Recharge Metals (ASX: $REC) Acquisition Announcement

Recharge Metals Limited (ASX: $REC) has successfully completed the acquisition of the Newnham Lake Uranium Project, located in Canada's Athabasca Basin. The acquisition includes a share placement to raise A$1.44 million, providing the company with the necessary funding to accelerate exploration activities at the project.

Recharge Metals Managing Director's Commentary

We are pleased to announce the finalisation of the acquisition of the Newnham Lake Uranium Project, located in the Athabasca Basin one of the world's premier uranium districts. The potential for significant new discoveries in the Athabasca was highlighted this week when NexGen announced an exciting new greenfields discovery. Recharge was attracted to the Newnham Lake project given the historical uranium intersections, coupled with the strong conductive corridor. Our team is now working through the historical data and is focused on planning the exploration program at Newnham Lake with oversight from Dahrouge Geological. We are excited to have acquired such a high quality project in the world's best uranium province and look forward to commencing works on it soon.

Summary of Recharge Metals' Acquisition

Recharge Metals (ASX: $REC) has successfully acquired the Newnham Lake Uranium Project, positioning the company in the highly prospective Athabasca Basin. The completion of a share placement to raise A$1.44 million ensures adequate funding for the acceleration of exploration activities at the project. The acquisition provides Recharge with an outstanding opportunity to make a new uranium discovery in a region known for its high-grade deposits. The company's focus on green energy and its established Canadian footprint make this acquisition a logical and highly value accretive addition to its portfolio. With the potential for uranium mineralisation deeper in the basement rocks, Recharge is set to undertake a ground gravity survey to confirm drill targets and expand upon existing data. The company's ambitions to commence exploration activities reflect its commitment to leveraging opportunities in the uranium sector and advancing its corporate strategy.