Chariot : Interim Results 30 June 2021

28 September 2021

Chariot Limited

("Chariot", the "Company")

H1 2021 Results

Chariot (AIM: CHAR), the Africa focused transitional energy company, today announces its unaudited interim results for the six-month period ended 30 June 2021.

• Appraisal drilling at Anchois, offshore Morocco, anticipated to commence in December 2021; a key step in early monetisation path for Anchois gas development project.
• Key contracts and team in place with the signing of a contract for the Stena Don rig and award of well services contract to Halliburton.
• Acquisition of Africa Energy Management Platform ("AEMP") completed in Q2 2021 under the new Transitional Power business stream looking to transform the energy market for mining operations in Africa, providing a largely untapped market with cleaner, sustainable and more reliable power.
• Memorandum of Understanding ("MoU") signed with the Government of Mauritania to progress a potential green hydrogen development.
• Recapitalised Company through successful placing, subscription and open offer.

Adonis Pouroulis, Acting CEO of Chariot commented:

"We have achieved significant progress in the first half of the year as we aim to deliver on the strategy in place across our two business streams. We are fully focused on delivering a successful, safe and cost-effective appraisal well in Morocco that meets the objectives set out in our earlier fundraising. The acquisition of AEMP has brought a pipeline of high-value accretive clean energy investment opportunities and we are making great strides in our relationship with Total Eren to bring these projects to investment stage.

We are on track for drilling operations to commence in December 2021 and look forward to an exciting period of newsflow from our Moroccan operations and across the wider group with the progression of our exciting new power business stream."

Highlights during and post-period:

Transitional Gas

The Anchois Development Project

• Rig contract awarded to Stena Drilling to use the Stena Don, a semi-submersible rig, suitable for drilling, completion, and workover operations. Anchois appraisal drilling operations are anticipated to commence in December 2021 and expected to take up to approximately 40 days.
• Appraisal drilling objectives:
  o Unlock the development of the discovered sands by confirming the gas resource volumes, reservoir quality and well productivity.
  o Provide a future production well for the development of the field.
  o Potentially deepen the well into additional low-risk prospective sands with the aim of establishing a larger resource base for longer term growth.
• Gas Market Memorandum of Understanding ("MOU") signed in March 2021 with partner the Office National des Hydrocarbures et des Mines ("ONHYM") and the Ministry of Industry, Trade and Green and Digital Economy ("Ministry") in Morocco to support the Anchois Gas Development.
• Collaboration agreement with Subsea Integration Alliance signed in February 2021, a developer of offshore gas projects, to progress the front-end design, engineering, procurement, construction, installation and operation of the Anchois Gas Development.
• Rissana Offshore Licence, Morocco, capturing prospective acreage surrounding the core Anchois development, in process of formal award.

Transitional Power

• Acquisition completed of AEMP in Q2 2021.
• Acquisition meets Chariot's key environmental, social and corporate governance ("ESG") values of positive impact on the environment, countries, and communities where it operates.
• Entire AEMP team fully integrated into Chariot, under the Transitional Power business stream, including founders Benoit Garrivier and Laurent Coche.
• Right to invest in up to 15% project equity at cost in projects developed in strategic partnership with Total Eren, a global renewable IPP to develop low-risk mining power projects in Africa.
• Partnership has built a pipeline of 500MW of African mining power projects; Chariot's management is also looking to leverage its other significant business interests in multiple mining operations across Africa to rapidly grow the pipeline.
• First project in operation, the largest hybrid solar plant in Africa, at the Essakane gold mine in Burkina Faso, successfully completed and currently generating returns providing proof of concept.

New Business

• Green hydrogen project given exclusivity over an onshore and offshore area in Mauritania totalling approximately 14,400 km2 to carry out pre-feasibility and feasibility studies with the intention of generating electricity from solar and wind resources to be used in electrolysis to split water to produce green hydrogen and oxygen.
• Transitional Gas and Transitional Power teams continue to evaluate new opportunities that play to our strengths as energy professionals and our long-standing presence and experience across the African continent

Corporate

• Unaudited cash balance as at 30 June 2021 of US$18.0 million
• Successful fundraise completed H1 2021 to fund Gas and Power work programmes
• No debt or 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.

