Header Ads Widget

Quarterly Activities Report – December 2023

Chariot Corporation Limited (“Chariot”, “CC9” or the “Company”) is pleased to present our Activities Report and Appendix 5B for the period ending 31 December 2023. The fourth quarter of 2023 marked the achievement of several landmark milestones for the Company, including completion of the IPO and ASX listing. Chariot is well-positioned for 2024 with adequate liquidity to support exploration activities across its lithium portfolio and to continue to deliver shareholder value.


  • IPO and ASX listing successfully completed
  • Maiden drilling campaign at Black Mountain commenced on 10 November 2023 with six (6) diamond drill holes completed totalling 652 meters of Phase 1 Drilling Program with initial assay results imminent
  • IPO corporate structure implemented, resulting in a 91.9% ownership of the flagship Black Mountain project in Wyoming and a 79.4% interest in the Resurgent project in Nevada and Oregon
  • Enhanced balance sheet position with cash at year end of A$7.6 million to fund current exploration plans and related activities

Initial Public Offering

On 5 October 2023, the Company closed a A$9 million Initial Public Offering (“IPO”) and commenced trading on the Australian Securities Exchange (“ASX”) at 9:00 am (AWST) on 27 October 2023. The IPO was led by Wilson Corporate Finance Limited and Jett Capital Advisors LLC who acted as Joint Lead Managers.

As of December 31, 2023, Chariot’s cash position was A$7.6 million which remains sufficient to fund the initial drilling program at Black Mountain as well as the Company’s other essential activities.

Implementation of IPO Corporate Structure

In connection with the IPO, the Company completed the implementation of the group’s IPO corporate structure whereby Chariot consolidated its ownership position in its U.S. projects. This implementation enables the Company to exercise greater operational and strategic control over, and benefit from greater economic exposure to, the assets in its portfolio.

The Company now holds, through its subsidiaries, a 91.9% interest in its Wyoming projects (including Black Mountain) and a 79.4% interest in its Resurgent Project.

Black Mountain Project

Phase 1 Drilling Program

The Black Mountain phase 1 drilling program commenced on 10 November 2023 with a plan to drill 2,000 – 3,000 meters of oriented triple tube HQ sized core (“Phase 1 Drilling Program”). Major Drilling Group International, Inc. (“Major Drilling”) is contracted to drill using a Boart Longyear LF90 Surface Diamond Core Drill Rig (the “Drill Rig”).

Despite an atypically harsh winter conditions in late November and December, which included wind speeds of up to 60 km per hour at the Black Mountain summit, Major Drilling and Chariot’s team were able to complete six (6) diamond drill holes totalling 652 meters of HQ diamond drill core (“Drill Core”). The drilling activities were aided by the abatement of the harsh weather conditions experienced before the second half of December 2023.

Chariot restarted drilling on 8 January 2024 and, weather permitting, plans to continue drilling until March 2024.

Initial Assay Results Pending

The first batch of Drill Cores from the Phase 1 Drilling Program were transported to American Assay Labs in Reno, Nevada in December 2023 with assay results expected in late January 2024.

Click here for the full ASX Release

This article includes content from Chariot Corporation, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.


댓글 쓰기

0 댓글