Charger Metals NL (ASX: CHR, Charger or the Company) is pleased to provide an update for its Bynoe Project in the Northern Territory.

The Bynoe Project ownership is 70% Charger and 30% Lithium Australia NL (ASX: LIT) and is surrounded by Core Lithium Ltd.'s Finnis Lithium Project.

On 27 October 2021 the Company announced that 21% of its soil geochemistry programme had generated three walk up drill targets for LCT pegmatite-hosted lithium at the Enterprise 1 and 2, and Bucks Prospects

COMMENT FROM CHARGER'S MANAGING DIRECTOR, DAVID CROOK

'Image processed aeromagnetic and radiometric survey data collected during October and November this year is being used to validate soil geochemistry and mapping targets that are often obscured by soil coverage. 'The Company is encouraged that Core Lithium Ltd's drilling has confirmed lithium-bearing spodumene pegmatites 600m along a trend evident in the new aeromagnetic imagery from the Enterprise 1 Prospect. 'The Company has yet to receive the other 79% of the Bynoe soil analyses, however is advancing planning and permitting towards a drilling start date in the Northern Territory dry season.'

The geochemistry programme which started in August 2021 had 3,034 soil samples taken. To date 637 assays have been received, with results highlighting three parallel, drill-ready targets at the Enterprise 1, Enterprise 2 and Bucks Lithium Trends

ABOUT THE BYNOE LITHIUM PROJECT, NORTHERN TERRITORY.

The Bynoe Lithium Project is located within the Bynoe Pegmatite Field which is part of the much larger Litchfield Pegmatite Belt. The Bynoe Pegmatite Field is some 70 km in length and 15 km in width. The Project is surrounded by the large tenement holdings of Core Lithium Ltd's Finnis Lithium Project, which is at a very advanced stage having now commenced construction. Haddington Resources Ltd (now Altura Mining Limited ASX: AJM) completed the most comprehensive programme of work within what is now Charger's tenement during 2007-2012, targeting tantalum. This work included programmes of rock-chip and shallow RAB drilling which covered approximately 50% of Charger's tenement, with sampling on a 400m x 100m grid spacing. Subsequently, Lithium Australia sampled termite mounds at the northern end of the tenement, extending several anomalies.

New Li-focussed evaluation by Charger highlighted 14 anomalies (using a K-mean cluster analysis2 function). Charger's geologists have located many outcropping pegmatites, however others will be found, and the pegmatite's fertility indicated, through the use of geochemistry tailored for the discovery of lithium-caesium-tantalum (LCT) systems. The trend and continuity of pegmatites are further indicated through the use of image processed aeromagnetic data.

OUTLOOK

The Company looks forward to receiving the balance of the soil geochemistry results. Priority targets, such as those at the Enterprise 1, Enterprise 2 and Bucks Lithium Trends, will be prepared for drilling during early 2022 following the Darwin wet season.

Contact:

David Crook

Tel: +61 427 916 974

Email: david.crook@chargermetals.com.au

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