Mustang Lithium LLC & Divested Assets

Mustang Lithium LLC

Chariot owns 24.1% of Mustang Lithium LLC, which through two wholly owned subsidiaries, owns the Horizon and Halo lithium projects located in the Big Smoky Valley near Tonopah, Nevada, USA. Together the projects consist of 937 mineral claims over 19,358 acres prospective for claystone hosted lithium.

Key Highlights:

• Foreign mineral resource estimate of 1.3 million tonnes LCE indicated and 8.8 million tonnes LCE inferred at Horizon¹
• The projects neighbour American Lithium Corp.’s (TSX-V: LI) TLC project (MRE 10.69 Mt LCE²) and American Battery Technology Company’s (NASDAQ: ABAT) Tonopah Flats project (MRE 18.63 Mt LCE³)
• Significant upside remains for resource expansion and definition
• Suitable for low-cost and sustainable mining methods
• Access to great infrastructure – Highways, electrical, rail and gas
• Well positioned to benefit from strong federal and state government support

Table 1: Horizon Lithium Project Mineral Resource¹

Effective date 15 November 2023, reported by Pan American Energy Corp. Resources are reported above a cut-off grade of 300 ppm Li.

Notes:

1. Pan American Energy Corp. announced a maiden Mineral Resource estimate on 20 November 2023. On 4 January 2024, Pan American Energy filed a technical report pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) entitled “NI 43-101 Technical Report for the Horizon Lithium Project” with an effective date of December 21, 2023. Neither Chariot nor Mustang Lithium LLC has independently verified the information relating to the Horizon NI 43-101 Mineral Resource Estimate.
2. Consisting of a measured resource estimate of 860 Mt @ 924 ppm Li, an indicated resource estimate of 1,192 Mt @ 727 ppm Li and an inferred resource estimate of 486 Mt @ 713 ppm Li, using a cut-off of 500 ppm Li, prepared in conformity with CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and is reported in accordance with the Canadian Securities Administrators NI 43-101. Announced on 16 January 2023 by American Lithium Corp.
3. Consisting of a measured resource estimate of 721 Mt @ 702 ppm Li, an indicated resource estimate of 2,439 Mt @ 565 ppm Li and an inferred resource estimate of 2,931 Mt @ 550 ppm Li, using a cut-off grade of 300 ppm Li in accordance with the SEC S-K 1300 New Mining Disclosure Rule. Announced on 18 January 2024 by American Battery Technology Company.
4. Market capitalization as of 15/10/2024

Western Australian Lithium Portfolio

Chariot divested a Western Australian portfolio comprised of 14 licenses in the Yilgarn Craton prospective for hard rock lithium to St George Mining Limited (ASX: SGQ). Chariot owns a 2% net smelter royalty over these projects with potential future milestone payments. See the Prospectus dated 23 August 2023 for more details.