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- Chariot will now be closing deal on new Nigerian hard-rock lithium portfolio in August, three months later than planned.
- Sunset date delay is because the Nigerian Mining Cadastre Office endorsed and reissued five of C&C’s ten licences.
- Explorer now has to resolve this reissue red tape before proceeding.
Chariot Resources (ASX:CC9) has flagged an extension for the sunset date on its acquisition of a 66.667% interest in a Nigerian hard-rock lithium portfolio. The explorer executed a second deed of variation with Continental Lithium, moving the deadline for satisfying conditions precedent to August 5.
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The acquisition, which will now wrap up in some three months, covers a landholding of approximately 254 km² across the Kwara and Oyo States.
The portfolio is split in four project clusters: Fonlo, Gbugbu, Iganna, and Saki. Upon completion, the assets will be held by C&C Minerals, a joint venture, which is one-third owned by Continental, two-thirds by Chariot.
The three-month deadline delay came after the Nigerian Mining Cadastre Office endorsed and reissued five of the ten total licences for C&C Minerals this week. These include three exploration licences (EL 35506, EL 40486, EL 37243) and two small-scale mining leases (SSML 36039, SSML 36058). The office applied a “Full Transfer” notation to the titles, confirming the joint venture as the valid licensee.
The extension to August CY26 is largely so that Chariot and the others have the breathing room to transfer the remaining five licences before wrapping things up.
There is a little regulatory red tape Chariot will now have to redo as well: The explorer is also now expected to get renewed shareholder approval for the issuance of 24,000,000 consideration shares to Continental.
Under all these updates, the company declared: “Chariot remains focused on completing the acquisition as quickly as possible and will continue to update shareholders as it satisfies the remaining conditions precedent.”
CC9 shares are relatively flat and selling at 9.3cps today.
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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
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