Milestone deal plunges Chariot into West African lithium market

Sydney Morning Herald

10-07-2025

It's no secret that lithium has become the new oil in the global race to power the clean energy revolution. And now, Chariot Corporation has taken what could well prove to be its boldest swing yet - striking a landmark deal that positions it as a dominant force in Nigeria. The West African nation is one of the world's most tantalising but overlooked lithium frontiers, which is quickly becoming the new frontline in the global lithium race thanks to the world's largest electric vehicle market, China.
Chariot's latest move, unveiled today, involves acquiring a little more than 66 per cent of a suite of five lithium-rich tenements. Importantly, four of those projects already have mapped pegmatites containing visible spodumene – the lithium-bearing mineral that turns heads in this game. One shows lithium grades of up to 6.59 per cent lithium oxide in rock chips. That's the kind of figure that grabs attention anywhere on the global lithium map.
The company will acquire its 66.7 per cent interest in Nigerian holding company C&C Minerals, which will hold the eight exploration licences and two small-scale mining licences. Licence vendor Continental will retain a one-third interest in C&C Minerals.
Continental appears to have a strong track record of operating artisanal mining and mineral processing operations in Nigeria for lithium, as well as other minerals including tin and zircon. As part of the deal, Continental will also be issued a total of 42 million shares in Chariot, including 24 million shares issued upon Chariot shareholder approval.
'We're looking forward to getting on the ground and advancing these high-grade lithium prospects, which complement our development work in the United States.'
Chariot Corporation managing director Shanthar Pathmanathan
The move fits squarely into Chariot's long game – to amass a global portfolio of high-grade, hard rock lithium assets that can be advanced quickly and monetised smartly. Nigeria's broader lithium exploration narrative is currently being led by major players, including Gangfeng, and if it's anything to go by this could be a canny move indeed.
Africa is quickly becoming the new frontier in the global lithium race. With the world's shift to electric vehicles accelerating, China is pouring investment into African lithium mines in a strategic bid to secure low-cost, high-volume feedstock. Consensus forecasts hold that China's hard-rock lithium supply deficit will increase up to five-fold by 2035. Beijing is turning to Africa to fill the gaping hole, which is why Chariot Corporation's latest move could be transformative.
In Zimbabwe alone, Chinese investors already control nearly 90 per cent of lithium production, and the government's ban on raw ore exports is only accelerating investment in downstream refining facilities. The Chinese play is clear: secure the resource, control the processing and lock up supply chains at the lowest cost. Against that backdrop, Chariot's Nigerian move puts it squarely in the path of the next wave of lithium capital flows.
Chariot's newly acquired four Nigerian projects all sit within a 400-kilometre radius of the Port of Lagos and include confirmed spodumene-bearing pegmatites at the Fonlo, Gbugbu, Iganna and Saki projects. At Fonlo, lithium mineralisation is visible along a strike of more than 200 metres, while surface chip samples at Gbugbu have returned assays up to 6.59 per cent lithium oxide – a result that would make any geologist crack a gold-toothed smile.