Private Placement Offer utilising the company’s Listing Rule 7.1 and 7.1A capacity to raise up to $1.00mil with the ability to take oversubscriptions at $0.05. The offer comes with one attaching option for every two ordinary shares subscribed. The terms of the options are $0.10 exercise price, expiring 3 years from the date of issuance. The issuance of the options will be subject to shareholder approval at an upcoming general meeting.

Chariot Corporation Limited (ASX: CC9) will acquire a 66.7% interest in a Nigerian hard rock lithium portfolio, covering 254 km2, by entering into a joint venture with a Nigerian mining company (Continental Lithium Limited) that will hold the remaining 33.3%.

Chariot will pay a total of US$1.5 million in cash (this includes US$150,000 upon signing and US$350,000 upon settlement post shareholder approval and two deferred cash payments of US$500,000 each, with one due by 31 December 2025 and the other by 31 December 2026) and 42 million in fully-paid ordinary shares (this includes 24 million shares upon settlement post shareholder approval and 18 million shares by 31 December 2026) in exchange for its 66.7% interest in the joint venture entity that will hold the portfolio and, in addition, will provide a minimum of US$10 million of funding for the joint venture.

Each project area hosts exposed LCT pegmatites, historically worked by artisanal miners, with visible spodumene mineralisation recorded at surface, but remain undrilled.

Reconnaissance rock chip sampling has returned consistently high grades including:

• Fonlo: 11 samples up to 6.46% Li₂O (avg. 2.32%)
• Gbugbu: 13 samples up to 6.59% Li₂O (avg. 2.31%)
• Iganna: 10 samples up to 6.48% Li₂O (avg. 2.67%)

The Nigerian projects are in the Pan-African Basement Complex, sharing geological characteristics with Brazil’s Lithium Valley and Sigma Lithium’s 109Mt Grota do Cirilo deposit, sharing the same geology which was formed 500 million years ago during the same Pan-African/Brasiliano orogeny but was rifted apart during the South Atlantic Rift 110 million years ago.

The Nigerian portfolio provides direct exposure to the Africa-China lithium supply Corridor with there being significant current interest for offtake from Chinese buyers.

The Nigerian projects being acquired have a recent history of ore being exported to Chinese customers (several thousand tonnes of concentrate from 2021–2024 validating both the quality of its mineralisation and existence of buyers for the ore).

Continental operates other zircon and tin mines in Nigeria and is a strong local partner with strong Government and stakeholder ties.

Chariot also has the largest landholding for lithium exploration in the United States with its hard rock lithium assets in Wyoming and the claystone assets in Nevada and Oregon.

Black Mountain Project (Wyoming, USA)

The Black Mountain Project is a high-grade spodumene-bearing hard rock lithium asset located in Wyoming. Phase 1 diamond drilling in 2024 intersected multiple near surface zones of high-grade mineralisation.

Resurgent Project (Oregon/Nevada, USA)

The Resurgent Project is a large-scale, claystone-hosted lithium asset located within the McDermitt Caldera, home to the two largest known lithium resources in the United States. The project comprises 1,210 claims and has returned surface assay grades of up to 3,865 ppm Li from lakebed sediments.

Horizon (Nevada, USA)

The Horizon Lithium Project in Tonopah, Nevada, USA has a Maiden mineral resource estimate of 1.3 million tonnes LCE indicated and 8.8 million tonnes LCE inferred. The Horizon project neighbours American Lithium Corp.’s (TSX-V: LI) TLC project and American Battery Technology Company’s (NASDAQ: ABAT) Tonopah Flats project.

The funds raised will be focused towards:

• Acquisition Consideration & Costs
• Exploration
• Landholding & Maintenance Costs
• Corporate & Admin Costs