For further information please contact:
Chariot Limited	[phone]
Adonis Pouroulis, Acting CEO
Julian Maurice-Williams, CFO
finnCap (Nominated Adviser and Joint Broker)	[phone]
Christopher Raggett, Simon Hicks, Edward Whiley
Peel Hunt (Joint Broker)	[phone]
Richard Crichton, David McKeown
Celicourt Communications (Financial PR)	[phone]
Mark Antelme, Jimmy Lea

NOTES FOR EDITORS:

About Chariot

Chariot is an African focused transitional energy group with two business streams, Transitional Gas and Power.

Chariot Transitional Gas is executing a high value, low risk gas development project with strong ESG credentials 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 looking to transform the energy market for mining operations in Africa, providing a giant largely untapped market with cleaner, sustainable, and more reliable power.

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

Chariot Limited

Chief Executive's Review

The first half of 2021 has seen material change in the Company's make-up: we have acquired a renewable and hybrid energy project developer and we have forged ahead with our core asset, the transitional Anchois gas project in Morocco such that we have an operated gas appraisal well due to commence in December 2021. The progression of our twin business streams reaffirms our stated strategy to create value and deliver positive change though investments that are driving the energy revolution. We are embracing the new era of environmental, social and governance ("ESG") principles and driving forward with our sights on projects that will revolutionise energy across Africa. Importantly we have also re-capitalised the Company to enable delivery of this strategy within a meaningful timeframe for all stakeholders.

Transitional Gas - Anchois Development Project

The Lixus licence, offshore Morocco, contains the Anchois gas discovery, with audited total remaining recoverable resource in excess of 1 Tcf for Anchois, comprising 361 Bcf 2C contingent resources and 690 Bcf 2U prospective resources. Having undertaken an optimised work programme since award in 2019 to reprocess existing seismic data and mature gas marketing and development attributes, this gas project comes at an opportune time to assist Moroccan energy transition. The clear next step to unlock the development and fast- track to gas production is the drilling of an appraisal well, which with the recent signing of the Stena Don rig contract with Stena Drilling, is now anticipated to commence in December 2021.

The primary technical objective of the appraisal well is to unlock the development of the discovered sands by confirming the gas resource volumes, reservoir quality and well productivity. Secondly, this well will have the ability to provide a site for a future production well for the development of the field and finally we have the option to deepen the well into additional low-risk prospective sands with the aim of establishing a larger resource base for longer term growth. The drilling team is in place, led by David Brecknock who recently rejoined the Company having previously played a pivotal role in Chariot's previous drilling campaign in Namibia, which was operated safely, on time and under budget.

The subsea-to-shore development concept for the Anchois gas field, progressed through pre-FEED studies performed with Xodus, an engineering consultancy owned by Subsea 7, validated the development plan and identified the possibility to use standardized technology and optimise costs, due to favourable subsurface conditions. The excellent reservoir properties and gas quality mean that costs are greatly reduced as we can decrease subsea complexity, use standard materials and technology, and reduce the number of initial producer wells due to high productivity rates. Further advancement in the planning phase of the development came in February 2021, when we signed a collaboration agreement with Subsea Integration Alliance, the world-leading developer of offshore gas projects, to progress the front-end design, engineering, procurement, construction, installation and operations work streams. The current development plan consists of two initial subsea wells tied into a subsea manifold with a 40km offshore flowline connected to an onshore gas processing facility, from which a short 40km pipeline connects to the trunk pipeline to Europe allowing access not only to the growing Moroccan energy market but also to the European gas market.

