Divested Assets

Chariot and its subsidiary FMS Lithium Corporation have divested four claystone lithium projects in central Nevada (“Impact Lithium Projects”) and a portfolio of 14 exploration licenses prospective for hard rock lithium in Western Australia through four separate transactions to various CSE and ASX listed counterparties.

Location – Impact Lithium Projects

The Impact Lithium Projects are prospective for claystone hosted lithium and comprise of 1,090 unpatented lode mining claims across four (4) projects (Halo, Horizon, Lithic and Mustang). The Impact Lithium Projects are located in the Monte Cristo and Big Smoky Valley basins in Esmeralda and Nye County, Nevada which hosts the USA’s only operating lithium mine (Silver Peak) and to date, contains combined JORC 2012 and NI43-101 Mineral Resource of over 43mt LCE. Major claystone lithium projects in the region include:

• American Lithium Corp., TLC Project (NI43-101 MRE: 10.7 mt LCE)¹
• Ioneer Ltd, Rhyolite Ridge (JORC 2012 MRE: 3.4 mt LCE)²
• Century Lithium Corp., Clayton Valley Lithium Project (NI43-101 MRE: 7.2 mt LCE)³
• Noram Lithium Corp., Zeus Lithium Project (NI43-101 MRE: 6.3 mt LCE)⁴
• American Battery Technology Company, Tonopah Flats Lithium Project (NI43-101 MRE: 15.8mt LCE)⁵

Notes:

1. TLC Project contains a NI43-101 Measured & Indicated (8.8mt LCE) and Inferred (1.9 mt LCE) Mineral Resource (totalling 10.7mt LCE) at a 500 ppm Li Cut-off-grade (COG) as of 1 February 2023.
2. Rhyolite Ridge Project contains a JORC (2012) Measured (0.4mt LCE), Indicated (2.3 mt LCE) and Inferred (0.6mt LCE) Mineral Resource (totalling 3.4mt LCE) at a 1,090 ppm Li COG as of 31 March 2023.
3. Clayton Valley Lithium Project contains a NI43-101 Indicated (6.3mt LCE) and Inferred (0.9mt LCE Mineral Resource (totalling 7.2mt LCE) at a 400 ppm Li COG as of 5 August 2020.
4. Zeus Lithium Project contains a NI43-101 Measured & Indicated (5.2mt LCE) and Inferred (1.1mt LCE) Mineral Resource (totalling 6.3mt LCE) at a 400 ppm Li COG as of 17 March 2023.
5. Tonopah Flats Lithium Project contains a NI43-101 Inferred Mineral Resource of 15.8mt LCE at a 300 ppm Li COG as of 8 February 2023.

Location – Western Australia Lithium Portfolio

Chariot’s divested Western Australia lithium portfolio comprised of 14 exploration licenses in the Yilgarn Craton prospective for hard rock lithium. The licenses are prospective for hard rock lithium and cover a total area of 653 square kilometres.

Transaction Summary

The four divestment agreements are as follows:

• A property option agreement between Halo Lithium LLC and POWR Lithium Corp. (CSE: POWR), under which POWR exercised the option to purchase the Halo Lithium Project subject to a 1% net smelter royalty.
• A property option agreement between Horizon Lithium LLC and Pan American Energy Corp. (CSE: PNRG), under which PNRG has the right (but not the obligation) to exercise an option to purchase the Horizon Lithium Project and conduct exploration and drilling activities during the pendency of the option.
• A sale and purchase agreement between Lithic Lithium LLC and Red Mountain Mining US, a subsidiary of Red Mountain Mining Limited (ASX: RMX).
• A sale and purchase agreement and royalty deed between Chariot and its wholly owned subsidiary Stallion Lithium Pty Ltd and St George Mining Limited (ASX: SGQ) and its wholly owned subsidiary Lithium Star Pty Ltd.

Chariot holds a 21.4% interest in the proceeds arising from the divestment of the Impact Lithium Projects and a 100% interest in the proceeds from the divestment of the WA Lithium Portfolio.

Refer to the Prospects for further details on the consideration and payment structure.