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Delivering Wyoming’s hard rock lithium potential

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Delivering Wyoming’s hard rock lithium potential


Chariot has made the first hard rock lithium discovery by drilling in Wyoming, US.

Chariot corporation limited (Chariot) recently announced the first discovery of hard rock lithium in Wyoming, US. The initial results from the Company’s first three drill holes at its flagship Black Mountain project had assays returning individual lithium (Li) and tantalum (Ta) values of up to 3.79% Li2O and 230 ppm Ta2O5. These are strong early results from Chariot’s Phase 1 drill programme, which will be completed by March 2024, and indicate the presence of hard rock lithium with further drilling focused on determining the scope of the resource.

The United States is rapidly accelerating the exploration and development of American lithium resources to meet the anticipated demand from over 224 GWh of expected battery manufacturing capacity due to be online by 2025¹ (and significantly more thereafter). The US Government has also taken significant first steps to incentivise and encourage local investment across the lithium-battery supply chain, including $3.5bn to expand domestic advanced battery and battery materials manufacturing capacity from the Bipartisan Infrastructure Law.

Chariot appears uniquely positioned to benefit from these efforts by being one of the largest landholders of lithium assets in the US. The company has a diversified strategy of holding both hard rock and claystone exploration claims focused in the US. The Black Mountain project (hard rock) and the Resurgent project (claystone) form the company’s core projects. Chariot also holds a dominant land position in Wyoming, with six additional hard rock lithium projects featuring extensive outcropping pegmatite swarms in geological settings similar to the Black Mountain project.

Why Wyoming?

The exceptional assay results from the first three holes of the Black Mountain project show the asset’s potential and, together with the company’s six additional Wyoming projects, position Wyoming to become an important source of critical minerals for the US electric vehicle market (see Fig. 1).

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Fig. 1: Chariot’s Wyoming hard rock lithium projects

Wyoming is a tier 1 mining jurisdiction with a long history of mining gold, uranium, coal, and industrial minerals, accounting for 21% of the state’s GDP. In 2020, Wyoming was ranked second on the Fraser Institute’s policy perception index, demonstrating strong government policy support for ongoing mining exploration and development. Moreover, the state’s infrastructure is well-developed, with extensive experience transporting minerals within and out of state.

Chariot’s Wyoming lithium portfolio is entirely located in areas with no known land use encumbrance. It is hosted in metasedimentary rocks in Archean-aged geological systems, ideal conditions for LCT pegmatite discovery.

Black Mountain project

Chariot’s core project, the Black Mountain project (Black Mountain), is located in Natrona County, Wyoming, US and comprises 134 unpatented lode mining claims. Chariot has intersected significant zones of strong lithium-tantalum mineralisation in the first three holes of the maiden drill programme at Black Mountain.

These drill results confirm the potential of the Black Mountain lithium caesium tantalum (LCT) pegmatite swarms with notable results, including:
•   BMDDH23_01 15.48m @ 1.12% Li2O and 79 ppm Ta2O5 from 2.74m, including 4.27m @ 2.46% Li2O and 128ppm Ta2O5 from 9.94m
•   BMDDH23_02 14.33m @ 0.84% Li2O and 61 ppm Ta2O5 from 1.83m, including 2.29m @ 3.09% Li2O and 138 ppm Ta2O5 from 10.67m
•   BMDDH23_03 18.81m @ 0.85% Li2O and 98ppm Ta2O5 from 45.26m, including 5.79m @ 1.08% Li2O and 105 ppm Ta2O5 from 47.55m
•   High-grade potential with individual grades downhole of up to 3.79% Li2O and 230 ppm Ta2O5

This is the first hard rock lithium discovery, through drilling, in Wyoming, US.

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Dr Edward Max Baker, Chariot’s Chief Geologist,³ said: “We’ve got stunning initial results amid the North American winter. The targeted hard rock lithium system has been intersected in multiple holes. Still, we need to come back in the North American summer for a 5,000 – 10,000m drill programme to better handle the resource potential. The base metals’ sulphide mineralisation is also very promising and indicates the potential for base metals and/or gold mineralisation, separate from the lithium mineralisation.”

