Australian-listed mineral exploration company Chariot Resources Limited has secured a significant regulatory milestone in its push into Nigeria’s lithium sector, following government approval for the transfer of six lithium mining licences to its Nigerian subsidiary.
In a statement dated March 10, Chariot said the Mining Cadastre Office (MCO) approved the transfer of the licences to C&C Minerals Limited, a Nigerian subsidiary. The approvals cover four exploration licences and two small scale mining licences previously held by Continental Lithium Limited, now being transferred to C&C Minerals.
The licences include exploration assets across the Fonlo and Gbugbu projects, as well as small scale mining interests in the Saki project.
The licence transfer is part of a larger acquisition that has been in progress since mid-2025. Chariot committed approximately $2.3 million to acquire Continental Lithium’s 66.7% stake in a Nigerian hard-rock lithium portfolio covering 254 square kilometres across four project clusters; Fonlo, Gbugbu, Iganna, and Saki, situated in Nigeria’s Oyo and Kwara States.
According to Aluko & Oyebode, the transaction represents the first entry of an Australian-listed company into Nigeria’s lithium sector, and is expected to accelerate the exploration and potential development of hard-rock lithium assets, representing one of the largest known lithium portfolios in the country.
Market Screener reports the areas host widespread artisanal mining activity, where miners have been selling spodumene-rich ore to Chinese buyers since 2021, confirming both grade and market demand.
“Given the critical role of lithium in the global energy transition, particularly in battery storage and electric vehicle technologies, this transaction highlights Nigeria’s growing profile as a destination for investment in rare earth and critical minerals,” the company said.
Ajibola Asolo, a partner at Nigerian law firm Aluko & Oyebode, which served as Nigerian legal adviser on the deal, described the transaction as a landmark. “This transaction marks the first entry of an Australian-listed company into Nigeria’s high-potential lithium sector. Chariot’s expertise in critical minerals will improve resource development and unlock long-term economic value within Nigeria,” he said.
Under the joint venture structure, Continental Lithium retains a 33.33% interest in the Nigerian projects through its holding in C&C Minerals and plans to leverage its local expertise to oversee operations and logistics of the small-scale mining operations, while Chariot holding a 66.67% interest will be responsible for funding arrangements and offtake negotiations.
The company has also entered discussions with a strategic partner regarding a proposed framework agreement that could lead to project-level prepayment funding, exclusive offtake rights over early small-scale mining production, and potential minority equity participation at the asset level.
