As updated in Chariotโs 3 December 2025 ASX announcement, the company has executed a variation to its share sale agreement with Continental Lithium Limited, strengthening exclusivity protections, refining conditions precedent – including full license transfers to the duoโs joint venture entity C&C Minerals – and extending the end date to 5 May 2026.
Chariot has advanced US$379,195 (A$566,584) as a convertible loan to facilitate license transfers and closing costs, backed by Continentalโs guarantee. Completion is targeted for Q1 2026.
The MOU is non-exclusive initially but provides for a 90-day exclusivity period upon GreatPower selecting a priority project. It can be terminated on 30 daysโ notice or upon signing definitive agreements.
This strategic tie-up underscores Nigeriaโs emerging role in the global lithium supply chain, linking Chariotโs high-grade, near-surface pegmatite projects at the Fonlo, Iganna, Saki, and Gbugbu prospects with downstream Chinese EV battery demand.
While non-binding and contingent on finalising the property acquisitions, the partnership could provide vital funding and offtake security to fast-track development.
Chariot continues to advance its dual-track strategy in Nigeria which revolves around pursuing early small-scale mining revenues while progressively ramping-up towards larger-scale production, complemented by its core lithium assets in the US.
With the acquisition progressing and the new MOU adding momentum, 2026 is already shaping up as a pivotal year for Chariotโs African lithium ambitions.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
