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Chariot Resources (ASX:CC9), known until this morning as “Chariot Corporation,” has updated the terms for its bargain with Continental Lithium, including enhanced exclusivity clauses, a new set of completion conditions, and a revised timeline that has seen the cut-off date pushed through to May next year.
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The deal update, announced alongside the Corp-to-Resources name change, has been structured to “secure a clear path to completion,” Chariot says.
Under the revised terms, Chariot and Continental can no longer solicit or consider alternative proposals for the involved licences. Neither can bypass the agreement for any other joint ventures either, per these new terms.
The transaction now requires all Nigerian lithium licences to be validly issued, transferred to, and held by the C&C Minerals joint venture the pair are putting together. All other conditions (beyond the date) are the same.
“Both Chariot and Continental remain fully aligned and are working diligently to satisfy the remaining conditions precedent,” the company wrote today.
“Chariot will continue to update shareholders as key milestones are achieved.”
The now-renamed Australian explorer had originally picked up 66.7% interest in the “highly prospective” hard rock lithium project in Nigeria in the middle of the year, signing a two-to-one split JV deal with Continental Lithium.
Chariot had been drawn to Continental’s mining works after it identified drill-ready lithium-bearing pegmatites across all four projects in the portfolio.
Though nothing has started in Nigeria yet, Chariot has already brewed up a three-phase plan to expand the Nigerian digs into near-term production goals and eventually take the projects all the way to cash flow.
CC9 shares have been 20c this morning.
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