The drill intercepts reported from the first three holes confirm the lithium potential of the Black Mountain LCT pegmatite (see Fig. 2 and Fig. 3), as indicated by the Chariot’s earlier surface rock chip sampling results.⁴ In addition, Chariot is optimistic it may have intersected the peripheral portion of a potentially larger base metal mineral system, with selected intervals grading up to 0.6% (6,012 ppm) copper (Cu), 1.0% (9,931 ppm) zinc (Zn), and 15.4% (154,412 ppm) lead (Pb).

 

 

Fig. 2: Drill Core sample from BMDDH23_01 from 10.6m showing some of the spodumene mineralisation
Fig. 3: Pegmatite intersection in BMDDH23_02 from 9.6m (31.5ft.) to 14.5m (47.5ft.)

Two diamond core drill holes (BMDDH23_01 and BMDDH23_02) were drilled to test the outcropping pegmatites in the central Northwest swarm area (Northwest Area), whilst a third diamond drill hole (BMDDH23_03) was drilled in to test outcropping pegmatites in the central southeast swarm area (the Southeast Area)(see Fig. 4).

Fig. 4: Plan View of the Black Mountain Project, showing the pegmatite outcrops (dark red) and interpreted folded geometry (in light red) along with the Northwest and Southeast Cross-Section Lines and Drill Collars. The rock chip and soil geochemistry results are also shown. Refer to the Prospectus for the complete set of rock chip assay results²

The Northwest Area comprise steeply dipping limbs of a tightly folded package of dikes, where the fold is now interpreted to be more open than initially anticipated before drilling. The dikes to the west of BMDDH23_01 and BMDDH23_02 are expected to dip westward at a dip approximately parallel to the pegmatite intercepted by BMDDH23_01. BMDDH23_01 and BMDDH23_02 both intersected the same pegmatite (see Fig. 5).

Fig. 5: A – AA cross-section (see Fig. 1) through the Northwest Area showing BMDDH23_01 and BMDDH23_02 drill traces with the intersected pegmatite shown in red

The pegmatite dike swarms in the Southeast Area comprise a complex fold-hinge, which, based on the location of the intercept of pegmatite in BMDDH23_03, appears to dip moderately steeply to the southeast (see Fig. 6).

Fig. 6: B-BB cross-section through the Southeast area showing BMDDH23_03 drill trace with the intersected pegmatite shown in red

Chariot also engaged ERM Australia Consultants Pty Ltd (previously CSA Global) and ERM Sustainable Mining Services (CSA Global) to provide technical guidance for the development of the Black Mountain exploration plan and have completed an independent review of the data, geological interpretations and exploration results to date. CSA Global’s scientific and technical disclosures review confirms Chariot’s drilling results.

Phase 1 drill programme

The Phase 1 maiden drilling programme consisting of 10-15 holes was designed to test under outcropping pegmatite dike swarms with anomalous Li rock chip values to determine the geometry of the dikes and to confirm the hard rock lithium potential ahead of a comprehensive resource drill-out in Q3 2024.

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Major Drilling Group International Inc. (Major Drilling) has been contracted to drill oriented triple tube HQ-sized diamond drill core (drill core) using a Boart Longyear LF90 Surface Diamond Core Drill Rig (the drill rig) (see Fig. 7). Drill core from Black Mountain is transported to Chariot’s core handling and storage facility in Jeffrey City, Wyoming, where each drill core is photographed, logged, and measured for density and recovery (see Fig. 8). Drill core samples are being assayed by American Assay Labs in Reno, Nevada.

Fig. 7: Drill rig at Black Mountain
Fig. 8: Chariot Senior Project Geologist Willis Blakeslee, inspecting
drill core

The Phase 1 programme was limited to the currently permitted seven drill pads due to the five-acre limit on disturbance under the Notice of Intent, which applies to both access roads and the drill pads.

Chariot plans to apply for an Exploration Plan of Operations (EPO) to increase the area of disturbance from five acres under the Notice of Intent to up to 2,500 acres for the Phase 2 resource drill programme commencing in Q3 2024.

The Phase 1 drill programme was limited to testing the two central pegmatite swarms (of the four pegmatite swarms identified at Black Mountain) in the Northwest and Southeast areas.

