CHARIOT RESOURCES LTD — Capital/Financing Update 2025

Jul 9, 2025

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ASX ANNOUNCEMENT

10 July 2025

Chariot to Acquire Majority Stake in a Nigerian Lithium Portfolio

HIGHLIGHTS:

• Chariot will acquire a 66.7% interest in a highly prospective Nigerian hard rock lithium portfolio, covering 254 km[2] , through its entry into a joint venture with an early-stage Nigerian mining company (Continental Lithium Limited) that will hold the remaining 33.3% interest in the portfolio.

• four projects that are still undrilled and boasts significant exploration upside.

• Chariot will pay a total of US$1.5 million in cash and 42 million in fully-paid ordinary shares in exchange for its 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.

• The portfolio provides exposure to the rapidly developing Africa-China lithium supply corridor: there is significant current interest from Chinese buyers for offtake from Nigerian lithium miners and the portfolio has a recent history of ore being exported to Chinese and other customers (several thousand tonnes of concentrate from 2021–2024) validating both the quality of its mineralisation and existence of buyers for the ore.

• Chariot’s transactional and capital markets expertise combined with Continental’s local operating experience and local relationships provide a solid foundation for a successful joint venture business.

Chariot Corporation Ltd (“ Chariot ” or the “ Company ”) is pleased to announce it has entered into a binding share sale agreement (“ Acquisition Agreement ”) to acquire a 66.7% interest in a portfolio of Nigerian hard-rock lithium projects from Continental Lithium Limited (“ Continental ”).

The portfolio comprises four project clusters—Fonlo, Gbugbu, Iganna, and Saki—located across Nigeria’s Oyo and Kwara States, and includes eight (8) Exploration Licences (ELs) and two (2) SmallScale Mining Leases (SSMLs) (Figure 1).

These licences will be transferred to a newly established joint venture entity, C&C Minerals Limited (“ C&C Minerals ” or the “ Joint Venture ”), which will be 66.7% owned and controlled by Chariot. Continental will hold the remaining 33.3% interest. The transaction positions Chariot as one of the first

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yet underexplored, areas hosting lithium mineralisation.

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Chariot’s entry into Nigeria is a strategic move that provides the Company with exposure to the rapidly expanding Africa–China lithium supply corridor. Although China dominates the downstream EV battery supply chain, it remains heavily reliant on a limited number of upstream producers—namely producers located in Australia and Chile. Recognizing this exposure, Chinese lithium buyers are actively seeking out supply from Africa, where Nigeria has emerged as one of the continent’s fastest-growing lithium regions. The Nigerian Government has created a supportive environment for local resource development and attracted significant investment in lithium processing capability (substantially all of which has been funded by Chinese businesses[1] ). Despite global lithium price headwinds since late2021, artisanal and small-scale mining activity has surged across Africa, driven by robust and sustained Chinese demand.[2]

1 https://www.reuters.com/business/energy/nigeria-open-two-chinese-backed-lithium-processing-plants-this-year-2025-05-26/ 2 CRU Group report dated 3 July 2024 - Lithium floods out of Africa as artisanal miners exploit old tin workings.

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portfolio—combining Chariot’s transactional and capital markets expertise with Continental’s local operating experience and relationships.

1 Geology & Lithium Prospectivity

The C&C Minerals portfolio (the “ C&C Portfolio ”) hosts extensive rare-element lithium-caesiumtantalum (LCT) pegmatite systems, with recent artisanal mining focused on the lithium mineralisation contained in these pegmatites. Reconnaissance mapping by Continental has visually identified spodumene and lithium-mica mineralisation within all four of the project areas and limited reconnaissance rock chip sampling has confirmed associated lithium mineralisation (see JORC Code Table 1 section 2).

The presence of spodumene or any other lithium mineral does not necessarily equate to lithium mineralisation unless confirmed by chemical analysis. Due to the irregular distribution of the spodumene and other lithium minerals and the very coarse-grained nature of these pegmatites, it is not possible to reliably estimate the spodumene, or other lithium mineral, contents. The key exploration result is the identification of spodumene and lithium-mica/lepidolite in the outcrops and no lithium grade is implied.

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations). Further work is required by Chariot to establish the nature, extent, lithium grade of any potential lithium mineralisation and the impact of weathering at surface on the lithium content of these minerals. No visual estimates are being made in this announcement.

Geologically, Nigeria’s lithium-bearing pegmatites are part of the same Late Proterozoic (Pan-African) LCT system as the Borborema Pegmatitic Province (BPP) in Northeast Brazil, and of similar age to the renowned “Lithium Valley” which is part of the Eastern Pegmatite Province in Brazil. Prior to the South Atlantic rift (~110 million years ago), the Nigerian and Brazilian pegmatites were part of a unified landmass. Like Brazil, many of Nigeria’s pegmatite belts were historically, and still are, mined for tin and columbite-tantalite and semi-precious gemstones, further indicating the potential for highly fractionated, lithium-rich LCT pegmatite systems.

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Figure 1. Locality map showing the location of the four project aeras in Nigeria. Lithium processing plants are planned to open in 2025 and locations are general estimates based on several sources[1]

The presence of artisanal and small-scale mining activity recently focused on the lithium mineralisation contained in the pegmatites (and also targeting semi-precious gemstones, and tin and columbo-tantalite mineralisation) highlights the potential of the region.

Limited reconnaissance rock chip sampling by Continental Lithium, targeting the lithium mineralisation in the pegmatites returned results up to 6.59% Li2O, which supports the exploration potential of the licences (Figures 2, 3, 4, 5, 6, 7, 8, 9, 10).

