Chariot Corporation (ASX: CC9) has committed approximately $2.3 million to acquire Continental Lithium’s 66.7% stake in a Nigerian hard-rock lithium portfolio. This acquisition bolsters Chariot’s growing focus on battery minerals. Chariot Corporation is an Australian-based exploration company focused on the discovery and development of mineral resources. The company is actively exploring opportunities in the lithium sector, aiming to become a key player in the global battery mineral supply chain.
The assets, covering 254 square kilometres, encompass four project clusters: Fonlo, Gbugbu, Iganna, and Saki, situated across Nigeria’s Oyo and Kwara states. These holdings include eight exploration licences and two small-scale mining leases. Chariot will transfer these assets to C&C Minerals, a joint venture entity where it will hold a 66.7% controlling interest, with Continental retaining the remaining 33.3%.
Chariot aims to be among the first publicly listed lithium explorers with significant holdings in Nigeria. Managing director Shanthar Pathmanathan noted that this entry provides exposure to the growing Africa-China lithium supply corridor. To fund these Nigerian initiatives, Chariot has secured an $880,000 unsecured loan facility through a binding working capital agreement with GAM Company.
Following the acquisition, Chariot plans an exploration phase leading to drilling in late 2025. Initial drilling programs will focus on the Fonlo and Gbugbu projects, assessing the lithium mineralisation potential along strike and at depth. Furthermore, promising results have emerged from Phase 2 drilling at the Black Mountain hard-rock lithium project in Wyoming, US, testing extensions of lithium mineralised pegmatites.
