Nigerian regulators move Chariot lithium prize a step closer
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Murray Region
Chariot Resources has taken another important step towards completing the acquisition of a regional lithium portfolio in West Africa as Nigerian authorities approved the transfer of three more exploration licences.
The approvals from the Nigerian Mining Survey Office cover the apartments in the company’s existing Saki project cluster. The green light brings Chariot a step closer to meeting the conditions required to complete its 66.67 percent stake in joint venture vehicle C&C Minerals, following a series of previous approvals.
With each regulatory milestone, the company moves closer to cementing a prominent position in Nigeria’s lithium belt; It’s a strategy that could ultimately transform the young explorer into a major player in the global battery materials supply chain.
In addition to the new transfer approvals, Chariot also received a two-year renewal for the important Fonlo Ana exploration license 100 km northeast of Saki, extending its tenure from October 2026 and securing a key part of the portfolio.
Perhaps equally important, the Ministry of Solid Minerals Development has accepted applications to convert three of the company’s small-scale mining leases into full-scale mining leases.
While the conversion process is ongoing and subject to final regulatory approval, acceptance of applications is a crucial step on the path to potential future mining operations.
Chariot’s Nigerian portfolio is divided into four project clusters in Oyo and Kwara States, known as Fonlo, Gbugbu, Iganna and Saki, totaling 11 mineral heads and covering 257.1 square kilometres.
As the administrative wheels turn, geology already offers a tantalizing glimpse of the prize. The portfolio covers one of Nigeria’s best-known hard rock lithium districts; Extensive artisanal mining and extensive pegmatite systems here already demonstrate the region’s lithium potential.
In particular, previous laboratory analyzes of field samples from the Fonlo and Iganna clusters confirmed the presence of spodumene-containing pegmatites.
Independent analysis identified easily processable spodumene, which comprised 28.4 percent to 75.3 percent of the crystalline material in the samples. The rocks also yielded impressive lithium oxide grades ranging from 2.66 percent to 5.96 percent, confirming the ground’s high-grade potential.
To fund the administrative processes required to accelerate the acquisition, Chariot increased its convertible shareholder loan to US$879,195 (AU$1.27 million).
The funds will cover license-related renewals, transfers, conversions and annual service fees across the portfolio. Once the remaining purchase conditions are met, the loan is expected to convert into shares of C&C Minerals, which holds Nigeria’s lithium assets.
While Nigeria’s game is the main focus, that’s not Chariot’s only iron in the fire. The company has a diverse stable of assets in the United States, primarily the Black Mountain hard rock lithium project in Wyoming and the Resurgent claystone lithium project located on the Nevada-Oregon border.
It also holds the Copper Mountain and Tin Cup hard rock lithium projects in Wyoming, giving it multiple fronts in its first-tier jurisdiction.
Now that paperwork in Nigeria is moving steadily in the right direction and high-grade spodumene has been confirmed in the field, the company appears to be on track to de-risk what could be a major new lithium region.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
