Chariot to acquire majority stake in Nigerian lithium portfolio

Chariot Corporation (ASX:CC9) has acquired a 66.7% interest in a “highly prospective” hard rock lithium portfolio in Nigeria that stretches 254 square kilometres and boasts lithium-bearing pegmatites across its four projects.

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The Australian explorer has forked out US$1.5 million in cash and 42 million shares to scoop up the package, which Chariot Corp’s managing director, Shanthar Pathmanathan, described as extremely strategic.

“We’re delighted,” he told HotCopper in a Watchlist interview this week.

“We’ve moved into one of the most strategic places in the world of lithium in Nigeria… [which has] been emerging as a hub for lithium for 10 years.”

“These portfolios wouldn’t be available [to Chariot] in a stronger market so this is a counter-cyclical opportunity for the company,” Mr Pathmanathan said. “Individually, each project could be a Pilbara Minerals-type discovery.”

CC9 shares have been up +3.64% through the week since the buy-up.

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