Chariot Limited · LSE:CHAR
Chariot — Investor Presentation (July 2025)
22 slides from Chariot's investor presentation, July 2025
Slide 1: Unlocking the Value of Two Businesses
os” i I STENA FORTH \ \ _ UNLOCKING THE VALUE OF — ~ TWO BUSINESSES
Slide 2: Disclaimer and Forward Looking Statements
Disclaimer and Forward Looking Statements These Presentation Materials do not constitute or form part of any depending on a variety of factors. All opinions expressed in these invitation, offer for sale or subscription or any solicitation for any offer to Presentation Materials are those solely of t
Slide 3: Presenters
Presenters Adonis Pouroulis Julian Maurice-Williams Duncan Wallace Chief Executive Officer Chief Financial Officer Technical Director • One of the founders of Chariot, has worked • Chartered Accountant with over 20 • Geologist with over 25 years of in the resources sector for over 30 years years of
Slide 4: Chariot Group – Two Distinct Energy Businesses in Africa
Chariot Group – Two Distinct Energy Businesses in Africa Evalua ting Ne wV en tu re O pp or tun Operator of one onshore and Pursuing Namibian licence itie two offshore licences adjacent to giant oil discoveries Upstream sA cros Water Diverse development and Multiple near-term production s Africa exp
Slide 5: Two Investment Cases – Splitting the Business
Two Investment Cases – Splitting the Business Re-define the Secure farmout Build-out growth Complete financing Demerge the power Deliver growth in Anchois partners across across upstream of generation business to realise trading & power gas development portfolio business power assets valuation gener
Slide 6: Upstream Oil & Gas
UPSTREAM OIL & GAS
Slide 7: Upstream Strategy – Responding to Industry Shift
Upstream Strategy – Responding to Industry Shift MOROCCO Diverse Opportunities in a Fundamentally Advantaged Location Three distinct projects with the potential to attract Offshore Gas Offshore Oil & Gas Onshore Gas Development Exploration Appraisal different partners to fund and deliver further wor
Slide 8: Anchois Gas Field – Wells Drilled
Anchois Gas Field – 3 Wells Drilled Proven Gas Bearing Sands Prospective Gas Sands Water Bearing Sands Campaign Objectives Anchois-1 Anchois-2 Anchois-3 Anchois-1 Anchois-3 ST Sand Shale Water Gas Sand Shale Water Gas RE-DRILL DISCOVERY B Sands A Sand Gas found in main B gas sands – 24m net pay A B
Slide 9: Fundamental Value in Mature Development Plan
Fundamental Value in Mature Development Plan SPAIN ANCHOIS DEVELOPMENT : Re-Scaled & Robust Economics 100 mmscfd imports Anchois TANGIER Field GAS VA Attractive commercial fundamentals are unchanged Tahaddart LU Rissana Offshore CCGT E 50 mmscfd Optimisation of initial FID development with further L
Slide 10: Our Moroccan Footprint: Diverse Exploration Portfolio of Opportunities
Our Moroccan Footprint : Diverse Exploration Portfolio of Opportunities SPAIN Tangier 16 Bcf Existing Newly Plan to Partner to Fund Discoveries Reprocessed Acquisition & Drilling Campaign 3D Seismic Rissana Loukos Offshore Onshore Giant-scale, MOROCCO CPF Drill ready prospects 500 Bcf Anguille Area
Slide 11: Portfolio Expansion – Playing to Our Strengths
Portfolio Expansion – Playing to Our Strengths Preferential Position in Leveraging Experience to NAMIBIA Global Exploration Hotspot PORTFOLIO EXPANSION Diversify & Grow Back-in Right Leverage operating experience to access overlooked high impact growth projects * Target projects which can be funded
Slide 12: Renewable Power
RENEWABLE POWER
Slide 13: South African Market Opportunity
South African Market Opportunity Africa’s Largest Electricity Market Scale KEY STATISTICS Market previously controlled by state monopoly Eskom Power from Coal Shortage of Supply Energy Consumed by Supply Large Industrial Base Insufficient supply to meet current demand causing power cuts Additional P
Slide 14: Accessing the Trading Opportunity – Etana Energy
Accessing the Trading Opportunity – Etana Energy TRADER Economic Interest & Earnings 1 Enabling Construction of 34% ETANA ENERGY Generation Projects through TRADING BUSINESS Bankable Offtake 10% Buying Power from Multiple Generators and Selling to Multiple 1 20% Offtakers in South Africa Supplying O
Slide 15: Trading - Many Renewable Generators to Many Offtakers
Trading - Many Renewable Generators to Many Offtakers GENERATORS PPAs TRADING LICENCE PPAs ELECTRICITY DEMAND TRANSMISSION GENERATION OFFTAKE Major European IPP Financial Close Imminent Financial Close Reached SECURING BANKABLE STRONG COMMERCIAL FULLY FUNDED UTILITY LONG-TERM SUPPLY & INDUSTRIAL DEM
Slide 16: Accessing the Generation Opportunity
Accessing the Generation Opportunity GENERATOR Funding of 2025 Generation PROJECTS ACROSS SOUTHERN AFRICA POWER TO ETANA & POWER TO MINES Total CAPEX 25% Net Share US$600M of Equity 1 1 Investing in Large Renewable Generation Projects with World Class Sponsors 1 US$120M Equity 20% Four Projects to R
Slide 17: Generation Projects - Overview
Generation Projects - Overview 230 MW 200 MW Solar Wind Chariot Net Participation 34.5 MW Chariot Net Participation 30 MW Partner Offtaker Partner Offtaker 40 MW Solar Chariot Net Participation 13.7 MW 1 Partner Offtaker 1 30 MW Solar 1 Chariot Net Participation 15 MW Partner Offtaker 100 MW Wind –
Slide 18: Corporate & Funding Structure
Corporate & Funding Structure Chariot Shareholders Parent Company Oil & Gas Upstream Business IPO - Sale - Dividend in Specie Consideration Demerged Vehicle Non-South African Generation Assets Other Projects KARO FQM WATER H2 EQUITY INVESTORS South $$ Africa MINORITY EQUITY 34%* INVESTOR up to US$20
Slide 19: Future Growth Plans
Future Growth Plans ETANA – POWER TO INDUSTRY DEMERGER As private generation market matures will look to H2 2025 Near-Term trade third-party electricity Expand into Southern African Power Pool and Long-Term investigate Battery Energy Storage Solutions Financing Fully funded – secured $175m financing
Slide 20: South African Opportunity - Leveraging First Mover Trading Advantage
South African Opportunity - Leveraging First Mover Trading Advantage GOAL 2027 H2 2025 Q1 2025 TARGETING 10%* GENERATION 430MW OF SOUTH FUNDING GROSS IN AFRICAN NEW US$20m IMMINENT AT PRODUCTION GENERATION SUBSIDIARY LEVEL BY 2030 ETANA FUNDING COMPLETE Further X10 EBITDA X8 Increase Read-Through Va
Slide 21: Preparing to Split the Group & Month Plan
Preparing to Split the Group & 18 Month Plan Exploration & Potential Moroccan & Production Conclude New Ventures Announce New Ventures Partnering Drilling Campaigns Announce Updated New Moroccan Ventures Strategy H2 2026 Return of Offshore Active Moroccan Partnering IMPLEMENT NEW UPSTREAM STRATEGY O
Slide 22: Creation of an Emerging Market Renewable Player
Unlocking the Value of Two Businesses Creation of an Redefined Africa Emerging Market Focused Upstream Renewable Player Growth Business 22