1 Lithium processing plant locations are indicative only with general locations sourced from; (i) Ganfeng Lithium Industry Ltd US$250m lithium plant: https://www.vanguardngr.com/2023/10/tinubu-lays-foundation-for-250m-lithium-factory-in-nasarawa/, (ii) Avatar New Energy Materials Company Limited US$200m lithium plant: https://www.thecable.ng/tinubu-to-chinese-companies-dont-leave-communities-in-ruins-as-youexplore-minerals/, (iii) US$600m lithium plant: https://thenationonlineng.net/600m-lithium-processing-plant-ready-soon/, and (iv) Jupiter Lithium Ltd modular lithium plant: https://dailytrust.com/mining-sector-gets-international-boost-with-jupiter-lithium-bevexs-processing-agreement/.

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2 C&C Portfolio Overview

The C&C Portfolio represents Nigeria’s largest lithium landholding, comprising four pegmatite clusters—Fonlo, Gbugbu, Iganna, and Saki—located in the states of Kwara and Oyo.

Each project hosts numerous artisanal workings, with shallow pits and trenches exposing widespread pegmatites. Shipments of hand-picked lithium mineralisation from the artisanal mining activities on the licences demonstrate the potential to produce saleable material.

Notable features of the C&C Portfolio include the following:

• Nigeria’s Largest Lithium Landholding: The portfolio includes four project areas in two states (Fonlo, Gbugbu in Kwara State; Iganna, Saki in Oyo State) covering 254 km[2] – a dominant position in known pegmatite belts.

• Artisanal extraction of lithium minerals: All four projects have a recent history of artisanal lithium mining activities with local miners extracting and producing saleable hand-picked lithium bearing material.

• Each project hosts several outcropping

• LCT pegmatites, which remain untested by drilling. Numerous shallow artisanal workings at each site confirm lithium-bearing mineralisation. Reconnaissance mapping by Continental has visually identified spodumene and lithium-mica mineralisation within all four of the project areas, and limited rock chip sampling has confirmed lithium mineralisation.

• C&C will target both along-strike and depth extensions of known

• pegmatites, as well as new pegmatite discoveries within the licence areas with systematic mapping, trenching and drilling programs.

• Options to Fast-Track Development: The mix of licence types – Exploration Licences (ELs) for large-scale exploration and Small-Scale Mining Leases (SSMLs) over known mineralisation – affords Chariot the opportunity to investigate fast-track development approaches.

• Good Infrastructure & Access: All project areas are located ~170–400 km by road from the major Port of Lagos, an easily accessible export gateway to international markets. Each of the projects may be accessed from existing road networks and are reasonably proximate to access points for Nigeria’s electrical power grid and natural gas pipelines. Additionally, the climate enables yearround road access to the projects allowing for an uninterrupted twelve-month exploration season.

• Favourable Jurisdiction: Nigeria has Africa’s largest economy and is proactively encouraging mineral sector growth to diversify from its dependence on oil. The government has recently established new regulatory frameworks, formed a Nigerian Mining Company to attract investment, and is seeing significant Chinese investment in lithium processing facilities. Mining licences in Nigeria are granted with secure tenure, and the fiscal regime is designed to be attractive to miners (including tax incentives for mining projects). The relationships of Chariot’s local partner (Continental) and C&C Minerals’ plans to closely adhere to Nigerian regulatory requirements will be key advantages in navigating permitting and maintaining good relations with the communities at each of the four projects.

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With robust community relationships, and excellent infrastructure access, Chariot is uniquely positioned to rapidly advance the four projects and take advantage of its first-mover status in one of Africa’s most geologically prospective, yet underexplored, lithium-hosting areas.

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Table 1: Summary of the four (4) project areas

Project	State / Location	Licenses	Lithium mineralisation observed and sampled	Artisanal activity within licences	Overview
Fonlo	Kwara State (W. Nigeria)	EL-35506 & EL- 040486			A number of artisanal mining pits and small scale operations targeting the lithium and semi-precious gemstone mineralisation hosted in the pegmatites were mapped by Continental’s geologist. Spodumene and minor lepidolite visually identifed and sampled from pegmatite exposures.1,2 Eleven (11) rock chip samples of the pegmatite hosted lithium mineralisation were collected during various campaigns reported lithium results ranging from 0.06- 6.46% Li2O (averaging 2.32% Li2O)3
Gbugbu	Kwara State (Central Nigeria)	EL-037243 & EL- 038574			A number of artisanal mining pits targeting the lithium and semi-precious gemstone mineralisation contained in the pegmatites were mapped by Continental’s geologist. Spodumene visually identifed and sampled from pegmatite exposures.1,2 Thirteen (13) rock chip samples of the pegmatite hosted lithium mineralisation were collected during various campaigns reported lithium results ranging from 0.04- 6.59% Li2O (averaging 2.31% Li2O)3
Iganna	Oyo State (SW Nigeria)	EL35516			Spodumene and lepidolite visually identifed and sampled from pegmatites exposed by the artisanal mining activity on the licence.1,2

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Project	State / Location	Licenses	Lithium mineralisation observed and sampled	Artisanal activity within licences	Overview
					Ten (10) rock chip samples of the pegmatite hosted lithium mineralisation were collected during various campaigns reported lithium results ranging from 0.07- 6.48% Li2O (averaging 2.67% Li2O)3
Saki	Oyo State (SW Nigeria)	EL-038148, EL- 036062, EL-036480, SSML-036058, & SSML-036039			Continental’s geologists visually identifed minor spodumene and lepidolite in some of the pegmatites exposed by the artisanal mining activity on the licence.1,2 Thirteen (13) rock chip samples of the pegmatite hosted lithium mineralisation were collected during various campaigns reported lithium results ranging from <0.02- 0.82% Li2O (averaging 0.31% Li2O)3

Notes:

1. chemical analysis. Due to the irregular distribution of the spodumene and other lithium minerals and the very coarse-grained nature of these pegmatites, it is not possible to reliably estimate the spodumene, or other lithium mineral, contents. The key exploration result is the identification of spodumene and lithium-mica/lepidolite in the outcrops and no lithium grade is implied.

2. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses (XRD and chemical testing) where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations). Further work is required by Chariot to establish the nature, extent, lithium grade of any potential lithium mineralisation and the impact of weathering at surface on the lithium content of these minerals. No visual estimates are being made in this announcement.

3. The results do not provide any bearing on the potential lithium contents of the pegmatites.

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Figure 2: Fonlo Lithium Project overview.

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Figure 3: Fonlo working pits and surface samples showing the 11 rock chip samples collected in 2022 (6 samples) and 2024 (5 samples) from licence EL35506.

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Figure 4: Gbugbu Lithium Project overview.

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Figure 5: Gbugbu working pits and surface samples showing the 13 reconnaissance rock chip samples collected in 2023 (7 samples) and 2024 (6 samples) collected from licence EL37243.

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Figure 6: Iganna Lithium Project overview.

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Figure 7: Iganna working pits and surface samples showing the 10 reconnaissance rock chip samples collected in 2022 (57 samples) and 2024 (5 samples) collected from licence.

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Figure 8: Saki Lithium Project overview.

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Figure 9: Saki lithium project overview showing 6 reconnaissance rock chip samples collected in 2023 (2 samples) and 2024 (4 samples) from licences SMML36058 and EL36062.

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Figure 10: Saki lithium project overview showing 8 reconnaissance rock chip samples collected in 2023 (5 samples) and 2024 (3 samples) collected from licence EL038148.

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3 Transaction Terms and Funding Structure

3.1 Payments

3.1.1 Cash Payments

Chariot will make total cash payments of US$1.5 million to Continental as consideration for the acquisition of its interest in C&C Minerals (“ Proposed Acquisition ”). This includes:

• US$150,000 payable immediately upon signing as a non-refundable deposit; and

• US$350,000 payable at settlement of the Proposed Acquisition (“ Settlement ”).

In addition, Chariot will make two deferred cash payments of US$500,000 each, with one due by 31 December 2025 and the other by 31 December 2026. These deferred payments are structured to align long-term interests between the parties while preserving Chariot’s capital for exploration and project development activities.

3.1.2 Share Payments

Chariot will also issue a total of 42,000,000 fully-paid ordinary shares in the capital of the Company (“ Shares ”) to Continental as consideration for the Proposed Acquisition, in two tranches:

• approval and 12-month voluntary escrow. This upfront equity provides Continental with immediate exposure to Chariot’s growth and reflects its commitment to the Joint Venture; and

• the second tranche of 18,000,000 Shares will be issued on 31 December 2026, subject to the Nigerian licenses remaining in good standing, Chariot shareholder approval and 12-month voluntary escrow.

This share-based structure incentivises Continental’s continuing involvement and support for the longterm success of the Joint Venture.

3.2 Conditions Precedent

Settlement of the Proposed Acquisition is conditional on:

• Continental having duly established and incorporated C&C Minerals in accordance with the laws of its jurisdiction of incorporation;

• Portfolio to its absolute satisfaction;

• the parties entering into a shareholders’ agreement including key terms set out in the Acquisition Agreement (“ Shareholders’ Agreement ”);

• Chariot’s shareholders approving the issue of the initial share consideration; and

• the parties obtaining all necessary third-party or regulatory consents and/or approvals required to complete the acquisition.

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3.3 The Joint Venture Structure

The C&C Portfolio will be held through C&C Minerals which will serve as the operating vehicle for the Joint Venture. At Settlement, Chariot will acquire a 66.7% equity interest in C&C Minerals, with Continental retaining the remaining 33.3%. Chariot will assume management control of C&C Minerals, including the right to appoint the majority of the board and act as manager, while Continental will participate as co-manager with minority rights and protections as set out in the Shareholders’ Agreement. As part of the Proposed Acquisition, all ten Nigerian lithium licences—comprising eight Exploration Licences (ELs) and two Small-Scale Mining Leases (SSMLs)—will be transferred to C&C Minerals.

3.4 Free-Carry and Funding Commitments

Chariot has committed to funding 100% of the joint venture’s costs during an agreed free-carry period. This period will remain in effect until the joint venture generates US$50 million in cumulative revenue and Chariot has invested US$10 million in exploration and development activities over a 5 year period. In support of its expenditure commitment, Chariot has agreed to a staged minimum expenditure schedule, comprising at least US$1 million by the end of 2026, US$3 million cumulatively by the end of 2027, US$6 million cumulatively by the end of 2028 and US$10 million cumulatively by the end of 2030. These capital investments are expected to fund key workstreams including geological exploration, technical and economic studies, permitting, and potentially early-stage mining. Upon conclusion of the free-carry period, both Chariot and Continental will contribute to future funding requirements on a pro-rata basis.

Regarding funding following the expiry of the free carry period, the parties will prioritise securing third party asset-level project financing through debt, equity, or offtake arrangements. In instances where third party financing is unavailable, the parties will be required to provide funding in proportion to their relative interests in the joint venture. If one party is unable to contribute its proportional share of funding, the other may elect to provide such party with a carry loan secured against the non-funding party’s interest in the joint venture and repayable solely from future distributions. If this option is declined or if the funding party does not wish to provide a carry loan, then the non-funding party will be diluted based on a mutually agreed valuation methodology.

