Chariot : 2022 Final Results 21st Jun 2022

21 June 2023

Chariot Limited

("Chariot" or the "Company")

2022 Final Results

Chariot (AIM: CHAR), the Africa focused transitional energy company, today announces its audited final results for the year ended 31 December 2022.

Adonis Pouroulis, CEO commented:

"As the importance of a successful energy transition builds across the world, Chariot continues to develop a business that spans key elements of the spectrum - natural gas, renewables and green hydrogen - each of which is likely to be a critical energy source of the future. Over the past year we have delivered on a number of the core objectives we set for ourselves across our three pillars, bringing new, exciting and value accretive opportunities into the business. Each of our projects are scalable, focused on delivering accessible, reliable and sustainable sources of power and each has the potential to become an important part of the supply chain within the countries in which we operate. We are proud of our unique position within this sector and the part we are playing in the global energy revolution."

Key Highlights Throughout 2022 and Post Period End.

Transitional Gas - fast tracking the Anchois development project and unlocking a new gas province in Morocco

• Significant gas discovery and drilling operations successfully completed on the Anchois Gas Development ("Anchois") project, located in the Lixus licence, ("Lixus") offshore Morocco.
• Post-wellanalysis confirmed excellent, consistent gas, delivered a material increase in resources totalling 1.4Tcf in total remaining recoverable resources (2C and 2U) and de-risked a number of high potential future targets.
• Award of Rissana Offshore licence ("Rissana") located around Lixus captured basin scale opportunity with 2U prospective resource estimates of 7Tcf.
• Front end engineering design ("FEED") initiated on Anchois alongside Subsea Integration Alliance ("SIA") in June 2022 and materially completed post period end.
• Societe Generale appointed as financial advisor to project - keen interest received from a number of Moroccan, African and European banks in providing future project finance.
• Gas sales principles agreed with ONEE for up to 0.6 BCM per year (c. 60 mmscf per day) on a take or pay basis for a minimum of 10 years - discussions are ongoing with other offtake parties and negotiations progressing well.
• Pipeline tie-in agreement for the Maghreb-Europe Gas Pipeline ("GME") signed, underlining strategic proximity of Anchois to domestic and international market.
• Partnership agreed with Vivo Energy to develop a gas-to-industry market in Morocco - further commercialises future production.
• Competitive partnering process well advanced on Anchois.

Transitional Power - providing reliable renewable energy solutions across Africa

• Partnership with Total Eren extended from January 2022 with Chariot having the right to invest up to 49% into the co-developed mining projects.
• Over 500 MW added to the mining pipeline over the past year in partnership with Total Eren:

1. Development of a 40 MW photovoltaic solar project at the Tharisa platinum mine in South Africa,

• 1. Partnership with First Quantum to develop a 430 MW solar and wind project in Zambia. o Development of a 30 MW solar plant at Karo Mining's platinum mine in Zimbabwe.
• Diversification through shareholding in Etana Energy (Pty) Ltd ("Etana") - an active joint venture company ("JV") which holds one of only three electricity trading licences in South Africa. The JV provides access to transmit, trade and re-trade energy through national grid and unlocks future participation in further renewable projects.
• Acquisition of renewable water production business, owned by ENEO Water PTE Limited ("ENEO"), in response to increasing water scarcity in Africa and as a complementary fit for both the Transitional Power and Green Hydrogen pillars; first project in Djibouti has now been commissioned.

Green Hydrogen - developing a critical energy source of the future

• Pre-Feasibilitystudy completed on Project Nour in Mauritania confirms project's world class potential.
• Total Eren announced as partner to co-develop Nour and progress offtake and feasibility studies.
• Memorandum of understanding signed with the Port of Rotterdam to establish early import supply chains into the European market.
• Pilot projects signed in Morocco with Mohammed VI Polytechnic ("UM6P") and Oort Energy to evaluate large scale green hydrogen production in country.
• Other green hydrogen projects under evaluation with plans to further expand portfolio in Africa.

