Chariot Adds Key Licence and Converts Leases in Nigerian Lithium Portfolio

Key Licence Added to Align Acquisition with Geological Focus

Chariot Resources Ltd (ASX:CC9) has expanded its Nigerian lithium portfolio acquisition by incorporating an additional small-scale mining licence, SSML 042553, at no extra acquisition cost. This licence, located within the Fonlo project area in Kwara State, covers the principal geological zone where Chariot has concentrated its field sampling and technical work, including spodumene-bearing pegmatites confirmed in recent announcements. The addition effectively consolidates the tenure footprint by aligning the acquisition perimeter with the Company’s prior geological focus, addressing an omission in the original agreement.

SSML 042553 lies within the previously disclosed boundaries of exploration licence EL 35506 but was initially excluded from the acquisition package. By bringing this licence into the fold, Chariot ensures that its joint venture entity, C&C Minerals Limited, will hold direct rights over the key lithium-bearing ground. This move comes amid ongoing efforts to convert small-scale mining leases into full mining leases, which are expected to provide stronger tenure security and broader mining rights.

Lease Conversions Address Regulatory Policy and Strengthen Tenure

In response to Nigerian government policies favouring Nigerian-controlled entities for small-scale mining leases, Chariot and its partner Continental Lithium Limited have agreed to convert three small-scale mining leases, SSML 042553, SSML 036039, and SSML 036058, into mining leases prior to transfer to C&C Minerals. This conversion process, overseen by the Nigerian Mining Cadastre Office, involves satisfying technical, financial, and regulatory criteria, including demonstrating commercial mineral quantities and engaging qualified personnel.

Mining leases in Nigeria offer up to 25 years of tenure with renewal options, compared to the shorter five-year term of small-scale mining leases. The conversions are expected to enhance the portfolio's long-term security and commercial mining rights. However, the approval process remains at the discretion of Nigerian authorities, with potential risks of delays or refusals. Chariot has committed to keeping shareholders informed as these regulatory steps progress.

The policy-driven lease conversions also resolve complications from prior transfers of SSML 036039 and SSML 036058 to C&C Minerals, which were rendered ineffective due to the government’s stance on foreign ownership of small-scale mining leases. By converting these licences to mining leases before transfer, Chariot navigates around these regulatory hurdles.

Extended Timeline and Increased Costs Reflect Regulatory Complexity

To accommodate the additional administrative and regulatory processes, the parties have extended the deadline for satisfying conditions precedent under the Share Sale Agreement from 5 August 2026 to 5 May 2027. This extension covers the conversion of the three small-scale mining leases, the transfer and reissuance of other exploration licences not yet held by C&C Minerals, and the completion of customary closing conditions, including shareholder approval for issuing 24 million consideration shares to Continental.

The cost cap for licence-related transfer, conversion, and regulatory expenses has more than doubled, rising from US$425,000 to US$925,000. This increase primarily reflects the fees and statutory charges associated with the SSML-to-mining lease conversions and the expanded acquisition portfolio, now covering 11 mineral titles across approximately 257.1 square kilometres in Kwara and Oyo States.

Chariot’s approach to securing a robust regulatory footing for its Nigerian lithium assets builds on recent progress, including the transfer of six licences and confirmation of spodumene mineralisation in samples, as reported in April 2026. The Company’s continued capital raising and refinancing activities underpin its commitment to advancing this portfolio amid evolving regulatory landscapes and market conditions.

Portfolio Composition and Next Steps

Upon completion, C&C Minerals will hold a diversified portfolio comprising eight exploration licences and three mining leases across four project clusters, Fonlo, Gbugbu, Iganna, and Saki. The Fonlo cluster, where SSML 042553 is located, remains the focal point of geological interest.

Chariot’s immediate priorities include working with Continental to satisfy the remaining conditions precedent, progressing the mining lease conversions and licence transfers, and securing shareholder approval for the share issuance planned for 29 May 2026. The Company has pledged to keep investors updated on material developments as these processes unfold.

This acquisition and tenure consolidation signal Chariot’s strategic intent to establish a significant foothold in Nigeria’s emerging lithium sector, complementing its existing projects in the United States.

Six licences transferred and confirmed spodumene samples underpin the technical foundation for this expanded portfolio, while the extended timeline reflects the regulatory complexity involved.