The licences include four exploration permits and two small-scale mining licences, previously held by Continental Lithium Limited.
An Australian mining company, Chariot Resources Limited, now has permission to mine lithium in Nigeria after the country’s mining regulator approved six licences for its operations.
The Nigerian Mining Cadastre Office (MCO) approved the transfer of the licences to C&C Minerals Limited, a Nigerian subsidiary of Chariot. The licences include four exploration permits and two small-scale mining licences, previously held by Continental Lithium Limited.
In a recent statement, the company said the approvals cover the Fonlo and Gbugbu exploration projects, as well as small-scale mining interests at the Saki project in Kwara and Oyo states.
Chariot’s Executive Chairman and Managing Director, Shanthar Pathmanathan, described the development as a landmark moment.
“These approvals are monumental for the company and indeed the global lithium sector,” he said.
“They mark the first entry of an ASX-listed lithium company into the high-potential lithium sector in Nigeria, which hosts lithium pegmatites that are already producing spodumene for the Chinese market but remain almost entirely undrilled.”
The six licences consolidate Chariot’s control over key exploration and mining assets in Nigeria. Four additional licences — three at Saki and one at the Iganna project are still awaiting final MCO approval.
Chariot holds a 66.6 per cent stake in C&C Minerals.
Continental Lithium retains the remaining 33.3 per cent. The company said it expects to complete the full acquisition by May 2026, subject to remaining conditions and shareholder approvals.
The company said an independent laboratory analysis by the University of British Columbia confirmed the presence of high-value spodumene across all six sampled sites from the Fonlo and Iganna projects.
Spodumene accounts for between 28.4 per cent and 75.3 per cent of crystalline content at the sites.
The mineral is considered one of the most commercially viable lithium-bearing minerals because it is easier to process than alternatives such as lepidolite, which was not found in any of the samples.
Lithium oxide grades from the six samples ranged from 2.66 per cent to 5.96 per cent, indicating high-grade mineralisation. Elevated caesium values were also recorded, with pollucite reaching up to 9.5 per cent in one Iganna sample. This points to strong lithium-caesium-tantalum pegmatite potential at the site.
Chariot said the results support its plan to advance drill-ready targets and speed up exploration across its Nigerian assets.
Mr Pathmanathan said the company’s goal is to make 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,” he said.
“We are also negotiating with potential offtake and asset-level funding partners to accelerate drilling and for the restart and development of small-scale mining activities.”
Lanre Afebuameh, president and vice-chairman of Continental Lithium, said the approvals strengthen the company’s relationship with Nigerian regulators and will enable systematic exploration at Fonlo and Gbugbu.
Nigerian law firm Aluko and Oyebode served as legal adviser to Chariot Resources on the transaction. The firm conducted legal due diligence, advised on the transaction structure, and prepared the mineral title transfer agreements. It also advised on investment protection under Nigerian law and financing arrangements.
Ajibola Asolo, a partner in the firm’s mergers and acquisitions team, said the deal marks the first entry of an Australian-listed company into Nigeria’s lithium sector.
“Chariot’s expertise in critical minerals will improve resource development and unlock long-term economic value within Nigeria,” he said.
Similarly, Cephas Caleb, a partner in the firm’s energy, natural resources, and infrastructure team, said unlocking Nigeria’s lithium resources is a strategic priority.
“Lithium plays a critical role in batteries and renewable energy storage,” he said. “Chariot’s technical and financial capabilities in critical minerals underscore the potential of this portfolio.”
The Chariot deal comes as demand for lithium grows globally, driven by the rapid expansion of electric vehicles and battery storage technology.
Nigeria, Africa’s largest oil producer, also has significant mineral resources, including granite, limestone, gold, and lithium. The government is pushing to develop these resources to reduce its dependence on oil revenue.
But a parliamentary probe found that much of the country’s mineral wealth is lost through unlicensed mines, costing Nigeria billions of dollars and fuelling insecurity.
Lithium mining in Nigeria began about a decade ago in Pasali, a once-quiet community that has since become a centre of small-scale, largely illegal mining activity. Dozens of unlicensed mines now operate in the area.
The methods are dangerous. Miners use chisels and hammers to break rock, descending into dark pits or crawling through narrow, unstable passages. In some cases, dynamite is used to blast open new mines.
The artisanal mining thrives on informal networks of buyers and sellers who operate with little fear of government enforcement.
Child labour remains a concern.
