated as JORC 2012 compliant. Evidence · text > JORC 2012 Inferred Lithium Mineral Resource Estimates **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Mineral Resource and Exploration Target estimates are based on information compiled by Shaun Searle, a Member of the Australian Institute of Geoscientists. Evidence · text > The information in this announcement that relates to Mineral Resource and Exploration Target estimates is based on information compiled by Shaun Searle BSc. Hons \(Applied Geology\), who is a Member of the Australian Institute of Geoscientists. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces a 'revised Inferred Mineral Resource Estimate' for the Medcalf Lithium Deposit, building on a maiden MRE from August 2025. Evidence · text > In June 2026, the Company announced a revised Inferred Mineral Resource Estimate for the Medcalf Lithium Deposit **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grades for both lithium and tantalum MREs are clearly stated. Evidence · text > Lithium MRE is calculated using a 0.4% Li2O bottom cut-off and Tantalum MRE is calculated using a 65ppm Ta2O5 bottom cut-off. **Free Milling** Polarity: positive Story-specific tag Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: Initial metallurgical test work confirmed excellent results for crushing, screening and ore-sorting, with high Li2O recovery and reduced iron content. Evidence · text > Initial metallurgical test work confirmed excellent results for crushing, screening and ore-sorting, with Li2O grade increasing from 1.01% to 1.32% \(31% increase\) at 94.9% recovery, and iron content reduced to 1.27% Fe with 78% of the detrimental Fe units rejected as waste. **High Recovery** Polarity: positive Story-specific tag Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Initial metallurgical test work achieved 94.9% recovery for Li2O. Evidence · text > 94.9% recovery **Asset Sale** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company entered into a binding Sale and Purchase Agreement to sell its 100% interest in the Bynoe Lithium Project. Evidence · text > On 19 June 2026 the Company entered into a binding Sale and Purchase Agreement to sell its 100% interest in the Bynoe Lithium Project \(EL30897, Northern Territory\) to Core Lithium Limited’s \(ASX: CXO; “Core”\) 100% owned subsidiary Bynoe Lithium Pty Ltd **Funding Secured** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The sale proceeds from the Bynoe Lithium Project provide funding for further drilling and studies at the Lake Johnston Lithium Project. Evidence · text > The sale proceeds provide funding for further drilling at Medcalf as well as mining and processing studies to demonstrate the economics of the Lake Johnston Lithium Project. **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: The overall Li2O grade for the total MRE decreased from 1.00% in August 2025 to 0.87% in June 2026, a 13% decrease. Evidence · table > 0.87 Context: Total MRE ## Extracted facts Stored fact records: 16. Some facts used in scoring do not have a stored record. ## Resource Estimates (16) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5#fact-resource-facts-0) Lake Johnston Lithium Project · lithium #### Identity - Project: Lake Johnston Lithium Project - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: CHR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:b5b9ba2bfd99a5dab651 - Deposit or zone: Medcalf Lithium Pegmatites - Weathered #### Resource Data - Category: inferred - Tonnes: 310000 - Grade: 0.94 - Grade Unit: % Li2O - Contained Metal: 2900 - Contained Unit: t - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 270000 - Prior Grade: 0.96 - Prior Contained Metal: 2600 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The weathered lithium pegmatite resource shows a moderate increase in tonnage and contained metal, though with a slight decrease in grade, and remains in the Inferred category. - Positive factor: Tonnage increased by 14.8% from prior estimate. - Positive factor: Contained metal increased by 11.5% from prior estimate. - Positive factor: JORC 2012 compliant estimate signed off by a Competent Person. - Negative factor: Grade slightly decreased by 2.1% from prior estimate. - Negative factor: Resource remains in the Inferred category. Evidence · table > 0.94 Context: 0.31 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 2900 against 2600 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5#fact-resource-facts-1) Lake Johnston Lithium Project · tantalum #### Identity - Project: Lake Johnston Lithium Project - Commodity: tantalum - Region: australia\_wa - Reported Region: Western Australia - Ticker: CHR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:b5b9ba2bfd99a5dab651 - Deposit or zone: Medcalf Lithium Pegmatites - Weathered #### Resource Data - Category: inferred - Tonnes: 310000 - Grade: 109 - Grade Unit: ppm Ta2O5 - Cutoff Grade: 65 - Cutoff Unit: ppm Ta2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inclusion of tantalum grades for this zone adds potential value, though it's a new reporting for this specific commodity and zone. - Positive factor: Tantalum grades are reported alongside lithium, indicating polymetallic potential. - Positive factor: JORC 2012 compliant estimate signed off by a Competent Person. - Negative factor: