Announcement PDF ABN 13 637 559 847 Chariot Corporation Limited Consolidated Annual Financial Report For the Year Ended 31 December 2023 Contents Corporate Directory ................................................................................................................................ 3 Directors’ Report ..................................................................................................................................... 4 Auditor’s Independence Declaration .................................................................................................... 31 Consolidated Statement of Profit or Loss and Other Comprehensive Income .................................... 32 Consolidated Statement of Financial Position ...................................................................................... 33 Consolidated Statement of Changes in Equity...................................................................................... 34 Consolidated Statement of Cash Flows ................................................................................................ 36 Notes to the Consolidated Financial Statements ................................................................................. 37 Directors’ Declaration ........................................................................................................................... 72 Independent Auditor’s Report .............................................................................................................. 73 Shareholder Information ...................................................................................................................... 78 Schedule of Exploration Tenements ..................................................................................................... 81 Chariot Corporation | Consolidated Annual Financial Report 2023 2|Page Corporate Directory Directors Murray Bleach | Non-Executive Chairman Shanthar Pathmanathan | Managing Director & CEO Frederick Forni | Executive Director Neil Stuart | Non-Executive Director Company Secretary Craig McNab Registered Office Level 8, 216 St Georges Terrace Perth WA 6000 Principal Place of Business Unit 30, 118 Royal Street East Perth Western Australia 6004 Auditors Moore Australia Audit (WA) Level 15, Exchange Tower 2 The Esplanade Perth Western Australia 6000 Bankers National Australia Bank Limited Gateway Building Cnr Marmion and Davy Streets Booragoon Western Australia 6154 Share Registry Automic Pty Ltd Level 5, 191 St Georges Terrace Perth Western Australia 6000 Website www.chariotcorporation.com ABN 13 637 559 847 Securities Exchange Listing ASX Code: CC9 Chariot Corporation | Consolidated Annual Financial Report 2023 3|Page Directors’ Report The Directors of Chariot Corporation Limited and its controlled entities (‘the Company’, ‘Chariot’ or ‘Group’) present their annual financial report for the year ended 31 December 2023. Directors The Directors of the Company in office at any time during or since the end of the financial year are: • Shanthar Pathmanathan | Managing Director and Chief Executive Officer • Murray Bleach | Non-Executive Chairman (appointed 17 July 2023) • Frederick Forni | Executive Director • Neil Stuart | Non-Executive Director (appointed 7 March 2023) • Jasveer Jessy | Non-Executive Director (resigned 17 July 2023) Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Principal Activities The Company is a mineral exploration company focused on discovering and developing high grade and near surface lithium opportunities predominately in the USA. The Company’s strategic objectives are to: • acquire, explore for and develop a portfolio of mineral properties located in mining-friendly jurisdictions which the Company considers prospective for lithium mineralisation (with an initial focus on properties that exhibit evidence of lithium mineralisation near or at-surface); • retain a dual-focus on hard rock lithium and claystone-hosted lithium assets; • seek to delineate one or more JORC 2012 Mineral Resource Estimates (Resources or MRE) at the core projects and potentially identify new opportunities within the exploration pipeline projects; • produce significant lithium product from U.S. deposits and become a supplier of battery-grade lithium products to the United States’ market; • enhance shareholder value through sound management of its project portfolio and identification of opportunistic transactions; and • make a meaningful contribution to the global transition to renewable energy. Financial Results The Company incurred a loss for the year of $8,529,283 (2022: $3,689,677) and had net assets of $32,833,436 (2022: $6,698,097) as at 31 December 2023. Significant expenditure items during the financial year include: • Corporate and administrative expenses of $1,810,891 (2022: $596,177); • Legal and consulting fees of $1,303,722 (2022: $500,451) • Exploration expenses of $3,067,977 (2022: $1,576,293); • Directors’ fees of $517,854 (2022: $521,000); and • Share-based payment expense of $2,013,905 (2022: $182,590) (Refer to Note 8). As at 31 December 2023, the Company had a cash and cash equivalents balance of $7,624,100 (2022: $2,290,658) and the Company had working capital of $5,304,298 (2022: $1,437,287). Dividends Paid or Recommended There were no dividends paid or declared during the current or previous financial year. Chariot Corporation | Consolidated Annual Financial Report 2023 4|Page Directors’ Report (cont.) Corporate Governance Statement The Company has disclosed its corporate governance statement on the Company website at: www.chariotcorporation.com/site/about-us/corporate-governance Significant Changes in the State of Affairs There were no significant changes in the state of affairs of the Company during the financial year, other than the changes noted and described in this Directors’ report. Future Developments, Prospects and Business Strategies Other than referred to in this report, further information on other likely developments in the operations of the Company and the expected results of operations have not been included in this report because the Directors believe the provision of such information would be likely to result in unreasonable prejudice to the Company. Risk Management The Board of Directors have reviewed the key risks associated with conducting exploration and evaluation activities and steps to manage those risks. The key material risks faced by the Group include: Exploration and Development The future value of the Group will depend on its ability to find and develop resources that are economically recoverable. Mineral exploration and development is a speculative undertaking that may be impeded by circumstances and factors beyond the control of the Group. Success in this process involves, among other things, discovery and proving-up an economically recoverable resource or reserve, access to adequate capital throughout the project development phases, securing and maintaining title to mineral exploration projects, obtaining required development consents and approvals and accessing experienced operational staff, financial managers, skilled contractors, consultants and employees. The Group is entirely dependent upon its projects, which are the sole potential source of future revenue, and any adverse development affecting these projects would have a material adverse effect on the Group, its business, prospects, results of operations and financial condition. Economic Conditions Factors such as (but not limited to) political movements, stock market fluctuations, interest rates, inflation levels, commodity prices, foreign exchange rates, industrial disruption, taxation changes and legislative or regulatory changes, may all have an adverse impact on operating costs, the value of the Group’s projects, the profit margins from any potential development and the Company’s share price. Chariot Corporation | Consolidated Annual Financial Report 2023 5|Page Directors’ Report (cont.) Reliance on Key Personnel The Group’s success is to a large extent dependent upon the retention of key personnel and the competencies of its directors, senior management and personnel. The loss of one or more of the directors or senior managers could have an adverse effect on the Group. There is no assurance that engagement contracts for members of the senior management team will not be terminated or will be renewed on their expiry. If such contracts were terminated, or if members of the senior management team were otherwise no longer able to continue in their role, the Group would need to replace them which may not be possible if suitable candidates are not available. Future Funding Risk Continued exploration and evaluation is dependent on the Company being able to secure future funding from equity markets. The successful development of a mining project will depend on the Group’s capacity to raise funds from equity and debt markets. The Group will need to undertake equity/debt raisings for continued exploration and evaluation. There can be no assurance that such funding will be available on satisfactory terms or at all at the relevant time. Any inability to obtain sufficient financing for the Group’s activities and future projects may result in the delay or cancellation of certain activities or projects, which would likely adversely affect the potential growth of the Group. Unforeseen Expenditure Risk Exploration, evaluation and development expenditures may increase significantly above existing projected costs. Although the Group is not currently aware of any such additional expenditure requirements, if such requirements were to eventuate the Group and its proposed business plans may be materially adversely affected. Environmental, Weather & Climate Change The