Australian Company to Pay $2.3m for Nigerian Lithium Mining Sites

Australia-based mineral exploration company Chariot Corporation is positioning itself as a first mover in Nigeria’s underexplored but geologically rich lithium sector. It is acquiring a 66.7% stake in Continental Lithium’s Nigerian hard-rock lithium portfolio for approximately $2.3 million.

The portfolio spans 254 square kilometers across Oyo and Kwara states, including four project clusters—Fonlo, Gbugbu, Iganna, and Saki—with eight exploration licenses and two small-scale mining leases.

The assets will be held through a joint venture, C&C Minerals, controlled 66.7% by Chariot.

This acquisition positions Chariot as one of the first publicly listed lithium explorers with significant holdings in Nigeria, an underexplored but highly prospective lithium region in Africa.

Managing Director Shanthar Pathmanathan highlighted Nigeria’s strategic role in the expanding Africa-China lithium supply corridor. He made a remark on China’s reliance on limited upstream producers in Australia and Chile and its growing interest in African sources like Nigeria.

To fund its Nigerian operations, Chariot secured an $880,000 unsecured loan facility from GAM Company. It plans to begin exploration promptly, targeting drilling at Fonlo and Gbugbu projects by late 2025 to assess lithium mineralization.

Separately, Chariot is advancing its US hard-rock lithium project at Black Mountain, Wyoming, where Phase 2 drilling has yielded promising results, supporting plans for a pilot mine.

Geological mapping continues to identify pegmatite zones for further evaluation.

Overall, Chariot’s Nigerian acquisition and US drilling success reflect its strategic expansion in the global lithium market. It is leveraging Nigeria’s emerging lithium potential and growing demand driven by electric vehicle battery supply chains.

Chariot Corporation is primarily focused on discovering and developing near-surface lithium opportunities in the United States.

It holds a significant portfolio of lithium exploration projects, including flagship assets such as the Black Mountain Project in Wyoming and the Resurgent Project spanning Nevada and Oregon.

These projects target both hard rock lithium (spodumene) and claystone-hosted lithium, with promising surface mineralization and large-scale potential.