The proposed second phase will embody metallurgical test work to confirm processing routes, such as gravity or flotation and mineral recoveries and will also explore further potential by-product credits, including tantalum and tin.
The third phase will address selection of the best path towards full commercialisation, either through toll-treatment at one of Nigeria’s new third-party spodumene plants or via a modular on-site unit, in a review that will include detailed trucking logistics and cost analysis.
The small-scale mining will be specifically designed to minimise initial capital expenditure and maximise revenues and will be assisted using existing infrastructure where possible.
Chariot may provide up to US$500,000 in working-capital loans on commercial terms, which would be repayable from early cash flows.
Critically, the program will run parallel to an aggressive large-scale exploration campaign across the same tenure. Beyond the zones of artisanal mining, Chariot and Continental geologists will deploy modern geophysics, soil sampling and systematic drilling to chase tier-one lithium discoveries.
The company is looking to early revenues from the small-scale mining to assist with funding and de-risk the broader exploration effort without diluting shareholders.
Chariot’s Nigerian push adds a high-impact emerging jurisdiction to its existing US-focused portfolio, which includes the hard-rock Black Mountain lithium project in Wyoming and its claystone-hosted Resurgent lithium project straddling the Nevada Oregon border.
With artisanal mining proving lithium and buyers are present, the small-scale program agreement positions Chariot as one of the first ASX-listed players to move towards actual production in Nigeria’s rapidly evolving lithium sector.
From hand-picked ore in open pits to potential first cash flows in 2026, Chariot has drawn a clear line from today’s artisanal reality to tomorrow’s larger-scale ambition.
With rare earths suddenly experiencing a resurgence courtesy of a US President who is searching the world for sources and even tipping countries like Ukraine upside-down searching for them, many believe lithium’s fortunes could be linked to those of rare earths.
While electric vehicles need rare earths to manufacture the industrial magnets that power their engines, so too is lithium needed to build the batteries – arguably the most crucial part of an electric vehicle.
Chariot’s timing to go small-scale lithium mining now, followed by a much bigger exploration play might just prove prophetic if what will be the third lithium boom arrives in time to support the renewed rare earths push.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
