Chariot Resources Shares Surge on Nigerian Lithium Milestone
Shares in Chariot Resources skyrocketed as much as 55 per cent in early trading, reaching a high of 15 cents, following a major regulatory breakthrough for its Nigerian lithium portfolio. The surge came after the Nigerian government approved the transfer of six licences into a joint venture with local partners, marking a significant step forward for the company's operations in Africa.
Licence Transfer and Joint Venture Details
The approvals cover four exploration licences and two small-scale mining leases previously held by Continental Lithium. These assets will now be incorporated into a new entity named C&C Minerals. According to the company, only routine administrative steps remain to finalise the transfers, which will allow Chariot and its partner to immediately commence active field programs at the projects.
Under the agreement, Chariot will hold a 66.66 per cent stake in C&C Minerals, with local partners Continental Lithium retaining the remaining 33.33 per cent. This structure positions Chariot to take a leading role in the exploration and development of the portfolio.
Exploration Strategy and Historical Context
Chariot has announced plans to move swiftly to validate drill targets in the field, aiming to begin drilling across the largely undrilled ground as soon as possible. The company noted that the area already has a documented history of artisanal production, but emphasised that this does not equate to economic-scale ore bodies. "Artisanal pits do not equal economic-scale ore bodies," the company stated, highlighting the need for modern exploration to prove proper resources or reserves.
This development represents the first time an ASX-listed pure-play lithium company will drill for lithium in Nigeria, marking a historic moment for the African nation's mining sector.
Portfolio and Dual-Track Approach
The joint venture's portfolio spans 254 square kilometres across four project clusters: Fonlo, Gbugbu, Iganna, and Saki, located in the Nigerian states of Oyo and Kwara. The licence approvals align with Chariot's dual-track strategy, which involves fast-tracking modern exploration while keeping a pathway open for early small-scale production funded by offtake partners.
Shanthar Pathmanathan, Executive Chairman and Managing Director of Chariot Resources, commented: "These approvals move us from transaction execution to field execution. We will now fast-track modern exploration to generate technical data and drill targets across an undrilled portfolio that already shows promise through documented artisanal production activity."
Global Projects and Future Outlook
In addition to its Nigerian assets, Chariot is advancing projects in the United States. Initial survey results have indicated high-grade lithium mineralisation at surface at its hard-rock Black Mountain project in Wyoming and the claystone-hosted Resurgent project in Nevada.
With the regulatory path now clear, fieldwork set to begin, and offtake and funding discussions underway, the Nigerian assets are poised to transition rapidly from paperwork to active drilling. This milestone underscores Chariot's commitment to expanding its lithium exploration footprint globally.
