CHARGER METALS

(ASX:CHR)

COMPANY PROFILE

Charger Metals is targeting lithium in two highly prospective provinces among billiondollar neighbours.

Charger’s flagship project is the 70% owned, 62.7sq km Bynoe project, in a known lithium belt close to Darwin. Surrounding Bynoe is Core Lithium’s (ASX:CXO) Finniss lithium project, which has a current mineral resource estimate of 18.9Mt at 1.32% Li2O.

Approvals were received for the maiden drill program at Bynoe last November and Charger is looking forward to starting further exploration.

Geochemistry and aeromagnetic data indicates the trend direction of lithiumcaesium-tantalum (LCT) pegmatites extend from Finniss to the Bynoe project, so the team is keen to begin drilling as soon as wetseason weather allows.

At the Lake Johnston lithium project in Western Australia’s Eastern Goldfields, the drill rigs have been revved up for the year at the Medcalf spodumene discovery.

The region has been attracting a lot of interest from lithium explorers thanks to it being home to Covalent Lithium’s Earl Grey project, which is linked to the broader Mount Holland Lithium Project.

Mt Holland is one of the largest undeveloped hard-rock lithium projects in Australia, with ore reserves for the Earl Grey deposit estimated at 189 Mt at 1.5% Li2O. Covalent is a joint venture between subsidiaries of the world’s largest lithium producer, Chile-based SQM, and Wesfarmers.

Exploration at Charger’s nearby Medcalf spodumene discovery has confirmed multiple lithium systems, with soil anomalies and rock chips yielding high-grade lithium oxide samples from 1.51% to 7.15%.

Charger’s maiden drilling program at the Medcalf spodumene discovery got off to a very encouraging start before a break for the festive season, with numerous spodumene-bearing pegmatites intersected within a 50m-wide structural zone.

Drilling has now resumed to test the 800m by 300m swarm of pegmatites both along strike and at depth.

Another key prospect is Mount Day, a large LCT pegmatite field including numerous mapped pegmatites within a 5.5km by 1.5km field.

And in November, Charger acquired a 33sq km tenement, with areas falling within the Lake Johnston ‘Goldilocks Zone’ for lithium mineralisation.

Leading the way, Charger has a highly credentialled and experienced board and management team who have extensive experience in exploration, development, operations, funding and M&A.

The company got a major show of support last September when it completed a $5.5 million placement to institutional, sophisticated and professional investors.

“Increasing demand for primary supply into the lithium market should continue to underpin projects such as Charger’s Bynoe and Lake Johnston lithium projects, and the funds raised will allow us to aggressively drill both these highly prospective lithium projects,” Charger managing director, David Crook, said at the time.

KEY POINTS

◾ Company Name: Corazon Mining

◾ Company ASX code: CZN

◾ Key Commodities: Nickel, copper, cobalt, lithium

◾ Key Personnel: Terry Streeter, Non-Executive Chairman | Brett Smith, Executive Managing Director

◾ Locations: Canada, New South Wales, Western Australia

◾ Market Cap as of 25/01/23: $14.03M

◾ 52-Week Share Price Range at 25/01/23: $0.014 - $0.039

◾ W: corazon.com.au

Investment Highlights

◾ Corazon is an ASX-listed company focused on the exploration and development of critical battery metals including nickel, copper, cobalt and lithium.

◾ 100% ownership of the historic nickel-copper-cobalt Lynn Lake mining centre in Manitoba, Canada that hosts large JORC-compliant resources of 116,800t of nickel, 54,300t of copper and 5800t of cobalt.

◾ On the back of the emerging rechargeable battery sector, Corazon is leveraged to exploration success and the redevelopment of the Lynn Lake mining centre.

BRETT SMITH EXECUTIVE MANAGING DIRECTOR

Corazon Mining

than 20 separate deposits.

Corazon took the strategic step of consolidating the entire Lynn Lake nickel field under its ownership in 2015 – the first time this world-scale nickel belt had been controlled by one company.

the company, alongside the exploration and expansion of the undeveloped Miriam nickel sulphide deposit.

KEY POINTS

◾ Company Name: Dreadnought Resources

◾ Company ASX code: DRE

◾ Key Commodities: Rare earths, nickel, copper

◾ Key Personnel: Paul Chapman, Chairman | Dean Tuck, Managing Director

◾ Locations: Kimberley, Gascoyne and Yilgarn regions of Western Australia

◾ Market Cap as of 25/01/23: $302.79M

◾ 52-Week Share Price Range at 25/01/23: $0.032 - $0.155

◾ W: dreadnoughtresources.com.au

Investment Highlights

■ Rapidly expanding, potentially globally significant rare earths elements (REE) opportunity with the discovery of the Yin REE ironstone and carbonatite complex at the Mangaroon project, situated in WA’s underexplored Gascoyne region.

■ Copper, silver, gold and cobalt massive sulphide camp discovery at the Tarraji-Yampi project in the Kimberley.

■ Nickel, copper, and platinum group elements (PGE) earn-in and joint venture with First Quantum Minerals at Mangaroon.

COMPANY PROFILE

Massive commitments to the green energy transition over the next decade and beyond will require substantial amounts of critical metals like nickel, copper, cobalt, and lithium – and experts say supply won’t be able to keep up. That puts those already advanced in the space, like emerging nickel-focused explorer and developer Corazon Mining, in the driver’s seat to help meet ever-increasing demand.

Corazon’s flagship Lynn Lake nickelcopper-cobalt project in Manitoba, one of Canada’s largest historic nickel producing regions, provides a huge opportunity for resource development and discovery.

