Chariot moves to formalise small-scale lithium mining across Nigerian portfolio

Perth-based Chariot Corporation (ASX:CC9) has taken a decisive step towards early cash flow from its Nigerian lithium assets after signing a binding, conditional agreement with its local partner, Continental Lithium, to establish structured small-scale mining (SSM) operations across four project areas in Oyo and Kwara states.

The agreement—executed through the joint-venture entity C&C Minerals, in which Chariot holds 66.667% and Continental 33.333%—will take effect upon completion of Chariot’s acquisition of its interest in the Nigerian portfolio, announced to the ASX in July 2025. Once settled, C&C Minerals will become the holding company for the licences.

The four assets comprise eight exploration licences and two small-scale mining leases covering 254km² across the Fonlo, Gbugbu, Iganna and Saki clusters. The areas host widespread artisanal mining, where miners have been selling spodumene-rich ore to Chinese buyers since 2021, confirming grade and market demand.

Under the agreed structure, Continental Lithium will manage on-ground mining and logistics, leveraging its established presence since 2018, while Chariot will oversee project financing, regulatory compliance and advanced offtake negotiations with several international commodity buyers.

A three-phase development plan aims to transition artisanal workings into formalised SSM operations. The first phase focuses on detailed mapping, sampling and selective drilling around active pits, with the aim of defining localised JORC-compliant resources at priority areas such as Fonlo and Iganna.

The second phase will involve metallurgical testwork to determine optimal processing methods—gravity, flotation or hybrid routes—and to evaluate potential by-product credits including tantalum and tin. Results will underpin a robust processing flowsheet and commercial viability assessment.

The third phase will evaluate toll-treatment options at emerging Nigerian spodumene plants versus modular on-site processing, supported by analysis of haulage distances, trucking costs and timelines to first production. The aim is to identify the fastest, commercially viable route to market.

Chariot’s management said the partnership positions the company as one of the first publicly listed explorers with significant lithium holdings in Nigeria, one of Africa’s most prospective but underexplored regions for hard-rock lithium.