3.5 Area of Interest & Strategic Protections

The parties have agreed in the Acquisition Agreement that the Shareholders’ Agreement will include a defined Area of Interest clause, which covers a five-mile radius surrounding the existing licence boundaries. Within this zone, neither party may acquire additional mineral rights without the prior written consent of the other. Any rights acquired within this area without such consent will be deemed to be the property of the Joint Venture, and will be transferred to C&C Minerals, ensuring that any upside in the immediate vicinity is captured and developed collaboratively.

To preserve strategic control, Chariot is granted pre-emptive rights whereby Continental may not sell or transfer any part of its interest in the Joint Venture until the Joint Venture achieves US$50 million in annual revenue and, thereafter, Continental may transfer all or part of its interest only if it

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party offer.

4 Next Steps

As noted above, the Company’s acquisition of the C&C Portfolio is conditional (amongst other things) upon typical closing requirements, including Nigerian regulatory approvals for licence transfers and approval of Chariot’s shareholders for the share issuances (to be sought at a general meeting). Both parties are working diligently to satisfy all conditions precedent. Settlement is targeted for Q3 2025. Key post-signing milestones and planned activities are as follows:

• Q3 2025 – Settlement: Obtain regulatory and shareholder approvals. Incorporate C&C Minerals and transfer all licences to it. Chariot and Continental negotiate and, at settlement, execute the Shareholders’ Agreement and other ancillary documents.

• Q3/Q4 2025 – Integration & Field Work: Upon Settlement, Continental’s local team will be integrated into C&C Minerals’ operations and surface programs, including detailed geological mapping, geochemical sampling and pit surveying across all four project clusters, will commence with the primary objective of identifying priority drilling targets.

• Late 2025 – Commence Drilling: Initial drilling programs are planned to commence at the Fonlo and Gbugbu projects to test the lithium mineralisation potential, along strike and at depth beneath, extensive surface pegmatites and historical workings. Early drilling results are expected by late 2025 to early 2026, which will be reported to the market as they are received. The objective of this work will be to identify potential drilling targets for follow-up resource definition drilling.

• C&C Minerals will continue drilling

• throughout 2026 with the objective of completing compliant maiden JORC Mineral Resource estimates for one or more of the project areas. While drilling continues, Chariot intends to assess processing alternatives (e.g. on-site concentrate production vs. direct shipping ore) and infrastructure options. Engagement with potential offtake partners (particularly Chinese battery materials firms active in Nigeria) will intensify if drilling results confirm the potential for extensive lithium mineralisation at the Projects.

• Beyond 2026 – Development Pathway: Pending exploration success, Chariot’s medium-term objective is to advance the most prospective project(s) toward production by conducting mining studies. Chariot will also evaluate strategic partnerships or project-level funding opportunities at the development stage to further de-risk the pathway to production.

Throughout this process, Chariot will provide regular updates to shareholders on exploration progress and key milestones. The Company is also strengthening its technical team with lithium pegmatite specialists and leveraging Continental’s logistics capabilities to ensure efficient execution of work programs. The Board is confident that meeting these execution milestones will significantly re-rate

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companies with exposure to the Africa–China lithium corridor.

To fund the planned exploration and development activities at the new projects, the Company will require additional capital. Chariot is currently considering a range of funding options, including equity capital markets initiatives and potential offtake arrangements, and will update the market in due course in accordance with its continuous disclosure obligations.

The above is a statement of current intentions as at the date of this announcement. Intervening events, including exploration success or failure, may cause the Company to alter its plans for development of the C&C Portfolio.

Authorised on behalf of the Board of Directors.

Shanthar Pathmanathan Managing Director Chariot Corporation Ltd

Competent Person Statement

The technical information in the document that relates to the Exploration Results is based on information compiled and conclusions derived by Mr. Michael Cronwright, who is a geologist with 25 years’ experience in exploration, is a fellow of The Geological Society of South Africa (GSSA) and Pr. Sci. Nat. (Geological Sciences) registered with the South African Council for Natural Professions (SACNASP). Mr. Cronwright is a Principal Geologist with ERM Ltd (UK) (an independent consulting company and previously CSA Global). Mr. Cronwright has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Cronwright consents to the inclusion in this report of matters based on his information in the form and context in which they appear.

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Important Notice

Statements in this announcement are made only as of the date of this announcement unless otherwise stated and the information in this announcement remains subject to change without notice.

corporate, their respective officers, directors, employees, advisors and agents or any other person accepts any liability as to or in relation to the accuracy or completeness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this announcement or any omission from this announcement or of any other written or oral information or opinions provided now or in the future to any person.

This announcement contains “forward-looking information” that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to studies, the Company’s business strategy, plan, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations. Generally, this forward looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘likely’,’ believe’, ’estimate’, ‘expect’, ’intend’, ’may’, ’would’, ’could’, ’should’, ’scheduled’, ’will’, ’plan’, ’forecast’, ’evolve’ and similar expressions. Persons reading this announcement are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. Neither the Company, nor any other person, gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statement will actually occur. Except as required by law, and only to the extent so required, none of the Company, its subsidiaries or its or their directors, officers, employees, advisors or agents or any other person shall in any way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of whatever nature arising in any way out of, or in connection with, the information contained in this document. The Company disclaims any intent or obligations to or revise any forward-looking statements whether as a result of new information, estimates, or options, future events or results or otherwise, unless required to do so by law.

