Chariot’s $1.6M Placement Fuels Ambitious Nigerian Lithium Expansion
Chariot Corporation has raised A$1.6 million through a strategic share placement to acquire a majority stake in a Nigerian hard-rock lithium portfolio, aiming to accelerate exploration and tap into the Chinese battery market.
- Raised A$1.6 million via placement of 32 million shares at A$0.05 each
- Funds to acquire 66.7% interest in Nigerian hard-rock lithium assets
- Nigerian portfolio has historical spodumene exports to China
- Placement supported by strategic and long-term lithium investors
- Chariot’s global lithium portfolio includes US and Australian projects
Strategic Capital Raise
Chariot Corporation Limited (ASX, CC9) has successfully raised A$1.6 million through a placement of 32 million new shares priced at A$0.05 each. The capital raise attracted strong support from institutional and long-term lithium investors, signaling confidence in Chariot’s expanding lithium strategy. The placement also includes attaching options exercisable at A$0.10, subject to shareholder approval, which could provide further upside for investors.
Acquisition of Nigerian Lithium Portfolio
The proceeds will primarily fund Chariot’s acquisition of a 66.7% interest in a highly prospective hard-rock lithium portfolio in Nigeria, previously operated by Continental Lithium Limited. This portfolio is notable for having generated several thousand tonnes of spodumene concentrate exports between 2021 and 2024, predominantly serving a Chinese customer base. This existing export history offers Chariot a near-term revenue opportunity, setting it apart from many early-stage lithium explorers.
Broader Lithium Strategy
Beyond Nigeria, Chariot is building a globally diversified lithium portfolio. Its US assets include the flagship Black Mountain hard-rock project in Wyoming and claystone lithium projects in Oregon and Nevada, positioning the company to supply key battery supply chains in both the United States and China. The Nigerian acquisition complements this by providing exposure to the Chinese market, a critical hub for lithium demand driven by electric vehicle and battery manufacturing.
Next Steps and Market Implications
Chariot plans to use the funds not only for the acquisition but also to cover landholding costs and advance exploration activities in Nigeria, where visible spodumene at surface and artisanal mining suggest promising mineralisation yet to be drilled. Managing Director Shanthar Pathmanathan highlighted the placement as a “clear endorsement” of the company’s strategy and expressed confidence in transformational growth ahead. The upcoming shareholder meeting to approve the option issuance will be a key milestone to watch.
Bottom Line?
Chariot’s capital raise and Nigerian acquisition mark a pivotal step in its quest to become a global lithium player, but exploration results and shareholder approvals will be critical next hurdles.
Questions in the middle?
- How will upcoming drilling results in Nigeria impact Chariot’s valuation and investor sentiment?
- What are the risks associated with expanding into the Nigerian mining jurisdiction compared to US and Australian projects?
- How might the issuance of new options affect share dilution and market dynamics?