highest priority climate related risks include reduced water availability, extreme weather events, changes to legislation and regulation, reputational risk and technological and market changes. Mining and exploration activities have inherent risks and liabilities associated with safety and damage to the environment, including the disposal of waste products occurring as a result of mineral exploration and production which may give rise to potentially substantial costs for environmental rehabilitation and damage control potentially causing the Group to incur losses. Delays in obtaining approvals of the Group’s exploration proposals from environmental authorities could affect profitable development of resources. Cyber Security and IT The Group relies on IT infrastructure and systems and the efficient and uninterrupted operation of core technologies. Systems and operations could be exposed to damage or interruption from system failures, computer viruses, cyber-attacks, a power or telecommunication provider’s failure or human error. Chariot Corporation | Consolidated Annual Financial Report 2023 6|Page Directors’ Report (cont.) Review of Operations The Directors present their review of operations for the year ended 31 December 2023 in the following segments: • Lithium Portfolio Review; and • Corporate Review. Lithium Portfolio Review Chariot 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. In addition, Chariot holds interests in certain projects which have either been sold or conditionally divested through option agreements to publicly-listed companies (the ‘Divested Projects’). The Core Projects include Chariot’s flagship Black Mountain Project (‘Black Mountain’) (which is prospective for hard rock lithium) in Wyoming, USA and the Resurgent Project (‘Resurgent’) (which is prospective for claystone lithium) in Nevada and Oregon, USA. Initial rock chip assay results from the Core Projects demonstrate high-grade lithium mineralisation at surface (Refer to the Prospectus for the full set of surface rock chip assay results for the Core Projects). Initial drill assay results from the phase 1 drilling program at Black Mountain confirm multiple intersections of lithium with a best intercept of 15.48m at 1.12% Li2O and 79ppm Ta2O5 from 2.74m, including 4.27m @ 2.46% Li2O and 128 ppm Ta2O5 from 9.94m. As at the date of this report, Chariot currently holds a 93.9% interest in six (6) exploration pipeline projects located in Wyoming, USA, including, the Copper Mountain Project, the South Pass Project and four other hard rock lithium projects (collectively, the ‘Exploration Pipeline Projects’). Chariot holds a 60% interest in the Lida and Amargosa projects in Nevada, USA which are prospective for claystone hosted lithium and a 95% interest in a hard rock lithium project in Zimbabwe which is prospective for spodumene bearing pegmatites (collectively, the ‘Proposed Divestment Projects’). Chariot Corporation | Consolidated Annual Financial Report 2023 7|Page Directors’ Report (cont.) Projects Divested Projects Figure 1 Chariot's lithium portfolio Corporate Acquisitions Wyoming Lithium Pty Ltd On 7 March 2023, the Company subscribed for 11,334,327 shares in Wyoming Lithium Pty Ltd (‘WLPL’) at an issue price of US$0.11 per share, representing a total subscription amount of US$1,246,776. On 19 October 2023 and as contemplated as part of the Company’s initial public offering (‘IPO’), the Company purchased a total of 10,000,000 shares in WLPL at a price of US$0.04 per share in exchange for 1,385,207 Chariot shares issued at a price of A$0.45 per share, representing a total purchase price of A$623,343. As at 31 December 2023, Chariot held 91,334,327 shares in WLPL. This represented a 91.9% interest in WLPL. Chariot Corporation | Consolidated Annual Financial Report 2023 8|Page Directors’ Report (cont.) WLPL owns 100% of Panther Lithium Corporation, a Delaware registered company (‘Panther’). Panther owns the Black Mountain Project and the Exploration Pipeline Projects in Wyoming, USA. FMS Lithium Corporation On 28 February 2023, the Company subscribed for a total of 125 shares of the common stock of FMS Lithium Corporation, a Nevada corporation (‘FMSL’), at an issue price of US$1,200 per share, representing a total subscription amount of US$150,000. On 16 October 2023, the Company entered into a subscription agreement with FMSL pursuant to which the Company subscribed for a total of 650 shares of the common stock of FMSL at an issue price of US$1,100 per share, representing a total subscription amount of US$715,000. This subscription was approved by shareholders at the General Meeting held on 15 August 2023. On 19 October 2023 and as contemplated as part of the IPO, the Company purchased a total of 2,948 shares of the common stock of FMSL at a price of US$1,100 per shares in exchange for 10,566,495 Chariot shares issued at a price of $0.45 