Base metal mineralisation potential

The upper section of BMDDH23_01 intersected pyrite-pyrrhotite mineralisation, occurring as veinlets and dissemination within the biotite schist throughout approximately 100m. At this early stage, only several select intervals of this mineralisation were sampled and assayed with selected intervals grading up to 0.6% (6,012 ppm) Cu, 1.0% 9,931 ppm Zn and 15.4% 154,412 ppm Pb.

Based on the location of this drill hole relative to an 800m long by 150m wide zone of anomalous zinc-in-soils, the Company is optimistic that it has intersected the peripheral portion of a potentially larger base metal mineral system (see Fig. 9). The zinc and lead anomalies are situated on the contact between metabasalt to the south and metasediments to the north coincident with a two-meter-wide zone of black massive chert outcrops along the southern margin of the soil anomaly.  Based on the anomalous drill intercepts, the geological setting and the extent of the zinc and lead soil anomaly, the company plans to further investigate this base metal mineralisation by extending the soil sampling programme and conducting a preliminary induced polarisation survey (IP) lines across the anomaly in Q3 2024.

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Fig. 9: Zone of anomalous zinc in soils to the north of the pyritepyrrhotite mineralisation intersected in BMDDH23_01 shown in relation to the outcropping pegmatites with soil sample locations showing Zn in ppm. Refer to Appendix 4 for the complete set of soilgeochemistry results

2024 Black Mountain exploration plans

The Phase 1 programme at Black Mountain is scheduled to continue until 1 March 2024, to determine the three-dimensional shape and near-surface grades, down to 100m, within the three major pegmatite dike zones, as shown in Fig. 1. In addition to the eight holes already drilled, another seven holes are planned for the remainder of the Phase 1 programme, which will conclude on 1 March 2024.

This information will be used to design a more extensive 5,000 to 10,000m initial resource definition drill programme expected to commence in Q3 2024 (the Phase 2 (resource drilling) programme).

Phase 2 (resource drilling) programme to commence in Q3 2024

In anticipation of the Phase 2 resource drill programme, the initial focus will consist of detailed re-logging of the Phase 1 programme drill core and a detailed petrographic study of the mineralisation, selection, and submittal of samples for initial metallurgical testing.  At the same time, the existing rock chip and soil sampling programme will be extended to the north and east to close off the open lithium and base metal anomalies.

In addition, the company plans to run a preliminary IP/resistivity survey over the area of anomalous Zn-Pb soil geochemistry to assist in siting several holes to test the nature of this base metal mineralisation in Q3-Q4 2024.

The Company is currently lodging an application for an EPO (to drill) to expand the area of disturbance and increase the number of drill pads in preparation for a maiden resource drill-out. The Phase 2 (resource drill) programme is expected to commence in the North American summer in Q3 2024 or when the BLM approves the EPO.

Forging a lithium future in Wyoming

Chariot is well-positioned to take advantage of the future demand for lithium resources and the need for an American supply. Over the next twelve months, the company will report additional drill results and launch a more comprehensive drilling programme at Black Mountain. In addition, the company will continue to advance its other assets prudently. Each of these activities has the potential to be a significant catalyst for value creation at Chariot and to drive shareholder value.

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References

  1. Source: National Blueprint for Lithium Batteries 2021-2030.
  2. The Prospectus can be downloaded from the Company website:
    www.chariotcorporation.com
  3. Dr Baker holds 7,926,860 ordinary shares in Chariot (equal to a 5.3% interest in the undiluted shares on the issue of Chariot). Dr Baker is also engaged as a consultant by Chariot.
  4. Refer to Chariot’s initial public offering prospectus and the Company’s announcement dated 9 November 2023 for the full set of surface rock chip sampling results.

Please note, this article will also appear in the seventeenth edition of our quarterly publication.



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Wyoming mountain bike hotspot Curt Gowdy wants to know how it can improve

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Wyoming mountain bike hotspot Curt Gowdy wants to know how it can improve





Wyoming mountain bike hotspot Curt Gowdy wants to know how it can improve – County 17



















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Hoping to draw Colorado interest, construction begins at $80M betting facility in Laramie County

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Hoping to draw Colorado interest, construction begins at M betting facility in Laramie County


CHEYENNE, Wyo. — Foundation work is beginning this week on Wyoming’s next horse betting and gaming house.

