Australian firm enters Nigeria’s lithium sector with acquisition of mining licences

Petalite, petalite or castorite is an important mineral for obtaining lithium, battery industry, lithium source

Chariot Resources Limited, an Australian firm, has announced the acquisition of six lithium mining licences, marking its entry into Nigeria’s lithium sector.

In a statement dated March 10, Chariot said the Mining Cadastre Office (MCO) approved the transfer of the licences to C&C Minerals Limited, a Nigerian subsidiary.

The company said approvals cover four exploration licences and two small-scale mining licences previously held by Continental Lithium Limited, now being transferred to C&C Minerals.

According to the statement, the licences include exploration assets across the Fonlo and Gbugbu projects, as well as small-scale mining interests in the Saki project.

“These approvals (together, the “Transfer Approvals”) move the Company towards completion of its acquisition of the Nigerian lithium portfolio,” the statement reads.

“The Transfer Approvals represent substantial progress in satisfying a key condition precedent to Chariot acquiring a 66.667% interest in C&C Minerals under the share sale agreement for the Nigerian lithium portfolio (as announced on 10 July 2025) and the variation deed (as announced on 3 December 2025) (together, the “Acquisition”).”

“The Transfer Approvals relate to licences previously held by Continental. The MCO requires only standard administrative requirements and documentation to finalise the transfers.

“The Transfer Approvals mark a significant regulatory milestone and materially de-risk Chariot’s acquisition of the Nigerian lithium portfolio.”

Under the deal, Chariot is expected to hold a 66.7 percent interest in C&C Minerals upon completion, while Continental Lithium will retain a 33.3 percent stake.

According to the statement, four additional licences, including three exploration licences at the Saki project and the sole exploration licence at the Iganna project, are still awaiting approval from the MCO.

Speaking on the development, Lanre Afebuameh, president and vice-chairman of Continental Lithium, said the approvals strengthen its alignment with the relevant regulatory bodies, enabling systematic exploration programs at Fonlo and Gbugbu

Shanthar Pathmanathan, executive chairman and managing director of Chariot, said the approvals are monumental for the company and the global lithium sector.

“Our ultimate goal is to make one or more large scale discoveries in Nigeria. We will deploy modern, systematic exploration to generate high-quality technical data and drill-ready targets across an undrilled portfolio,” Pathmanathan said.

“We are also negotiating with potential offtake and asset-level funding partners for asset-level funding to accelerate drilling, and for the re-start and development of small-scale mining activities.”

Chariot said it expects the full acquisition process to be completed by May 2026, subject to the satisfaction of remaining conditions precedent and shareholder approvals.

TRANSACTION HIGHLIGHTS NIGERIA’S PROFILE AS INVESTMENT DESTINATION’

Commenting on the development, Aluko & Oyebode, a local law firm, said it acted as Nigerian legal adviser to Chariot on the transaction, which involves the acquisition of interests in a portfolio of lithium exploration and mining licences across Kwara and Oyo states.

The firm said its role included legal due diligence, transaction structuring, preparation of mineral title transfer agreements, and advisory services on regulatory approvals, investment protection, financing arrangements and corporate authorisations.

“Given the critical role of lithium in the global energy transition, particularly in battery storage and electric vehicle technologies, this transaction highlights Nigeria’s growing profile as a destination for investment in rare earth and critical minerals,” the company said.

Ajibola Asolo, partner in the firm’s M&A team, said Chariot’s expertise in critical minerals will improve resource development and unlock long-term economic value within Nigeria.