Corporate

• Placing and oversubscribed open offer successfully raised $29.5m in June 2022.
• Cash of $12.1 million as at 31 December 2022 with no debt and minimal remaining work commitments.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014, as retained in the UK pursuant to S3 of the European Union (Withdrawal) Act 2018.

Enquiries

Chariot Limited	+44	(0)20 7318 0450
Adonis Pouroulis, CEO
Julian Maurice-Williams, CFO
Cenkos Securities Plc (Nomad and Joint Broker)	+44	(0)20 7397 8900
Derrick Lee, Adam Rae
Stifel Nicolaus Europe Limited (Joint Broker)	+44	(0) 20 7710 7760
Callum Stewart, Ashton Clanfield
Celicourt Communications (Financial PR)	+44	(0)20 8434 2754
Mark Antelme, Jimmy Lea

NOTES FOR EDITORS:

About Chariot

Chariot is an Africa focused transitional energy group with three business streams, Transitional Gas, Transitional Power and Green Hydrogen.

Chariot Transitional Gas is focused on a high value, low risk gas development project offshore Morocco in a fast-growing emerging economy with a clear route to early monetisation, delivery of free cashflow and material exploration upside.

Chariot Transitional Power is focused on providing competitive, sustainable and reliable energy and water solutions across the continent through building, generating and trading renewable power.

Chariot Green Hydrogen is partnering with Total Eren and the Government of Mauritania on the potential development of a 10GW green hydrogen project, named Project Nour.

The ordinary shares of Chariot Limited are admitted to trading on the AIM under the symbol 'CHAR'.

CHAIRMAN'S STATEMENT

In 2023, Chariot continued its journey to becoming a significant energy provider across sectors and across the African continent. Each day we move material projects forward towards commercialisation whilst at the same time we envision and initiate additional new ventures. These projects include natural gas and large-scale renewable power developments, working to connect these cleaner energy sources to industrial clients, as well as preparing for the increasing requirement and growth of green hydrogen into the energy supply chain.

Our Cleaner Energy Mission

The scale and importance of the transition demands focus and cooperation across all energy sectors. Access to energy is fundamental to achieve human growth, comfort and contribution. Globally, it is estimated that 600 million people are living in energy poverty; Chariot is committed to doing its part to deliver reliable, affordable energy in all our project areas. With increasing global volatility, the need for security of energy supply has been amplified. Our core mission across three corporate pillars is to deliver low cost cleaner energy options across industries, supply chains, private and retail sectors. By having business units that span the transitional energy space, we fit into a great variety of commercial settings and anticipate that we will introduce additional future opportunities across our African footprint. We are focused on delivering multiple solutions to multiple clients with a lower carbon focus. Our primary purpose is to connect the abundance of the African energy resource with energy hungry urban and industrial sectors as well as underserved populations. The driving intention is to always accomplish these goals via the cleanest technologies directed at projects that make the biggest difference.

Projects with Impact

Chariot continues to focus on large scalable projects where we have clear advantage via our expertise, technology, timing, or position. The Moroccan offshore Anchois gas development project is intended to resource local industry, reduce the carbon intensity of the power sector, and potentially access and supply export European markets. In South Africa, deregulation combined with our power trading licence enables the amalgamation of renewable wind and solar power generation with industrial, commercial, and retail customers. More remote industrial applications require more specific areal focus where we work with clients to achieve the optimal, targeted solutions. This is illustrated by the recent recognition of the Tharisa mine's Buffelspoort solar project as a 'Strategic Integrated Project' by the South African Presidential Infrastructure Coordinating Commission. Finally, Project Nour is already looking to enable multiple economic benefits to Mauritania via significant local content integration within each of the multiple steps of the green hydrogen development cycle. This both introduces and enables low carbon manufacturing processes such as green steel and ammonia production to the host country economy. In addition, our green hydrogen group is instrumental in testing new electrolysis and desalination technologies.

