Chariot Corporation Limited (ASX:CC9) (“Chariot” or the “Company”) is pleased to announce an update on the Company’s direct and indirect holdings in Australian Stock Exchange (“ASX”) and Canadian Stock Exchange (“CSE”) listed companies (together, the “Liquid Assets”) and the potential future proceeds from previous divestments of ‘non-core’ assets (“Future Divestment Proceeds”).
HIGHLIGHTS:
Chariot holds a 24.08% membership interest in Mustang Lithium LLCMustang Lithium LLC holds cash, listed shares and the right to potential future proceeds from previous divestments of certain mineral assetsChariot continues to hold a direct interest in listed shares in St George Mining Ltd, which were previously received as part of the payment from the sale of seven (7) projects in Western Australia to Lithium Star Pty Ltd, a wholly owned subsidiary of St George Mining Ltd
Mustang Lithium LLC
On 24 May 2024, FMS Lithium Corporation (“FMSL”) distributed all of the membership interests in Mustang to certain former shareholders of FMSL including Chariot (the “Mustang Distribution”). Chariot received 24.8243 units in Mustang and after the issuance of units to consultants, retains units representing a 24.08% membership interest in Mustang.
Mustang holds 100% of the membership interests of Horizon Lithium LLC (“Horizon”), Halo Lithium LLC (“Halo”) and Lithic Lithium LLC (“Lithic”) which were formerly subsidiaries of FMSL. Each of Halo, Horizon and Lithic hold or held certain claystone hosted lithium projects in Nevada, USA which have been described in previous announcements made by the Company (together the, “Mustang Projects”). Each of these projects are subject to an agreement with a publicly listed counterparty interested in developing the relevant project under which the subsidiary may receive future payments from the counterparty payable in cash and/or listed shares.
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