Recharge Metals Completes Ironstone Well Buy, Lifting Prospero Gold Trend 50% to 15km

Ironstone Well Project acquisition completed, lifting Prospero Gold Trend by 50%

Recharge Metals (ASX: REC) has completed the 100% acquisition of the Ironstone Well Gold Project, on the terms disclosed on 13 July 2026. The announcement is dated 12 October 2026.

The three mining leases now sit inside the company’s 100%-owned Sunset Well Gold Project near Leonora, Western Australia. The northern extension of the Prospero Shear continues into the acquired tenure, lifting the continuous strike of the Prospero Shear Zone by 50% to over 15km.

The deal also brings 4km of the newly identified Portia Gold Trend and multiple high tenor gold anomalies defined by nearly 450 historical drill holes. These sit along strike from the 94,500oz Prospero Gold Deposit.

For investors, the exploration footprint has grown just as the company’s maiden drilling program is due to start. Recharge says it remains strongly funded, with approximately $5.6 million in cash per its 20 July 2026 Quarterly Activities Report.

Luke Timmermans, Chief Executive Officer

“We are pleased to have completed the Ironstone Well Project acquisition and are planning to undertake a Heritage Survey over these new gold targets in the new year. We are also very excited by the imminent commencement of RC drilling at Sunset Well…”

The company describes its maiden 30,000m program as the first exploration drilling at the Prospero Deposit and along the greater Prospero Trend since the mid-1990s.

Historical drilling points to Portia and Prospero upside

Ironstone Well is not a blank slate. Drilling in the early 1990s returned gold intercepts that have seen no, or only limited, follow-up.

Standout historical intercepts

The best intercepts from the Portia Trend are below. The standout is 6m @ 3.35g/t Au from 76m, including 2m @ 7.58g/t Au.

EOH means end of hole. The announcement highlights list SWR564 as “to EOH”, while the body of the release gives it as 5m @ 2.11g/t Au from 52m without that note.

Why the ground is under-explored

The announcement points to a thin drilling history:

• Renison Goldfields Consolidated (RGC) drilled RAB and RC holes in the early 1990s and discovered extensive gold mineralisation at the Portia Prospect.
• The last drilling at Portia was completed more than 25 years ago by Midas Resources.
• Significant gold anomalies have had no, or only limited, follow-up.

Shallow RAB (rotary air blast, a quick, shallow drilling method) intercepts along the Prospero Trend within the acquisition area include 3m @ 2.95g/t Au from 24m, including 1m @ 8.2g/t Au. Another is 4m @ 1.5g/t Au from 37m, including 2m @ 2.67g/t Au.

What this tells you is that decent historical grades sit on largely untested ground. That points to exploration potential, though the announcement does not state a resource at Ironstone Well.

Understanding shear zones and why strike length matters

A shear zone is a corridor of rock deformed by movement in the earth. Such structures can act as pathways for gold-bearing fluids, so a longer continuous trend generally gives explorers more ground to drill.

That is why the 50% extension matters. Mineralisation at Portia appears to be controlled by a similar structural setting to Prospero and Flanders, associated with a north-northwest trending second-order splay structure related to the Emu-Melita Shear Zone and the Keith-Kilkenny Tectonic Zone.

The Prospero Shear Zone hosts a near-surface 94,500 ounce Inferred Gold Resource reported under the JORC Code (2012). An Inferred resource is the lowest confidence category. It remains open at depth and along strike, with only three drillholes extending below 100m vertical depth.

Sunset Well also sits within 100km of seven operating gold processing plants, in what the company describes as a Tier 1 Jurisdiction.

Next steps: drilling, heritage and Brandy Hill South

Sunset Well catalysts

The company’s stated sequence of work includes:

1. Commencing the inaugural 30,000m drill program in October at the Prospero Deposit and along the greater Prospero Trend.
2. A Heritage Survey over the Ironstone Well targets, planned for the new year.
3. Including the acquired tenements in the existing Heritage Protection Agreement with the Darlot People. The process has commenced and is a step towards grant of the two pending mining tenements, M37/1378 and M37/1439.
4. Drilling at Ironstone Well, which the company is targeting for mid-2027.

These are plans, not guarantees. Heritage outcomes and tenement grants remain pending.

Funding and wider portfolio

The $5.6 million cash figure comes from the 20 July 2026 quarterly report, so treat it as a July figure rather than a current balance.

At the Brandy Hill South Cu-W-Mo Project near Gullewa, the company’s planned next steps include:

• Processing the recently acquired high-resolution drone magnetic survey.
• Re-assaying all remaining drill core pulps for tungsten using the lithium-borate fusion assay technique.
• Planning aircore drilling and evaluating further geophysical surveys.
• Initiating a preliminary metallurgical test work program in the new year.

Mr Timmermans said the company anticipates “…some exciting news from Sunset Well over the coming months…”. That is management’s expectation, not a promise of results.

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