Black Mountain Drilling Update

Chariot Corporation Limited (“Chariot”, “CC9” or the “Company”) advises that drilling activities at the Black Mountain Project (“Black Mountain”) have been halted for the year-end holiday period. Chariot has completed six (6) diamond drill holes totalling 652 meters of HQ diamonddrill core. Drilling rates have been slower than planned due to harsh early winter conditions.

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HIGHLIGHTS

• Phase 1 Drilling Program halted for year-end holiday period
• Six (6) diamond drill holes completed totalling 652m
• Phase 1 Drilling Program will restart in early January 2024
• Initial assay results expected in January 2024

However, weather conditions have moderated significantly since early December and the forecast is for an unseasonably mild winter by Wyoming, U.S.A. standards. The Company will restart drilling in early January 2024, weather permitting, which will continue until 1 March 2024 unless the Company is forced to cease drilling prior to that date due to adverse weather.

Early Winter Conditions in Wyoming

The early winter conditions in Wyoming were harsher than expected in late November to early December 2023, including high wind-speeds at the top of Black Mountain of up to 60 km per hour, temperatures as low as -15°C (with wind-chill factor) (the “Early Winter Conditions”). However, weather conditions moderated significantly over the remainder of December.

The Early Winter Conditions led to a series of challenges, including freezing of the water source for drilling operations, freezing of water and diesel lines, water truck breakdowns and blocked access roads from fresh snowfall and snow drifts.

Figure 1: Drill Rig in operation at Black Mountain

Exploration Activities Discussion

The Black Mountain phase 1 drilling program commenced on 10 November 2023 with a plan to drill 2,000 – 3,000m of oriented triple tube HQ sized core¹ (“Phase 1 Drilling Program"). Major Drilling Group International Inc. (“Major Drilling”) has been contracted to drill using a Boart Longyear LF90 Surface Diamond Core Drill Rig (the “Drill Rig”).

To date, six (6) out of a planned 23 diamond drill holes have been completed resulting in the retrieval of 652m of drill core. The rate of progress of the Phase 1 Drilling Program has been impeded by the Early Winter Conditions.

The drilling and sampling programs have been conducted without incident.

Core Retrieval, Handling and Assaying Procedures

Chariot has established a core handling and storage facility in Jeffrey City, Wyoming where drill core is photographed, logged, and measured for density and recovery. The drill core is sawed in half and sampled on pre-determined intervals, typically between 0.5 and 1.5m based on geological criteria.

The first six feet (1.8m) of metamorphics adjacent to the margins of pegmatite dikes is also assayed to understand the geochemistry of the host rocks. A standard, then a blank then a duplicate assay is inserted on every tenth consecutive sample. Four separate standards are used varying between 0.2% and 1.25% lithium (Li).

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