ASX-listed mineral explorer Chariot Resources has secured a second wave of Chinese interest in its burgeoning Nigerian lithium portfolio, signing a fresh memorandum of understanding with a major lithium trader for potential project funding and product offtake.
Dual Chinese Partnerships Signal Strong Demand
The company announced on Thursday, 8 January 2026, that it has inked a non-binding MOU with Fujian Jinjianqiao New Energy Technology. This China-based trader is now in discussions to provide funding for an on-site processing facility, aiming to deliver spodumene concentrate from Nigeria directly to the Chinese market.
This new engagement follows closely on the heels of another recent MOU with Shanghai GreatPower Materials, a prominent battery materials producer. The dual-track Chinese interest highlights the strategic value of Chariot's extensive landholding in Nigeria, which spans 254 square kilometres across the Oyo and Kwara states.
Deal Mechanics and Market Context
The proposed deal with Fujian Jinjianqiao covers both funding for development and a potential offtake agreement for direct shipping ore (DSO). This comes as lithium prices have surged, nearly tripling in under six months, fuelling a scramble for secure supply sources.
Chariot confirmed that any lithium produced would be priced against international benchmarks for material grading between 5.5 and 6.2 per cent lithium oxide. The parties are also negotiating credit lines and potential offtake prepayments to support ongoing exploration and development work.
Fujian Jinjianqiao is described as a highly respected trading house with established Africa-to-China networks, including operations in Nigeria. The trader sold approximately 90,000 tonnes of lithium concentrate and ore last year and projects its volumes to double in 2026, backed by significant processing infrastructure owned by its principal shareholder.
Project Details and Exploration Upside
Chariot is rapidly advancing its majority interest in the Nigerian projects through a joint venture with Continental Lithium. The portfolio encompasses the Fonlo, Iganna, Saki and Gbugbu lithium clusters in an area with a known history of artisanal extraction.
The company's strategy combines early small-scale mining for cash flow with broader exploration to establish JORC-compliant resources. This approach is already yielding promising results, with recent first-pass rock chip assays returning grades as high as 5.96 per cent lithium oxide.
While the MOU with Fujian Jinjianqiao is non-exclusive initially, it includes a 90-day exclusivity period should the Chinese trader select a priority project, during which definitive terms would be negotiated in good faith.
Strategic Implications and Broader Ambitions
Management states that the partnership interest underscores Nigeria's emerging role in the global lithium supply chain, connecting near-surface pegmatite deposits with massive downstream battery demand. However, any binding agreements remain subject to further negotiation, due diligence, and the completion of Chariot's acquisition of the Nigerian assets, expected this quarter.
As Chariot pursues its African aspirations, the company continues to advance its US growth front, including the hard-rock Black Mountain project in Wyoming and the Resurgent claystone project on the Nevada-Oregon border. With multiple Chinese engagements now in play, 2026 is shaping up as a pivotal year for the company's lithium strategy.
