Nigerian regulators move Chariot lithium prize a step closer

Chariot Resources has taken another significant stride towards completing its acquisition of a district-scale lithium portfolio in West Africa, with Nigerian authorities approving the transfer of three more exploration licences.

The approvals from the Nigerian Mining Cadastre Office cover tenements within the company’s existing Saki project cluster. The green light follows a string of previous approvals and brings Chariot a step closer to satisfying the conditions required to finalise its 66.67 per cent stake in the joint-venture vehicle, C&C Minerals.

With each regulatory milestone, the company is moving closer to consolidating a major position in Nigeria's lithium belt, a strategy that could ultimately transform the junior explorer into a significant player in the global battery materials supply chain.

In addition to the new transfer approvals, Chariot also received a two-year renewal for its key Fonlo Main exploration licence 100km northeast of Saki, extending its tenure from October 2026 and securing a core part of the portfolio.

Perhaps just as significantly, the Ministry of Solid Minerals Development has accepted applications to convert three of the company’s small-scale mining leases into full-blown mining leases. 

Whilst the conversion process is ongoing and subject to final regulatory sign-off, the acceptance of the applications is a crucial step on the pathway to potential future mining activities.

Chariot’s Nigerian portfolio is split into four project clusters known as Fonlo, Gbugbu, Iganna and Saki in the Oyo and Kwara States, comprising 11 mineral titles in total and covering 257.1 square kilometres.

While the administrative gears have been turning, the geology has already offered an enticing glimpse of the prize. The portfolio spans one of Nigeria's best-known hard-rock lithium provinces, where widespread artisanal mining and extensive pegmatite systems have already demonstrated the region's lithium potential.

In particular, previous lab analysis of field samples from the Fonlo and Iganna clusters has confirmed the presence of spodumene-bearing pegmatites. 

Independent analysis identified easily processable spodumene, which accounts for between 28.4 per cent and a whopping 75.3 per cent of the crystalline material in the samples. The rocks also delivered impressive lithium oxide grades ranging from 2.66 per cent to 5.96 per cent, confirming the high-grade potential of the ground.

To bankroll the administrative processes required to bed down the acquisition, Chariot has upped its convertible shareholder loan to US$879,195 (AU$1.27 million). 

The funds will cover licence-related renewals, transfers, conversions and annual service fees across the portfolio. Once the remaining acquisition conditions are satisfied, the loan is expected to convert into shares in C&C Minerals, which holds the Nigerian lithium assets.

Whilst the Nigerian play is a major focus, it is not Chariot’s only iron in the fire. The company maintains a diversified stable of assets in the United States, headlined by its Black Mountain hard-rock lithium project in Wyoming and the Resurgent claystone lithium project straddling the Nevada-Oregon border.

It also holds the Copper Mountain and Tin Cup hard-rock lithium projects in Wyoming, giving it multiple fronts in a tier-one jurisdiction.

Now that the Nigerian paperwork is steadily moving in the right direction and high-grade spodumene has already been confirmed on the ground, the company appears to be well on its way to de-risking what may prove to be a significant new lithium province. 

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au