Chariot Corporation winds up Q4 with nearly $8m in cash and drill targets

  • Chariot Corporation (ASX:CC9) listed on the ASX in Q4
  • The company is drilling for lithium in the US
  • Management noted liquidity is ample for exploration in 2024
  • Shares last traded at 36 cents

Chariot Corporation (ASX:CC9) launches into 2024 still relatively hot off the IPO presses with nearly $8 million in cash to advance activities on-site the company’s flagship Black Mountain lithium play.

That project boasts the largest hard rock lithium resource in the US; no small part of the reason Chariot enjoyed almost immediate fame after it rocked up on the bourse.

During that window, the company was one of the few successes the ASX IPO market saw in 2023.

Project portfolio exploration ready

All in one quarter, the company became listed, snatched 91.9 per cent ownership of Black Mountain; 79.4 per cent interest in the Resurgent project, and, wrapped up a diamond drilling campaign.

That campaign tested a 1000-metre x 100-metre target area observed to contain a swarm of pegmatites – more often than not, the host mineral for lithium.

High-grade rock chips had been found within the boundary envelope; drillers immediately went sniffing after value – even as mother nature did her best to slow down efforts with wild weather hitting. Wind speeds hit 60 kilometres per hour.

Geological hotspot

Chariot boasts a bulk of projects across the North American mining ecosystem, including its Copper Mountain play.

In the state of Wyoming where it plugs away at Black Mountain, the company has no less than five projects to develop in the years ahead, geology willing.

Despite macro concerns, shareholders continue to watch closely.

The company’s Resurgent project is located smack bang in the well-studied and mineralogically prolific McDermitt Caldera.

CC9 shares closed at 36 cents.

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