Australian mining company Chariot Corporation has acquired a controlling stake in Nigeria’s largest hard-rock lithium portfolio, positioning itself at the forefront of Africa’s emerging lithium sector with significant implications for the global battery supply chain.
The acquisition covers 254 square kilometers across Oyo and Kwara states, encompassing four projects with eight Exploration Licences and two Small-Scale Mining Leases. Rock chip sampling has revealed lithium content of up to 6.59 percent Li2O, indicating highly prospective mineralization potential.
Chariot will acquire a 66.7 percent stake through a joint venture with Continental Lithium for US$1.5 million in cash and 42 million shares, plus a commitment to fund a minimum US$10 million for joint venture operations. The transaction establishes Chariot as one of the first publicly listed lithium explorers with substantial holdings in Nigeria’s emerging lithium belt.
“Nigeria is emerging as one of the continent’s fastest-growing lithium regions,” according to geological assessments comparing the area’s lithium-bearing pegmatites to Brazil’s renowned Lithium Valley. The geological similarities suggest significant potential for highly fractionated, lithium-rich deposits.
The portfolio benefits from existing infrastructure and established market connections, with several thousand tonnes of concentrate already exported to Chinese and international customers between 2021 and 2024. This trading history validates both the quality of mineralization and the existence of established buyer networks.
The acquisition provides strategic access to the rapidly developing Africa-China lithium supply corridor, with growing Chinese demand for Nigerian lithium concentrate driving sustained mining activity despite global price headwinds. The Nigerian government has created a supportive regulatory environment attracting significant Chinese investment in lithium processing facilities.
Chariot’s exploration strategy will focus on systematic mapping, trenching, and drilling to identify along-strike and depth extensions of known pegmatites while discovering new mineralization within the license areas. The company emphasizes its strong community relationships and excellent infrastructure access as competitive advantages.
The transaction strengthens Chariot’s position in the critical minerals sector at a time when global demand for lithium continues growing driven by electric vehicle adoption and renewable energy storage requirements. Nigeria’s lithium potential could contribute significantly to diversifying global supply chains away from traditional producing regions.
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