No prior tantalum estimate for direct comparison in this zone. Evidence · table > 109 Context: 0.31 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5#fact-resource-facts-2) Lake Johnston Lithium Project · rubidium #### Identity - Project: Lake Johnston Lithium Project - Commodity: rubidium - Region: australia\_wa - Reported Region: Western Australia - Ticker: CHR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:b5b9ba2bfd99a5dab651 - Deposit or zone: Medcalf Lithium Pegmatites - Weathered #### Resource Data - Category: inferred - Tonnes: 310000 - Grade: 0.12 - Grade Unit: % Rb2O - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The reporting of rubidium grades adds to the polymetallic nature of the resource, potentially offering byproduct value. - Positive factor: Rubidium grades are reported, indicating potential byproduct credits. - Positive factor: JORC 2012 compliant estimate signed off by a Competent Person. - Negative factor: No prior rubidium estimate for direct comparison in this zone. Evidence · table > 0.12 Context: 0.31 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5#fact-resource-facts-3) Lake Johnston Lithium Project · lithium #### Identity - Project: Lake Johnston Lithium Project - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: CHR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:31e05c19eb302b15eb47 - Deposit or zone: Medcalf Lithium Pegmatites - Primary #### Resource Data - Category: inferred - Tonnes: 10300000 - Grade: 1 - Grade Unit: % Li2O - Contained Metal: 103000 - Contained Unit: t - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 8000000 - Prior Grade: 1 - Prior Contained Metal: 80000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The primary lithium pegmatite resource shows a substantial increase in both tonnage and contained metal while maintaining grade, indicating significant growth and potential. - Positive factor: Significant tonnage increase of 28.8% from prior estimate. - Positive factor: Significant contained metal increase of 28.8% from prior estimate, with grade maintained. - Positive factor: JORC 2012 compliant estimate signed off by a Competent Person. - Negative factor: Resource remains in the Inferred category. Evidence · table > 1.00 Context: 10.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 10300000 against 8000000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 103000 against 80000 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5#fact-resource-facts-4) Lake Johnston Lithium Project · tantalum #### Identity - Project: Lake Johnston Lithium Project - Commodity: tantalum - Region: australia\_wa - Reported Region: Western Australia - Ticker: CHR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:31e05c19eb302b15eb47 - Deposit or zone: Medcalf Lithium Pegmatites - Primary #### Resource Data - Category: inferred - Tonnes: 10300000 - Grade: 107 - Grade Unit: ppm Ta2O5 - Cutoff Grade: 65 - Cutoff Unit: ppm Ta2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inclusion of tantalum grades for this zone adds potential value, though it's a new reporting for this specific commodity and zone. - Positive factor: Tantalum grades are reported alongside lithium, indicating polymetallic potential. - Positive factor: JORC 2012 compliant estimate signed off by a Competent Person. - Negative factor: No prior tantalum estimate for direct comparison in this zone. Evidence · table > 107 Context: 10.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5#fact-resource-facts-5) Lake Johnston Lithium Project · rubidium #### Identity - Project: Lake Johnston Lithium Project - Commodity: rubidium - Region: australia\_wa - Reported Region: Western Australia - Ticker: CHR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:31e05c19eb302b15eb47 - Deposit or zone: Medcalf Lithium Pegmatites - Primary #### Resource Data - Category: inferred - Tonnes: 10300000 - Grade: 0.13 - Grade Unit: % Rb2O - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The reporting of rubidium grades adds to the polymetallic nature of the resource, potentially offering byproduct value. - Positive factor: Rubidium grades are reported, indicating potential byproduct credits. - Positive factor: JORC 2012 compliant estimate signed off by a Competent Person. - Negative factor: No prior rubidium estimate for direct comparison in this zone. Evidence · table > 0.13 Context: 10.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5#fact-resource-facts-6) Lake Johnston Lithium Project · lithium #### Identity - Project: Lake Johnston Lithium Project - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: CHR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:174efd89b8bd6aaeb1fb - Deposit or zone: Medcalf Tantalum Pegmatites - Weathered #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 0.12 - Grade Unit: % Li2O - Contained Metal: 200 - Contained Unit: t - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This represents a new, albeit low-grade, lithium component within the newly defined tantalum pegmatite lodes, contributing to overall resource growth. - Positive factor: New MRE lodes confirmed for tantalum pegmatites, adding new resource areas. - Positive factor: JORC 2012 compliant estimate signed off by a Competent Person. - Negative factor: Low lithium grade for this zone. - Negative factor: Resource remains in the Inferred category. Evidence · table > 0.12 Context: 0.