per share, representing a total purchase price of $4,754,923. On 19 October 2023 and as contemplated as part of the IPO, the Company purchased 100% of BGA Chariot Pty Ltd, Metroview Holdings Pty Ltd, Pierview Holdings Pty Ltd and Idevelop WA Pty Ltd (collectively, the ‘FMSL Holding Companies’) at a price of US$1,100 per FMSL share held by each of the FMSL Holding Companies in exchange for 2,205,598 Chariot shares issued at a price of $0.45 per share, representing a total purchase price of $922,519. Together, the FMSL Holding Companies hold 579 FMSL shares. On 19 October 2023 and as contemplated as part of the IPO, the Company purchased 82.6% of Rosepoint Holdings Pty Ltd (‘RHPL’) at a price of US$1,100 per FMSL share held by RHPL in exchange for 15,733,837 Chariot shares issued at a price of $0.45 per share, representing a total purchase price of $7,080,227. RHPL holds 5,000 FMSL shares. As at 31 December 2023, Chariot beneficially owned 10,482 shares in FMSL representing a 79.4% percent interest in the common shares of FMSL. FMSL owns 100% of the Resurgent project. Projects Overview Black Mountain Project Black Mountain comprises 352 unpatented lode mining claims (‘Claims’) covering 2,686 Ha located in Natrona County in Central Wyoming, USA. Over the course of 2023, the Company completed a surface rock chip sampling program, ground-based magnetic mapping and soil orientation surveys (Refer to the Prospectus for the full set of surface rock assay results and ground magnetic results and refer to ASX announcement dated 2 February 2024 for the full set of soil assay results). Chariot Corporation | Consolidated Annual Financial Report 2023 9|Page Directors’ Report (cont.) On 23 May 2023, Panther paid US$500,000 to Black Mountain Lithium Corporation (‘BMLC’) in line with the exercise of the Amended and Restated Exploration and Secured Option Agreement, dated 20 July 2022, to purchase 27 Claims at the Black Mountain Project (‘BMLC Agreement’). On 21 August 2023, the Black Mountain Drilling Exploration Notice for the Phase 1 drilling program was approved by the Bureau of Land Management (‘BLM’). On 19 October 2023, the Company completed the second payment of US$1,250,000 under the BMLC Agreement. The payment of US$1,250,000 was satisfied by the issuance of 4,328,779 Chariot shares. On 10 November 2023, the Black Mountain Phase 1 drilling program commenced drilling triple tube HQ sized core using a Boart Longyear LF90 Surface Diamond Core Drill Rig. The first three (3) holes all intersected near surface, high-grade spodumene mineralisation confirming the potential of Black Mountain LCT pegmatite swarms. Notable results from the first three (3) holes include: • BMDDH23_01 15.48m @ 1.12% Li2O and 79ppm Ta2O5 from 2.74m, including 4.27m @ 2.46% Li2O and 128 ppm Ta2O5 from 9.94m • BMDDH23_02 14.33m @ 0.84% Li2O and 61ppm Ta2O5 from 1.83m, including 2.29m @ 3.09% Li2O and 138ppm Ta2O5 from 10.67m • BMDDH23_03 18.81m @ 0.85% Li2O and 98ppm Ta2O5 from 45.26m, including 5.79m @ 1.08% Li2O and 105ppm Ta2O5 from 47.55m Figure 2 Cross section showing BMDDH23_01 and BMDDH23_02 drill traces with the intersected pegmatite shown in red. Chariot Corporation | Consolidated Annual Financial Report 2023 10 | P a g e Directors’ Report (cont.) Figure 3 Cross section showing BMDDH23_03 drill trace with the intersected pegmatite shown in red. The Phase 1 maiden drilling program consisting of 10-15 holes was designed to test under the outcropping pegmatite dikes swarms with anomalous Li rock chip values to determine the geometry of the dikes and to confirm the hard rock lithium potential ahead of a comprehensive resource drillout program. During the calendar year 2023, the Phase 1 drill program completed approximately 652m, before recommencing on 8 January 2024. On 13 December 2023, the Company completed the first anniversary payment of US$51,826 pursuant to the Mining Lease with Option to Purchase Agreement with Vesper Resources LLC (‘Vesper’) over two (2) Claims at the Black Mountain Project. Figure 4 Drill core sample from BMDDH23_01 - from 10.6m Chariot Corporation | Consolidated Annual Financial Report 2023 11 | P a g e Directors’ Report (cont.) Resurgent Project Resurgent comprises 1,450 Claims covering 12,128 Ha located in the McDermitt Caldera in Oregon and Nevada, USA. The McDermitt Caldera hosts the two largest lithium mineral resources that have been discovered in North America. The lithium mineralisation in the caldera occurs in the ancient lake sediments that surround the centre of the Caldera. In April 2023, the Company expanded the Resurgent project by staking and filing an additional 38 Claims. Other than land staking, there has been no exploration activity in 2023 at the Resurgent project. Figure 5 The Resurgent Project tenement map Chariot Corporation | Consolidated Annual Financial Report 2023 12 | P a g e Directors’ Report (cont.) Exploration Pipeline Projects Chariot holds six (6) exploration pipeline projects which comprise 443 Claims covering 3,584 Ha in Wyoming, USA (refer to Figure 6). The Copper Mountain project is located in Fremont County and features an extensive field of outcropping pegmatites. During the calendar year 2023 the Company completed a geochemistry survey of the prospective pegmatite outcrops with assay results pending. In May 2023, Chariot expanded the South Pass project by staking and filing on 92 contiguous Claims with the BLM. On 21 September 2023, the Company completed the first anniversary payment of US$20,689 pursuant to the Mining Lease with Option to Purchase Agreement with Vesper over two (2) Claims at the Copper Mountain project. No other work has been conducted on the Exploration Pipeline Projects. Figure 6 Wyoming Project portfolio Chariot Corporation | Consolidated Annual Financial Report 2023 13 | P a g e Directors’ Report (cont.) Divested Projects On 21 March 2023, the Company and its wholly owned subsidiary, Stallion Lithium Pty Ltd, entered into an asset sale agreement with St George Mining Limited (ASX: SGQ) (‘St George’) and its wholly owned subsidiary, Lithium Star Pty Ltd, pursuant to which St George purchased seven (7) Western Australia exploration projects, subject to the reservation of a 2% net smelter royalty by Chariot, for a cash payment of $300,000 and equity consideration of $400,000 in St George shares. Chariot may receive additional share issuances of 15,000,000 St George shares per project upon St George achieving certain milestones. On 7 August 2023, the Company completed the sale of its Western Australian assets to St George. On 17 October 2023, FMSL contributed 100% of its ownership interest in Halo Lithium LLC, Horizon Lithium LLC and Lithic Lithium LLC to Mustang Lithium LLC (‘Mustang’), all of which are Delaware limited liability companies. FMSL owns 100% of the membership interests in Mustang. FMSL has an obligation to distribute the ownership interests in Mustang to FMSL’s shareholders, as they were constituted on 18 October 2023, pro rata in accordance with their respective ownership interests. Chariot owned a 21.4% interest in FMSL as of the record date. On 12 February 2024, FMSL initiated the process of completing the distribution of the ownership interests in Mustang and the distribution is expected to be completed on 14 May 2024. Mustang’s operations have been classified in this financial report as ‘discontinued operations’. All assets and liabilities held by Mustang are classified and presented as held for distribution. Proposed Divestment Projects Between 3 February 2023 and 20 February 2023, Marvel Lithium LLC, a Delaware limited liability company (‘Marvel’), acquired the Amargosa project in Nye County, Nevada, USA through staking and filing on land managed by the BLM. Chariot holds a 60% beneficial interest in Marvel through its 100% direct interest in Chariot U.S.A. Corp., a Delaware corporation. Marvel also holds 100% of the Lida project. The Nyamukono project comprises 45 prospecting licenses in the Mashonoland East Province of northeast Zimbabwe. During the calendar year 2023 the Company erected permanent beacons to delineate its 45 exploration licenses as required by Zimbabwe Law. Chariot holds a 95% interest in Chariot Metals Zimbabwe (Private) Limited which holds 100% of the Nyamukono project. No other work has been conducted on the Proposed Divestment Projects. Chariot Corporation | Consolidated Annual Financial Report 2023 14 | P a g e Directors’ Report (cont.) ASX Announcements This Annual Report contains information extracted from ASX market announcements reported in accordance with the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (2012 JORC Code). Further details (including 2012 JORC Code reporting tables where applicable) of exploration results referred to in this Annual Report can be found in the following announcements lodged with the ASX: • 1 March 2024 – Black Mountain Project Land Position Expanded • 2 February 2024 – Black Mountain Drilling Results • 25 January 2024 – Quarterly Activities/Appendix 5B Cash Flow Report • 8 January 2024 – Black Mountain Drilling Update • 9 November 2023 – Drill Rig Arrives at Black Mountain • 27 October 2023 – Chariot lists on the ASX following a successful IPO • 25 October 2023 – Prospectus Corporate Review Completion of Initial Public Offering On 19 October 2023, the Company successfully completed the capital raise of $9,000,000 (before costs) and issued 20,000,000 fully paid ordinary shares at $0.45 per share pursuant to the Offer set out in the Supplementary Prospectus. The Company also successfully completed the Consideration Offer and issued a total of 29,891,137 Consideration Shares (net of withholding tax) to the shareholders of RHPL, FMSL and WLPL. Upon completion of the Acquisitions under the relevant share