The $80 million Wyoming Downs facility in Laramie County, one of two the company is investing in over the next couple of years, is poised to be one of the largest facilities of its kind in the state. The company is aiming for a spring 2027 opening.

The facility will host upwards of 600 historic horse racing machines, Wyoming’s largest TV wall, multiple dining options and more across 58,000 square feet. More land was bought for future hotel development. Commuters driving between Cheyenne and the Colorado border can see clearly from Interstate 25 the expansive development.

That placement along the travel corridor is purposeful, Wyoming Downs and 307 Horse Racing President Kyle Ridgeway said.

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“I think that the targeted consumer for this is from Colorado or from the Front Range,” Ridgeway said. “I anticipate we’re going to have plenty of people from Cheyenne come down here to play and enjoy the amenities, but when you look at 600,000 people within a 30-minute drive, that’s what justifies this investment and brings all that tax revenue in from another state, which is fantastic.

“We don’t get the opportunity to do that in Wyoming very often.”

Wyoming Downs and 307 Horse Racing President Kyle Ridgeway speaks to attendees at the joint venture’s groundbreaking ceremony for an $80 horse betting facility in Laramie County June 2, 2026. (Garrett Grochowski, Cap City News)

There is still plenty to offer Cheyenne residents besides the facility’s amenities. Ridgeway said in a speech to attendees at the project’s groundbreaking Tuesday, June 2, that more than 150 permanent jobs will be supported by the facility on top of the dozens supported by the companies’ corporate offices and the 400-plus involved in the project’s construction.

Groathouse Construction, a Wyoming business, is the project’s general contractor. Wyoming Downs said it believes putting the project in local hands also helps keep the project uniquely Wyoming-focused.

Ridgeway added the facilities have already proven themselves to be effective tax revenue generators for the local governments. The Wyoming Gaming Commission’s 2025 report, released in late May, shows bettors wagered $2.49 billion on historic horse racing machines last year, a jump from the $2.11 billion wagered in 2024.

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Wyoming Downs facilities generate roughly $25 million in taxes annually across the state, and Ridgeway estimated after the ceremony that the upcoming $80 million facility alone will generate an additional $3 million for Laramie County once the property has been in operation for a few years.

Horse betting sites have been increasingly popping up across Wyoming this decade. The Wyoming Downs location will be Cheyenne’s second large-scale horse betting facility since 2024, when the 30,000-square-foot Horse Palace at Swan Ranch opened. Ridgeway said Wyoming Downs is still offering something fresh for tourists and residents.

“This’ll have amenities that Swan Ranch doesn’t have, including the largest TV wall in Wyoming and a pretty super-cool sports viewing area with a restaurant and just a level of finish and class that I don’t think Wyoming has quite seen yet with these types of properties,” he said.

Ridgeway said he thinks resident fatigue with these facilities isn’t as strong as it appears, especially given the tourism benefits of off-track betting.

“Wyoming’s been built on mineral extraction and tourism, and what this is is a touristic facility. I’m not aware of any particular pushback about this specific facility outside of — you see random social media comments where people say, ‘Oh, another gambling facility.’ But where this is located, I think people in Cheyenne have generally been supportive of,” he said.

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The Laramie County facility will be just one part of a larger project Wyoming Downs is working on over the next few years. Construction will begin in early 2027 on a similar facility in Evanston looking to draw in Utah and western Colorado crowds.

Some of the company’s current facilities, notably in Casper, Cheyenne and Rock Springs, will see millions poured into renovations as well. New smaller-scale parlors will also go up in Gillette and Green River this year, according to an information packet provided by the company.

More details will come as the construction process develops, Ridgeway said. Details about amenities, such as what the complex’s dining options will look like, remain undisclosed, though Ridgeway promised that options will be “excellent.”

“We haven’t made final selections on what the options are, but we have a number of different options on the table that we’re considering for what we want to offer for the customers,” Ridgeway said. “You have to have something that’s high quality for where this is located. If somebody’s going to drive 25 or 35, or even 45 minutes to come here, they got to be able to sit down and have a quality meal.”

For more information as it becomes available and to learn more about Wyoming Downs facilities and 307 Horse Racing‘s events and offerings, see the companies’ websites. Renderings for the upcoming Cheyenne facility commissioned by the company are available for viewing below.