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5#fact-resource-facts-7) Lake Johnston Lithium Project · tantalum #### Identity - Project: Lake Johnston Lithium Project - Commodity: tantalum - Region: australia\_wa - Reported Region: Western Australia - Ticker: CHR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:174efd89b8bd6aaeb1fb - Deposit or zone: Medcalf Tantalum Pegmatites - Weathered #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 136 - Grade Unit: ppm Ta2O5 - Cutoff Grade: 65 - Cutoff Unit: ppm Ta2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This represents a new tantalum resource within the weathered tantalum pegmatite lodes, contributing to the overall polymetallic potential of the project. - Positive factor: New MRE lodes of 2.2Mt at 132ppm Ta2O5 confirmed, adding new tantalum resources. - Positive factor: JORC 2012 compliant estimate signed off by a Competent Person. - Negative factor: Resource remains in the Inferred category. Evidence · table > 136 Context: 0.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5#fact-resource-facts-8) Lake Johnston Lithium Project · rubidium #### Identity - Project: Lake Johnston Lithium Project - Commodity: rubidium - Region: australia\_wa - Reported Region: Western Australia - Ticker: CHR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:174efd89b8bd6aaeb1fb - Deposit or zone: Medcalf Tantalum Pegmatites - Weathered #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 0.06 - Grade Unit: % Rb2O - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The reporting of rubidium grades adds to the polymetallic nature of the new tantalum pegmatite resource, potentially offering byproduct value. - Positive factor: Rubidium grades are reported, indicating potential byproduct credits. - Positive factor: JORC 2012 compliant estimate signed off by a Competent Person. - Negative factor: Resource remains in the Inferred category. Evidence · table > 0.06 Context: 0.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5#fact-resource-facts-9) Lake Johnston Lithium Project · lithium #### Identity - Project: Lake Johnston Lithium Project - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: CHR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:403503a0458d8e19f9cc - Deposit or zone: Medcalf Tantalum Pegmatites - Primary #### Resource Data - Category: inferred - Tonnes: 2000000 - Grade: 0.24 - Grade Unit: % Li2O - Contained Metal: 5000 - Contained Unit: t - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This represents a new, albeit low-grade, lithium component within the newly defined primary tantalum pegmatite lodes, contributing to overall resource growth. - Positive factor: New MRE lodes confirmed for tantalum pegmatites, adding new resource areas. - Positive factor: JORC 2012 compliant estimate signed off by a Competent Person. - Negative factor: Low lithium grade for this zone. - Negative factor: Resource remains in the Inferred category. Evidence · table > 0.24 Context: 2.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5#fact-resource-facts-10) Lake Johnston Lithium Project · tantalum #### Identity - Project: Lake Johnston Lithium Project - Commodity: tantalum - Region: australia\_wa - Reported Region: Western Australia - Ticker: CHR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:403503a0458d8e19f9cc - Deposit or zone: Medcalf Tantalum Pegmatites - Primary #### Resource Data - Category: inferred - Tonnes: 2000000 - Grade: 132 - Grade Unit: ppm Ta2O5 - Contained Metal: 5000 - Contained Unit: t - Cutoff Grade: 65 - Cutoff Unit: ppm Ta2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This represents a new tantalum resource within the primary tantalum pegmatite lodes, contributing to the overall polymetallic potential of the project. - Positive factor: New MRE lodes of 2.2Mt at 132ppm Ta2O5 confirmed, adding new tantalum resources. - Positive factor: JORC 2012 compliant estimate signed off by a Competent Person. - Negative factor: Resource remains in the Inferred category. Evidence · table > 132 Context: 2.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5#fact-resource-facts-11) Lake Johnston Lithium Project · rubidium #### Identity - Project: Lake Johnston Lithium Project - Commodity: rubidium - Region: australia\_wa - Reported Region: Western Australia - Ticker: CHR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:403503a0458d8e19f9cc - Deposit or zone: Medcalf Tantalum Pegmatites - Primary #### Resource Data - Category: inferred - Tonnes: 2000000 - Grade: 0.09 - Grade Unit: % Rb2O - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The reporting of rubidium grades adds to the polymetallic nature of the new tantalum pegmatite resource, potentially offering byproduct value. - Positive factor: Rubidium grades are reported, indicating potential byproduct credits. - Positive factor: JORC 2012 compliant estimate signed off by a Competent Person. - Negative factor: Resource remains in the Inferred category. Evidence · table > 0.09 Context: 2.