HIGHLIGHTS:
• Chariot, Continental and C&C Minerals Limited (Chariot 66.667% ownership) have signed a binding, conditional agreement to formalize and pursue small-scale mining (SSM) in Nigeria at their joint venture’s four Nigerian projects, subject to completion of Chariot’s acquisition of its interest in C&C Minerals and the Nigerian projects under the share sale agreement announced to the ASX on 10 July 2025 (“SSA”).
• SSM Roles: Continental will act as manager of SSM operations, leveraging its local expertise, while Chariot will be responsible for arranging project financing and offtake arrangements.
• Three-Phase Plan: The parties have agreed to a three-phase plan to transition existing artisanal lithium mining to SSM operations:
o Phase 1 – Targeted Exploration & Localized Resource Definition;
o Phase 2 – Metallurgical Testing; and
o Phase 3 – Evaluation of Toll Processing Options and Ore Transportation Logistics.
•Historical Sales & Offtake Interest: Artisanal miners at the Nigerian projects have been selling hand-picked and hand-processed lithium ore to Chinese buyers since 2021, demonstrating product demand and presenting a near-term revenue potential for an SSM business.
• Chariot is now in advanced offtake discussions with potential buyers.
• Pathway to Production: The SSM provides a pathway to near-term production and cash flow from the Nigerian projects that will be advanced in parallel with systematic large-scale exploration programs across the Fonlo, Gbugbu, Iganna and Saki project clusters. This dual development approach aims to deliver early revenues without delaying the long-term exploration strategy for discovering one or more major lithium resource(s).
Chariot Corporation Limited (“Chariot” or the “Company”) is pleased to announce the execution of a legally binding agreement with its local partner Continental Lithium Limited (“Continental”) and joint venture entity C&C Minerals Limited (“C&C Minerals”) to establish small-scale mining (“SSM”) across the Company’s Nigerian lithium portfolio. The agreement is conditional upon completion under the SSA. Continental Lithium, which retains a 33.333% interest in the Nigerian projects through its holding in C&C Minerals, will be the operator of the SSM, overseeing mining operations and logistics. Chariot, which holds a 66.667% interest in C&C Minerals, will be responsible for arranging funding, offtake negotiations and ensuring regulatory compliance. The agreement formalises the parties’ commitments to rapidly establish SSM operations in a manner consistent with Nigerian mining regulations and community expectations.
To read the full announcement, click here
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]