Chariot’s Nigerian Lithium Acquisition De-Risked as License Transfers Gain Approval
Chariot Resources has secured Nigerian government approval for the transfer of six lithium licenses, marking a key step toward acquiring a majority stake in a promising Nigerian lithium portfolio. This regulatory milestone enables immediate exploration and mining activities at multiple projects amid soaring lithium prices.
- Nigerian Mining Cadastre Office approves transfer of six lithium licenses to C&C Minerals
- Licenses cover entire Fonlo and Gbugbu projects plus two small-scale mining licenses at Saki
- Approval advances Chariot’s acquisition of 66.667% interest in Nigerian lithium portfolio
- Significant lithium price increases since acquisition agreement in July 2025
- Exploration and small-scale mining activities to commence immediately at approved sites
Regulatory Breakthrough in Nigerian Lithium Sector
Chariot Resources Ltd has achieved a significant regulatory milestone with the Nigerian government’s Mining Cadastre Office approving the transfer of six lithium licenses from Continental Lithium Limited to C&C Minerals, a joint venture between the two companies. This approval covers four exploration licenses and two small-scale mining licenses, including the entire interests at the Fonlo and Gbugbu projects, as well as two licenses at the Saki project.
The transfer approvals mark substantial progress toward Chariot’s planned acquisition of a 66.667% stake in the Nigerian lithium portfolio, a deal first announced in July 2025. Once all ten licenses are transferred, Chariot will hold a controlling interest, positioning the company to accelerate exploration and mining operations in a region with considerable lithium potential.
Strategic Importance of the Nigerian Lithium Assets
The Nigerian lithium portfolio spans four project clusters, Fonlo, Gbugbu, Iganna, and Saki, covering approximately 254 square kilometres across Oyo and Kwara states. These assets are notable for their history of artisanal lithium mining and the presence of lithium pegmatites that remain largely undrilled. Chariot’s entry into this market represents the first ASX-listed lithium company to tap into Nigeria’s emerging lithium sector, which is already supplying spodumene to the Chinese market.
With the transfer approvals in hand, Chariot and C&C Minerals can immediately commence systematic exploration programs, including field validation and drill targeting at Fonlo and Gbugbu. Additionally, small-scale mining activities at Saki are set to restart, potentially unlocking near-term production opportunities.
Market Tailwinds and Next Steps
Since the acquisition agreement in July 2025, lithium commodity prices have surged dramatically, with lithium carbonate prices rising 157% and spodumene concentrate prices increasing by 232%. This price momentum enhances the economic attractiveness of Chariot’s Nigerian assets and underscores the strategic timing of the acquisition.
Chariot is also actively negotiating with potential offtake and asset-level funding partners to accelerate drilling and development activities. The company plans to convene a shareholder meeting to re-approve the issue of 24 million shares to Continental as part of the acquisition consideration, aiming to complete the transaction by the end of May 2026.
While four licenses remain pending transfer approval, the company’s leadership expresses confidence in finalising these approvals soon, further de-risking the acquisition and paving the way for comprehensive exploration across the portfolio.
Bottom Line?
With regulatory hurdles clearing and lithium prices soaring, Chariot is poised to transform Nigeria’s lithium landscape; next comes the drill bit.
Questions in the middle?
- When will the remaining four Nigerian lithium licenses receive transfer approval?
- What are the timelines and terms for potential offtake and funding agreements?
- How will exploration results at Fonlo and Gbugbu influence Chariot’s development strategy?
