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Nigeria’s Mining Cadastre Office has today approved the transfer of six lithium licences over to Chariot Resources (ASX:CC9), including four exploration licences and two small-scale mining licences previously held by Continental.
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These half-dozen licences will fall under C&C Minerals’ purview. Chariot is right in the middle of acquiring a 66.67% interest in the Nigerian subsidiary, while Continental will hold onto 33.3% after the deal wraps up.
Following all paperwork being completed, Chariot will immediately launch into several high-priority exploration programs across the Nigerian opportunity.
“These approvals are monumental for the company and indeed the global lithium sector as they signify the first entry of an ASX-listed lithium company into a high-potential lithium sector in Nigeria,” Chariot’s executive chairman and managing director, Shanthar Pathmanathan, declared today.
Markets seem to agree on the “monumental” moniker, too – less than an hour after Australian trading started, Chariot’s shares have boomed a little over +56% and are now selling at around 15c each.
This rocketing Tuesday advance brings CC9 year-to-year performance from nearly totally flat all the way up to +57% since this time CY25.
“Our ultimate goal is to make one or more large-scale discoveries in Nigeria,” Mr Pathamanathan said. To achieve that goal, Chariot will now “deploy modern, systematic exploration to generate high-quality technical data and drill-ready targets across an undrilled portfolio,” he said.
The Chariot chairman also confirmed the explorer will be negotiating with potential offtake and… partners for asset-level funding to accelerate drilling, and for the restart and development of small-scale mining.
At 11am in Sydney, CC9 shares are 13c/ea.
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