REC: Annual Report to shareholders
Original announcement by asx on
- Company
- Recharge Metals Limited
- Ticker
- REC
- Exchange
- ASX
- Region
- Western Australia
- Primary commodity
- Gold
- Secondary commodities
- Copper, Tungsten, Molybdenum, Uranium, Lithium
- Document categories
- Drill results, Resource update, Other
- Extracted
- 2026-09-30 07:33:41 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Recharge Metals Limited released its Annual Report for the financial year ended June 30, 2026, reporting a loss of $4.08 million. Key activities included the acquisition of the Sunset Well Gold Project in Western Australia, which hosts a JORC 2012 Inferred Mineral Resource of 2.87 Mt at 1.0 g/t Au for 94,500 oz Au. The company also successfully raised $5.97 million through a placement and rights issue to fund exploration and strengthened its board and technical team.
Reasoning: Recharge Metals Limited's annual report highlights the acquisition of the Sunset Well Gold Project with an existing Inferred Gold Resource and a successful capital raise, which are positive for future exploration. However, the resource is historical and entirely inferred, and the company reported a loss for the year, tempering the overall positive outlook.
Positive factors
- Acquisition of Sunset Well Gold Project with an existing JORC Inferred Resource
- Successful capital raise of $5.97 million to fund exploration
- Strengthening of Board and technical team with experienced professionals
- Active exploration across multiple projects and commodities in WA, Canada, and USA
- Identification of potential large Cu-W-Mo system at Brandy Hill South
Negative factors
- Company reported a loss of $4.08 million for the financial year
- The Prospero Gold Deposit resource is entirely Inferred, indicating lower geological confidence
- The resource estimate is a re-statement of an older estimate (originally 2011), not a new discovery or updated estimate based on recent drilling
- Drill results mentioned for Brandy Hill South are historical, not new assays from the reporting period
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 6
Classification and evidence
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The Prospero Gold Deposit is reported as an 'Inferred Mineral Resource'.
Evidence · text
“Inferred Mineral Resource of 2.87 Mt @ 1.0 g/t Au for 94,500 oz Au Prospero Gold Deposit”
All Inferrednegative
100% of resource is Inferred category — very early stage, no engineering confidence.
Why it applies: The entire Prospero Gold Deposit resource is classified as Inferred, with no Measured or Indicated categories.
Evidence · text
“Inferred Mineral Resource of 2.87 Mt @ 1.0 g/t Au for 94,500 oz Au Prospero Gold Deposit”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Prospero Gold Deposit resource is 'reported in accordance with the JORC Code (2012 Edition)'.
Evidence · text
“reported in accordance with the JORC Code (2012 Edition)”
QP/CP Signedpositive
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 Estimate was 'compiled by Mr. Shaun Searle who is a Director of Ashmore Advisory and a Member of the AIG', qualifying him as a Competent Person.
Evidence · text
“The Statement of Estimates of Mineral Resources has been compiled by Mr. Shaun Searle who is a Director of Ashmore Advisory and a Member of the AIG.”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The Prospero Mineral Resource was originally estimated in 2011 and reviewed in 2014, making it an older estimate re-reported in 2026.
Evidence · text
“The Prospero Mineral Resource was originally estimated and reported by Midas Resources Limited under the JORC Code (2004 Edition) and released to the ASX on 4 July 2011.”
Historical Estimate Onlynegative
Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.
Why it applies: The Prospero Mineral Resource was originally estimated in 2011 and is a re-statement of a prior estimate, not a new estimate.
Evidence · text
“The Prospero Mineral Resource was originally estimated and reported by Midas Resources Limited under the JORC Code (2004 Edition) and released to the ASX on 4 July 2011.”
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: The drill results for Brandy Hill South (BHRC004, BHA253, BHA254) are referenced from a 'REC ASX Announcement 8 September 2026', indicating they were previously announced and are not new assays in this annual report.
Evidence · text
“REC ASX Announcement 8 September 2026”
Extracted facts
Stored fact records: 6. Some facts used in scoring do not have a stored record.
Drill Results (4)
BHRC004Brandy Hill South · copperGrade: 0.56Grade Unit: %Intercept: 73 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- BHRC004
- Project
- Brandy Hill South
- Commodity
- copper
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- REC
Geometry
- Grade
- 0.56
- Grade Unit
- %
- Intercept
- 73 m
- From
- 63 m
- To
- 136 m
- Intercept Depth
- 63 m
Classification
- Sample Type
- drill
- Group ID
- BHRC004:63-136
QA/QC
- QA/QC Methods
- standards
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2026-09-08T00:00:00.000Z
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This historical broad copper intercept is positive for the project's potential, but its age and lack of true width information reduce its immediate impact.
Positive factors
- Broad interval of copper mineralisation indicates potential for bulk tonnage
- Supports the interpretation of a larger Cu-W-Mo system
Negative factors
- Result is historical, not new drilling from the reporting period
- No true width stated, so apparent width may overstate true thickness
Evidence · text
“73m at 0.56% Cu from 63m”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
BHRC004Brandy Hill South · copperGrade: 1.03Grade Unit: %Intercept: 28 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- BHRC004
- Project
- Brandy Hill South
- Commodity
- copper
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- REC
Geometry
- Grade
- 1.03
- Grade Unit
- %
- Intercept
- 28 m
- From
- 63 m
- To
- 91 m
- Intercept Depth
- 63 m
Classification
- Sample Type
- drill
- Group ID
- BHRC004:63-91
QA/QC
- QA/QC Methods
- standards
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2026-09-08T00:00:00.000Z
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This historical higher-grade copper sub-interval is encouraging for the project's potential, but its age and lack of true width information limit its immediate significance.