Throughout these efforts, our technical teams are busy working with host countries, ensuring strong partner engagement, application of the best technologies, and optimisation of project management. At the same time, we are always looking ahead to the next project and moving forward, step by step. It is gratifying to see the project pipeline materialise from idea to review, to feasibility, to materiality with the final focus on taking them through to execution and cashflow. Our company employees have an ideal mix of integrity, technical expertise, engagement, and business acumen. I am proud to work with everyone at Chariot, our partners and host countries to achieve our mission.

Focus on Sustainability

As our portfolio gains in both size and range, we are increasing our focus on sustainability and accountability. Our commitment towards best practice is seen in our initial materiality assessment. Two of the United Nation's "Sustainable Development Goals" are particularly salient to Chariot's path and underpin our business execution. Goal 7 strives to ensure access to affordable, reliable, sustainable, and modern energy for all while Goal 9 seeks to focus on the construction of resilient infrastructure, foster innovation and promote sustainable industrial growth. Every belief and resulting activity in all our business units are aligned on this trajectory.

Conclusion

Chariot is proud to be an active participant in the energy transition, a movement which has enormous importance for the global population. We continue to target advantaged, scalable growth across the transitional gas, power, and hydrogen sectors. In conclusion, I want to express our sincere thanks and appreciation to the people we

work with across the table, across industries and across Africa. We look forward to an exciting, successful, and action-packed year for all our stakeholders.

George Canjar

Chairman

20 June 2023

CHIEF EXECUTIVE OFFICER'S REVIEW

Building a sustainable energy business

We are building a diversified sustainable energy business in an industry that is at the forefront of shaping a new energy world. Energy security is critical to modern day civilization and without it, social and economic stability is threatened.

As I review our progress since the last report, I am proud to look back on our achievements in constructing the foundations of our natural gas, renewable power and green hydrogen pillars - energy sources which all have a critical role to play in the future.

Our portfolio of projects has continued to evolve as we have expanded our footprint within the transitional energy space. Over the past year we have delivered on our core objectives across the three businesses and broadened into new ventures with the electricity trading licence owned by Etana and ENEO, bringing complementary dimensions to our asset base. With our current portfolio and plans for ongoing growth, I believe that Chariot is one of the most unique, well positioned and exciting players in the transitional energy sector.

Transitional Gas: Defining and unlocking a basin scale opportunity

In January 2022, we made a significant gas discovery at the Anchois gas project in Morocco and since then have materially increased our resource base, completed the FEED phase of its development, agreed key principles for long term gas sales, whilst progressing other offtake discussions, signed a joint venture partnership with Vivo Energy, and now are in the final stages of a farmout partnering process on Anchois and the Lixus and Rissana licences, which has been a very competitive process. We have also expanded our knowledge of the wider basin potential within Lixus and Rissana and we believe that getting Anchois into production will unlock a new natural gas province that will be an important energy supply for both domestic and European markets.

Transitional Power - Developing some of the largest sustainable power projects in Africa.

We took our renewable power business from a pipeline base of 15 MW to over 500 MW throughout the year, signing up the 40 MW solar project at the Tharisa platinum group metals mine in South Africa, 430 MW of solar and wind power at First Quantum's copper projects in Zambia, and 30 MW of initial solar capacity at Karo Mining's platinum mine in Zimbabwe in partnership with Total Eren which is now becoming part of the Total Energies group. We will continue to build out this side of the power business and will update the market as and when there are material developments.

