Chariot MOU eyes 200ktpa Nigeria lithium offtake to China

As updated in Chariot’s ASX announcement dated 3 December 2025, the company has made an amendment to its share sale agreement with Continental Lithium Limited, strengthening exclusivity protections, improving conditions precedent including full license transfers to the duo’s joint venture entity C&C Minerals, and extending the completion date to 5 May 2026.

Chariot advanced US$379,195 (A$566,584) as a convertible loan to facilitate license transfers and closing costs, with Continental’s guarantee. Completion is expected to be completed in the first quarter of 2026.

The MOU is initially non-exclusive but provides for a 90-day exclusivity period upon GreatPower selecting a priority project. It can be terminated by giving 30 days’ notice or by signing definitive agreements.

This strategic combination underscores Nigeria’s emerging role in the global lithium supply chain by linking Chariot’s high-grade, near-surface pegmatite projects at the Fonlo, Iganna, Saki and Gbugbu prospects with China’s EV battery demand.

While non-binding and contingent on the finalization of property acquisitions, the partnership can provide vital financing and procurement security to accelerate development.

Chariot continues to develop its dual track strategy in Nigeria, which revolves around increasingly pursuing small-scale mining revenues towards larger-scale production, complemented by core lithium assets in the US.

With the acquisition progressing and the new MOU gaining momentum, 2026 is already shaping up to be a pivotal year for Chariot’s lithium ambitions in Africa.

Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au