Chariot Resources Advances Nigerian Lithium Acquisition and Bolsters Funding

Chariot Corporation Limited ( (AU:CC9) ) just unveiled an announcement.

Chariot Resources advanced its planned acquisition of a 66.667% interest in a Nigerian hard-rock lithium portfolio during the March quarter, progressing licence transfers to joint venture vehicle C&C Minerals. The portfolio covers eight exploration licences and two small-scale mining leases over about 254 km² in Kwara and Oyo States, reinforcing the company’s strategic focus on Nigerian lithium.

Nigeria’s Mining Cadastre Office approved the transfer of six licences, with five already reissued to C&C Minerals with a “Full Transfer” notation, while work continues on the remaining titles. Chariot also agreed with vendor Continental Lithium to extend the deadline to satisfy acquisition conditions to 5 August 2026, reflecting administrative timelines for licence processing.

After quarter end, independent mineralogical testwork confirmed spodumene in all previously disclosed Fonlo and Iganna verification samples and identified pollucite in the highest caesium-bearing samples from Iganna. These results provide further technical support for the lithium and associated mineral potential of the Nigerian portfolio.

The company broadened strategic offtake, funding and downstream processing talks with Chinese battery materials groups Shanghai GreatPower Nickel & Cobalt Materials and Fujian Jinjianqiao New Energy Technology, and is hosting site visits with multiple potential offtake partners. This signals an effort to secure commercial pathways for future production and align with downstream battery and new energy players.

Chariot also strengthened its balance sheet with a A$2.15 million equity placement completed in March and a new A$3.5 million secured loan refinancing facility. The combined funding is intended to support ongoing project advancement, acquisition completion and corporate activities as the company consolidates its position in the emerging Nigerian lithium sector.

More about Chariot Corporation Limited

Chariot Resources Ltd, listed on the ASX, is focused on developing hard-rock lithium assets, primarily through a majority stake in a Nigerian lithium portfolio. Its projects span exploration licences and small-scale mining leases across the Fonlo, Gbugbu, Iganna and Saki clusters in Nigeria, targeting growth in the global battery minerals and new energy supply chain.

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