Our shareholding in Etana, the electricity trading business in South Africa, which is already testing the platform, also offers the potential to unlock further ready-to-buildlarge-scale renewable projects and is an enabler in securing the award of additional projects. Etana is one of only three companies that holds an electricity trading licence in South Africa and through this business we have the ability to generate, transmit, trade and re-trade energy through the country's national grid. With our broad network in-country we have the relationships, with our joint venture partners H1 Holdings, Neura Group and Meadows Energy, to secure offtakes across municipalities, industrial, retail and mining sectors so we can offer an end-to-end customer solution. We are proud to be the first empowerment partnership of this kind in South Africa and this business has the potential to unlock multiple revenue streams in delivering bespoke greener energy solutions to a wide range of consumers. We are aiming to build a pipeline of projects that can supply circa 2 GW of power and this platform can also expand into the wider grid network across southern Africa in years to come.

Green Hydrogen - Critical to achieving carbon reduction targets

A number of major participants entered the green hydrogen market in 2022, further validating the significant potential and the size of the prize of this industry. Our project, Project Nour, is one of the largest green hydrogen opportunities in the world, as confirmed by our pre-feasibility study completed in June 2022, and with Total Eren signing up to the project as a partner. This was a significant validation of the high quality of the project itself. We are delighted to be working with Total Eren as they bring extensive expertise and knowledge; we are closely aligned with them in our belief that this will be one of the most critical commodities of the future. We have ambitious plans as our goal is to be one of the world's leading green hydrogen producers and we will continue to evaluate other assets with a view to bringing them into our portfolio.

The Business Opportunity

We believe that the transitional energy space will be one of the most dominant sectors driving world economic growth for decades to come. As well as finding the projects that will provide material supply, another fundamental element is developing the technology to enable the transformation and delivery of this energy. Innovation is therefore also integral to success and we are at the leading edge of technological advancements in the industry. For example, Oort Energy's (with whom we have a strategic partnership) polymer electrolyte membrane, and the desalination equipment utilised in our water projects are both breaking ground in this regard - both looking to enable the provision of energy and water on an economical, accessible basis.

Whilst there are risks involved in these early stages, I believe we are leading from the front and reading the direction of travel correctly. With relentless innovation taking place in the energy space currently, the sector is at an exciting inflection point. I believe the energy industry has the potential to transform our lives, just as the internet did when gave people across the world the ability to connect on the world wide web. There are still many unknowns to be discovered - in the early 1990's we did not know that we would be able to use mobile phones as we do now for example - and challenges will arise, but the scale of the potential and the global need to decarbonise and take on the climate change challenge, in my view, underpins the biggest business opportunity of our time.

The Chariot ecosystem

The Chariot ecosystem forms the bedrock of the Company. Our portfolio offers a range of investment opportunities across different geographies, energy sources and development phases but each pillar has relevance to the other and they share important synergies. As well as being linked through our corporate values, across all our projects there are common attributes of the resources that we look to supply - reliable, affordable, accessible commodities that can help reduce our carbon footprint and enable diversification of wider industrial activities and downstream development. Our business has matured significantly both in breadth and depth as we have also developed the governance across each pillar which has its own dedicated team and reporting structure. Our network, shared ideas, shared vision and strategy is fundamental to our business, and each team brings something very special to the wider group. We have a long-term vision for this business and we will look to capitalise on these shared benefits whilst we grow the individual businesses within the Chariot stable.

Corporate Review

We successfully raised US$29.5m in June 2022 to progress the FEED for the Anchois project and for further development of our power portfolio, and I would like to thank the new and existing investors that supported this raise. The Chariot directors also participated and we remain inherently aligned with all our shareholders and focused on delivering value for all. The importance of our projects is also underlined by the backing that we get in each country in which we work and I would like to thank all the host nations and Governments for their support and partnership. It is a pleasure to work with ONHYM in Morocco and the Ministry of Hydrocarbons, Mines and Energy in Mauritania and I would like to thank our valued partners, Total Eren, H1 Holdings, Neura Group and Meadows Energy for their ongoing collaboration. I would also like to thank the Chariot family, from the Board to our employees, partners and consultants for their dedication, commitment and enthusiasm and of course, to our shareholders for their ongoing support.

Looking forward