Key Highlights

  • Acquired the Sunset Well Gold Project in April 2026, centred on the Prospero Deposit with an Inferred Resource of 94,500 ounces of gold.
  • Raised A$4.1 million in October 2026 to fund a 30,000-metre reverse circulation and diamond drill programme at Prospero.
  • Purchased the Ironstone Well tenements in October 2026, extending the Prospero shear zone by about 50 per cent to more than 15 kilometres.
  • Shareholders vote on 20 November 2026 on a proposed name change to Hornet Minerals Limited and ratification of the October placement.

Recharge Metals (ASX:REC) has moved from a copper-tungsten explorer into a gold story, and in October 2026 raised fresh money and began drilling to test whether that pivot can build a larger resource. The A$4.1 million Placement and a 30,000-metre drill programme at Sunset Well, near Leonora in Western Australia, are the practical expression of that change.

A new gold project at the centre

Recharge, a mineral exploration company listed on the ASX since October 2021, completed the Acquisition of Berma Prospecting and Glen Huntly Gold on 7 April 2026. Those companies hold the Sunset Well Gold Project. The FY26 Annual Report records total consideration of A$7.825 million, mostly 260 million shares valued at A$0.03 each.

The key asset is the Prospero Deposit, an Inferred Mineral Resource of 2.87 million tonnes at 1.0 gram per tonne gold, or 94,500 ounces, reported at a 0.5 g/t cut-off. Inferred is the least certain JORC category, so the figure is a starting point rather than a proven inventory.

Extending the trend

On 13 July 2026 Recharge agreed to buy the Ironstone Well tenements from Golden Mile Resources (ASX:G88) for A$100,000 in cash, and completed the deal on 12 October. The ground covers about 6.6 square kilometres next to Sunset Well, with a 1 per cent net smelter Royalty over two of the three tenements.

Recharge says the purchase lengthens the Prospero shear zone by about 50 per cent to more than 15 kilometres and adds four kilometres of the newly identified Portia trend. Nearly 450 historical drill holes lie along strike, and early 1990s drilling returned gold anomalies that were not followed up.

Funding and drilling

The placement of 114,722,222 shares at A$0.036 was priced at about a 2.5 per cent discount to the ten-day VWAP before the trading halt. Pro-forma cash was put at about A$8 million.

Drilling began on 21 October 2026. Phase 1 is 5,000 to 8,000 metres of Reverse Circulation Drilling at Prospero, due for completion this calendar year, with air-core drilling expected to start in November. Phase 2, of 12,000 to 15,000 metres of RC and diamond drilling, is scheduled for the first quarter of 2027.

What the numbers say

The FY26 result shows how early-stage the Business remains. The net loss was A$4.08 million, against A$3.45 million a year earlier, driven largely by about A$2.74 million of share-based payments rather than cash spending. Exploration cash outlay was around A$732,000.

Cash rose to A$5.6 million at 30 June 2026 from A$1.7 million, helped by roughly A$5.97 million of gross Capital raised. The company has no operating revenue, so drilling is funded from equity.

Recharge has not abandoned Brandy Hill South, about 180 kilometres east of Geraldton. Re-assays announced on 7 September 2026 used a lithium borate fusion method and returned tungsten grades 5 to 49 per cent above the original analysis. One hole, BHRCD027, showed 41.5 metres at 0.73 per cent copper and 0.08 per cent WO3 from 375.5 metres.

More than 1,000 sample pulps are queued for re-assay, with metallurgical work and drilling under consideration.

Risks and milestones

Exploration is binary and slow. Phase 1 results may not extend the resource, and heritage and tenure steps matter: two Ironstone Well Mining leases are still pending, and Recharge plans heritage surveys in the new year, with drilling there targeted for mid-2027. Further Equity raisings would dilute existing holders.

Shareholders meet on 20 November 2026 in West Perth. Resolutions include ratifying the October placement, a 7.1A capacity mandate and a proposed change of name to Hornet Minerals Limited. Phase 1 assays have no announced release date.