Result of Oversubscribed Open Offer

Chariot (AIM: CHAR), the African focused transitional energy company, today announces the result of its Open Offer pursuant to the Fundraising announced on 23 May 2025.

The Company is pleased to announce that it has received valid acceptances from Qualifying Shareholders in respect of 62,270,970 Open Offer Shares, representing a take-up of over 119 per cent of the 52,279,027 Open Offer Shares available.

All Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlement. Applications for Open Offer Shares under the Excess Application Facility will be scaled back on a pro-rata basis of the excess shares applied for, with the same scaling methodology to be applied to each shareholder who applied for Excess Entitlements. Accordingly, the Open Offer has conditionally raised total gross proceeds of approximately US$1 million (£0.7 million).

The issuance of the Open Offer Shares is subject to and conditional on the passing of the Resolutions at the General Meeting to be held on 18 June 2025.

Julian Maurice-Williams, CFO of Chariot, commented:

"We are very pleased to announce the results of this Open Offer and would like to thank our shareholders for their ongoing support. This brings the total funds raised to US$7.1 million and we look forward to delivering on our plans across our Upstream and Renewable Power businesses over the coming months."

Capitalised terms in this announcement shall have the same meaning as in the announcement made by the Company on 23 May 2025 unless the context requires otherwise.