{"id":1830,"date":"2023-11-20T11:00:13","date_gmt":"2023-11-20T11:00:13","guid":{"rendered":"https:\/\/economicherald.net\/?p=1830"},"modified":"2023-11-20T11:00:13","modified_gmt":"2023-11-20T11:00:13","slug":"how-chariot-outsmarted-a-major-to-get-a-mountain-of-lithium-literally-a-mountain","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=1830","title":{"rendered":"How Chariot outsmarted a major to get a mountain of lithium. Literally, a mountain."},"content":{"rendered":"<p>Late October one of the biggest lithium IPOs of 2023, <a href=\"https:\/\/stockhead.com.au\/company\/chariot-corporation-cc9\/\" target=\"_blank\" rel=\"noopener\">Chariot Corp (ASX:CC9)<\/a>, hit the bourse with a market cap of $67.5m at 45c per share.<\/p>\n<p>CC9 has one of the largest lithium exploration landholdings in the United States, plus a bunch of JVs, farm outs and optioned projects:<\/p>\n<p>Source: CC9<\/p>\n<p>Overwhelmed? Don\u2019t be. The focus is the 2sqkm Black Mountain in Wyoming, an emerging hard rock province quickly gaining in popularity.<\/p>\n<p>This project has never been drilled \u2014 until now \u2014 despite 60cm long spodumene crystals (~6-7% lithium) being observed back in 1997 and subsequent early-stage exploration returning assays up to 6.68% Li2O from rock chips. That\u2019s high grade.<\/p>\n<p>Pic: CC9<\/p>\n<p>\u201cIt looks like <a href=\"https:\/\/stockhead.com.au\/company\/liontown-resources-ltr\/\" target=\"_blank\" rel=\"noopener\">Liontown\u2019s (ASX:LTR)<\/a> Kathleen Valley before it was drilled,\u201d CC9 managing director Shanthar Pathmanathan says.<\/p>\n<p>\u201cIt has 40 outcropping pegmatites in a 1.5km long strike across the mountain. We think they go deep down but we won\u2019t know until we drill.\u201d<\/p>\n<p>Meanwhile, the property has already attracted to attention of a few strategics, including a carmaker (\u201cI can\u2019t go into more detail than that,\u201d Pathmanathan says) and one of the largest iron ore\/mining companies in the world.<\/p>\n<p>\u201cAgain, we can\u2019t disclose who that it is, but it is a well-known global mining company interested in lithium.\u201d<\/p>\n<p>\u00a0<\/p>\n<h2><strong>The story how CC9 got its hands on Black Mountain is wild<\/strong><\/h2>\n<p>A couple of lithium majors were already examining the Black Mountain project when it came across Pathmanathan\u2019s desk.<\/p>\n<p>\u201cI was sitting in my driveway in Perth, got the call, and the vendor \u2014 who is now working with us as COO \u2013 told me that a couple of lithium majors were already looking at it,\u201d he says.<\/p>\n<p>But the property around these claims was all open, so CC9 sent a crew up in the middle of the bitterly cold Wyoming winter on a staking mission.<\/p>\n<p>\u201cWhile we were bidding on these claims, we sent a crew in negative 25 degrees Celsius to stake around the two claims getting auctioned,\u201d Pathmanathan says.<\/p>\n<p>\u201cWe staked 89 claims. It was a bold move; someone lost their finger through frostbite it was that cold.<\/p>\n<p>\u201cBut the two claims are in the middle of the mountain. We had 89 claims around those two \u2013 for us, it was like a donut and the hole was missing.\u201d<\/p>\n<p>A billion-dollar capped NASDAQ-listed lithium major won the auction for those two claims in the middle of the mountain, but backed out of the deal on discovering CC9\u2019s strategy.<\/p>\n<p>\u201cThere is a lot of spodumene in those two claims, so we definitely wanted them,\u201d Pathmanathan says.<\/p>\n<p>\u201cWe then paid $4m USD plus a royalty for those two \u2014 a rich price, but it is the last piece of the jigsaw puzzle for us at Black Mountain.\u201d<\/p>\n<p>A maiden 4900m drill campaign to test the central portion of the Black Mountain pegmatite dike swarm, comprising a 1,000m long by +100m wide zone of LCT pegmatite sub-crop and outcrop, is now underway.<\/p>\n<p>Initial results are due in January.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>This is a conviction play, all the way<\/strong><\/h2>\n<p>As a former oil and gas investment banker at Macquarie, Pathmanathan lived through the heady days of oil. US lithium is like \u201cbuying oil properties in the US, 200 years ago\u201d, he says.<\/p>\n<p>\u201cI\u2019ve had a conviction on lithium since I left oil,\u201d he says.<\/p>\n<p>\u201cI also believe in having conviction and investing through downturns \u2013 that\u2019s where you make your money.<\/p>\n<p>\u201cI built this company from scratch.\u00a0 This is not nearology, we have spent $14.8m to this point to put this package together and sold off the rest.<\/p>\n<p>\u201cWe now have the largest lithium exploration landholding in the United States. This is \u2018pioneers of the world\u2019 type days.\u201d<\/p>\n\n<p><span class=\"mce_SELRES_start\"><\/span>\u00a0<\/p>\n<p><em>At Stockhead we tell it like it is. While Chariot was an advertiser at the time of writing, it did not sponsor this article.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/how-chariot-outsmarted-a-major-to-get-a-mountain-of-lithium-literally-a-mountain\/\">How Chariot outsmarted a major to get a mountain of lithium. Literally, a mountain.<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Late October one of the biggest lithium IPOs of 2023, Chariot Corp (ASX:CC9), hit the bourse with a market cap of $67.5m at 45c per <a href=\"https:\/\/economicherald.net\/?p=1830\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":1831,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Chariot outsmarted a major to get a mountain of lithium. 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