Disposal of Water Business

Summary by AI ^BETAClose X

Chariot Limited has disposed of its water business, including its stake in the Oasis Water Platform and a desalination project in Djibouti, to AquaNexus Holding for US$435,000 in cash. This strategic move allows Chariot to focus on its core interests in electricity trading and generation projects within its Power division across southern Africa. The water business generated US$162,000 in revenue and a loss of approximately US$100,000 in the year to December 31, 2024, with a book value of US$550,000. The sale proceeds will be used for general corporate purposes.

Disclaimer*

Chariot Limited

18 December 2025

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18 December 2025

Chariot Limited

("Chariot", the "Company")

Disposal of Water Business

Chariot (AIM: CHAR), the Africa focused energy company, announces that it has disposed of its water business as it focuses on its core interests within the Power division in electricity trading and generation projects across southern Africa.

The water business primarily held the proof-of-concept desalination project in Djibouti. The business was held through Chariot's stake in a subsidiary, Oasis Water Platform, which has now been sold to AquaNexus Holding.

Sale consideration of US$435,000 in cash has been received and will be used for general corporate purposes.

Enquiries

Chariot Limited

Adonis Pouroulis, CEO

Julian Maurice-Williams, CFO

+44 (0)20 7318 0450

Cavendish Capital Markets Limited (Nomad and Joint Broker)

Derrick Lee

+44 (0)20 7397 8900

Stifel Nicolaus Europe Limited (Joint Broker)

Callum Stewart, Ashton Clanfield

+44 (0) 20 7710 7760

Celicourt Communications (Financial PR)

Mark Antelme, Charles Denley-Myerson, Kathleen Beams

+44 (0) 20 7770 6424

Notes

About Chariot

Chariot is an Africa focused energy group with two core business streams: Upstream Oil and Gas and Renewable Power.

Chariot's Renewable Power business is focused on providing competitive, sustainable and reliable energy through building, generating and trading renewable power in South Africa as well as progressing the development of its power-to-mining projects on the continent. Chariot is also continuing to advance its green hydrogen asset, Project Nour in Mauritania.

The ordinary shares of Chariot Limited are admitted to trading on AIM under the symbol 'CHAR'. https://chariotenergygroup.com

About Oasis Water Platform

Prior to the transaction described in this announcement, Chariot held 80% interests in Oasis Water Platform and its subsidiaries (together, the "Water Business"), through which the Company held a stake in a proof-of-concept desalination project in Djibouti.

In the year to 31 December 2024, the Water Business generated revenues of US$162,000 and a loss of approximately US$100,000 after deduction of recurring operating and administrative expenses. At 31 December 2024, the book value of the Water Business within property, plant and equipment was US$550,000 (implying a book value of US$440,000 for Chariot's 80% stake).

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