The Nigerian government has approved the transfer of six lithium licences into Chariot Resources’ joint venture with local partners, another step forward in the company’s efforts to complete the acquisition of the Nigerian lithium portfolio.
The six licences include four exploration licences at the Fonlo project and at the Gbugbu project and two small-scale mining licences at the Saki project from Continental Lithium to C&C Minerals.
The transfer approvals are part of key conditions to Chariot acquiring a 66.7 per cent stake in C&C Minerals. Following completion, Continental will own the remaining 33.33 per cent of C&C Minerals.
The company expects the approval of the remaining four exploration licences and three exploration licences at the Saki project and the sole exploration licence at the Iganna project in due course.
Shanthar Pathmanathan, Managing Director of Chariot, said: “These approvals are monumental for the company and indeed the global lithium sector as they signify the first entry of an ASX-listed lithium company into the high-potential lithium sector in Nigeria, which hosts lithium pegmatites that are already producing spodumene for the Chinese market but remain almost entirely undrilled.
“Our ultimate goal is to make one or more large scale discoveries in Nigeria. We will deploy modern, systematic exploration to generate high-quality technical data and drill-ready targets across an undrilled portfolio.
“We are also negotiating with potential offtake and asset-level funding partners for asset-level funding to accelerate drilling, and for the re-start and development of small-scale mining activities.”
Once the paperwork has been completed redesignating C&C Minerals as the licensee under the six approved licences, Chariot and C&C Minerals plan to immediately commence high priority exploration programs at both Fonlo and Gbugbu, including systematic field validation and drill targeting across these two undrilled projects.
The Nigerian portfolio of hard-rock lithium assets consists of four project clusters in the Oyo and Kwara states which cover approximately 254 square kilometres and represent one of the largest portfolios of lithium assets in the country.
Chariot expects completing the acquisition of the Nigerian portfolio in the second quarter of 2026.