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About Chariot

Chariot Corporation Limited is a mineral exploration company focused on discovering and developing high-grade and near surface lithium opportunities in the United States. Chariot has twelve (12) lithium projects, including two core projects (the “Core Projects”) and a number of exploration pipeline projects which Chariot majority owns and operates. The Core Projects include Chariot’s flagship Black Mountain Project (which is prospective for hard rock lithium) in Wyoming, USA and the Resurgent Project (which is prospective for claystone lithium) in Nevada and Oregon, USA. Initial survey results from the Core Projects indicate high-grade lithium mineralisation at surface.

Chariot holds an interest in six exploration pipeline projects located in Wyoming, USA, including, the Copper Mountain Project, the South Pass Project and four other hard rock lithium projects.

Chariot also holds an interest in applications for seven (7) exploration licences in the highly prospective Southern Cross Greenstone Belt, Western Australia. The Southern Cross Greenstone Belt, one of Western Australia’s most significant gold-producing regions with over 150 mines, is now emerging as a key region for LCT pegmatites.

Chariot holds an interest in a hard rock lithium project in Zimbabwe. The Zimbabwe project licences are in the process of being relinquished.

In addition, Chariot holds a portfolio interest in certain properties prospective for claystone hosted lithium located in the State of Nevada in the United States through its interest in Mustang Lithium LLC.

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JORC Code– Table 1 – Fonolo, Gbugbu, Iganna, and Saki Projects, Nigeria Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•A total of 47 historical reconnaissance rock chip samples referred to
techniques	specific specialised industry standard measurement tools appropriate	in this Release were collected during three visits to the Project areas
	to the minerals under investigation, such as down hole gamma	comprising: In October 2022, six (6) rock chip samples were collected
	sondes, or handheld XRF instruments, etc). These examples should	at the Fonlo Project and five (5) at the Iganna Project, in total 11
	not be taken as limiting the broad meaning of sampling.	samples, by an independent Qualified Person and a Continental
	• Include reference to measures taken to ensure sample representivity	Lithium Limited geologist. In March 2023, seven (7) rock chip
	and the appropriate calibration of any measurement tools or systems	samples were collected at each of the Gbugbu and Saki Projects, in
	used.	total 14 samples, by Continental Lithium Limited geologists. In April
	• Aspects of the determination of mineralisation that are Material to the	2024, five (5) rock chip samples were collected at each of the Fonlo
	Public Report.	and Iganna Projects, and six (6) rock chip samples were collected at
	• In cases where ‘industry standard’ work has been done this would be	each of the Gbugbu and Saki Projects, for a total of 22 samples, by
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1	geologists from an independent third party and a Continental Lithium
	m samples from which 3 kg was pulverised to produce a 30 g charge	Limited geologist.
	for fire assay’). In other cases more explanation may be required,	•The primary samples typically ranged in mass from 1-3kg and
	such as where there is coarse gold that has inherent sampling	averaged 1.6kg.
	problems. Unusual commodities or mineralisation types (eg	•The Competent Person (CP) considers the nature of the historical
	submarine nodules) may warrant disclosure of detailed information.	sampling to have been reconnaissance grab sampling and fit for
		purpose for early-stage exploration.
		•The2024samplingincludedthe collectionof field duplicates.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•No drilling has been undertaken on the Projects or is reported in this
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	announcement.
	or standard tube, depth of diamond tails, face-sampling bit or other
	_type, whether core is oriented and ifso, by what method, etc). _
Drill sample	• Method of recording and assessing core and chip sample recoveries	•No drilling has been undertaken on the Projects or is reported in this
recovery	and results assessed.	announcement.
	• Measures taken to maximise sample recovery and ensure
	representative nature of the samples.
	• Whether a relationship exists between sample recovery and grade
	and whether sample bias may have occurred due to preferential
	loss/gainof fine/coarse material.
Logging	• Whether core and chip samples have been geologically and	•No drilling has been undertaken on the Projects or is reported in this
	geotechnically logged to a level of detail to support appropriate	announcement.

24

Criteria	JORC Code explanation	Commentary
	Mineral Resource estimation, mining studies and metallurgical	•The nature of the material being sampled was described and
	studies.	recorded. Other information recorded included location, sample date,
	• Whether logging is qualitative or quantitative in nature. Core (or	and short geological descriptions of the location from which the
	costean, channel, etc) photography.	sample was collected.
	• The total length and percentage of the relevant intersections logged.	•All data was recorded in an Excel spreadsheet and merged with the
		assay datawhen resultswerereported.
Sub-	• If core, whether cut or sawn and whether quarter, half or all core	•The 11 samples submitted to MSA Laboratories from sampling in
sampling	taken.	October 2022 at Fonlo and Iganna ranged in mass from 0.25-1.03 kg
techniques	• If non-core, whether riffled, tube sampled, rotary split, etc and	•The 14 samples submitted from sampling in March 2023 ranged in
and sample	whether sampled wet or dry.	mass from 0.61-3.2 kg.
preparation	• For all sample types, the nature, quality and appropriateness of the	•The two samples collected in 2024 ranged in mass from 0.92-3.59 kg.
	sample preparation technique.
	• Quality control procedures adopted for all sub-sampling stages to
	maximise representivity of samples.
	• Measures taken to ensure that the sampling is representative of the in
	situ material collected, including for instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are appropriate to the grain size of the material
	_being sampled. _
Quality of	• The nature, quality and appropriateness of the assaying and	•The samples collected by were sent to MSALABS in Abuja, Nigeria
assay data	laboratory procedures used and whether the technique is considered	for sample preparation, and the prepped samples analysed by
and	partial or total.	MSALABS in Vancouver, Canada,
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,	•Sample preparation included crush to 70% passing 2mm, split 250
tests	the parameters used in determining the analysis including instrument	aliquot and pulverize to 85% passing 75µm.
	make and model, reading times, calibrations factors applied and their	•The October 2022 samples were analysed for 18 multi-elements
	derivation, etc.	including Li, Sn, Mg, Al, Ti, K, Ni using method PER-700, peroxide
	• Nature of quality control procedures adopted (eg standards, blanks,	fusion with analysis by Inductively Coupled Plasma Atomic Emission
	duplicates, external laboratory checks) and whether acceptable levels	Spectrometry (ICP-AES).
	of accuracy (ie lack of bias) and precision have been established.	•The March 2023 samples were analysed for 47 elements by method
		PER-700R (using a peroxide fusion digest and analysis by ICP-ES
		and ICP-MS (Multi-elements with Rare Earth Elements (REEs)).
		•The 2024 samples were analysed by methods PER-700 for 18
		elements and IMS-7xx (using peroxide fusion digest with analysis by
		ICP-ES AND ICP-MS) for 10 elements (B, Ba, Be, Cs ,Nb, Rb, Sn, Sr,
		Ta, W) and WRA-3 (lithium borate fusion and analysis by ICP-ES) for
		Na and P.
		•Peroxide fusion results in the complete digestion of the sample into a
		molten flux. As fusion digestions are more aggressive than acid