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Rendering of an exterior section of the Wyoming Downs and 307 Horse Racing gaming facility, which begins construction the week of June 1, 2026, and will likely open sometime in spring 2027 (Image courtesy of Wyoming Downs and 307 Horse Racing)
Rendering of an interior section of the Wyoming Downs and 307 Horse Racing gaming facility, which begins construction the week of June 1, 2026, and will likely open sometime in spring 2027 (Image courtesy of Wyoming Downs and 307 Horse Racing)
Rendering of an interior section of the Wyoming Downs and 307 Horse Racing gaming facility, which begins construction the week of June 1, 2026, and will likely open sometime in spring 2027 (Image courtesy of Wyoming Downs and 307 Horse Racing)
Rendering of an interior section of the Wyoming Downs and 307 Horse Racing gaming facility, which begins construction the week of June 1, 2026, and will likely open sometime in spring 2027 (Image courtesy of Wyoming Downs and 307 Horse Racing)
Rendering of an interior section of the Wyoming Downs and 307 Horse Racing gaming facility, which begins construction the week of June 1, 2026, and will likely open sometime in spring 2027 (Image courtesy of Wyoming Downs and 307 Horse Racing)
Rendering of an interior section of the Wyoming Downs and 307 Horse Racing gaming facility, which begins construction the week of June 1, 2026, and will likely open sometime in spring 2027 (Image courtesy of Wyoming Downs and 307 Horse Racing)
Rendering of an interior section of the Wyoming Downs and 307 Horse Racing gaming facility, which begins construction the week of June 1, 2026, and will likely open sometime in spring 2027 (Image courtesy of Wyoming Downs and 307 Horse Racing)





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Megan Degenfelder, Brent Bien face off in gubernatorial campaign debate

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Megan Degenfelder, Brent Bien face off in gubernatorial campaign debate


GILLETTE, Wyo. — Two of the Republican candidates for Wyoming governor, Megan Degenfelder and Brent Bien, went head to head in Campbell County this evening. They both highlighted differences in some areas but agreed on energy, public lands, government oversight, abortion and election security.

Degenfelder, Wyoming’s superintendent of public instruction, introduced herself as “a Wyoming ranch kid whose parents clawed their way into the middle class” and said she believes Wyoming is “worth fighting for” because she believes the Wyoming people’s lives are at stake.

Bien, a retired Marine Corps colonel and combat veteran, pointed to his military career and leadership experience.

“My whole adult life has been about leadership, about principled conservative leadership,” he said. “My objective is to restore principled conservative leadership, accountability and discipline to Cheyenne.”

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Nuclear energy

Both candidates supported Wyoming’s role in energy production but opposed bringing outside nuclear waste into the state.

“I do not want Wyoming to be … the permanent repository for spent nuclear fuel. I will not allow that to happen on my watch,” Bien said.

Degenfelder said Wyoming should consider nuclear power as part of its energy future but added, “If it works for us to be able to have nuclear as part of the portfolio, then it has to be right for Wyoming and that is ensuring that we do not accept anyone else’s waste, period.”

Public lands

The candidates also opposed privatization of public lands.

“No one loves public lands more than I do,” Degenfelder said. “You start selling that to the highest bidder, Wyoming loses who we are.”

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Bien said he is “absolutely opposed” to federal lands being sold to private interests.

“If they do decide to dispose of it, then we as the state of Wyoming should get first-right refusal at no cost,” he said.

Attorney general and judicial appointments

When asked what each would be looking for in an attorney general and judicial appointment, both candidates called for conservative leadership.

Bien said he would seek an attorney general from outside state government.

“I want a clean set of eyes to look at what everything’s been that’s been going on,” he said. “I want someone who will put people first and it will put Wyoming first.”

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Degenfelder said she wants stronger advocacy from state agencies.

“I want a bulldog in not just the attorney general’s office, but in all state agencies,” she said. “I want an attorney general that is so aligned to my mission and vision and what I believe that there’s an amicus brief on my desk the next morning after an action takes place.”

Immigration

Both candidates supported stronger immigration enforcement.

