Highlights

  • Chariot Resources shares rose 8.11% to AUD 0.080 on 15 May 2026 following a Nigerian lithium Acquisition update.
  • The company added an eleventh licence to its Nigerian lithium portfolio at no additional acquisition cost.
  • The acquisition footprint now spans approximately 257.1 square kilometres across four project clusters.
  • Three small-scale Mining licences are planned to be converted into mining leases before transfer.
  • The acquisition completion timeline has been extended to May 2027 to accommodate regulatory processes

Chariot Resources Ltd (ASX:CC9) shares climbed 8.11% to AUD 0.080 during the morning session on 15 May 2026 after the company released an update regarding its Nigerian lithium portfolio acquisition. While the stock remains broadly unchanged over the past year, the latest announcement appeared to attract investor attention as the company expanded the acquisition perimeter and strengthened the proposed tenure structure across key lithium Assets in Nigeria.

The update centred on a third deed of variation executed between Chariot Resources and Continental Lithium Limited in relation to the company’s proposed Nigerian lithium acquisition.

Under the revised arrangement, the acquisition portfolio has been expanded to include an additional mineral licence, while the parties also agreed to pursue conversion of several small-scale mining leases into full mining leases before transfer into the joint venture structure.

The changes are intended to strengthen the long-term regulatory position of the project portfolio and consolidate areas linked to Chariot’s previously reported lithium exploration focus.

Acquisition Portfolio Expands to 11 Mineral Titles

The latest variation increases the number of mineral titles included within the acquisition package from 10 to 11.

The additional licence, SSML 042553, sits within the broader Fonlo project area in Kwara State, Nigeria. According to Chariot, the licence covers the principal area of geological focus previously highlighted by the company during field exploration and sampling activities.

Importantly, Continental Lithium agreed to include the additional licence in the transaction without increasing the acquisition consideration payable by Chariot.

Following the update, the portfolio to be acquired by C&Amp;C Minerals Limited — a joint venture owned 66.667% by Chariot and 33.333% by Continental — is expected to cover approximately 257.1 square kilometres across the Fonlo, Gbugbu, Iganna and Saki project clusters.

The portfolio spans prospective lithium ground located across Nigeria’s Kwara and Oyo States.

Management noted that the inclusion of SSML 042553 consolidates the full area associated with the company’s geological work at Fonlo and aligns the transaction perimeter with the technical focus of previous exploration activities.

Mining Lease Conversion Strategy Becomes Central Focus

Another significant aspect of the update involved the proposed conversion of multiple small-scale mining licences into mining leases prior to transfer into the joint venture structure.

Under the revised agreement, Continental Lithium will seek conversion of SSML 042553, SSML 036039 and SSML 036058 into mining leases before the assets are transferred to C&C Minerals.

The move follows evolving Nigerian regulatory policy relating to ownership of small-scale mining leases.

According to Chariot, recent policy developments have favoured small-scale mining leases being held by Nigerian-controlled entities, which created transferability considerations for C&C Minerals.

To address this issue, the parties agreed on a revised pathway whereby the licences would first be converted into mining leases in Continental’s name before transfer to the joint venture company.

Mining leases in Nigeria are not subject to the same policy considerations affecting small-scale mining leases.

The company believes this process could ultimately provide a more favourable long-term tenure structure for the portfolio.

Mining leases under Nigerian law can be granted for an initial term of up to 25 years, with renewal rights available thereafter. By comparison, small-scale mining leases generally carry shorter initial terms of approximately five years.

Chariot also stated that mining leases provide a broader suite of commercial mining rights relative to SSMLs.

Regulatory Process Extends Acquisition Timeline

As part of the revised agreement, the parties extended the end date for satisfaction of the acquisition conditions precedent from 5 August 2026 to 5 May 2027.

The extended timeframe is intended to accommodate the regulatory approval process associated with converting the three SSMLs into mining leases and completing the subsequent transfer process.

Additional time will also support completion of remaining licence transfers and satisfaction of customary regulatory and Shareholder approval conditions linked to the acquisition.

The company confirmed that Chariot shareholders are scheduled to vote on re-approval of the issue of 24 million consideration shares to Continental at a meeting planned for 29 May 2026.

Chariot stated that several remaining exploration licences at Iganna and Saki also still require transfer and reissue processes before completion of the acquisition.

While the company noted that it is not currently aware of any issue likely to prevent the mining lease conversions from proceeding, it acknowledged that regulatory approvals remain subject to discretion by Nigeria’s Mining Cadastre Office.

The conversion process requires satisfaction of technical, operational, financial and regulatory requirements under Nigerian mining legislation.

The company added that there remains a possibility that one or more conversions could be delayed or refused as part of the approval process.

Increased Cost Cap Reflects Expanded Portfolio Scope

The revised agreement also included an increase in the acquisition-related cost cap.

Under the original arrangement, Chariot had agreed to fund licence transfer, conversion and regulatory costs incurred by Continental up to a maximum aggregate amount of US$425,000.

Following the latest changes, that cap has now increased to US$925,000.

According to the company, the higher limit reflects additional regulatory fees and statutory charges associated with converting the three small-scale mining leases into mining leases, as well as costs tied to the broader 11-licence acquisition package.

Management described the increased Capital commitment as part of Chariot’s objective of positioning the project portfolio on a stronger regulatory footing ahead of settlement.

Fonlo Project Remains Key Geological Focus Area

The newly added SSML 042553 licence appears particularly significant because it covers the principal area where Chariot has previously reported spodumene-bearing pegmatite results.

The company referenced earlier announcements relating to geological sampling work undertaken across the Fonlo project area.

According to Chariot, the licence lies within the previously disclosed external boundary associated with exploration licence EL 35506.

However, EL 35506 itself did not provide rights over the SSML 042553 area, making the formal inclusion of the licence strategically relevant for consolidating the project footprint.

The company stated that both Chariot and Continental considered the licence should have been included within the acquisition perimeter from the outset based on the underlying geological focus area.

Nigerian Portfolio Represents Major Lithium Exposure

Upon completion of the acquisition, Chariot expects the Nigerian portfolio to become a major component of its lithium exploration strategy.

The company has previously described the package as one of the larger lithium asset portfolios in Nigeria, covering areas with a history of artisanal lithium mining activity.

The Nigerian assets are focused on hard-rock lithium opportunities across four project clusters.

Beyond Nigeria, Chariot also maintains lithium exploration exposure in the United States through projects located in Wyoming, Nevada and Oregon.

Its U.S. portfolio includes the Black Mountain Project, Resurgent Project, Copper Mountain Project and Tin Cup Project, alongside interests in claystone-hosted lithium opportunities through Mustang Lithium LLC.

The company’s broader strategy remains centred on identifying and developing lithium assets across multiple jurisdictions.

Market Reaction Reflects Positive View on Portfolio Consolidation

The rise in Chariot Resources shares following the update suggests investors viewed the expanded acquisition footprint and mining lease strategy favourably.

The inclusion of an additional licence at no extra acquisition consideration, combined with the move toward longer-duration mining leases, may have strengthened confidence around the long-term structure of the Nigerian lithium portfolio.

At the same time, the update also highlighted the regulatory and procedural work still required before completion of the acquisition.

Investors are likely to continue monitoring progress on licence conversions, shareholder approvals and remaining transfer conditions as the company advances toward settlement.