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5#fact-resource-facts-12) Lake Johnston Lithium Project · lithium #### Identity - Project: Lake Johnston Lithium Project - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: CHR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:9363a4c7678ca5e92164 - Deposit or zone: Total MRE #### Resource Data - Category: inferred - Tonnes: 12800000 - Grade: 0.87 - Grade Unit: % Li2O - Contained Metal: 111000 - Contained Unit: t - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 8300000 - Prior Grade: 1 - Prior Contained Metal: 83000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total MRE shows a substantial increase in tonnage and contained lithium, despite a decrease in overall grade, indicating significant growth for the project. - Positive factor: Total tonnage increased by 54.2% from prior estimate. - Positive factor: Total contained metal increased by 33.7% from prior estimate. - Positive factor: JORC 2012 compliant estimate signed off by a Competent Person. - Negative factor: Overall grade decreased by 13% from prior estimate. - Negative factor: Resource remains in the Inferred category. Evidence · table > 0.87 Context: 12.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 12800000 against 8300000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.87 against 1 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 111000 against 83000 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5#fact-resource-facts-13) Lake Johnston Lithium Project · tantalum #### Identity - Project: Lake Johnston Lithium Project - Commodity: tantalum - Region: australia\_wa - Reported Region: Western Australia - Ticker: CHR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:9363a4c7678ca5e92164 - Deposit or zone: Total MRE #### Resource Data - Category: inferred - Tonnes: 12800000 - Grade: 112 - Grade Unit: ppm Ta2O5 - Cutoff Grade: 65 - Cutoff Unit: ppm Ta2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The overall MRE now includes a significant tantalum component, adding to the polymetallic potential of the project. - Positive factor: New tantalum MRE lodes confirmed, contributing to the overall resource. - Positive factor: JORC 2012 compliant estimate signed off by a Competent Person. - Negative factor: Resource remains in the Inferred category. Evidence · table > 112 Context: 12.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5#fact-resource-facts-14) Lake Johnston Lithium Project · rubidium #### Identity - Project: Lake Johnston Lithium Project - Commodity: rubidium - Region: australia\_wa - Reported Region: Western Australia - Ticker: CHR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:9363a4c7678ca5e92164 - Deposit or zone: Total MRE #### Resource Data - Category: inferred - Tonnes: 12800000 - Grade: 0.12 - Grade Unit: % Rb2O - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The overall MRE now includes a rubidium component, potentially offering byproduct value. - Positive factor: Rubidium grades are reported, indicating potential byproduct credits. - Positive factor: JORC 2012 compliant estimate signed off by a Competent Person. - Negative factor: Resource remains in the Inferred category. Evidence · table > 0.12 Context: 12.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/chr-annual-report-to-shareholders--25bdddbc-54e6-4088-b8e5-bcf2c8918ce5#fact-resource-facts-15) Bynoe Lithium Project #### Identity - Project: Bynoe Lithium Project - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CHR #### Resource scope - Estimate type: resource - Resource group id: resource:ab93272f5c21d8e86e71 #### Resource Data - Category: inferred #### Prior Estimate - Resource Date: 2026-07-17 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The sale of the Bynoe Lithium Project provides substantial immediate and potential future funding, significantly strengthening the company's financial position and enabling focus on the Lake Johnston project. - Positive factor: Secured significant cash consideration of $3.75 million. - Positive factor: Potential for additional $1 million milestone payment based on future resource definition. - Positive factor: Potential for 1% gross revenue royalty capped at $10 million, providing long-term upside. - Positive factor: Sale proceeds provide funding for further drilling and studies at the Lake Johnston Lithium Project. - Negative factor: Disposal of 100% interest in a lithium project. Evidence · text > On 19 June 2026 the Company entered into a binding Sale and Purchase Agreement to sell its 100% interest in the Bynoe Lithium Project \(EL30897, Northern Territory\) to Core Lithium Limited’s \(ASX: CXO; “Core”\) 100% owned subsidiary Bynoe Lithium Pty Ltd for consideration comprising: \(a\) $3,750,000 cash; \(b\) $1,000,000 payable within 10 business days of an Inferred Mineral Resource Estimate of at least 8 million tonnes of Li2O at a minimum grade of 1.0% being delineated on and attributable to the area covered by EL 30897; and \(c\) the grant to Charger of a 1% gross revenue royalty payable in respect of revenue received from lithium product which is generated from the area of EL30897, capped at $10,000,000. Completion of the Sale was subject to, and conditional on, Charger receiving notice from the Minister under section 123\(4\) of the Mineral Titles Act 2010 \(NT\) allowing transfer of the Tenement to the Buyer \(the “Condition Precedent”\). The Sale became unconditional on 13 July 2026 and was completed on 17 July 2026. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.