Recharge Metals : Significant Copper Mineralisation at Brandy Hill South

ASX ANNOUNCEMENT

29 March 2022

Significant Copper Mineralisation at Brandy Hill South

Key Highlights

• • Diamond drilling at the Brandy Hill South project has intersected ultramafic / high-Mg basalts in Hole BHRCD019 from 92m to end of hole at 393m

• • Massive sulphide, brecciated zones of semi-massive sulphide and disseminated visual copper sulphide mineralisation observed from 92m to end of hole at 393m

• • Observations in the diamond drill core confirm the host rocks at Brandy Hill South are fertile

• • Mineralisation remains open at depth and along strike

Recharge Metals Limited (ASX: REC, Recharge or the Company) is pleased to provide an update on the Company's diamond drilling activities at the Brandy Hill South Project located within the Archaean Gullewa Greenstone Belt within the Murchison Province, Yilgarn Craton.

Following Recharge's maiden Reverse Circulation (RC) outlined below, three (3) holes (BHRC018, BHRC019 and BHRC023) were selected to be extended with diamond tails to provide valuable structural and lithological information. The diamond drillcore is anticipated to assist in understanding the nature of the primary mineralisation as well as the apparent supergene mineralisation identified within the oxide/transition zones of the weathered profile.

Preliminary observations from drillcore returned from hole BHRCD019 identified ultramafic / high-Mg basalt with:

• • blebby and massive sulphides:

• • brecciated zones of semi-massive sulphide and associated sulphide veins and veinlets:

• • disseminated sulphides, including chalcopyrite (copper sulphide) mineralisation.

BHRCD019 was drilled beyond the planned depth of 300m to 393m due to the presence of sulphides beyond the target zone. Drilling intersected intense hydrothermal alteration, including carbonate, chlorite, epidote, quartz and sericite, throughout the lithological sequence.

Copper minerals, such as chalcopyrite, were observed throughout the drillhole. The presence of copper is supported by in-field readings taken using a portable x-ray fluorescence instrument (pXRF)1.

Drill core from hole BHRCD019 will undergo more detailed logging, prior to sampling and analytical testing. The Company will provide an update once results are received.

1 The Company cautions that visual mineralisation observations in the field - even when accompanied by pXRF values - are indicative only and are considered subordinate to conventional laboratory analysis

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Reverse Circulation (RC) drilling program

As background, Recharge completed its maiden Reverse Circulation (RC) drilling program in January 2022, with a total of twenty (20) RC holes for 3,374m completed. Significant results returned from first four holes (refer ASX Announcement 8 February 2022) included:

• • 12m @ 1.20% Cu from 74m, including 4m @ 2.87% Cu from 74m in BHRC006;

• • 1m @ 5.92% Cu from 147m in BHRC006;

• • 32m @ 0.49% Cu from 65m in BHRC007;

• • 10m @ 0.71% Cu from 69m in BHRC008; and

• • 16m @ 0.41% Cu from 78m, including 1m @ 1.46% Cu from 87m in BHRC020

Assay results are pending for the remaining 16 RC holes completed during December 2021 and January 2022, Recharge will update the market once results are received.

Recharge Managing Director Brett Wallace commented:

"The diamond tail drilling program was planned to provide valuable structural and lithological information which will allow Recharge to evaluate the continuity of mineralisation and the nature of the primary mineralisation as well as the apparent supergene mineralisation. It is an outstanding result to observe abundant copper sulphide mineralisation from 92m to end of hole at 393m.

We are very pleased with the observations made so far and we look forward to completing the remaining two diamond tails and receiving assay results."

Figure 1: Schematic cross section of Brandy Hill South Project (6805300N)

Figure 2: Core Photo BHRCD019 252.8m - 265.5m, showing fine grained basalt with semi massive and disseminated sulphides and magnetite

Figure 3: Closeup of BHRCD019 core from 255.8m -256m, showing disseminated sulphides comprising pyrite, and chalcopyrite, and magnetite.

Figure 4. Core Photo BHRCD019 263.6m - 267.2m, showing fine grained basalt with massive and disseminated sulphides and magnetite

Figure 5: Close-up of BHRCD019 core from 264.2m, showing massive and disseminated sulphides comprising pyrite and chalcopyrite, and magnetite.

Figure 6. Core Photo BHRCD-019 338.5m - 342.2m downhole, showing Ultramafics with quartz veining and massive and disseminated sulphides, and magnetite.

Figure 7: Close-up of BHRCD-019 core from 338.7m - 339m showing quartz veining with massive, blebby and disseminated sulphides comprising pyrite and chalcopyrite, and magnetite.