HIGHLIGHTS:
• Large-Scale & Drill ready Pegmatite Systems Observed: Site visits have confirmed the presence of extensive lithium-bearing pegmatites at both the Fonlo and Iganna projects in southwest Nigeria.
• Fonlo Project: Artisanal workings extend along strike for up to ~6 km. The main Fonlo pit has a composite vertical dyke across a 40 m wide pit with branching dykes and a main central dyke that is 10 to 20m wide with spodumene crystals up to 0.5 m in length observed in situ.
• Iganna Project: Chariot’s geological team observed multiple shallow-dipping pegmatite sills, a notable near-surface LCT pegmatite averaging 5-10 m in thickness that extends for hundreds of metres along strike and extensive, active artisanal workings.
• Initiation of Small-Scale Mining Operations: Subject to completion of the Acquisition, in the first half of 2026 Chariot and Continental intend to assess the deployment of mechanized equipment to enable a substantial expansion of existing artisanal mining activities potentially generating near-term revenues from the projects.
• Systematic Exploration: Systematic modern exploration will be conducted alongside small-scale mining operations, including high-resolution magnetics, soil sampling, auger drilling and / or trenching and an initial 2,000 - 4,000 m diamond drilling campaign across high priority targets.
• Site Visits Validate Geological Potential: The site visits have validated and strengthened Chariot’s understanding of the geological potential of the Nigerian projects.
Chariot Corporation Limited (ASX: CC9) (“Chariot” or the “Company”) is pleased to report that recent site visits to two of its four Nigerian lithium properties have confirmed the presence of large, lithiumcaesium-tantalum (LCT) pegmatites at the Fonlo and Iganna project areas. These two project areas are part of the Nigerian portfolio, which comprises four hard-rock lithium project clusters across Oyo and Kwara States. The sites are situated in southwestern Nigeria’s historic tin–tantalum pegmatite belts.
Shanthar Pathmanathan (Executive Chairman and Managing Director), Brendan Borg (Non-Executive Director) and Dr Edward Max Baker (Co-founder and Consultant Geologist) from Chariot and David Kwarteng (Chief Geologist) from Continental Lithium participated in the site visits. Three of the four participants, Brendan Borg, Dr. Baker and David Kwarteng, are qualified geologists who examined outcrops and artisanal mining pits, collected surface samples for grade verification purposes and engaged with local stakeholders.
The team was unable to visit the Saki and Gbugbu projects due to scheduling issues and damaged infrastructure but plans to do so in the near future.
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About us:
About Chariot
Chariot Corporation Limited is a mineral exploration company focused on discovering and developing high-grade and near surface lithium opportunities focused principally in the United States and Nigeria. In addition to the recently announced acquisition of a Nigerian lithium portfolio which has yet to close, Chariot has twelve (12) lithium projects, including two core projects in the United States (the “Core
Projects”) and a number of exploration pipeline projects which Chariot majority owns and operates.
The Core Projects include Chariot’s Black Mountain Project (which is prospective for hard rock lithium) in Wyoming, USA and the Resurgent Project (which is prospective for claystone lithium) in Nevada and Oregon, USA. Initial survey results from the Core Projects indicate high-grade lithium mineralisation at surface.
The Nigerian portfolio of hard-rock lithium assets consists of four project clusters (Fonlo, Gbugbu, Iganna, and Saki) in the Oyo and Kwara states which cover approximately 254 square kilometers and are comprised of 8 exploration licences and 2 small-scale mining leases. These assets represent one of the largest portfolios of lithium assets in the country and have a history of significant artisanal lithium mining. Chariot anticipates completing the acquisition of the Nigerian portfolio in the fourth quarter of this calendar year.
Contact details:
Shanthar Pathmanathan
Executive Chairman & Managing Director
Chariot Corporation Ltd
[email protected]