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Chariot Corporation (ASX:CC9) has secured key regulatory approvals and updated its financing structures as it progresses its acquisition of a 66.667% interest in a Nigerian hard-rock lithium portfolio from Continental Lithium. These latest cleared hurdles satisfy all licence-related conditions precedents.
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The Federal Republic of Nigeria’s Mining Cadastre Office approved the transfer of three licences (EL 38148, 67480, 68365) from Continental today.
These licences are within the Saki project cluster. The approvals sit alongside three previously transferred licences and the March transfer approval of EL 38574. Furthermore, regulatory authorities granted a second and final two-year renewal for Exploration Licence EL 35506, effective from October 15.
The Ministry of Solid Minerals Development also accepted applications and payments to convert SSML 36058, SSML 36039, and SSML 42553 into full mining leases.
Chariot today said it was “pleased” to have these approvals sorted and said they mark a “key milestone toward completion of the acquisition.”
While the conversions are subject to some approvals, Chariot is hoping they’ll “enable potential future mining activities.” Future operations are still dependent on completing the acquisition, executing technical and exploration work, securing more funding, and meeting ASX and JORC disclosures.
To fund these mechanisms across the eleven mineral titles, Chariot has executed a first addendum to its CY25 convertible shareholder loan bargain.
This addendum increases the total convertible loan to US$879,195, mirroring the terms of the project’s binding share sale agreement, which has been modified by variation deeds from November CY25 to May CY26.
To lunchtime Thursday, CC9 has been 5.9cps.
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