Chariot Resources reports promising high-grade lithium assays in Nigeria and advances US exploration with 32 new drilling targets, while securing strategic MOUs for financing and offtake.
- High-grade lithium assays up to 5.96% Li₂O at Nigerian Fonlo and Iganna projects
- Dual-track development strategy, small-scale mining and systematic exploration
- Non-binding MOUs signed with Chinese partners for offtake, financing, and local processing
- 32 high-priority drilling targets defined at US Resurgent Project
- Secondary OTCQB listing completed in the US with no capital structure change
Nigerian Lithium Portfolio Validation
Chariot Resources Limited has made significant strides in validating its soon-to-be-acquired Nigerian lithium portfolio, with verification sampling at the Fonlo and Iganna projects returning high-grade lithium assays of up to 5.96% lithium oxide. Initial mineralogical analysis suggests the presence of spodumene and lepidolite, two key lithium-bearing minerals, alongside tantalum and caesium as potential by-products. These findings reinforce the historical artisanal mining activity observed in the region and highlight the extensive lithium-bearing pegmatite systems present.
Site inspections revealed near-vertical pegmatite dykes at Fonlo and shallow-dipping pegmatite sills at Iganna, consistent with previous artisanal workings. The company is advancing a dual-track development approach, combining small-scale mining operations to leverage existing artisanal infrastructure with systematic exploration and drilling aimed at delineating larger JORC-compliant mineral resources.
Strategic Partnerships and Financing
Following the quarter, Chariot signed non-binding memoranda of understanding with China-based lithium supply chain participants. These agreements explore potential direct shipping ore sales, long-term spodumene concentrate offtake, prepayment and credit financing arrangements, and the development of local processing infrastructure in Nigeria. While these MOUs are preliminary and subject to acquisition completion and regulatory approvals, they signal a strategic move to integrate the Nigerian projects into global lithium markets and secure funding pathways.
US Exploration Advances
In parallel, Chariot has defined 32 high-priority drilling targets at its Resurgent Project located in the McDermitt Caldera on the Nevada-Oregon border. This project sits adjacent to major lithium developments such as Thacker Pass, positioning Chariot well within a prolific lithium district. The company plans a phased maiden drilling program, pending permitting, to test these targets and advance its US lithium portfolio.
Corporate and Financial Position
Chariot completed a secondary listing on the OTCQB Market in the United States in November 2025, enhancing access to North American investors without issuing new shares or altering its capital structure. Financially, the company held approximately A$0.77 million in cash at quarter-end, with borrowings of A$2.6 million. Exploration expenditure was modest at A$0.16 million, while acquisition-related costs were A$0.31 million. The company acknowledges a limited cash runway of under one quarter and is actively exploring capital raising and cost management strategies to sustain operations and fund its development plans.
Overall, Chariot is positioning itself as a significant player in the lithium sector with promising assets in two key jurisdictions. The Nigerian portfolio’s high-grade assays and strategic MOUs, combined with the US drilling targets and OTCQB listing, suggest a company gearing up for growth amid rising global lithium demand.
Bottom Line?
Chariot’s next steps hinge on completing its Nigerian acquisition and converting MOUs into binding agreements, with market watchers keenly awaiting drilling results and financing outcomes.
Questions in the middle?
- When will the acquisition of the Nigerian lithium portfolio be completed and licenses transferred?
- What will the mineralogical and metallurgical test results reveal about processing and recovery?
- How soon can Chariot secure binding offtake and financing agreements to underpin project development?