Recharge Metals acquires 100% ownership of Newnham Lake Uranium Project in Athabasca Basin, Canada

Recharge Metals Limited (ASX: $REC) has entered into a binding agreement to acquire 100% ownership of the Newnham Lake Uranium Project, located in Canada's Athabasca Basin. The project covers an area of 15.84km2 and is near the northeast margin of the Athabasca Basin, just 56km northwest of IsoEnergy Ltd's Hurricane Deposit, which has an Indicated Resource of 48.6Mlbs of U3O8 based on 63,800 tonnes grading 34.5% U3O8.

Recharge Metals' Managing Director, Felicity Repacholi, on the Acquisition

The ongoing collaboration between Recharge and DGRM has resulted in the valuable opportunity for Recharge to successfully bid for the highly sought-after Newnham Lake Uranium project in the Athabasca Basin. This acquisition is a complementary and highly value-accretive addition to Recharge's portfolio. The Athabasca Basin has some of the world's largest and highest-grade uranium deposits and is still regarded as one of the hottest jurisdictions for uranium exploration.

Summary of the Acquisition and Outlook

Recharge Metals' acquisition of the Newnham Lake Uranium Project presents an opportunity to target basement-hosted uranium deposits in the Athabasca Basin. The project's proximity to significant uranium deposits and the presence of uranium mineralization in historical drilling indicate the potential for a new uranium discovery. The company aims to leverage its established Canadian footprint, in-country relationships, and focus on green energy to capitalize on the strong uranium price. The firm commitments received for a share placement to fund the acquisition and exploration activities demonstrate confidence in the project's prospects. Recharge's exploration objectives include compiling historical data, finalizing drill planning, and negotiating land access agreements to advance the project.