Chariot acquires 67% stake in Nigerian lithium assets for $1.5mn and 42mn shares

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Australian mineral exploration company Chariot Corporation has agreed to acquire a 66.7% stake in a 254km² Nigerian lithium portfolio through a joint venture with Continental Lithium Limited , a local mineral exploration and mining company, which will retain a 33.3% share.  The deal marks Chariot’s entry into West Africa and strengthens its position in the growing Africa -to- China lithium trade corridor. It covers four hard-rock lithium projects: Fonlo, Gbugbu, Iganna and Saki, located across Kwara and Oyo states. These areas host lithium-bearing pegmatites with confirmed spodumene and lepidolite mineralisation from rock chip samples, but none of the sites have yet been drilled. Artisanal mining in the region has produced lithium-rich concentrate exported to China between 2021 and 2024, confirming both buyer interest and commercial potential. Chariot will pay $1.5mn in cash and issue 42mn fully paid shares to Continental. The initial $150,000 is payable immediately, with the remaining $1.35mn and shares issued in tranches through to the end of 2026. The company will also invest a minimum of $10mn into exploration and development by 2030. During a free-carry period, Chariot will cover all joint venture costs until $50mn in revenue is generated. The venture will be operated through C&C Minerals Limited , a new entity jointly owned and managed by Chariot and Continental. Chariot will control the board and operational decisions, while Continental retains minority protections. The venture includes eight exploration licences and two small-scale mining leases, providing scope for early-stage development. Strategically located 170 to 400km from Lagos port, the projects benefit from road access and proximity to national power infrastructure. Support from the Nigerian government for lithium processing and mining investment, largely financed by Chinese capital, further enhances the viability of the projects. Initial drilling at Fonlo and Gbugbu is planned for late 2025, following further field mapping and sampling. Resource definition drilling is expected to continue into 2026, with processing and offtake agreements to follow based on exploration outcomes. © 2025 bne IntelliNews, source Magazine

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