PERTH: Chariot Corporation Ltd. announced plans to acquire a 66.7% stake in a portfolio of lithium projects in Nigeria through a joint venture with Continental Lithium Limited. The deal, valued at $1.5 million in cash and 42 million shares, positions Chariot as a key player in Africa’s burgeoning lithium sector.
The portfolio spans 254 square kilometers across four project clusters — Fonio, Gbugbu, Iganna, and Saki — in Nigeria’s Oyo and Kwara states. Initial reconnaissance has identified lithium-bearing pegmatites, with rock chip samples returning lithium oxide (Li₂O) grades of up to 6.59%. Artisanal mining activity and past ore exports to China underscore the region’s potential, though further drilling is needed to confirm resource estimates.
Chariot will fund at least $10 million in exploration over five years, targeting maiden resource estimates by 2026. The move capitalizes on growing Chinese demand for African lithium amid global supply chain diversification.
“This joint venture combines our technical expertise with Continental’s local knowledge,” said Shanthar Pathmanathan, Chariot’s managing director.
The transaction is expected to close in the third quarter of 2025, pending regulatory approvals.
Key Details:
- Deal Terms: $1.5 million cash + 42 million shares.
- Projects: Eight exploration licenses, two small-scale mining leases.
- Next Steps: Drilling at Fonio and Gbugbu begins late 2025.
Chariot, headquartered in Perth, also holds lithium assets in the U.S. and Zimbabwe.