25

Criteria	JORC Code explanation	Commentary
		digestion methods, they are suitable for many refractory, difficult-to-
		dissolve minerals such as chromite, ilmenite, spinel, cassiterite and
		minerals of the tantalum-tungsten solid solution series. They also
		provide a more-complete digestion of some silicate mineral species
		and are considered to provide the most reliable determinations of
		lithium mineralisation.
		•Sodium peroxide fusion is a total digest and considered the preferred
		method of assaying pegmatite samples.
		•Certified reference material (AMIS0355 and AMIS0408) and blank
		pulp (AMIS0577) sourced from African Mineral Standards (AMIS) in
		Johannesburg, South Africa where inserted into all batches. The 2024
		samples include a blank material of unknown origin.
		•The results of the blanks do not show any evidence of contamination
		during the sample preparation and analysis of the sample batches.
		•The results of the CRMs were within acceptable limits of the certified
		values and are considered acceptable and have validated the
		laboratories measurement procedures.
		•In addition, the laboratory (MSALABS Vancouver) incorporated its
		own internal QAQC procedures to monitor its assay results prior to
		release of resultsto Continental Lithium.
Verification	• The verification of significant intersections by either independent or	•No verification sampling was done by the CP.
of sampling	alternative company personnel.	•Confidential independent check sampling and verification mapping
and	• The use of twinned holes.	was undertaken by an independent third party and reviewed by the
assaying	• Documentation of primary data, data entry procedures, data	CP.
	verification, data storage (physical and electronic) protocols.
	• _Discuss any adjustment to assay data. _
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•Coordinates for the historical rock samples collected by an
data points	down-hole surveys), trenches, mine workings and other locations	independent third party at the four Projects were located using a
	used in Mineral Resource estimation.	handheld Garmin65s GPS in Universal Transverse Mercator (WGS
	• Specification of the grid system used.	84) Zone 31N.
	• Quality and adequacy of topographic control.	•Coordinates for the historical rock samples collected by Continental
		Lithium Limited at the four Projects were located using a handheld
		Garmin 62s GPS in Universal Transverse Mercator (WGS 84) Zone
		31N.
		•Topographic control usinghandheld GPS isgenerally+/-10 m.

26

Criteria	JORC Code explanation	Commentary
Data spacing	• Data spacing for reporting of Exploration Results.	•No drilling has been undertaken on the Projects or is reported in this
and	• Whether the data spacing and distribution is sufficient to establish the	announcement.
distribution	degree of geological and grade continuity appropriate for the Mineral	•Historical rock chip sample was reconnaissance in nature and
	Resource and Ore Reserve estimation procedure(s) and	variably spaced.
	classifications applied.	•Sampling was designed to confirm mineralisation and is not sufficient
	• Whether sample compositing has been applied.	to support a mineral resource estimate.
		•No sample compositing has been applied to the rock chip assay
		results.
Orientation	• Whether the orientation of sampling achieves unbiased sampling of	•This is not applicable at this level of investigation, as these are
of data in	possible structures and the extent to which this is known, considering	reconnaissance rock chip samples collected from the pegmatite
relation to	the deposit type.	outcrops to confirm mineralisation.
geological	• If the relationship between the drilling orientation and the orientation	•No drilling has been undertaken on the Projects or is reported in this
structure	of key mineralised structures is considered to have introduced a	announcement.
	sampling bias, this should be assessed and reported if material.
Sample	• The measures taken to ensure sample security.	•The historical rock chip samples collected at the Fonlo and Iganna
security		Projects were bagged by an independent Qualified Person and
		Continental Lithium Limited geologist and dispatched to the MSALAB
		in Abuja by Continental Lithium Limited.
		•The CP is unable verify the sample security for historical rock chip
		samples collected at the Gbugbu and Saki Projects by Continental
		Lithium Limited and an independent third party. However, given
		Continental Lithium Limited was involved in collecting these
		reconnaissance samples, the CP considers similar sample security
		was applied, like that for the Fonlo and Iganna samples, and does not
		consider thiswillaffect thereliability of the assayresults.
Audits or	• The results of any audits or reviews of sampling techniques and data.	•Data and sampling techniques have not been reviewed or audited by
reviews		a third party for the Gbugbu and Saki Projects.
		•The CP does not consider this to be material for early-stage
		exploration. Data and sampling verification has been undertaken for
		the Fonlo and Iganna Projects by an independent Qualified Person
		and Continental Lithium Limited geologist, in preparation for a
		summary exploration report.
		•No site visit has been completed bythe CP to theproject areas.

