Chariot Resources has secured a binding AU$1.43 million placement with a Chinese battery tech firm to accelerate the development of its Nigerian lithium project portfolio.
Greatpower NexEnergy Technology, an affiliate of Shanghai Greatpower Nickel & Cobalt Materials, (collectively Greatpower) agreed to become a significant Chariot shareholder with potential to explore further collaboration.
Greatpower agreed to subscribe for 9.5 million shares at 15 cents per share, raising AU$1.44 million and 19 million unlisted options at 30 cents per option.
Completion is subject to Chinese government approval, with a long stop date of April 15.
Chariot Executive Chairman Shanthar Pathmanathan said: “We are delighted to welcome Greatpower onto our register and look forward to them increasing their stake as the relationship develops.
“We see this as a powerful alignment with a globally connected battery materials group.”
In addition, Chariot confirmed it is already in advanced discussions with Greatpower on a project-level financing and offtake agreements.
The proposed framework agreement may include project-level funding to support early small-scale mining, an option for Greatpower to fund exploration and development programs across Chariot’s Nigerian lithium project portfolio, and potential cooperation on electrified mining equipment.
Cao Dongqiang, Chairman of Shanghai Greatpower Nickel & Cobalt Materials, said: “We look forward to working closely with Chariot to advance negotiations on a project-level funding and offtake framework that can connect high-quality upstream supply with downstream demand, on terms and objectives which are aligned.”