purchase agreements (‘SPAs’), Chariot has acquired an 82.6% interest in RHPL and increased its interest in WLPL to 91.9%. As a result of completion under the FMSL SPAs together with the FMSL Subscription, the Company has increased its interest in FMSL to 79.4%. In addition to the Shares issued pursuant to the Offer, the Company completed the issue of the following on 19 October 2023: a) 4,328,779 fully paid ordinary shares to BMLC (and/or its nominees) as the second tranche of the Purchase Option exercise payment under the BMLC Option Agreement; b) 3,100,000 fully paid ordinary shares on conversion of Class A Performance Rights to Directors and employees of the Company; c) 250,000 fully paid ordinary shares and 250,000 unquoted Options, exercisable at $0.50 each on or before 31 March 2024, to DivZero Group Limited Liability Company as non-cash remuneration for consultancy services; and d) 1,000,000 unquoted Options, exercisable at $0.585 each on or before 27 October 2026, to the Joint Lead Managers (and/or its nominees) under the Offer Management Agreement. On 27 October 2023, Chariot officially listed on the ASX. Capitalized terms used in the preceding two paragraphs and not otherwise defined therein have the meanings assigned to them in the Company’s Prospectus which can be found on the Company’s website. Chariot Corporation | Consolidated Annual Financial Report 2023 15 | P a g e Directors’ Report (cont.) Selective Buy-Back of Shares On 25 January 2023, the Company completed the selective buy-back of 1,600,000 Class B Shares and 20,736,976 Class C Shares (together the ‘Buy-Back Shares’). The buy-backs were approved by shareholders at the Annual General Meeting held on 13 December 2022. The Company issued 1 fully paid ordinary share for every 2.5 Buy-Back Shares, which resulted in a total of 8,934,790 fully paid ordinary shares being issued to the holders of the Buy-Back Shares. Board Matters On 7 March 2023, the Company appointed Mr Neil Stuart as a Non-Executive Director. On 17 July 2023, Mr Murray Bleach was appointed Non-Executive Chairman of the Board and Mr Jasveer Singh Jessy resigned as Non-Executive Director. On 2 August 2023 the Board approved Mr Pathmanathan’s and Mr Forni’s Executive Director Agreements which included compensation in lieu of director fees accrued between January 2022 and May 2023, paid in cash and shares. The shares in lieu were subsequently issued to the Directors on 18 August 2023 at a deemed issue price of $0.34 as set out in their respective agreements. Mr Pathmanathan was issued a total of 502,143 fully paid ordinary shares and Mr Forni was issued a total of 376,607 fully paid ordinary shares. Mr Forni was also issued an additional 500,000 fully paid ordinary shares as sign-on shares for work done in connection with the IPO per his agreement. Events after Reporting Date On 2 February 2024, the Company issued 400,000 fully paid ordinary shares from the exercise of 400,000 options at $0.25, receiving a total of $100,000 in cash. On 1 March 2024, the Company announced that it had increased its ownership of WLPL from 91.9% to 93.9% through a share issuance reimbursing Chariot for exploration expenses incurred at the Exploration Pipeline Projects and defrayed by Chariot. No other matters or circumstances have arisen since the end of the reporting period which significantly affected or may significantly affect the operation of the Company, the result of those operations or the state of affairs of the Company in future financial years. Chariot Corporation | Consolidated Annual Financial Report 2023 16 | P a g e Directors’ Report (cont.) Options and Performance Rights Unlisted Options At the date of this report, Chariot had the following shares under option on issue: Number of Options 4,890,667 920,222 771,000 1,000,000 250,000 Exercise Price $0.25 $0.45 $0.52 $0.585 $0.50 Expiry Date 31 December 2024 30 June 2024 23 December 2024 27 October 2026 31 March 2024 On 19 October 2023, the Company issued 1,000,000 unlisted options exercisable at $0.585 and expiring 27 October 2026, to the joint lead managers (and/or its nominees) of the IPO and 250,000 options exercisable at $0.50 each on or before 31 March 2024, to DivZero Group LLC as remuneration for consultancy services provided. During the year, the Company received a total of $5,445,257 on the exercise of 21,781,028 unlisted options with an exercise price of $0.25. The remaining 4,464,920 unlisted options lapsed unexercised on 23 June 2023. No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issuance by the Company or of any other body corporate. Performance Rights At the date of this report, Chariot had the following performance rights on issue: Class of Rights Class B Class C Class D Milestone conditions The Company’s 20-day VWAP reaching 200% higher than the Company’s IPO price. The Company’s 20-day VWAP reaching 500% higher than the Compan