27

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	•Chariot Corporation Limited has entered into a Share Sale Agreement
tenement	agreements or material issues with third parties such as joint	with Continental Lithium Limited to acquire a 66.7% interest in four
and land	ventures, partnerships, overriding royalties, native title interests,	lithium Projects (Fonlo, Gbugbu, Iganna, Saki) in Nigeria. The
tenure status	historical sites, wilderness or national park and environmental	Projects are located across Nigeria’s Oyo and Kwara States and
	settings.	consist in total of eight exploration licences (EL) and two small-scale
	• The security of the tenure held at the time of reporting along with any	mining licences (SSML) with a combined area of approximately
	known impediments to obtaining a licence to operate in the area.	254 km2. These licences will be transferred to a newly established
		joint venture entity, C&C Minerals Limited, which will be 66.7% owned
		and controlled by Chariot with Continental holding the remaining
		33.3% interest.
		•The tenure for each Project is as follows: Fonlo (EL-035506, EL-
		040486), Gbugbu (EL-037243, EL-038574), Iganna (EL-035516),
		Saki (EL-038148, SSML-036058, EL-036062, EL-036480, SSML-
		036039).
		•All licences are currently held by Continental Lithium Limited, except
		for EL-040486 that is owned by Abualihim Nig Ltd.
		•The CP is unable to verify if these licences are wholly owned by the
		forementioned companies and has relied on data supplied by Chariot
		and Continental Lithium.
		•The CP is unable to verify if the tenure is subject to any
		encumbrances or is potentially affected by material issues with third
		parties.
		•The CP has not independently verified the legal title of the tenements
		and is not qualified to do so.
		•The CP notes that based on a tenure listing provided by Continental
		Lithium Limited to Chariot, dated 10 October 2024, four licences have
		expired. A few of the other licences are due for renewal in 2025 and it
		is understood following discussions with Chariot that the renewals will
		be carried out, as well as payment of any outstanding annual fees for
		all licences.
		•Chariot has informed the CP that they have engaged the services of a
		Nigerian solicitor to verify the status of the tenure for all licences.
		•The CP is aware artisanal and small-scale mining activity on the
		licences, but not the extentof this activity.

28

Criteria	JORC Code explanation	Commentary
		•The CP cannot confirm the security situation regarding physical
		access to the licence areas given that artisanal and small-scale
		miners are actively operating or have in the recent past been active
		on certain of them. But notes that Continental geologists have already
		undertakensitevisits successfully.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	•The Projects all contain variable amounts of significant artisanal
done by		mining activities focussed on the lithium and semi-precious gemstone
other parties		mineralisation hosted by the pegmatites. The inactive or abandoned
		artisanal mining sites, typically represented by large water-filled pits
		as well as ongoing artisanal mining sites, many have exposed lithium
		mineralisation.
		•The only reported historical exploration undertaken on the Projects
		was field reconnaissance mapping and rock chip sampling by
		Continental Lithium geologists, rock chip sampling by geologists from
		an independent third party, and sampling verification undertaken for
		the Fonlo and Iganna Projects by an independent Qualified Person
		forContinental Lithium Limited.
Geology	• Deposit type, geological setting and style of mineralisation.	•The licences are located in the western Nigerian states of Kwara and
		Oyo and occur within the western part of the Neoproterozoic aged
		Pan-African Dahomeyide Orogenic Belt (DOB). This belt forms part of
		a broader network that stretches across West Africa, along the
		margin of the West African Craton, from Algeria southwards through
		Nigeria, Benin and Ghana, and into the Borborema Province of Brazil,
		known as the Pan-African–Brasiliano orogenic system. The basement
		rocks in the western part the DOB, are dominated by Archaean
		migmatitic gneisses, with Proterozoic schist belts of low-metamorphic
		grade and highly deformed, metasedimentary and metavolcanic
		rocks. In the east of the DOB, the metamorphic grades are higher,
		ranging from upper amphibolite to granulite-facies, with migmatitic
		metamorphic rocks derived from Palaeoproterozoic protoliths.
		These rocks are intruded by extensive syn- to post- collisional
		Neoproterozoic granitoid plutons referred to as the “Older Granites”.
		The youngest of these, being the post-collisional granites are
		associated with the rare metal pegmatites (which included the LCT-
		pegmatites) of Nigeria. These pegmatites occur in a distinct belt that
		extends SW–NE from Ife to Jos and appears to cut across the
		boundarybetween the eastern and western terranes of the DOB.