Lake Lynn was a prolific historical operation that was mined for 24 years through to 1976, producing 206,200t of nickel and 107,600t of copper, and hosting more

CZN has so far defined large JORCcompliant resources amounting to 16.3Mt of ore containing 116,800t of nickel, 54,300t of copper and 5,300t of cobalt – from just six of the +20 deposits located within the mining centre.

Corazon also plans to undertake a drilling program in early 2023 targeting porphyry copper-gold-cobalt deposits at the 80%-owned Mt Gilmore project in New South Wales.

Mt Gilmore hosts a +20km trend with mineral geochemical characteristics specific to large porphyry copper-gold deposits.

At Corazon’s market capitalisation of ~$13 million – Lynn Lake’s enterprise value is roughly $7 million, providing plenty of upside given the company’s aggressive exploration strategy, which is focused on extending the existing resource and uncovering new nickel sulphide deposits.

The company also has exposure to its target commodities in Western Australia and New South Wales.

CZN piqued investor interest in December 2022 with a lithium discovery at its Miriam project in the Eastern Goldfields region of Western Australia that sent shares up 65%. Field mapping at the project revealed pegmatite at surface with high concentrations of spodumene. No past lithium exploration had been undertaken at the Miriam project, providing a potentially significant opportunity for Corazon.

Lithium exploration will be a priority for

The project hosts the cobalt-dominant ‘Cobalt Ridge’ prospect, where extremely high grades of up to 8% cobalt have been reported.

With the substantial growth continuing in the battery sector, Corazon is leveraged to both exploration success and the potential to redevelop the Lynn Lake mining centre.

Mining studies are ongoing with the goal of transforming Lynn Lake into a sustainable, long-life, automated, bulk tonnage, and low-cost operation right on the doorstep of the high-demand American and European markets, hungry for highquality nickel sulphide.

DEAN TUCK MANAGING DIRECTOR

Dreadnought Resources

(ASX:CZN) (ASX:DRE)

COMPANY PROFILE

Dreadnought Resources has a demonstrated track record of delivering multiple discoveries hosting the critical metals that are key to the decarbonisation of the global economy.

The company has four substantial projects, all in Western Australia, with optionality in geography and critical metal mix.

Most recently, Dreadnought successfully uncovered several large-scale zones hosting rare earths elements (REE), niobium, titanium, and phosphorus mineralisation at its 100% owned Mangaroon project.

The project spans 4,900sq km in the vastly underexplored Gascoyne region, providing the explorer with a large-scale first mover advantage.

Recent first-pass, wide-spaced drilling of the C1-C5 carbonatite targets exceeded expectations, expanding the intrusive complex to 6.5km in strike by 1km wide.

“Importantly, the carbonatite complex remains completely open and is interpreted to be significantly larger than we originally believed,” Dean Tuck, managing director of Dreadnought, said.

DRE previously identified 30km of REE ironstones at the Yin prospect that show strong potential for high-grade and significant volumes of neodymium-praseodymium (NdPr), similar to Hasting Technology Metals’ (ASX:HAS) Yangibana REE project located just 25km to the southeast.

NdPr is the key component of highperformance neodymium, iron, and boron magnets, which are rapidly increasing in demand thanks to their use in electric vehicles, speakers and medical devices like MRIs.

In December Dreadnought delivered its initial resource for Yin of 14.36 million tonnes at 1.13% total rare earth oxide and 0.34% neodymium and praseodymium oxide, within six months of discovery. The initial resource covers only 3km, just 10% of the 30km Yin REE ironstone complex.

DRE has also pinpointed seven carbonatite intrusions with potential similarities to major operating REE mines like Lynas’ (ASX:LYC)

Mt Weld in Australia and MP Minerals’ Mountain Pass in the US.

Meanwhile, the company has a major partner doing the heavy lifting on the nickel, copper, and platinum group elements (PGE) component of the Mangaroon project.

$20 billion Canadian heavyweight First Quantum Minerals can earn an initial 51% stake in the Money Intrusion copper-nickelPGE project by spending $12 million and has the option to top up its interest to 70% by sole funding the project through to a decision to mine.

In the Kimberley, Dreadnought’s goal is to uncover a cluster of high-grade copper, silver, gold, and cobalt massive sulphide deposits at the broader Tarraji-Yampi project, where exploration hasn’t occurred since the 1970s. DRE has an extensive pipeline of JORC resource ready drill-out targets.

Paul Chapman, chairman of Dreadnought, said the Orion copper-silver-gold-cobalt-zinc deposit – which the company discovered in 2021 – could extend to a depth of at least 500m and was ready for a JORC resource drill out.

“We also have at least nine Orion lookalikes that have similar if not better potential,” he said.

Dreadnought is a highly active explorer, backed by directors and management that have significant ‘skin in the game’. Over $3 million has been invested by the board and management.

More than 85% of the money spent so far has gone straight into the ground.

Key Points

◾ Company Name: Eagle Mountain Mining

◾ Company ASX code: EM2

◾ Key Commodities: Copper

◾ Key Personnel: Charles Bass, Managing Director | Tim Mason, CEO | Rick Crabb, Chairman

◾ Locations: Arizona, US

◾ Market Cap as of 25/01/23: $74.67M

◾ 52-Week Share Price Range at 25/01/23: $0.150 - $0.705

◾ W: eaglemountain.com.au

Investment Highlights

DECEMBER 16: EM2 intersected 9.94% copper, 102g/t silver and 3.35g/t gold over 1.3m at North East Talon, along with elevated rare earth elements detected in previous drilling.

NOVEMBER 11: Strong grades continued to flow in large diameter drilling at Talon, within the broader Oracle Ridge project.

OCTOBER 6: Strong assays reported outside of the updated resource for the Oracle Ridge copper mine.

TIM MASON CEO