Chariot : Annual Report and Accounts Year Ended 31 December 2022 29th Jun 2023

STRATEGIC REPORT

1-36

FINANCIAL STATEMENTS

47-IBC

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WE ARE AN AFRICA FOCUSED TRANSITIONAL ENERGY GROUP.

Chariot is focused on providing cleaner energy across the African continent via our Transitional Gas, Transitional Power and Green Hydrogen business streams.

GREEN HYDROGEN

Mauritania

10

GW

ESSAKANE

Burkina Faso

15

MW

THARISA

South Africa

40

MW

637

BCF

ANCHOIS GAS

DEVELOPMENT

Morocco

ETANA

South Africa

Pilot

Trading

FIRST QUANTUM

Zambia

430

MW

WATER

Djibouti

50

m3/day

KARO

Zimbabwe

30

MW

Significant gas discovery and drilling operations successfully completed on the Anchois Gas Development ("Anchois") project, located in the Lixus licence, ("Lixus") offshore Morocco.

Post-well analysis confirmed excellent, consistent gas, delivered a material increase in resources totalling 1.4 TCF 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 Office National de l'Electricité et de l'Eau Potable ("ONEE") for up to 0.6 BCM per year (c.60 mmscf per day) on

1. take-or-paybasis 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

1. gas-to-industrymarket in Morocco - further commercialises future production.

Competitive partnering process well advanced on Anchois.

Partnership with Total Eren extended from

January 2022 with Chariot having the right to invest up to 49% into the co-developed mining 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 been commissioned.

Over 500 MW added to the mining pipeline over the past year in partnership with Total Eren:

• Development of a 40 MW photovoltaic solar project at the Tharisa platinum mine in South Africa.
• Partnership with First Quantum to develop a 430 MW solar and wind project in Zambia.
• 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.

Pre-feasibility study 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.

Other green hydrogen projects under evaluation with plans to further expand portfolio in Africa.

Pilot projects signed in Morocco with Mohammed VI Polytechnic ("UM6P") and Oort Energy to evaluate large-scale green hydrogen production in country.

CORPORATE

Placing and oversubscribed open offer successfully raised $29.5 million in June 2022.

Cash of $12.1 million as at 31 December 2022 with no debt and minimal remaining work commitments.

5. UNLOCKING A NEW GAS PROVINCE IN MOROCCO WITH GIANT SCALE POTENTIAL

GAS

Read more on page 22

7. LEVERAGING EXTENSIVE NETWORK AND EXPERTISE

BOARD

Read more on page 37

6. DEVELOPING ONE OF THE TOP 10 GREEN HYDROGEN PROJECTS IN THE WORLD

8. EXPANDING THE GENERATION AND TRADE OF ELECTRICITY ACROSS SOUTH AFRICA'S NATIONAL GRID

TRANSITIONAL POWER

Read more on page 26