Chariot Raises $2.15M Placement at A$0.10 to Fund Nigerian Lithium Acquisition
Chariot Resources has raised $2.15 million in a well-supported placement to fund its acquisition and exploration of lithium assets in Nigeria, signalling strong investor confidence amid soaring lithium prices.
- Placement raises $2.15 million from institutional and sophisticated investors
- Funds to acquire 66.667% interest in Nigerian hard rock lithium portfolio
- Nigerian government approves transfer of six lithium licences
- Exploration activities planned including mapping, trenching, and drilling
- Lithium carbonate prices remain robust, doubling over the past year
Placement and Strategic Funding
Chariot Resources Ltd (ASX:CC9) has successfully raised A$2.15 million through a private placement, attracting strong support from both existing shareholders and new institutional investors. The capital raise, priced at A$0.10 per share, includes an offer of free attaching options subject to shareholder approval, reflecting investor optimism about the company’s lithium portfolio and strategic direction.
Advancing Nigerian Lithium Projects
The funds will primarily finance the acquisition of a 66.667% stake in a Nigerian hard rock lithium portfolio from Continental Lithium Limited, a significant step in Chariot’s expansion into West Africa. This portfolio comprises four project clusters in Oyo and Kwara states, covering approximately 254 square kilometres and includes eight exploration licences and two small-scale mining leases. The recent confirmation from the Nigerian government approving the transfer of six lithium licences marks a crucial regulatory milestone, clearing the path for accelerated exploration.
Exploration Plans and Market Context
Chariot plans to commence exploration activities as soon as feasible, including mapping, trenching, and drilling. These efforts aim to build on the historical artisanal mining in the region and unlock the potential of one of Nigeria’s largest lithium portfolios. The timing aligns with a buoyant lithium market, where battery-grade lithium carbonate prices have surged to over US$20,000 per tonne, more than doubling in the past year. This price environment underpins the strategic rationale for Chariot’s aggressive push into lithium exploration.
Broader Portfolio and Future Prospects
Beyond Nigeria, Chariot maintains a diversified lithium exploration portfolio, including core projects in the United States such as the Black Mountain Project in Wyoming and the Resurgent Project spanning Nevada and Oregon. Early survey results indicate promising high-grade lithium mineralisation near surface. The company also holds interests in other pipeline projects and is in the process of relinquishing less prospective licences in Zimbabwe, focusing resources on higher-potential assets.
Investor Confidence and Next Steps
The placement was led by GBA Capital Pty Ltd, which will also receive options and fees as part of the arrangement. Notably, non-executive director Brendan Borg has elected to participate in the placement, subject to shareholder approval. With settlement expected imminently and exploration activities gearing up, Chariot is positioning itself to capitalise on the growing demand for lithium driven by the global shift to electric vehicles and renewable energy storage.
Bottom Line?
Chariot’s capital raise and Nigerian licence approvals set the stage for a pivotal year in its lithium journey.
Questions in the middle?
- When will the acquisition of the Nigerian lithium portfolio be completed and what conditions remain?
- What initial exploration results can investors expect from the Nigerian projects in 2026?
- How might fluctuations in lithium prices impact Chariot’s development plans and funding needs?