This development plan is fundamental to us achieving our goals of helping deliver energy security and independence to the Kingdom of Morocco in the near-term and move away from reliance on imported fossil fuels. Indigenous Moroccan gas, such as that from an Anchois Field development, has the ability to fuel existing power stations. The industrial demand for gas is robust and growing, with high established gas prices. Furthermore, with a connection to the Maghreb-Europe Gas Pipeline (GME pipeline), surplus gas from the Anchois field development could potentially be exported to Europe, highlighting the bankability and commercial optionality of the project. Lixus boasts excellent contract terms in what is widely known internationally to be a favourable fiscal environment. There is a 10-year corporate tax holiday from the commencement of production and a low 3.5% royalty on gas produced offshore at the water depth of the Anchois discovery. The signature of the Memorandum of Understanding with the Ministry of Industry in Morocco, supporting the Anchois Gas Development project, also confirms that the project will be contributing to social development. We are fully aligned with the Ministry in helping the Kingdom meet its key national strategy of industrial development and economic decarbonization. By bringing this project onstream, we will be improving infrastructure and providing

clean and competitive energy for consumption by the Moroccan industrial sector. The Ministry's support of utilising natural gas extracted in Morocco has been a huge step forward in Chariot's development plan.

Last year, Chariot received two Expression of Interest ("EOI") letters, acknowledging Lixus as an important strategic asset, with strong ESG credentials. The EOI's came from Africa Finance Corporation ("AFC"), a pan- African Multilateral Development Financial Institution, for the provision of development debt finance for the Anchois Gas Discovery, and a major Multinational Investment Bank, for the provision of Reserves Base Lending for the development of Anchois. In parallel, we are holding very positive discussions with potential partners who could join the project to provide extended support and capital to progress the project into development post-appraisal well.

There is a huge amount of follow-on potential to grow Lixus in the coming years and we see that potential extending onto the Rissana licence, which surrounds the borders of Lixus. Key terms were agreed on Rissana, in late 2020, and we anticipate the formal award of the licence shortly.

Transitional Power

Our acquisition of AEMP in the first half of the year was an important first step to diversifying the business and a demonstration of the new strategy in practice. The team is comprised of accomplished energy professionals, who are innovating solutions for the carbon-intensive mining industry in Africa, which is estimated to be comparable in size to 50% of the UK power market. We have chosen to focus our business on the continent of Africa due to its many growing populations and industries that need access to cleaner and more competitive energy. Initially leveraging the group's network of African mining connections for immediate project delivery, we hope to expand beyond the mining industry and serve these other rapidly growing markets.

Our proven concept and ESG project credentials can be seen at the IAMGOLD mine, in the Sahel region, Burkina Faso. The Essakane PV Plant is situated on-site at the gold mine, providing clean solar energy through 130,000 photovoltaic panels, contributing to the mine's power production, and replacing 15 MW with clean solar energy. Chariot owns a 10% share of this 15MW project, which creates a positive impact and benefits the local communities, while respecting the environment. The Essakane project was registered to the UNFCCC with a confirmed 18,000 Certified CO2 Emission Reductions credited every year, a major contribution to sustainable development that was recognised by the "2019 Towards Sustainable Mining" excellence award.

We are in a unique position where we have potential access to multiple mining operations across Africa on account of management's wide reach in the mining industry putting us in a position to rapidly grow the pipeline.

Financial Review

The Group remains debt free and had a cash balance of US$18.0 million at 30 June 2021 (US$3.7 million at 31 December 2020). The equity fundraising completed in June 2021 raised net proceeds of US$17.4 million which are further supplemented by an underwriting commitment of $5.2 million from Magna Capital LDA (of which Adonis Pouroulis is a substantial shareholder). The underwriting commitment ensures that the total fundraising will equate to approximately US$23 million before expenses. Further details in note 7.

Other administrative expenses of US$1.7 million (30 June 2020: US$1.7 million) are in line with the prior period with a reduction in admin expenses driven by the restructuring in the first half of 2020 being offset by increases to business development costs and advisory fees driven by acquisition activity in the period.

Finance income of US$Nil (30 June 2020: US$0.4 million) and finance expenses of US$0.3 million (30 June

2020:

Share-based payments charges of less than US$0.1 million (30 June 2020: US$0.2 million) are marginally lower than the prior period due to the vesting of historic awards of employee deferred shares.