Greatpower Investment Deal for Chariot Resources Lapses Over Regulatory Hurdles

Strategic Investment Falls Through on Regulatory Delays

Chariot Resources Ltd (ASX:CC9) has confirmed the collapse of a key A$1.425 million investment from Jiangsu Greatpower NexEnergy Technology, an affiliate of Shanghai Greatpower Nickel & Cobalt Materials. The deal, originally announced in February, failed to meet the 15 April 2026 deadline for obtaining required Chinese outbound direct investment and foreign exchange registrations, causing the subscription agreement to lapse without penalty to either party.

This setback removes a near-term capital injection that Chariot had earmarked to support its expanding lithium portfolio, particularly the Nigerian hard-rock lithium projects. The failure to secure regulatory approval highlights the challenges foreign investors face navigating Chinese outbound investment controls, a factor that can introduce unpredictability into cross-border funding arrangements.

Ongoing Commercial Discussions and Alternative Partners

Despite the investment lapse, Chariot and Greatpower remain in talks to explore a broader commercial relationship, suggesting the door is not entirely closed on collaboration. Meanwhile, Chariot is actively courting other potential offtake partners to underpin development and funding of its Nigerian lithium assets. The company is hosting site visits and pushing forward with technical activities across its project clusters in Oyo and Kwara states.

These Nigerian projects, comprising the Fonlo, Gbugbu, Iganna, and Saki clusters, represent one of the country’s largest lithium portfolios and have recently been the focus of independent verification confirming spodumene and pollucite mineralisation. This technical validation, reported just last week, reinforces the projects’ potential and informs forthcoming metallurgical and drilling programs, positioning Chariot to attract further investment and partnership opportunities.

However, no definitive agreements have been signed with any parties, underscoring the uncertainty around the timing and terms of future funding or offtake deals. The company’s ongoing engagement with multiple stakeholders reflects a pragmatic approach to securing the capital and commercial backing needed to advance its Nigerian lithium ambitions.

Broader Lithium Exploration Footprint and Funding Efforts

Chariot’s portfolio extends beyond Nigeria, with core lithium projects in the United States, including the Black Mountain Project in Wyoming and the Resurgent Project spanning Nevada and Oregon. The company also holds interests in the Copper Mountain and Tin Cup projects in Wyoming, as well as stakes in claystone lithium assets through Mustang Lithium LLC in Nevada.

Recent capital management efforts include a A$3.5 million secured loan facility and a A$2.1 million placement earlier this year aimed at refinancing debt and bolstering working capital for exploration activities. These moves suggest Chariot is balancing multiple funding avenues to support its growth strategy amid the evolving investment landscape.