Chariot attracts further Chinese interest in Nigerian lithium play

Chariot Resources has partnered up with a China-based lithium trader to negotiate potential funding and an offtake deal for lithium from its recently acquired Nigerian project.

Lithium-trader Fujian Jinjianqiao New Energy Technology has inked a non-binding memorandum of understanding (MOU) to provide funding for the development of an on-site processing facility for Chariot to deliver spodumene concentrate to a hungry Chinese market.

The potential offtake for direct shipping ore (DSO) comes on the back of lithium prices nearly tripling in under 6 months, with the Chinese discussions leaving the door open for a long-term exclusive supply agreement for Chariot’s spodumene concentrate.

The deal comes on the back of another recent Chinese MOU with Shanghai GreatPower Materials, a prominent battery materials producer, which is also looking to collaborate with Chariot across its extensive Nigerian portfolio.

The company says its Nigerian lithium will be priced against international benchmarks for 5.5–6.2 per cent lithium oxide, with all parties also discussing credit lines and offtake prepayments to support exploration and development.

Chariot says Fujian Jinjianqiao is a highly respected lithium trading house with established Africa-to-China sourcing networks - including operations in Nigeria – from which it sold about 90,000 tonnes of lithium concentrate and ore last year.

The trader has projected its lithium volumes to double this year, backed by a one-million-tonne-per-annum lithium concentrate plant and a lithium salt conversion line owned by Fujian Jinjianqiao’s principal shareholder.

Any binding agreements remain subject to negotiation, due diligence and completion of Chariot’s acquisition of the Nigerian assets, with settlement expected this quarter.

The MOU is non-exclusive initially but includes a 90-day exclusivity period if Jinjianqiao selects a priority project, during which the parties will negotiate definitive terms in good faith.

Meanwhile, Chariot says it’s rapidly advancing the company’s majority interest in the Nigerian projects with joint venture partner Continental Lithium.

The 254-square-kilometre project encompasses the Fonlo, Iganna, Saki and Gbugbu lithium clusters across exploration and mining licenses in the Nigerian states of Oyo and Kwara, areas with a history of artisanal lithium extraction.

Chariot says the collaboration with Fujian Jinjianqiao builds on its dual-track approach in Nigeria, combining early small-scale mining for cash flow with broader exploration to establish JORC-compliant resources.

Recent first-pass exploration threw up some highly promising rock chip assays up to a whopping 5.96 per cent lithium oxide, which explains the rapidly growing interest from Chinese partners in Nigeria’s untapped pegmatite belts.

Management says the partnership interest further underscores Nigeria’s role in the global lithium supply chain, connecting Chariot’s near-surface pegmatite projects with hefty downstream battery demand.

While the new deal could unlock funding and offtake certainty in Nigeria, Chariot continues to push hard on its US growth front, advancing the company’s hard-rock Black Mountain lithium project in Wyoming alongside the claystone-hosted Resurgent project straddling the Nevada–Oregon border.

With multiple Chinese engagements now in play, 2026 appears to be emerging as a key period for Chariot’s African lithium aspirations.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au