Bien explained he wanted to cooperate with ICE “to the fullest extent possible” and to make sure immigrants who are not in the United States legally would be sent out of the state.

Degenfelder said illegal immigration is already affecting communities in Wyoming.

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“If you’re here legally, you got nothing to worry about. If you aren’t, it’s time to go home,” she said.

Energy development and green energy

Energy policy generated some of the sharpest comments of the night.

Degenfelder argued renewable energy projects should compete without government support.

“I’m also an economist and so I’ll tell you the way that you kill these green energy, you make them play on the same playing field,” she said. “No more tax subsidies, no more handouts, ensuring the regulatory environment is just as equal.”

Bien took a firmer stance against renewable development.

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“Folks, there’s no place in Wyoming for this green energy,” he said. “I want these things bonded up front and where we’re not paying for these like we did all the gas wells. The answer for me is absolutely, unequivocally no.”

Economic development

Degenfelder argued government should focus on infrastructure such as water and sewer systems rather than directing economic development.

“Government does not create jobs. Private business does,” she said.

Bien echoed that sentiment.

“The only business that government has in business is simply to get out of the way. It’s to cut taxes. It’s to deregulate,” he said. “Right now, we’re turning into state capitalism where we have our own state government picking winners and losers.”

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Government audits

Both candidates supported increased auditing of state government.

“This state has not done a full-blown budgetary audit since 1989,” Bien said. “Whoever’s belly-aching loudest is going to get audited first.”

Degenfelder agreed.

“We should be auditing every single state agency, every single budget line all the time,” she said. “Government is a beast, and you need someone in there who can tame it and who knows how to do it.”

Abortion

Abortion was another topic where both candidates expressed strong opposition.

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“Life starts at conception and there are no exceptions,” Degenfelder said. “We are now one of the most openly abortion states in the country because of that ruling by the Supreme Court. We’re working against the devil here.”

Bien also opposed abortion.

“Folks, for me, there are no exceptions. Life does begin at conception,” he said.

Election integrity

Bien advocated for hand-counting ballots.

“I am very much a proponent of hand tabulation being the primary method of counting all cast paper ballots and I will push that way,” he said.

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Degenfelder called for paper ballots statewide.

“Every single ballot should be a paper ballot,” she said, adding that she supports “banning dropboxes.”

Republican platform

Both candidates pledged support for the Wyoming Republican Party platform.

“80% is a no-brainer, and we need to require that out of our elected officials,” Degenfelder said.

Bien said he expects to be held to “100%” of the platform.

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“The party’s been co-opted. You have to have an ‘R’ behind your name to win in this state,” he said.

Candidate priorities

During a segment where candidates selected their own discussion topics, Degenfelder highlighted school choice, career and technical education, removing pornography from school libraries and protecting Wyoming’s water rights.

Bien focused on education and agriculture, criticizing student proficiency rates and proposing policies aimed at strengthening Wyoming’s agricultural industry, including declaring agriculture critical infrastructure and reducing regulations on small butcheries.

Technology and education

Although technology and its place within education was not discussed during the debate, County 17 asked both Degenfelder and Bien their thoughts regarding student technology in schools.

Bien said technology is being used too much in classrooms and is making it harder for students to think on their own.

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“What it’s doing is it’s dumbing down our kids,” Bien said. “Our kids aren’t learning how to critically think anymore. They go straight to one of the AI things and it generates an answer for them.”

Degenfelder said she backed a bill to ban cellphones during instruction time.

“I supported a bill that came through the legislature a couple of years ago that actually would ban cell use during instructional time, and I stand by that,” Degenfelder said. “I think that it’s appropriate to take cellphones out of classrooms, and what we find is that kids thrive.”

Closing statements

In closing remarks, Bien emphasized his experience as an outsider candidate.

“I am the only outsider in this race, but I am the only one who’s got an inordinate amount of leadership experience,” he said. “Folks, you deserve a government that you can trust.”

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Degenfelder pointed to her endorsements from President Donald Trump and U.S. Rep. Harriet Hageman.

“I get asked a lot, ‘How did you get the Trump endorsement?’” Degenfelder said. “The answer is really simple. I earned it.”

Alongside other candidates, Bien and Degenfelder will be competing for support in Wyoming’s Republican gubernatorial primary Aug. 18.



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