Recharge Metals (ASX:REC) Limited said in its quarterly activities report for the period ended 30 September 2026 that reverse circulation (RC) drilling has started at its Sunset Well Gold Project near Leonora in Western Australia. The company also completed a A$4.1m placement, before costs, after the quarter closed, lifting pro forma cash to about A$8.6m.

Sunset Well drilling plan

Sunset Well covers more than 220 square kilometres of tenure about 8 kilometres east of Leonora, within 100 kilometres of seven operating gold mills, according to the company. The Prospero Gold Deposit has a Mineral Resource of 2.87 million tonnes at 1.0 gram per tonne gold for 94,500 ounces, and a mining licence application has been lodged over it. A heritage survey with the Darlot People was completed in August 2026 and Impact Drilling was awarded the drilling contract in September.

Phase 1 comprises 20,000 metres of RC and diamond drilling at Prospero and 10,000 metres of aircore drilling along the Greater Prospero Trend. After the quarter ended Recharge completed the acquisition of the Ironstone Well tenement from Golden Mile Resources , which the company said extends the strike length of the Prospero Trend by about 50%. It said the wider trend carries gold anomalies over at least 15 kilometres of strike, much of it tested only by shallow 1990s rotary air blast drilling, and that those historic holes rarely reached fresh rock.

Brandy Hill South re-interpretation

At Brandy Hill South, about 180 kilometres east of Geraldton, a 6,500-metre programme drilled in 2022 had targeted volcanogenic massive sulphide copper. Recharge now interprets the system as intrusion-related copper-tungsten-molybdenum mineralisation that could be large and suited to bulk mining. Re-assaying of 86 pulps indicated earlier tungsten assays understated tungsten by up to 49%. Highlighted intercepts include 11 metres at 0.33% copper and 0.15% tungsten trioxide from 124 metres, and 41.5 metres at 0.73% copper and 0.08% tungsten trioxide from 375.5 metres.

The company described the current mineralised zone as about 500 metres long, 400 metres deep and 250 metres wide and still open, with an aircore intercept of 21 metres at 0.75% copper about one kilometre to the north. A high-resolution drone magnetic survey was finished after quarter end. The company characterised the tungsten re-assay as a proof-of-concept test, and these results are exploration data rather than a resource.

Cash and funding

Cash was A$4.53m at 30 September 2026, down from A$5.61m at 30 June. Quarterly operating outflows were A$454,000, investing outflows A$605,000 and financing outflows A$12,000. The Appendix 5B estimates 4.8 quarters of funding at current spending.

Next steps and risks

In the December 2026 quarter Recharge plans to continue Phase 1 RC drilling at Sunset Well, start aircore drilling at both Brandy Hill South and Sunset Well, submit more pulps and core for re-assay, and process the magnetic survey data. Initial metallurgical testing at Brandy Hill South is planned for the first quarter of 2027.

The company noted that exploration results are early stage, that the mining licence application and a number of tenement applications remain pending, and that forward-looking statements carry exploration, funding and regulatory risk. The tungsten uplift is based on re-assays of historical samples and still needs confirmation through further assays and testwork before its significance can be judged.

The report positions Recharge as a two-asset explorer, with Sunset Well offering a defined starting resource and a large area of untested trend, and Brandy Hill South offering a re-interpreted copper-tungsten system that is still at an early stage. The placement completed after quarter end roughly doubles the company's cash balance compared with the 30 September figure, which the company says supports its plan for simultaneous drilling and re-assay work across both projects through the December 2026 quarter and into early 2027.