29

Criteria	JORC Code explanation	Commentary
		Although the pegmatites are often found close to the margins of
		peraluminous (S-type) granite plutons, age dating indicates they are
		younger than the granites and emplaced later, and the origin
		somewhat uncertain (Goodenough et. al., 2014).
		These pegmatites are described by Goodenough et al. (2025) (and
		references therein) as being typically complex pegmatites (i.e.
		internally zoned), often only a few metres thick, with a clear internal
		zonation. This internal zonation comprises an unmineralised border
		and wall zones that pass into an intermediate quartz, K-feldspar,
		muscovite, albite zone with patches rich in beryl, lepidolite,
		spodumene, cassiterite, columbo-tantalite mineral, and phosphates.
		Reconnaissance mapping by Continental Lithium Limited has visually
		identified spodumene and lithium-mica mineralisation within all four
		(4) of the project area and limited reconnaissance rock chip sampling
		has confirmed associated lithium mineralisation. (NOTE: The
		presence of spodumene or any other lithium mineral does not
		necessarily equate to lithium mineralisation unless confirmed by
		chemical analysis. Due to the irregular distribution of the spodumene
		and other lithium minerals and the very coarse-grained nature of
		these pegmatites, it is not possible to reliably estimate the
		spodumene, or other lithium mineral, contents. The key exploration
		result is the identification of spodumene and lithium-mica in the
		outcrops and no lithium grade is implied.
		No visual estimates are being made in this announcement.
		Visual estimates of mineral abundance should never be considered a
		proxy or substitute for laboratory analyses (XRD and chemical
		testing) where concentrations or grades are the factor of principal
		economic interest. Visual estimates also potentially provide no
		information regarding impurities or deleterious physical properties
		relevant to valuations). Further work is required by Chariot to
		establish the nature, extent, lithium grade of any potential lithium
		mineralisation and the impact of weathering at surface on the lithium
		content of these minerals.
		Reconnaissance mapping by Continental Lithium Limited has
		identifiedlithium-bearing pegmatiteswithin theFonloProject, some of

30

Criteria	JORC Code explanation	Commentary
		which have been mined for their lithium and semi-precious gemstone
		mineralisation. The host rocks within the Fonlo licences include biotite
		gneisses, mica schists, and granites. The biotite gneiss dominates
		the western to middle part of the area while the mica schist occurs in
		the eastern parts (Continental Lithium, 2024).
		Reconnaissance mapping by Continental Lithium Limited has
		identified lithium-bearing pegmatites within the Gbugbu Project some
		of which have been mined for their lithium and semi-precious
		gemstone mineralisation. Host rocks comprise moderately foliated
		dark-grey gneisses composed of feldspar, quartz, micas, amphibole
		and pyroxene (Continental Lithium, 2024).
		Reconnaissance mapping by Continental has identified lithium-
		bearing pegmatites within the Saki Project with numerous artisanal
		workings. Host rocks are similar to those described from the Gbugbu
		Project, i.e. moderately foliated dark-grey gneisses composed of
		feldspar, quartz, micas, amphibole and pyroxene (Continental
		Lithium, 2024).
		Reconnaissance mapping by Continental within the Iganna licences
		has identified a number of lithium bearing pegmatites exposed in
		artisanal workings targeting the lithium mineralisation. Host rocks are
		similar to those described from the Gbugbu Project, i.e. moderately
		foliated dark-grey gneisses composed of feldspar, quartz, micas,
		amphibole and pyroxene (Continental Lithium,2024).
Drill hole	• A summary of all information material to the understanding of the	•No drilling has been undertaken on the Projects or is reported in this
Information	exploration results including a tabulation of the following information	announcement.
	for all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from
	the understanding of the report, the Competent Person should clearly
	_explain why this is the case. _

31

Criteria	JORC Code explanation	Commentary
Data	• In reporting Exploration Results, weighting averaging techniques,	•No drilling has been undertaken on the Projects or is reported in this
aggregation	maximum and/or minimum grade truncations (eg cutting of high	announcement.
methods	grades) and cut-off grades are usually Material and should be stated.	•No metal equivalent values are being reported for the historical rock
	• Where aggregate intercepts incorporate short lengths of high grade	chip samples.
	results and longer lengths of low grade results, the procedure used
	for such aggregation should be stated and some typical examples of
	such aggregations should be shown in detail.
	• The assumptions used for any reporting of metal equivalent values
	_should be clearly stated. _
Relationship	• These relationships are particularly important in the reporting of	•No drilling has been undertaken on the Projects or is reported in this
between	Exploration Results.	announcement.
mineralisatio	• If the geometry of the mineralisation with respect to the drill hole	•The actual dimensions of the pegmatites at the different project areas
n widths and	angle is known, its nature should be reported.	are unknown.
intercept	• If it is not known and only the down hole lengths are reported, there
lengths	should be a clear statement to this effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	•Appropriate figures are included in the body of the Release.
	intercepts should be included for any significant discovery being
	reported These should include, but not be limited to a plan view of
	_drill hole collar locations and appropriate sectional views. _
Balanced	• Where comprehensive reporting of all Exploration Results is not	•All relevant information is included in the body of the Release.
reporting	practicable, representative reporting of both low and high grades
	and/or widths should be practiced to avoid misleading reporting of
	_Exploration Results. _
Other	• Other exploration data, if meaningful and material, should be reported	•All material exploration data or information has been included in the
substantive	including (but not limited to): geological observations; geophysical	body of the Release.
exploration	survey results; geochemical survey results; bulk samples – size and
data	method of treatment; metallurgical test results; bulk density,
	groundwater, geotechnical and rock characteristics; potential
	_deleterious or contaminating substances. _
Further work	• The nature and scale of planned further work (eg tests for lateral	•Detailed geological mapping, geochemical sampling and pit surveying
	extensions or depth extensions or large-scale step-out drilling).	across all four Projects to identify priority drilling targets.
	• Diagrams clearly highlighting the areas of possible extensions,	•Initial drilling is planned for the Fonlo and Gbugbu Projects to test the
	including the main geological interpretations and future drilling areas,	lithium mineralisation potential, along strike and at depth beneath,
	_provided this information is not commercially sensitive. _	extensive surface pegmatites andhistorical workings.

32