Positive factors
- Higher-grade sub-interval within a broader zone, indicating potential for economic grades
- Supports the interpretation of a larger Cu-W-Mo system
Negative factors
- Result is historical, not new drilling from the reporting period
- No true width stated, so apparent width may overstate true thickness
Evidence · text
“including 28m at 1.03% Cu from 63m (BHRC004)”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
BHA253Brandy Hill South · copperGrade: 0.75Grade Unit: %Intercept: 21 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- BHA253
- Project
- Brandy Hill South
- Commodity
- copper
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- REC
Geometry
- Grade
- 0.75
- Grade Unit
- %
- Intercept
- 21 m
- From
- 60 m
- To
- 81 m
- Intercept Depth
- 60 m
Classification
- Sample Type
- drill
- Group ID
- BHA253:60-81
QA/QC
- QA/QC Methods
- standards
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2026-09-08T00:00:00.000Z
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This historical copper intercept 1km north of the main zone is positive for demonstrating potential strike extension, but its age and lack of true width information reduce its immediate impact.
Positive factors
- Significant copper intercept at 1km north of previous drilling, suggesting potential for strike extension
- Supports the interpretation of a larger Cu-W-Mo system
Negative factors
- Result is historical, not new drilling from the reporting period
- No true width stated, so apparent width may overstate true thickness
Evidence · text
“21m at 0.75% Cu from 60m to EOH (BHA253)”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
BHA254Brandy Hill South · copperGrade: 0.54Grade Unit: %Intercept: 15 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- BHA254
- Project
- Brandy Hill South
- Commodity
- copper
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- REC
Geometry
- Grade
- 0.54
- Grade Unit
- %
- Intercept
- 15 m
- From
- 64 m
- To
- 79 m
- Intercept Depth
- 64 m
Classification
- Sample Type
- drill
- Group ID
- BHA254:64-79
QA/QC
- QA/QC Methods
- standards
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2026-09-08T00:00:00.000Z
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This historical copper intercept, alongside BHA253, provides further evidence of potential strike extension, but its age and lack of true width information limit its immediate significance.
Positive factors
- Additional copper intercept at 1km north of previous drilling, further supporting strike extension potential
- Supports the interpretation of a larger Cu-W-Mo system
Negative factors
- Result is historical, not new drilling from the reporting period
- No true width stated, so apparent width may overstate true thickness
Evidence · text
“15m at 0.54% Cu from 64m to EOH (BHA254)”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
Resource Estimates (2)
inferredSunset Well Gold Project · goldTonnes: 2866000Grade: 1Grade Unit: g/tContained Metal: 94500Contained Unit: ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Sunset Well Gold Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- REC
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Shaun Searle
- Resource group id
- resource:058df19813b5e2444f8d
Resource Data
- Category
- inferred
- Tonnes
- 2866000
- Grade
- 1
- Grade Unit
- g/t
- Contained Metal
- 94500
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-02
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2011-07-04T00:00:00.000Z
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The acquisition of a JORC 2012 compliant Inferred Resource provides a foundation for the project, but its historical nature and 100% Inferred classification limit its immediate impact and confidence for economic studies.
Positive factors
- Resource is JORC 2012 compliant and signed off by a Competent Person
- Provides a baseline for future exploration and potential upgrades
Negative factors
- Resource is entirely in the Inferred category, indicating lower geological confidence
- The estimate is a re-statement of an older resource (originally 2011), not a new discovery or updated estimate
- The resource is relatively small in terms of contained ounces
Evidence · text
“Inferred Mineral Resource of 2.87 Mt @ 1.0 g/t Au for 94,500 oz Au Prospero Gold Deposit, reported in accordance with the JORC Code (2012 Edition).”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredSunset Well Gold Project · goldTonnes: 1096000Grade: 1.4Grade Unit: g/tContained Metal: 50100Contained Unit: ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Sunset Well Gold Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- REC
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Shaun Searle
- Resource group id
- resource:4728831b06479e2ef918
Resource Data
- Category
- inferred
- Tonnes
- 1096000
- Grade
- 1.4
- Grade Unit
- g/t
- Contained Metal
- 50100
- Contained Unit
- oz
- Cutoff Grade
- 1
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-02
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2011-07-04T00:00:00.000Z
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This higher-grade portion of the Inferred Resource provides a more focused target, but still carries the limitations of being historical and entirely inferred.
Positive factors
- Resource is JORC 2012 compliant and signed off by a Competent Person
- Higher grade portion of the resource at a higher cut-off grade
Negative factors
- Resource is entirely in the Inferred category, indicating lower geological confidence
- The estimate is a re-statement of an older resource (originally 2011), not a new discovery or updated estimate
- The contained ounces are smaller at this higher cut-off
Evidence · table
“1.40”
Context: 1,096,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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.