Charger Metals to sell Bynoe Lithium Project for $14.8M

• Charger Metals agreed to sell 100% of the Bynoe Lithium Project to a subsidiary of Core Lithium.
• The company's share price fell 10.53% to $0.085 following the market announcement.
• The transaction allows Charger Metals to fund exploration at its Lake Johnston Lithium Project.

Charger Metals (ASX:CHR) agreed to sell its Bynoe Lithium Project to Core Lithium (ASX:CXO) for up to $14.8 million.

Core Lithium previously launched an unsolicited takeover bid for Charger Metals in 2024 valued at $6.5 million.

"Following ministerial approval, Charger is pleased to sell our 100% ownership of the Bynoe Lithium Project to the Core Lithium Group and are expecting to receive $3.8 million later this week," said Charger Metals Managing Director Bryan Dixon.

As detailed in image_e3b2fd.png, the transaction consideration includes $1 million resource milestone, and a capped $10 million royalty.

Following the announcement, the Charger Metals share price was down at $0.085.

Charger Metals stated that the transaction proceeds will fund a 10,000-metre drilling programme at its Lake Johnston Lithium Project.

The company recently completed exploration work at Lake Johnston that expanded the mineral resource estimate at its Medcalf Prospect by 34%.