Wyoming Summer Exploration Programs

Chariot Corporation Limited (ASX:CC9) (“Chariot” or the “Company”) through a U.S. subsidiary will recommence exploration activities at its Black Mountain project and also engage in exploration activities at its six other lithium-caesium-tantalite (“LCT”) pegmatite projects in Wyoming during the 2024 North American summer season (“Summer Exploration”).

HIGHLIGHTS:

• Hard rock lithium exploration has recommenced in Wyoming with the onset of the 2024 North American summer season
• ERM appointed to assist with 2024 Wyoming exploration activities
• Rock-chip/Soil sampling and K feldspar testing will be completed by mid-July to further refine targets for drilling
• The plan is to drill 3,000 to 4,000m utilizing a cost-efficient, man-portable rigs as a precursor to a larger truck-mounted drilling program
• Truck-mounted drilling on Black Mountain will recommence once BLM has approved the application for a dramatically larger area of disturbance

K-feldspar testing is a surface exploration method used for identifying and vectoring to highly fractionated LCT pegmatite systems. It has been successfully used by other lithium companies under the guidance of ERM.

The Summer Exploration programs at Black Mountain will transition to a truck-mounted diamond core drilling program upon approval of the EPO which will enable drill pads to be placed over a dramatically larger area of disturbance affording drilling access across the full 6,637 acres of the Black Mountain claims. While waiting for the EPO approval, the Company’s subsidiary will operate with a man-portable diamond drill rig to minimize costs and to keep the area of disturbance within the 5-acre limit permitted by the NOI.

Chariot’s 2023 discovery of spodumene bearing pegmatite dikes at Black Mountain, was the first reported drill intercept of a LCT pegmatite within the Archean-Proterozoic Shield Rocks of Wyoming. The first three drill holes drilled between November 2023 and January 2024, contained spodumene hosted lithium mineralization with grades of up to 1.12% Li₂O in intersections of up to 15.42 meters¹ (apparent width) and are interpreted to represent the outer branches of a potentially larger unexposed pegmatite system.

Further details of the Summer Exploration programs are provided below.

ERM appointed to assist with the 2024 Wyoming Exploration Program

Chariot has appointed ERM Australia Consultants Pty Ltd (previously CSA Global) and ERM Sustainable Mining Services (“ERM”) to assist with the design and implementation of the 2024 exploration program. ERM has substantial experience with hard rock lithium deposits and has been associated with large hard rock lithium discoveries in Western Australia and Africa.

Chariot is being advised by Ralph Porter and Michael Cronwright from ERM, who are experienced hard rock lithium geologists.

Mr Porter has significant experience in the identification and definition of pegmatite hosted tantalum and lithium, including as a geologist at the world-class Greenbushes lithium and tantalum mine. Mr Porter has provided training, regional assessment, targeting advice and technical input into exploration programs for numerous companies across the Archean Yilgarn and Pilbara cratons of Western Australia and globally.

Mr Cronwright has significant experience in targeting pegmatite hosted mineralisation (including pegmatite hosted lithium) across Africa and globally.

K-feldspar Sampling and K:Rb ratios

Prior to any further drilling, ERM has provided guidance on an expanded exploration program across the broader project areas comprising geological mapping and geochemical sampling focused on exposed pegmatites. The sampling will include the collection of K-feldspar samples to be screened by using a potable XRF (“pXRF”).

Given that lithium bearing pegmatites often have a complex internal zonation, both laterally and vertically, potential lithium mineralization may not be exposed at surface. However, the unmineralized K-feldspar bearing wall and core zones often outcrop and can be readily sampled.

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